/raid1/www/Hosts/bankrupt/TCRLA_Public/100607.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, June 7, 2010, Vol. 11, No. 110
Headlines
A N T I G U A & B A R B U D A
CABLE & WIRELESS: Antigua Government Blasts LIME Rate Increases
A R G E N T I N A
CONSTRUCCIONES Y: Creditors' Proofs of Debt Due on June 24
INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on August 10
KEY DIGITAL: Creditors' Proofs of Debt Due on July 1
LB ALIMENTOS: Creditors' Proofs of Debt Due on July 5
LOMADA SA: Creditors' Proofs of Debt Due on September 14
MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due on Sept. 1
NETWORKING SA: Creditors' Proofs of Debt Due on July 2
SERRA MARTIN: Creditors' Proofs of Debt Due on August 18
B E R M U D A
MARINE CONTAINER: Creditors' Proofs of Debt Due on July 15
B R A Z I L
AES CORP: AES Eletropaulo Concludes Telecom Asset Sale
GERDAU AMERISTEEL: Robbins Umeda Investigates Acquisition of Unit
GERDAU SA: Robbins Umeda Investigates Acquisition of Unit
GOL LINHAS: Joins International Air Transport Association
JBS SA: Brazil to Query U.S. Tests on Processed Meat Imports
C H I L E
E-CL SA: Moody's Upgrades Issuer Rating to 'Ba2' From 'Ba3'
C O L O M B I A
BANCOLOMBIA SA: Sells Unproductive Portfolio
ECOPETROL SA: BP Plc Workers Strike Over Salaries
E C U A D O R
* ECUADOR: April Crude Oil Exports Up 4% on Month to US$862MM
H A I T I
* HAITI: IDB to Invest US$200MM in Agriculture Through 2014
J A M A I C A
AIR JAMAICA: Boosts Regional Flights
M E X I C O
ALMACENADORA MERCADER: Moody's Keeps 'B1' Long-Term Issuer Rating
BANCO BAC: S&P Withdraws 'BB/B' Counterparty Credit Ratings
GMAC FINANCIERA: Moody's Does Not Take Rating Actions on RMBS
P U E R T O R I C O
FIRST BANCORP PUERTO RICO: Parent Formalizes Deal With Regulators
T R I N I D A D & T O B A G O
CL FIN'L: BPWCCUL to Acquire CLICO Holdings
X X X X X X X X
* BOND PRICING: For the Week May 31, to June 4, 2010
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
CABLE & WIRELESS: Antigua Government Blasts LIME Rate Increases
---------------------------------------------------------------
The Antigua and Barbuda government has criticized Cable & Wireless
plc's LIME for taking a unilateral decision to increase Internet
and mobile rates, describing the move as "unjustified" and in
violation of the company's monopoly license, Caribbean360.com
reports. The report relates Minister of State in the Ministry of
Information, Broadcasting and Telecommunications, Dr. Edmond
Mansoor said LIME did not consult government on the move.
According to the report, Dr. Mansoor said that in the absence of
any dialogue with government as required under Clause 13 of the
Cable and Wireless (West Indies) Limited Antigua and Barbuda
Operating License, and without any empirical information to
justify the rate increases, the government could not support LIME
hiking the cost of Internet or mobile outbound services.
"The Government places on record its dismay at the unilateral
decision by LIME to increase the monthly charges for Internet
services for both residential and business customers," the report
quoted Dr. Mansoor as saying. "With the imminent expiration of
the exclusive monopoly license, LIME's single-handed rate
increases in any of its services cannot be accepted since clause
13 of the exclusive operating license agreement specifically
states that 'the rates of charge for the transmission of messages
over the company's telecommunications system shall be as agreed
with the Government'," he added.
The report notes that the mobile outboard roaming rate hike took
effect from June 2, 2010, while the Internet and postpaid mobile
plans will increase from July 1.
About LIME
LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.
About Cable & Wireless
Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company. The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments. It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US. Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands. Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States. Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.
According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook. The company continues to Standard & Poor's "BB-
"long-term foreign and local issuer credit ratings and "B" short-
term foreign and local issuer credit ratings.
=================
A R G E N T I N A
=================
CONSTRUCCIONES Y: Creditors' Proofs of Debt Due on June 24
----------------------------------------------------------
The court-appointed trustee for Construcciones y
Telecomunicaciones S.R.L. (Coytel S.R.L.)'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 24, 2010.
INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on August 10
------------------------------------------------------------------
The court-appointed trustee for Industria Flexografica San Martin
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 10, 2010.
KEY DIGITAL: Creditors' Proofs of Debt Due on July 1
----------------------------------------------------
The court-appointed trustee for Key Digital S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until July 1, 2010.
The trustee will present the validated claims in court as
individual reports on August 30, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 12, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 13, 2011.
LB ALIMENTOS: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------
The court-appointed trustee for LB Alimentos S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until July 5, 2010.
The trustee will present the validated claims in court as
individual reports on September 30, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 12, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 18, 2011.
LOMADA SA: Creditors' Proofs of Debt Due on September 14
--------------------------------------------------------
The court-appointed trustee for Lomada S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 14, 2010.
The trustee will present the validated claims in court as
individual reports on October 26, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 7, 2010.
MERCURY COMMUNICATIONS: Creditors' Proofs of Debt Due on Sept. 1
----------------------------------------------------------------
Estudio Waisberg-Knoll, the court-appointed trustee for Mercury
Communications SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 1, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 27, 2011.
The Trustee can be reached at:
Estudio Waisberg-Knoll
Avenida Cordoba 1237
Argentina
NETWORKING SA: Creditors' Proofs of Debt Due on July 2
------------------------------------------------------
The court-appointed trustee for Networking S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 2, 2010.
SERRA MARTIN: Creditors' Proofs of Debt Due on August 18
--------------------------------------------------------
The court-appointed trustee for Serra Martin Eduardo y Serra Ruben
Dario S.H.'s reorganization proceedings, will be verifying
creditors' proofs of claim until August 18, 2010.
The trustee will present the validated claims in court as
individual reports on September 29, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 11, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 2, 2011.
=============
B E R M U D A
=============
MARINE CONTAINER: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------------
The creditors of The Marine Container Insurance Co. Ltd. are
required to file their proofs of debt by July 15, 2010, to be
included in the company's dividend distribution.
The company's liquidator is:
John C. McKenna
Finance & Risk Services Ltd
502 International Centre
26 Bermudiana Road, Hamilton HM 11
Bermuda
e-mail: john.mckenna@FRSL.bm
===========
B R A Z I L
===========
AES CORP: AES Eletropaulo Concludes Telecom Asset Sale
------------------------------------------------------
AES Eletropaulo, a subsidiary of The AES Corporation, has
concluded the sale of 99.9% of its telecommunications assets to
Brasiliana for BRL296.3 million (US$161.5 million), Alastair
Stewart at Dow Jones Newswires reports, citing a company
statement.
According to the report, the deal was first announced in 2005 but
has only just been priced. The report relates that AES
Eletropaulo will enjoy a net gain of BRL167 million, which will be
booked in second quarter earnings.
AES Eletropaulo is a major Brazilian power distributor in the
state of Sao Paulo, created in the breakup of the old state-owned
power distribution company Eletropaulo that monopolized
electricity distribution in Sao Paulo from 1981 to 1999. The
similarity of the names makes most old customers call it simply
Eletropaulo.
About AES Corporation
The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion. With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.
* * *
As of March 8, 2010, the company continues to carry Moody's B1 LT
Corp Family and Senior Subordinate ratings, "Ba3" LT COrp family
rating, "B3" Preferred Stock rating, and "B1" Probability of
default rating. The company also continues to carry Standard and
Poor's "BB-" Issuer credit ratings.
GERDAU AMERISTEEL: Robbins Umeda Investigates Acquisition of Unit
-----------------------------------------------------------------
Robbins Umeda LLP has commenced an investigation into whether the
minority shareholders of Gerdau Ameristeel Corporation have been
unfairly prejudiced or harmed in connection with the proposed
acquisition of the Company by its majority shareholder, Gerdau
S.A. If the transaction is completed, Gerdau Ameristeel
shareholders will receive US$11.00 in cash for each share of
Gerdau Ameristeel common stock they hold. The transaction will be
implemented pursuant to a plan of arrangement. Subject to
completion of definitive documentation for the transaction, a
management information circular will be prepared and mailed for a
special meeting of Gerdau Ameristeel shareholders that will be
held early in the third quarter of 2010.
Of particular note is that the Company had established a Special
Committee, who retained RBC Capital Markets as its independent
valuator for the purpose of providing a valuation in accordance
with applicable regulatory requirements. RBC's valuation to the
Special Committee concluded that the value of the common shares of
Gerdau Ameristeel could be as high as $13.00 per share,
significantly above the value offered by Gerdau S.A.
About Robbins Umeda
Robbins Umeda LLP is a California-based law firm with significant
experience representing investors in merger-related shareholder
class actions, shareholder derivative actions, and securities
fraud class actions.
About Gerdau S.A.
Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products. In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.
* * *
As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.
About Gerdau Ameristeel
Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America. The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.
* * *
As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating. The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.
GERDAU SA: Robbins Umeda Investigates Acquisition of Unit
---------------------------------------------------------
Robbins Umeda LLP has commenced an investigation into whether the
minority shareholders of Gerdau Ameristeel Corporation have been
unfairly prejudiced or harmed in connection with the proposed
acquisition of the Company by its majority shareholder, Gerdau
S.A. If the transaction is completed, Gerdau Ameristeel
shareholders will receive US$11.00 in cash for each share of
Gerdau Ameristeel common stock they hold. The transaction will be
implemented pursuant to a plan of arrangement. Subject to
completion of definitive documentation for the transaction, a
management information circular will be prepared and mailed for a
special meeting of Gerdau Ameristeel shareholders that will be
held early in the third quarter of 2010.
Of particular note is that the Company had established a Special
Committee, who retained RBC Capital Markets as its independent
valuator for the purpose of providing a valuation in accordance
with applicable regulatory requirements. RBC's valuation to the
Special Committee concluded that the value of the common shares of
Gerdau Ameristeel could be as high as $13.00 per share,
significantly above the value offered by Gerdau S.A.
About Robbins Umeda
Robbins Umeda LLP is a California-based law firm with significant
experience representing investors in merger-related shareholder
class actions, shareholder derivative actions, and securities
fraud class actions.
About Gerdau S.A.
Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products. In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.
* * *
As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.
About Gerdau Ameristeel
Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America. The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.
* * *
As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating. The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.
GOL LINHAS: Joins International Air Transport Association
---------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has joined the International
Air Transport Association, an international trade body,
representing approximately 230 airlines comprising 93% of
scheduled international air traffic.
As a member, GOL will take part in global discussions and vote on
issues regarding the development of the commercial aviation
industry. GOL will also participate in forums and have access to
updated studies and indicators. Additionally, GOL will have full
member voting rights, which provides the Company with a voice in
setting industry-wide standards that govern airline operations in
order to ensure passenger safety. IATA also promotes constructive
debate on improving operational efficiency and infrastructure.
"We are delighted to be part of IATA. Our membership comes at a
very important moment for industry, which is undergoing profound
changes, as well as our company, as we continue to increase our
international presence via code-share agreements with leading
carriers," says Constantino de Oliveira Junior, GOL's president.
GOL has already enacted a number of changes in preparation of
joining the association, including IOSA (IATA Operational Safety
Audit) registration from IATA. The IOSA certificate is recognized
as the global standard for assessing airlines' operational safety
and controls, and is indispensable to an aviation company to be
admitted as a full member of the association.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay. The company's services include passenger, cargo, and
charter services. As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft. The company was founded in 2001.
* * *
As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings. The company also continues
to carry Moody's B1 LT Corp Family rating.
JBS SA: Brazil to Query U.S. Tests on Processed Meat Imports
------------------------------------------------------------
Brazil will send a team of experts to the United States to seek
clarification about the methods U.S. used to test processed meat
imports for residues, Roberto Samora at Reuters reports, citing
the agriculture ministry.
As reported in the Troubled Company Reporter-Latin America on
May 24, 2010, Dow Jones Newswires said that JBS SA stopped the
exports of its products to the U.S. from one of its plants in
Brazil, after U.S authorities found traces of medicine above
authorized levels in its meat. The report related JBS SA said
that it will recall the products. "The company has been notified
by the Ministry of Agriculture that American authorities detected
the presence of Invermectin (a common medicine given to livestock
to combat vermin) above the maximum residue level under American
rules in part of its industrialized products at the Lins plant (in
Sao Paulo state)," JBS SA said in a company statement obtained by
the news agency.
According to Reuters, Nelmon Costa, director at the agriculture
ministry's department for the inspection of animal-derived
products, said the ministry requested details on tests used on
that beef but a methodology provided by the U.S. lacked key
details.
"We have a meeting for June 7 and 8 in the U.S. to discuss this,"
the report quoted Mr. Costa as saying. The report relates Mr.
Costa expected the issue would be resolved there and then and that
exports would resume once the meeting ended.
Mr. Costa, the report notes, said that the test used was initially
developed to test for residues in the liver of cattle, then later
approved for tests on muscle tissue. There were doubts the test
had ever been approved for use on heat-treated, processed meats,
he added.
About JBS SA
JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy. The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.
* * *
As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating. The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.
=========
C H I L E
=========
E-CL SA: Moody's Upgrades Issuer Rating to 'Ba2' From 'Ba3'
-----------------------------------------------------------
Moody's has upgraded E-CL S.A. (Ex-Edelnor S.A)'s issuer rating to
Ba2 from Ba3. The outlook is stable.
The rating upgrade is primarily driven by E-CL continued strong
operating performance coupled with Moody's view of a strengthened
corporate structure due to the company's recent corporate
reorganization. Moody's believe the new corporate structure will
likely further enhance E-CL's operations and cash flow generation.
In addition, the rating upgrade incorporates expected increased
cash-flow and cash-flow stability from E-CL's new contracts with
distribution companies in the SING and from the revised contracts
with its main clients that incorporate fuel costs pass-through
clauses.
At the end of 2009 E-CL won the auction process by which the
distribution companies with operations in the SING contracted
their electricity needs for the next 15 years beginning in 2012,
further enhancing E-CL's revenues and cash flow stability and
predictability while reducing its exposure to the spot market. To
satisfy the 15 year PPA with Emel, which is the first electricity
contract based on a long-term commitment for LNG as a key element
in the SING cost matrix, E-CL will not need to construct any new
capacity.
Further progress was made by E-CL through the corporate
reorganization that took place earlier this year. The
reorganization consisted of the merger of a number of related
companies into E-CL resulting in GDF Suez's controlling interest
increasing to 52.40% of the merged company while Codelco's equity
interest decreased to 40% from close to 55% prior to the merge.
As a result of the reorganization E-CL's combined installed
capacity has grown to 1.795 MW or close to 50% of the regional
market and its percentage of contracted revenues has increased
substantially as well resulting in greater scale and financial
flexibility.
While E-CL's credit metrics continue to be strong, mapping to
investment grade levels, the ratings continue to be constrained by
the company's small size relative to peers, geographical
concentration in only one economic region in Chile that has
significant exposure to the inherent market volatility associated
with the mining sector. In addition, E-CL's future growth
strategy remains undefined and while an expansion of its current
fleet capacity is likely to take place only if it's supported by
new PPA contracts, any potential expansion plan will undoubtedly
require significant capital investment that the company will need
to fund externally which could increase leverage substantially.
E-CL currently has a comfortable liquidity position. As of
December 2009, cash plus deposits and short term investments
amounted to US$ 170 million and it has no short term debt
outstanding. E-CL's current debt is mainly comprised of
shareholders loans that will come due in August, 2011 and which
the company plans to pay down through the issuance of long term
debt and pending proceeds from the CTA project financing.
The stable outlook reflects Moody's expectations of well
integrated operations under the consolidated entity that should be
able to report increased cash flows coupled with greater cash flow
stability and operating margins.
If cash flows prove to be stable on a sustainable basis and E-CL
is able to successfully lengthen its debt maturities and undertake
any planned expansion program in a conservative manner, the
outlook or rating could be upgraded further. Upward rating
pressure could also arise from a more balanced debt structure once
shareholders loans are refinanced and debt maturity profile is
lengthen to a level that is more consistent with the high-end of
the Ba rating category. In addition, any further upgrade would
require that E-CL better articulate its future expansion strategy
while maintaining its current solid financial profile.
Given the recent up-grade, a rating down-grade is not likely in
the short term; however, if E-CL is not able to post stable cash
flows and margins at a consolidated level or if E-CL is unable to
secure long term funding to reduce or eliminate the current
refinancing risks, the ratings or outlook could come under
downward pressure.
Moody's last rating action on E-CL was on July 24, 2009, when
Moody's changed the outlook to positive from stable.
E-CL's ratings were assigned by evaluating factors believed to be
relevant to its credit profile, such as i) the business risk and
competitive position of E-CL versus others within its industry or
sector, ii) the capital structure and financial risk of E-CL, iii)
the projected performance of E-CL over the near to intermediate
term, and iv) E-CL's history of achieving consistent operating
performance and meeting financial plan goals. These attributes
were compared against other issuers both within and outside of E-
CL's core peer group and E-CL's ratings are believed to be
comparable to ratings assigned to other issuers of similar credit
risk.
Headquartered in Santiago, Chile, E-CL S.A. (ex Edelnor S.A.) is
the largest independent power generator in the Sistema
Interconectado del Norte Grande region of northern Chile.
The company is publicly traded, but is substantially controlled by
GDF Suez and CODELCO. GDF Suez (Aa3, Negative) is one of the
largest European integrated utilities, and has a leading position
in natural gas in Europe as well as in global LNG and a strong
presence in European electricity. CODELCO (A1, Positive) is 100%
owned by the government of Chile (A1, Positive) and is the world's
largest copper producer.
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Sells Unproductive Portfolio
--------------------------------------------
Bancolombia S.A. clarifies information published in the Colombian
media:
-- Bancolombia sold an unproductive portfolio (100% charged-
off) representing a capital amount of COP122,270,618,929
(approximately US$62.3 million) to Compania Reintegra SAS.
Of this amount, Bancolombia S.A. sold a portion of the
portfolio representing COP118,781,641,226 and Factoring
Bancolombia S.A. C.F. sold a portion of the portfolio
representing COP3,488,977,703 (together, the Transaction).
-- Pursuant to the Transaction, Bancolombia S.A. will receive
COP10.63 billion (US$5.4 million) and Factoring Bancolombia
S.A. C.F. will receive COP110. 4 million (approximately
US$56,000).
About Bancolombia S.A.
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" LT Issuer default ratings and Subordinate debt rating. The
company also continues to carry ST FC Issuer Default ratings.
ECOPETROL SA: BP Plc Workers Strike Over Salaries
-------------------------------------------------
Workers at BP PLC operations in Colombia are striking and blocking
the entrance of a natural-gas processing plant at the Cusiana
field, eastern Casanare province, Inti Landauro at Dow Jones
Newswires reports, citing said Daniel Rico, a member of the
union's negotiating team, and Polly Martinez, a spokeswoman from
BP.
According to the report, the striking workers are building a plant
to process natural gas and allow an increase of output to 300
million cubic feet a day in Cusiana. The report relates Daniel
Rico, a member of the union's negotiating team, said that said all
400 workers are on strike. However, Polly Martinez, a spokeswoman
from BP, said that only a group of 35 workers are actually
striking while the others are forced out of work by the blockade
that started on May 21.
Dow Jones Newswires notes BP said that workers are demanding
higher wages, though the salaries are reasonable. The report
relates Mr. Rico said that salaries are as low as COP515,000
Colombian (US$262) a month, while Mr. Martinez said nobody earns
less than COP1.1 million a month.
The workers, the report says, are also blocking access to
producing facilities, but output has continued normally.
BP operates the gas field in partnership with Ecopetrol SA and
French oil company Total SA. BP owns 31% of the field, while
Ecopetrol owns 50% and Total owns the remaining 19%.
Mr. Martinez, Dow Jones Newswires discloses, said that gas-
processing plant will cost about US$200 million and it is entirely
financed by Ecopetrol, though BP will be operating it and using it
to ship its gas to the country's pipeline network for domestic
consumption. The project was scheduled to be finished by October
or November but it will probably be at least one month late, he
added.
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol. The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.
* * *
As of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company also continues
to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and
"BB+" Senior Unsecured Debt rating.
=============
E C U A D O R
=============
* ECUADOR: April Crude Oil Exports Up 4% on Month to US$862MM
-------------------------------------------------------------
Ecuador's oil export revenue totaled US$862 million in April, up
4% from US$826 million in March, Mercedes Alvaro at Dow Jones
Newswires reports, citing the central bank.
According to the report, in terms of volume, Ecuador exported 11.4
million barrels in April rose from 11.3 million barrels a month
before. The report relates that it translates into exports of
381,820 barrels a day in April from 376,560 barrels a day in
March.
The report notes that the average price of crude in April rose 3%
to US$75.3 a barrel from US$73.2 a barrel registered in March.
The central bank, the report relates, said that of the total
exported by the country in April, 9.7 million barrels, or 85%,
were sold by state-run Petroecuador. The remainder was exported
by private companies operating in Ecuador, the report discloses.
Dow Jones Newswires adds that in April 2009 Ecuador exported 10.65
million barrels and obtained revenue of US$425 million.
* * *
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-'.
=========
H A I T I
=========
* HAITI: IDB to Invest US$200MM in Agriculture Through 2014
-----------------------------------------------------------
The Inter-American Development Bank will make US$200 million in
grants over five years to strengthen land tenure rights, boost
agricultural production, increase market access for farmers and
reinforce food security in Haiti. The grants will cover a quarter
of the total cost of a Haitian government plan to revamp farming
after the Jan. 12 earthquake.
The grants will mark a significant increase in IDB support for
rural development in Haiti. Between 2003 and 2009 the Bank
approved US$129 million for projects in this strategic sector,
which accounts for quarter of the country's gross domestic product
and generates jobs and incomes for millions of Haitians.
"Agriculture is key to reviving Haiti's economy after the
earthquake," said Hector Malarin, chief of the IDB's Rural
Development and Environment Division. "We want to help Haiti
improve its food security conditions with projects that boost
productivity and contribute to attract investment to rural areas."
The IDB will finance projects to improve economic and
environmental conditions in rural communities, fostering
sustainable crop production. These investments will build on past
projects involving irrigation and watershed management, as well as
on efforts to combat pests and diseases affecting key crops. They
will also promote farming techniques to reduce soil erosion and
boost productivity.
One of the cornerstones will be to improve the system to recognize
land tenure as a means to stimulate long-term investment in rural
areas. Currently, few Haitian farmers have clear title to their
land and the country lacks a modern property registry system.
Under this project, which is being discussed with the Haitian
government and other international organizations, the IDB will
seek to increase the number of titled properties and improve the
quality and access of registry services in certain rural
communities, particularly in regions where the IDB is financing
projects.
The IDB is Haiti's leading multilateral donor. In March, as part
of an agreement to increase the Bank's capital, the IDB Board of
Governors approved an unprecedented package of financial support
for Haiti, which will include US$2 billion in grants over the next
decade.
* * *
As of May 31, 2010, the country continues to carry Moody's "Ba1"
subordinate debt rating.
=============
J A M A I C A
=============
AIR JAMAICA: Boosts Regional Flights
------------------------------------
Air Jamaica Limited will start operating daily service between
Kingston and Grand Cayman starting July 1, 2010, Caribbean360.com
reports.
"We are excited about the return to these Caribbean markets.
Jamaica and Grand Cayman have shared strong ties for many years,
and our service to Barbados and Grenada gives the Diaspora the
most convenient way to go home for festivals, fun and family," the
report quoted Bruce Nobles, Air Jamaica's President and CEO, as
saying.
According to the report, the airline had previously disclosed an
increase in flights to New York and Toronto from Jamaica, as well
as its return to Nassau. The report relates that with the
inauguration of service to Grand Cayman, Barbados and Grenada, Air
Jamaica's summer schedule will have more than 182 weekly flights
to eight destinations.
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.
===========
M E X I C O
===========
ALMACENADORA MERCADER: Moody's Keeps 'B1' Long-Term Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Almacenadora Mercader, S.A. de
C.V.'s long term local currency issuer rating of B1 and short term
local currency issuer rating of Not Prime. At the same time,
Moody's de Mexico upgraded Almer's long term Mexican National
Scale issuer rating to Baa2.mx, from Baa3.mx, and affirmed its
short term Mexican National Scale issuer rating of MX-3. All
ratings retain their stable outlooks.
The upgrade of Almer's long term Mexican National Scale issuer
rating recognizes both the company's improving profitability and
funding profile, the latter as a result of more diverse and
increased access to government-sponsored funding and commercial
bank lines. In the last few years, the general deposit warehouse
(almacen general de depĒsito or AGD) industry in Mexico has
benefited from increased appetite of banks and other financial
institutions for AGD-issued certificates as a reflection of the
government's enhanced support of agribusiness and the AGD industry
overall.
Moody's also acknowledges management's efforts to improve internal
controls of its warehousing and related services by investing in
systems and to promote a growth strategy that has helped establish
Almer's franchise as one of the largest and most geographically
dispersed AGDs in the country.
The affirmation and stable outlook on the global rating reflects
Moody's concerns that Almer's investments have yet to translate
into sustained improvements in operational efficiency and
management of operational and event risks in the context of its
national expansion strategy. Almer's high leverage and new
lending focus as well as the company's very high product and
client concentrations also remain constraints to Almer's ratings.
The last action taken on Almer's ratings was on April 28, 2006,
when Moody's de Mexico withdrew the company's Baa3.mx/MX-3
long/short term Mexican National Scale corporate family ratings
(formerly referred as to senior implied ratings) and assigned
Baa3.mx/MX-3 long/short term Mexican National Scale issuer ratings
to Almer. At the same time, Moody's also withdrew Almer's B1/Not
Prime long/short term local currency corporate family ratings and
assigned B1/Not Prime long/short term local currency issuer
ratings to the company.
Almacenadora Mercader, S.A. de C.V., is headquartered in
Guadalajara, Jalisco and reported assets under management of
Mx$5,061 million, total assets of Mx$1,890 million, shareholders'
equity of Mx$1,063 million, and accumulated net income of
Mx$18 million as of March 31, 2010.
These ratings were affected:
* Long term Mexican National Scale issuer rating upgraded to
Baa2.mx, from Baa3.mx
* Short term Mexican National Scale issuer rating affirmed at MX-3
* Long term local currency issuer rating of B1, affirmed, with
stable outlook
* Short term local currency issuer rating of Not Prime, affirmed
BANCO BAC: S&P Withdraws 'BB/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
ratings, including the 'BB/B' counterparty credit ratings, on
Banco BAC San Jose S.A., at the company's request. At the time of
the withdrawal, the outlook was stable.
The company has no rated outstanding debt.
GMAC FINANCIERA: Moody's Does Not Take Rating Actions on RMBS
-------------------------------------------------------------
Moody's de Mexico opines that its ratings of the mortgage-backed
securities listed below would not be downgraded or withdrawn as of
this date, only as a result of the execution of GMAC Financiera,
S.A. de C.V.'s ("proposal to transfer the primary servicing of the
mortgage loans from Hipotecaria Credito y Casa S.A. de C.V. to
Patrimonio S.A. de C.V. Moody's notes that investors must vote to
approve GMAC Financiera's proposal, as master servicer, to appoint
Patrimonio as substitute primary servicer prior to the execution
of a new servicing agreement.
The affected certificates and their ratings are: MXMACFW 07U Class
A Certificates (Ba3 global scale local currency, A3.mx national
scale, on review for possible downgrade), MXMACFW 07-2U Class B
Certificates (Caa1 global scale local currency, Caa1.mx national
scale, on review for possible downgrade), MXMACFW 06U Class A
Certificates (Caa1 global scale local currency, Caa1.mx national
scale), and MXMACFW 06-2U Class B Certificates (Ca global scale
local currency, Ca.mx national scale).
In response to GMAC Financiera's request, Moody's analyzed the
credit impact of the Proposed Amendment. Moody's opinion, as of
this date, reflects only the credit impact of the Proposed
Amendment. It is not a determination by Moody's as to whether any
such amendments could have any adverse effect on any
securityholder that is not related to credit risk. Further, this
opinion does not preclude the possible future downgrade or
withdrawal of the current ratings for any reason.
Moody's opinion was based in part on information provided by GMAC
Financiera as of May 24, 2010 and the expected impact of a
servicing transfer on pool performance, mortgage collections, and
the trust's ability to meet timely interest payments on the
affected securities.
In order to assess the magnitude of the risks, Moody's considered
these key factors and evaluated how they apply to the specific
circumstances of each transaction: a) the concentration of Credito
y Casa-serviced loans in the different securitized pools to
determine the extent of the potential interruption to mortgage
collections, b) Financial Guaranty Insurance Company's financial
guarantee for the benefit of the senior certificates covering
interest payment shortfalls, c) the participation of a master
servicer to coordinate and oversee the servicing transfer, d) GMAC
Financiera's working plan strategy, e) Patrimonio's quality and
stability as servicer as compared to Credito y Casa, which is
being liquidated, f) the incentives to align Patrimonio's
interests with investors' interests, and g) the impact of a higher
servicing fee and additional trust expenses primarily related to
the borrower notification process.
Unlike other markets such as the U.S., where servicing transfers
are more common and are generally accomplished within one or two
months, the Mexican RMBS sector has not yet experienced a wide
scale servicing transfer. GMAC Financiera estimates that it could
take approximately six months to fully execute the transfer (and
up until the time that nearly 100% of performing borrowers make
payments in accordance with any new payment instructions).
In 2009, Credito y Casa experienced liquidity issues and defaulted
on its unsecured debt. In December 2009, the finance company ABC
Capital S.A. purchased all of Credito y Casa's operating assets,
including its mortgage servicing platform. Credito y Casa is
currently in liquidation. Although Credito y Casa is legally the
primary servicer for certain loans in the affected transactions,
it is currently sub-contracting the servicing of these loans to
ABC Capital S.A. Moody's took into account Credito y Casa's
distressed situation in evaluating Patrimonio's quality and
stability as substitute servicer.
Moody's believes that the relatively low number of impacted loans
(approximately 310) and low percentage of Credito y Casa-serviced
loans in the MXMACFW 07U/07-2U (12%) and MXMACFW 06U/06-2U (5%)
transactions should limit the extent of disruptions to aggregate
portfolio collections. This, in turn, should limit the risk of
interest payment defaults on the certificates as a result of trust
liquidity issues. Considering the level of recent mortgage
collections and the single waterfall in the transactions
(allocating both interest and principal collections to cover
certificate interest payments prior to any principal payments),
even if there were a temporary disruption to 100% of the Credito y
Casa-serviced loans, the trusts are expected to have sufficient
liquidity to meet timely certificate interest payments immediately
following the transfer. An additional protection is that the
MXMACFW 07U (Ba3/A3.mx) and MXMACFW 06U (Caa1/Caa1.mx)
certificates benefit from a financial guaranty insurance policy
issued by FGIC that covers timely interest payments.
Moody's also considered GMAC Financiera's role as master servicer
of the two affected transactions. GMAC Financiera's role is
expected to greatly facilitate the servicing transfer process
given its familiarity with Credito y Casa's day-to-day operations
and the portfolios' historical loan-by-loan servicing data. GMAC
Financiera has prepared a preliminary yet thorough work plan with
the objective of achieving an orderly transfer. While many
details will be finalized after investors approve the transfer,
GMAC Financiera has defined a preliminary strategy surrounding the
collaboration between the involved parties, the transfer of the
critical portfolio servicing data and physical loan files, and the
borrower notification process.
Moody's believes that the substitute servicer's ability to
efficiently and properly notify borrowers of the servicing
transfer and provide the new mortgage payment instructions will be
of great importance. The handling of the borrower notification
process will highly influence whether the expected short-term
spike in early delinquencies following a servicing transfer
translates into long-term serious delinquencies. Further, the
legal requirements in Mexico related to the required borrower
notification process following a servicing transfer vary by state
jurisdiction and are often very precise, thereby introducing a
level of legal complexity. If the specific legal requirements in
a particular jurisdiction are not properly adhered to, this may
jeopardize the substitute servicer's future ability to
successfully foreclose on the property associated with a defaulted
loan. There is a risk that the borrower may successfully
challenge the legality of the means of notification. This, in
turn, could limit the extent of recoveries available to investors
on defaulted loans.
Lastly, Moody's considered the impact of the anticipated higher
servicing fee. Given the relatively small percentages of the
securitized pool balances that would be affected by the transfer,
the negative impact to excess spread as a result of the higher
fees should not be material from a rating perspective.
====================
P U E R T O R I C O
====================
FIRST BANCORP PUERTO RICO: Parent Formalizes Deal With Regulators
-----------------------------------------------------------------
First BanCorp, the bank holding company for FirstBank Puerto Rico,
disclosed that FirstBank has agreed to a Consent Order with the
U.S. Federal Deposit Insurance Corporation and the Office of the
Commissioner of Financial Institutions of Puerto Rico and that the
Corporation has agreed to enter into a written agreement with the
Federal Reserve Bank of New York.
Pursuant to the Agreements, FirstBank and the Corporation have
agreed to take certain actions intended to address various
matters, including among others, the development and adoption of a
plan to attain certain capital levels, and the reduction of non-
performing and classified assets that have impacted FirstBank's
financial condition and performance.
Management and the Board of Directors of the Corporation and
FirstBank have been working proactively over the past months to
address many of the items that have been outlined in the
Agreements which stem from the FDIC's examination as of the period
ended June 30, 2009 conducted during the second half of 2009. In
previous filings with the Securities and Exchange Commission, the
Corporation had disclosed its capital and strategic plans, as well
as specific actions underway intended to improve asset quality,
deleverage the balance sheet, mitigate loan losses and diversify
its funding sources.
Aurelio Aleman, Chief Executive Officer of First BanCorp, said,
"The prolonged economic recession in Puerto Rico and Florida has
negatively affected real estate values, the construction industry
and the financial condition of many of our customers. As we have
reported in the past, the Corporation's loan portfolio and
financial performance have been adversely impacted by these
matters."
"We are committed to continue to work expeditiously to resolve the
items detailed in the Agreements and execute our strategies to
strengthen our balance sheet and return FirstBank to its full
earnings potential. We have been rigorously engaged in steps to
improve the Corporation's asset quality and capital levels, while
at the same time, we continue to serve our customers with the high
level of service and dedication for which our franchise is
recognized in the market," Mr. Aleman concluded.
The Corporation confirmed that it currently meets the established
minimum regulatory capital ratios for a well-capitalized bank and
is working towards further strengthening its position by deploying
its capital plan strategy. To that effect, the Corporation is
focusing its efforts in the execution of its capital initiatives
which include efforts to: convert into common stock the US$400
million of preferred stock sold to the United States Department of
the Treasury under the Capital Purchase Program; raise $500
million of equity; and issue shares of common stock in exchange
for its non-cumulative preferred shares. In this regard, the
Corporation filed with the Securities and Exchange Commission a
registration statement for the exchange for its non-cumulative
preferred stock and is currently in advanced discussions with the
U.S. Treasury to negotiate the exchange of the CPP preferred stock
for shares of the Corporation's common stock to be accomplished in
one or more transactions.
The Agreements impose no restrictions on FirstBank's products or
services offered to customers, nor do they impose any type of
penalties or fines upon FirstBank or the Corporation. Concurrent
with the Agreements, the FDIC granted FirstBank a temporary waiver
to enable it to continue accessing the brokered deposit market.
FirstBank will request approvals for future periods.
About First BanCorp
First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is
the parent company of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings downgraded First BanCorp's long-
term Issuer Default Ratings to 'B-' from 'BB' and Individual
ratings to 'D/E' from 'C/D'. Fitch also downgraded the ratings of
FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and
the Individual rating to 'D' from 'C/D'. The Rating Outlook is
Negative.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: BPWCCUL to Acquire CLICO Holdings
-------------------------------------------
It may be less than a month before the Barbados Public Workers
Cooperative Credit Union Ltd finally acquires CLICO Mortgage and
Finance Company, Caribbean360.com reports. The report relates
BPWCCUL President Anthony Griffin made the revelation after the
credit union and CLICO Holdings signed a sale and purchase
agreement.
According to the report, Mr. Griffin explained that the contract
will govern the continuing negotiations. "The final signing is
when we have to pay the full amount to the company. The final
signing should come any time now. I give it three weeks or so,"
the report quoted Mr. Griffin as saying.
Mr. Griffin, the report notes, said that the negotiations to get
to this point were challenging and had lasted several months, but
suggested that it was worth it. The addition of CMFC to the
credit union's portfolio would benefit both organizations, he
added.
Meanwhile, the report says, CLICO Holdings' acting Chairman
Terrence Thornhill says CMFC is a strong and innovative company
which has led the way in mortgage financing locally.
BPWCCUL is the largest local credit union, boasting a membership
of 60,000 and assets of more than BDS$500 million (US$250
million).
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$8 billion. Tobago President George Maxwell
Richards, The Express related, signed bailout bills for CL
Financial, giving the government the authority to control the
company's unit, Colonial Life Insurance Company, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 31, to June 4, 2010
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENT- DIS 5.83 12/31/2033 ARS 93.11126
ARGENT-$DIS 8.28 12/31/2033 USD 64.98033
ARGENT-$DIS 8.28 12/31/2033 USD 61.9025
ARGENT-$DIS 8.28 12/31/2033 USD 63.995
ARGENT-PAR 1.18 12/31/2038 ARS 31.39654
ARGENT-?DIS 7.82 12/31/2033 EUR 54.99188
ARGNT-BOCON PR13 2 3/15/2024 ARS 68.70418
BONAR X 7 4/17/2017 USD 72.2
BUENOS AIRE PROV 9.375 9/14/2018 USD 71.585
BUENOS AIRE PROV 9.375 9/14/2018 USD 71.28638
BUENOS AIRE PROV 9.625 4/18/2028 USD 69.10275
MENDOZA PROVINCE 5.5 9/4/2018 USD 77.36674
BRAZIL
CESP 9.75 1/15/2015 BRL 69.87906
CAYMAN ISLAND
BANIF FIN LTD 3 12/31/2019 EUR 74.199
BARION FUNDING 0.63 12/20/2056 GBP 17.22474
BARION FUNDING 1.44 12/20/2056 GBP 30.62143
BES FINANCE LTD 6.984 2/7/2035 EUR 65.10562
BISHOPSGATE ASSE 4.808 8/14/2044 GBP 75.01858
CHINA MED TECH 4 8/15/2013 USD 67.25
CHINA SUNERGY 4.75 6/15/2013 USD 72.897
DUBAI HLDNG COMM 4.75 1/30/2014 EUR 74.5625
DUBAI HLDNG COMM 6 2/1/2017 GBP 69.301
EFG ORA FUNDING 1.7 10/29/2014 EUR 63.77836
ESFG INTERNATION 5.753 EUR 62.875
FERTINITRO FIN 8.29 4/1/2020 USD 69.5
MAZARIN FDG LTD 1.44 9/20/2068 GBP 28.0985
PUBMASTER FIN 6.962 6/30/2028 GBP 71.59673
SHINSEI FIN CAYM 6.418 USD 63.52836
SHINSEI FIN CAYM 6.418 USD 62.8
SHINSEI FINANCE 7.16 USD 65
SOLARFUN POWER H 3.5 1/15/2018 USD 61.828
SUNTECH POWER 3 3/15/2013 USD 73
XL CAPITAL LTD 6.5 USD 67.625
PUERTO RICO
PUERTO RICO CONS 6.2 5/1/2017 USD 54
PUERTO RICO CONS 6.5 4/1/2016 USD 51.8
VENEZUELA
PETROLEOS DE VEN 5.25 4/12/2017 USD 52.57268
PETROLEOS DE VEN 4.9 10/28/2014 USD 58.24443
PETROLEOS DE VEN 5.125 10/28/2016 USD 52.78774
PETROLEOS DE VEN 5 10/28/2015 USD 53.72991
PETROLEOS DE VEN 5.5 4/12/2037 USD 42.98986
PETROLEOS DE VEN 5.375 4/12/2027 USD 43.65663
SIDETUR FINANCE 10 4/20/2016 USD 73
VENEZUELA 7 12/1/2018 USD 59.78316
VENEZUELA 7.75 10/13/2019 USD 59.18077
VENEZUELA 6 12/9/2020 USD 51.63269
VENEZUELA 9 5/7/2023 USD 59.70333
VENEZUELA 8.25 10/13/2024 USD 56.56295
VENEZUELA 7.65 4/21/2025 USD 53.91923
VENEZUELA 9.25 9/15/2027 USD 65
VENEZUELA 9.25 9/15/2027 USD 64.77555
VENEZUELA 7 3/31/2038 USD 50.48815
VENEZUELA 7 3/31/2038 USD 50.63445
VENEZUELA 5.75 2/26/2016 USD 60.54731
VENEZUELA 9.25 5/7/2028 USD 59.11659
VENZOD - 189000 9.375 1/13/2034 USD 59.43889
***********
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.
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