/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100608.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, June 8, 2010, Vol. 11, No. 111 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Liquidator Seeks to Restructure to Cut Debt Burden STANFORD INT'L: In Cooperation Pact With U.S. Receiver A R G E N T I N A FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Provisional Rating INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on Aug. 10 SARWIN SA: Requests for Preventive Contest A R U B A VALERO ENERGY: Restarts Production in Aruba B E R M U D A CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on June 25 COTTONWOOD LTD: Creditors' Proofs of Debt Due on June 18 COTTONWOOD LTD: Members' Final Meeting Set for July 5 CREEKSIDE LTD: Creditors' Proofs of Debt Due on June 18 CREEKSIDE LTD: Members' Final Meeting Set for July 5 DISCOVERY III: Creditors' Proofs of Debt Due on June 18 DISCOVERY III: Members' Final Meeting Set for July 7 EVEREST INTERNATIONAL: Creditors' Proofs of Debt Due on June 18 EVEREST INTERNATIONAL: Members' Final Meeting Set for July 7 FIVE HUNDRED: Creditors' Proofs of Debt Due on June 18 FIVE HUNDRED: Members' Final Meeting Set for July 5 FLEMING (BERMUDA): Creditors' Proofs of Debt Due on June 18 FLEMING (BERMUDA): Members' Final Meeting Set for July 8 MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18 MAN PERFORMANCE: Members' Final Meeting Set for July 9 MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18 MAN PERFORMANCE: Members' Final Meeting Set for July 8 MAN TWIN: Creditors' Proofs of Debt Due on June 18 MAN TWIN: Members' Final Meeting Set for July 9 THREE TWENTY: Creditors' Proofs of Debt Due on June 18 THREE TWENTY: Members' Final Meeting Set for July 5 B R A Z I L CAIXA ECONOMICA: May Purchase BNP Credit Unit Cetelem, Valor Says GOL LINHAS: To Codeshare With Asian & Middle Eastern Carriers LUPATECH SA: Wins US$779-Million Petrobras Offshore Contracts C A Y M A N I S L A N D S CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt C O S T A R I C A ARCOS DORADOS: Shrek Glasses Recall Won't Affect Costa Rica D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: IMF Raises Economic Growth Forecast to 5.5% J A M A I C A RED STRIPES: To Make Several Jobs Redundant SUGAR COMPANY OF JAMAICA: Eridania Suisse Returns to Sugar Auction M E X I C O ALMACENADORA SUR: Moody's Affirms 'B2' Long-Term Issuer Rating BANCA MIFEL: Fitch Downgrades Issuer Default Ratings to 'BB-' CEMEX SAB: Cuts 2010 Ebitda Estimate to US$2.75 Billion HIPOTECARIA SU CASITA: To Propose Plan to Improve Loan Management SATMEX SA: Is No Longer in 'Active' Sale Talks P E R U SCOTIABANK PERU: Fitch Changes Outlook on Ratings to Positive P U E R T O R I C O FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Rating to 'E+' T R I N I D A D & T O B A G O PETROTRIN: Workers Call on Chairman to Resign X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Liquidator Seeks to Restructure to Cut Debt Burden ------------------------------------------------------------------ Antigua-based receiver Vantis Business Recovery Services is in talks with potential investors in an attempt to lower its debt burden, Kevin Reed at Accountancy Age news reports. The report relates that the firm told the stock exchange that it is negotiating with potential investors, and entering preliminary discussions with its debt providers about a potential restructuring of the balance sheet. "The company's banks have confirmed their support for the board's exploration of options to improve the company's financial position," the firm said in a statement obtained by the news agency. However, the report says, the firm was unable to confirm reports that part of the process involved looking at selling off parts of the business. "Vantis will not comment on speculation. The company is reviewing a number of alternative courses of action and negotiations with both potential investors and the Company's banks are at an early stage," the report quoted an unnamed spokeswoman as saying. Vantis Business' Nigel Hamilton-Smith and Peter Wassell are the joint liquidators of Stanford International Bank Limited. About Vantis Vantis Business Recovery Services --- http://www.vantisplc.com/-- - is a trading division of Vantis Group Ltd, which is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Vantis Group Ltd is a Vantis plc group company. Vantis is the AIM listed UK accounting, tax and business advisory group. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). STANFORD INT'L: In Cooperation Pact With U.S. Receiver ------------------------------------------------------ Bill Koenig at Bloomberg News reports that Vantis Plc said a cooperation agreement between Antiguan liquidators and a U.S. receiver in relation to the assets of Stanford International Bank Ltd. had been filed with both the High Court of Antigua and Barbuda and the U.S. District Court for the Northern District of Texas. Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Provisional Rating ---------------------------------------------------------------- Moody's has assigned provisional ratings of (P)Ba3 (Global Scale, Foreign Currency) and (P)Aa1.ar (Argentine National Scale) and of (P)Ba2 (Global Scale, Local Currency) and (P)Aaa.ar (Argentine National Scale) to the VDF A and VDF B Notes of Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I, respectively. The debt securities will be issued by Banco de Valores S.A. -- acting solely in its capacity as Issuer Trustee. The notes will be backed primarily by hydrocarbon royalties to be paid by Pan American Energy LLC, Argentine Branch, rated Ba2 (Foreign Currency) and Ba1 (Local Currency). PAE has been awarded the production concession for certain areas in the Province of Chubut, in accordance with the Argentine Hydrocarbon Law and an extraction agreement. Structure The rated securities will be obligations of the Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I, a financial trust constituted in Argentina under Law 24.441. Interest and principal on the notes is payable quarterly. Principal payments will have a grace period of one year. The promise on the rated notes is to receive timely interest and principal by legal final maturity, which will occur on July 1, 2020. However, subject to the availability of funds, targeted payments of principal will be made on each quarterly payment date beginning on October 3, 2011. If all scheduled principal payments are made on time, the notes are expected to be paid in full on July 1, 2020. Rating Rationale The VDF B Notes, although denominated in US dollars, will be payable in Argentine pesos, therefore are considered to be local currency obligations and not subject to convertibility and transfer risks. However, the VDF A Notes, which are payable in US dollars, are subject to foreign currency convertibility and transfer risk. The royalty payments will be made to a collection account in Argentina; therefore, Moody's considered the risk that the Argentine Government could limit the ability of the trustee to exchange the royalty payment proceeds into US dollars or to transfer the US dollars to the collection account outside of Argentina, which currently has a foreign currency country ceiling of B2. The risk to the VDF A Notes is mitigated by: i) the availability of a liquidity reserve account in the US covering two quarterly principal and interest payments (or 15 months of interest debt service if bondholders instruct the trustee to use this reserve for interest payments only) , ii) a mechanism that allows for the payment-in-kind of royalties, iii) the Bonex clause, a mechanism available to the trustee to purchase foreign currency denominate bonds in Argentina to be sold offshore, in order to make payments to investors in foreign currency and iv) the relative good performance of similar transactions during 2001- 2002's transferability and convertibility restrictions imposed by the Argentine Central Bank. Moody's also evaluated the probability of a nationalization of hydrocarbon-related assets in Argentina. Although this could be a possible scenario, the probability of occurrence is currently deemed to be low; as such a policy would likely face a strong opposition from the Argentine Provinces. Also, the National Constitution establishes that the Provinces are the original owners of the natural resources, including hydrocarbons, located within their territorial boundaries. Moody's understands that a nationalization of the hydrocarbon resources would require an amendment to the National Constitution. The sole obligor in this transaction is the designated concessionaire, Pan American Energy LLC. The current credit quality and rating level of PAE is consistent with the ratings assigned to the VDF A and B notes. The Province should appoint a successor concessionaire if the extraction agreement with PAE is terminated. The successor concessionaire will have the same obligations to this transaction than PAE's. Moody's has evaluated the sufficiency of the estimated oil and gas production of PAE during the life of the transaction. Moody's has also stressed the domestic oil and gas prices that are used to calculate the royalties' payments. Royalties cashflow is robust and consistent with the ratings assigned to this transaction. Moody's notes that while the production is concentrated in Cerro Dragon, the area does consist of many different fields that are in various states of exploitation maturity. PAE has an sound track record as an operator in the Cerro Dragon area. The notes will be a direct obligation of the issuing trust; therefore there is no obligation or recourse to the assets of the Province of Chubut, except for the assigned royalties. Since the sale of the royalties will be characterized as a true sale under Argentine Law, the creditors of the Province, or the Province itself, will have no rights to the assigned royalties. However, if the credit conditions of the Province deteriorate, Moody's believes that the risk that the province would be willing to interfere with the transaction will increase accordingly. So far, there have been no antecedents of reversals of royalty assignments to issuing or guaranty trusts in Argentina. However, there are some negative precedents in terms of the assignment of other provincial revenues (i.e. federal tax coparticipation revenues). Moody's built a cash-flow model that reproduced many deal-specific characteristics. The main assumptions of the model are the oil and gas estimated production levels (triangular distribution centered around a mean value of 4.54 million m3 for oil and 2,499 million m3 for gas), the oil and gas estimated domestic prices (triangular distribution centered around a mean value of US$32/bbl for oil and US$70/thousand of m3 for gas), and the royalties percentage to be paid by PAE (12% in most scenarios). Royalty payments are made in Argentine pesos and the rated notes are either payable in US dollars (VDF A) or in Argentine pesos but linked to the US dollar (VDF B). In both cases a devaluation of the Argentine peso may reduce the amount of US dollars available to repay the VDF. Domestic hydrocarbon prices were stressed to evaluate the sufficiency of the cashflows under higher stress scenarios. For example, the transaction can withstand a drop of 60% in the price of oil and gas from Moody's base case of US$32/bbl and still pay on a timely basis. Rating Action Originator: Province of Chubut -- VDF A Fixed Rate Debt Securities of "Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I", rated (P)Aa1.ar (Argentine National Scale) and (P)Ba3 (Global Scale, Foreign Currency) -- VDF B Fixed Rate Debt Securities of "Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I", rated (P)Aaa.ar (Argentine National Scale) and (P)Ba2 (Global Scale, Local Currency) INDUSTRIA FLEXOGRAFICA: Creditors' Proofs of Debt Due on Aug. 10 ---------------------------------------------------------------- Nestor Rodolfo del Potro, the court-appointed trustee for Industria Flexografica San Martin SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 10, 2010. Mr. del Potro will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, 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. The Trustee can be reached at: Nestor Rodolfo del Potro Parana 552 Argentina SARWIN SA: Requests for Preventive Contest ------------------------------------------ Sarwin SA requested for preventive contest. The company stopped making payments last May. ========= A R U B A ========= VALERO ENERGY: Restarts Production in Aruba ------------------------------------------- Valero Energy Corporation decided to restart its refinery on the Caribbean island Aruba, S. Coward at Caribbean PressReleases.com reports. The report relates that production process about 4,000 Arubans lost their jobs when the refinery was closed down. As reported in the Troubled Company Reporter-Latin America on June 26, 2009, The Associated Press said Valero Energy had temporarily close its Aruba refinery, as falling prices for its refined products make the plant less profitable. AP noted that Valero bought the Aruba plant in 2004 but has been looking to sell it since last year. According to the report, Prime Minister Mike Eman took steps to find possible take-over or joint venture partners. The report relates that talks were held with Pemex (Mexico), PetroChina (China), Petrobras (Brazil), PDVSA (Venezuela) and Rubiales (Colombia). The report notes that parallel to these efforts, the Aruban Government worked out a package of incentives to reinforce the refinery's profitability. Those efforts have led to Valero's announcement that the production process will be resumed within three months, the report relates. About Valero Energy Valero Energy Corporation -- http://www.valero.com/-- incorporated in 1981, owns and operates 16 refineries located in the United States, Canada, and Aruba that produce conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products, as well as a slate of premium products, including conventional blendstock for oxygenate blending (CBOB) and reformulated gasoline blendstock for oxygenate blending (RBOB). The Company markets refined products on a wholesale basis in the United States and Canada through bulk and rack marketing network. It also sells refined products through a network of about 5,800 retail and wholesale branded outlets in the United States, Canada, and Aruba. The Company operates through two segments: refining and retail. * * * As of June 25, 2009, the company continues to carry Moody's "Ba1" Preferred Stock rating. ============= B E R M U D A ============= CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on June 25 --------------------------------------------------------------- A petition to wind up the operations of Continental Chemical Holdings Limited will be heard before the High Court of Bermuda on June 25, 2010, at 9:30 a.m. COTTONWOOD LTD: Creditors' Proofs of Debt Due on June 18 -------------------------------------------------------- The creditors of Cottonwood Ltd. are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda COTTONWOOD LTD: Members' Final Meeting Set for July 5 ----------------------------------------------------- The members of Cottonwood Ltd. will hold their final general meeting, on July 5, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda CREEKSIDE LTD: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------- The creditors of Creekside Ltd. are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda CREEKSIDE LTD: Members' Final Meeting Set for July 5 ---------------------------------------------------- The members of Creekside Ltd. will hold their final general meeting, on July 5, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda DISCOVERY III: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------- The creditors of Discovery III Limited are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 21, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda DISCOVERY III: Members' Final Meeting Set for July 7 ---------------------------------------------------- The members of Discovery III Limited will hold their final general meeting, on July 7, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 21, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda EVEREST INTERNATIONAL: Creditors' Proofs of Debt Due on June 18 --------------------------------------------------------------- The creditors of Everest International Holdings, Ltd. are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 28, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda EVEREST INTERNATIONAL: Members' Final Meeting Set for July 7 ------------------------------------------------------------ The members of Everest International Holdings, Ltd. will hold their final general meeting, on July 7, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 28, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda FIVE HUNDRED: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------ The creditors of Five Hundred Holdings Ltd. are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda FIVE HUNDRED: Members' Final Meeting Set for July 5 --------------------------------------------------- The members of Five Hundred Holdings Ltd. will hold their final general meeting, on July 5, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda FLEMING (BERMUDA): Creditors' Proofs of Debt Due on June 18 ----------------------------------------------------------- The creditors of Fleming (Bermuda) Discovery III Limited are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 21, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda FLEMING (BERMUDA): Members' Final Meeting Set for July 8 -------------------------------------------------------- The members of Fleming (Bermuda) Discovery III Limited will hold their final general meeting, on July 8, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 21, 2010. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18 --------------------------------------------------------- The creditors of Man Performance Bond Helvetia Ltd are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN PERFORMANCE: Members' Final Meeting Set for July 9 ------------------------------------------------------ The members of Man Performance Bond Helvetia Ltd will hold their final general meeting, on July 9, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN PERFORMANCE: Creditors' Proofs of Debt Due on June 18 --------------------------------------------------------- The creditors of Man Performance Bond Helvetia Trading Ltd are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN PERFORMANCE: Members' Final Meeting Set for July 8 ------------------------------------------------------ The members of Man Performance Bond Helvetia Trading Ltd will hold their final general meeting, on July 8, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN TWIN: Creditors' Proofs of Debt Due on June 18 -------------------------------------------------- The creditors of Man Twin Strategy Ltd are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN TWIN: Members' Final Meeting Set for July 9 ----------------------------------------------- The members of Man Twin Strategy Ltd will hold their final general meeting, on July 9, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 1, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda THREE TWENTY: Creditors' Proofs of Debt Due on June 18 ------------------------------------------------------ The creditors of Three Twenty NAT Ltd. are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda THREE TWENTY: Members' Final Meeting Set for July 5 --------------------------------------------------- The members of Three Twenty Nat Ltd. will hold their final general meeting, on July 5, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 31, 2010. The company's liquidator is: Jonathan D.G. Betts Milner House 18 Parliament Street Hamilton HM 12 Bermuda =========== B R A Z I L =========== CAIXA ECONOMICA: May Purchase BNP Credit Unit Cetelem, Valor Says ----------------------------------------------------------------- Caixa Economica Federal is in talks with BNP Paribas SA to buy control or a stake in Cetelem, the French bank's consumer credit unit in Brazil, Adriana Brasileiro at Bloomberg News reports, citing Valor Economico. According to the report, calls before business hours to Caixa's press office in Brasilia and BNP's outside press agency in Sao Paulo were not returned. Headquartered in Brasilia, Caixa Economica Federal -- http://www.caixa.gov.br/-- is a Brazilian bank and one of the largest government-owned financial institutions in Latin America. Founded in Jan. 12, 1861, Caixa Economica is the second biggest Brazilian bank, second only to Banco do Brasil, and offers services in thousands of Brazilian towns, ranking third in Brazil in number of branches. The company has more than 32 million accounts and controls more than US$170 billion. It is responsible for executing policies in the areas of housing and basic sanitation, the administration of social funds and programs and federal lotteries. * * * Caixa Economica Federal continues to carry a Ba2 foreign currency deposit rating from Moody's Investors Service. The rating was assigned by Moody's in May 2008. GOL LINHAS: To Codeshare With Asian & Middle Eastern Carriers ------------------------------------------------------------- GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. aims to add codeshare partners from Asia and the Middle East as it continues to rapidly grow its alliance portfolio, Brendan Sobie at Flightglobal.com reports. According to the report, the airline over the last two years has been actively seeking to forge codeshare and frequent flyer pacts as part of a new strategy which envisions establishing tie-ups with several foreign carriers that serve Brazil. "There are a couple -- two or three others -- in the oven," the report quoted Gol Linhas Chief Financial Officer Leonardo Pereira as saying. "I envision a bigger portfolio of airlines within the next 12 months," he added. Mr. Pereira, the report notes, said that within this group of two or three new codeshare partners to be added over the next year he expects one Middle Eastern carrier and one Asian carrier. The report relates Mr. Pereira acknowledged that Gol Linhas still doesn't have the capability to sell tickets on other carriers. Gol Linhas is now aiming to introduce the required technology next year, he added. 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 reported in the Troubled Company Reporter-Latin America on May 31, 2010, Fitch Ratings has upgraded Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings to 'BB-' from 'B+'; LUPATECH SA: Wins US$779-Million Petrobras Offshore Contracts ------------------------------------------------------------- Laura Price at Bloomberg News reports that Lupatech SA won two contracts worth US$779 million to provide offshore services to Petroleo Brasileiro SA. According to the report, citing a regulatory filing, the contracts are valid for five years and can be renewed for a further five years. Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br -- is a holding company engaged in three business segments: Energy Products, Flow Control and Metallurgy. In the Energy Products segment, the company provides such products as deepwater platform anchoring ropes, valves, tools for oil exploration and tube coating. In the Flow Control segment, it is involved in the production and sale of industrial valves for the petrochemical, pharmaceutical and construction industries, among others. In the Metallurgy segment, the Company is principally engaged in the production of parts for the automotive industry. Lupatech SA's brand portfolio includes MNA, CSL Off Shore, Petroima, Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and Tecval, among others. During the year ended December 31, 2008, the Company incorporated Cordoaria Sao Leopoldo Offshore SA, Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda. * * * As reported in the Troubled Company Reporter-Latin America on March 9, 2010, Standard & Poor's Ratings Services lowered its long-term global scale corporate credit rating on Brazil-based industrial and oil and gas valves producer Lupatech S.A. to 'B+' from 'BB-', and its Brazilian national scale rating to 'brBBB+' from 'brA-', and removed them from CreditWatch negative, where they were placed with negative implications on Nov. 13, 2009. At the same time, S&P lowered its rating on the company's $275 million perpetual notes to 'B-' from 'BB-'. The outlook is negative. ========================== C A Y M A N I S L A N D S ========================== CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt ----------------------------------------------------------------- Chineseworldnet.com Inc. filed on June 3, 2010, its annual report on Form 20-F for the fiscal year ended December 31, 2009. Chang Lee LLP, in Vancouver, Canada, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that the Company has incurred recurring losses from inception and requires additional financing for its intended business operations. The Company reported a net loss of $402,209 on $906,455 of revenue for 2009, compared to a net loss of $1,004,835 on $1,011,322 of revenue for 2008. The Company's balance sheet as of December 31, 2009, showed $1,933,021 in assets, $583,959 of liabilities, and $1,349,062 of stockholders' equity. A full-text copy of the annual report is available for free at: http://researcharchives.com/t/s?6451 Headquartered in the Cayman Islands, Chineseworldnet.com Inc. has four principal businesses: (1) the Internet financial portal business, conducted under the ChineseWorldNet.com brand via the "www.chineseworldnet.com" website; (2) the investor relations and public relations business, conducted under the NAI500 brand via a number of media channels including the "www.nai500.com" and "en.nai500.com" websites, as well as certain other promotional services; (3) the North America and Greater China cross-border business partnering conferences business, conducted via the brand of Global Chinese Financial Forum and its "www.gcff.ca" website; and (4) the online platform business, conducted under the Rong Zhi Tong Online brand via the "www.rzto.com" website. ================== C O S T A R I C A ================== ARCOS DORADOS: Shrek Glasses Recall Won't Affect Costa Rica ----------------------------------------------------------- Arcos Dorados said that the McDonald's Shrek glass recall -- because the paint on the cups contains cadmium, a toxic metal -- will not affect Costa Rica, Inside Costa Rica reports. The U.S. Consumer Product Safety Commission, in cooperation with ARC International, of Millville, New Jersey, announced a voluntary recall of about 12 million "Shrek Forever After 3D" Collectable Drinking Glasses. The designs on the glasses contain cadmium. Long term exposure to cadmium can cause adverse health effects. According to Inside Costa Rica, although no glasses were sold in Latin America because the Shrek movie premieres at the end of the month, they are available in Costa Rica, but not manufactured by the same process as the glasses sold in the U.S. The report discloses that Maria Luisa Avila, ministra de Salud, said that she has not received any warning and the glasses are not compulsory registration with the Health ministry, but in an irregular situation, her officials would act and confiscate if necessary for public health concerns. About Arcos Dorado Headquartered in Buenos Aires, Argentina, with legal domicile in the Netherlands, Arcos Dorados is the leading quick service restaurant operator in Latin America and the Caribbean and McDonald's largest franchisee globally in terms of system wide sales and restaurant count. As of June 30, 2009, the company indirectly owned and operated or franchised 1,660 McDonald's- branded restaurants. For the 12 months ended June 30, 2009, the company's revenues reached US$2.51 billion. * * * As reported in the Troubled Company Reporter-Latin America on September 23, 2009, Moody's Investors Service has assigned a provisional (P)Ba2 rating to Arcos Dorados' proposed US$450 million in senior unsecured global notes due in 2019. At the same time, Moody's has assigned a provisional (P)Ba2 Corporate Family rating to Arcos Dorados. The ratings outlook is stable. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: IMF Raises Economic Growth Forecast to 5.5% ----------------------------------------------------------------- The International Monetary Fund predicted that Dominican Republic's economy grow will from 5% to 5.5% this year, The Dominican Today reports. The report relates that IMF raised its estimate as part of the second revision of the joint credit pact, through which will place around US$1.7 billion at the disposal of the country until 2012, if the government reaches the agreed objectives. According to the report, Alejandro Santos, in charge of the Dominican Republic for the IMF, affirmed that the country has accomplished the goals set until March, despite delays in the electrical sector's reform, and that its economic performance has been "impressive," as evidenced by the 7.5% growth in the first quarter, compared with the same year ago period. "Exports and imports, tax collections and the private credit are expanding at healthy rates," the report quoted Mr. Santos as saying. The report notes that the jump has spurred the IMF to raise this year's growth forecast around two percentage points, after having placed it at 3.5% in April. * * * According to a Bloomberg report dated April 24, 2010, Moody's ratings raised Dominican Republic's government bond rating to B1, four levels below investment grade, from B2 with a stable outlook. ============= J A M A I C A ============= RED STRIPES: To Make Several Jobs Redundant ------------------------------------------- Beer Company Red Stripe will complete its consultation with staff, paving the way for making several positions within the company redundant by the end of June, Jamaica Gleaner reports. According to the report, at the end of the review exercise, all affected employees are to receive redundancy packages, including outplacement support covering career, financial and psychological counseling, as well as overall support in dealing with the loss of employment. The report relates that the move comes against the background of declining business, which recorded a 5% drop in trading profits at the end of its third quarter in March. "When we look at the general economic and competitive environ-ment for the coming year and beyond, all indications are that it will continue to be extremely challenging. We have to examine our business model now to stop the performance decline and adjust to deliver long-term business sustainability," the report quoted Alan Barnes, managing director of Red Stripe, as saying. In April 2009, the report recalls, Red Stripe also made similar changes to its structure, with two senior management positions, director of marketing and head of corporate relations being made redundant. SUGAR COMPANY OF JAMAICA: Eridania Suisse Returns to Sugar Auction ------------------------------------------------------------------ Mark Titus at Jamaica Gleaner reports that Italian firm Eridania Suisse SA has re-bid for assets owned by the Sugar Company of Jamaica Holdings Limited. The report relates that Eridania Suisse is now among eight potential investors which submitted expressions of interest for the state assets to the Development Bank of Jamaica before the May 25 deadline. As reported in the Troubled Company Reporter-Latin America on February 25, 2010, RadioJamaica News said that Eridania Suisse said it is no longer interested in taking over Sugar Company of Jamaica's factories, Frome, Moneymusk as it is not prepared to invest over US$100 million to take over the factories because they cannot produce the required 200,000 tonnes of sugar annually giving limited returns on investment and a prolonged loan repayment period. According to the Gleaner, three local entities are said to have thrown their hats in the ring. The report relates Jamaica Producers Group, which is believed to have set its sights on the 100,000-tonne capacity Frome Sugar Estate in Westmoreland. The report notes that the names of the other two local potential investors were not ascertained. The report says that international sugar refiner the United Kingdom-based Tate and Lyle is also showing interest in snatching up the entities remaining on the auction block. The report relates that also in the running are two North American companies, including renowned papaya farmer, Martha's Best, and a Chinese firm said to have strong backing from its Government. SCJ CEO Aubyn Hill, the report discloses, refused to discuss who the interested parties are, but rubbished the assertion that a decision had already been taken. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =========== M E X I C O =========== ALMACENADORA SUR: Moody's Affirms 'B2' Long-Term Issuer Rating -------------------------------------------------------------- Moody's Investors Service affirmed Almacenadora Sur, S.A. de C.V.'s long term local currency issuer rating of B2 and its short term local currency issuer rating of Not Prime. At the same time, Moody's de M�xico affirmed Alsur's long term Mexican National Scale issuer rating of Ba2.mx and its short term Mexican National Scale issuer rating of MX-4. All these ratings maintain stable outlooks. The affirmation reflects Alsur's stable financial fundamentals in light of the major challenges the company has faced due to damage to major earnings producing silos in 2008. The Miguel Alem n silos in Mexico City are expected to be fully operational in the next three months, restoring the company's core earnings capabilities during 2010. A major insurance payment sustained net income during 2009. Moody's notes that Alsur continues to exhibit a limited franchise relative to peers within the general deposit warehousing (almac�n general de deposito or AGD) industry in Mexico in terms of total assets, assets under management, and warehouse capacity. The company's limited geographic and product diversification also continues to constrain Alsur's ratings. The rating agency noted as credit strengths Alsur's important synergies with its economic group (Grupo Contri) in the corn and wheat mill industry. The economic group offers Alsur a relatively high turnover of assets under management and is the company's primary funding source, through common equity. The last action taken on Alsur's ratings was on April 24, 2006 when Moody's assigned B2/Not Prime long/short term local currency issuer ratings to the company. At the same time, Moody's de M�xico assigned Alsur long/short term Mexican National Scale issuer ratings of Ba2.mx/MX-4. Almacenadora Sur, S.A. de C.V. is headquartered in Mexico City, Mexico and reported assets under management of MX$3.8 billion, total assets of MX$548.8 million, shareholders' equity of MX$434.1 million, and an accumulated net loss of MX$2.2 million as of March 31, 2010. These ratings were affirmed with stable outlooks: * Long term local currency issuer rating of B2 * Short term local currency issuer rating of Not Prime * Long term Mexican National Scale issuer rating of Ba2.mx * Short term Mexican National Scale issuer rating of MX-4 BANCA MIFEL: Fitch Downgrades Issuer Default Ratings to 'BB-' ------------------------------------------------------------- Fitch Ratings has downgraded Banca Mifel's Issuer Default Ratings to 'BB-' from 'BB' and has affirmed the bank's other entity ratings, including its Individual rating at 'C/D' and the national-scale ratings at 'A-(mex)' and 'F2(mex)'. Also, according to Fitch's criteria for hybrid securities, Mifel's perpetual junior subordinated notes were downgraded to 'B' from 'B+'. The Rating Outlook is Stable. The downgrade reflects a relative weakening of Mifel's credit fundamentals over the past few years, given the confluence of poor operating profitability, somewhat deteriorating asset quality and gradually declining capital levels. This action also considers the negative impact on leverage, margins, funding mix and borrower concentrations from the sharp increase in loans and assets during the past few quarters, although those loans have low credit risk and may prove strategically important and profitable over time. The Stable Outlook reflects Fitch's opinion that Mifel could stabilize and/or somewhat strengthen most of these ratings factors in the near future, underpinned by a slightly improving operating environment, an adequate strategic approach and the benefits of a larger business scale on revenues, cost efficiency and overall profitability. However, the key financials are highly unlikely to be restored, at least in the near future, at levels that Fitch would consider consistent with other banks rated 'BB'. Rather, Fitch considers that Mifel could be able to re-build its credit fundamentals only partially and gradually, and this path will remain challenged by the still difficult operating and competitive environment. In turn, if the bank is unable to prevent further deterioration on asset quality and loss absorption capacity (capital and reserves), downside pressure on the ratings could eventually arise. The performance of Mifel has been weak in recent years (although it is better and relatively more stable at the financial group's levels), initially driven by expenses from branch network expansion during 2007-2008, and then by hefty credit costs that drove to operating losses in 2009 and 1Q'10. Fitch views positively the efficiency gains observed in 2009 and 1Q'10 associated to the larger business scale and non-interest cost control, which might be early signs of better and more sustainable performance. Some large borrower concentrations remain, as well as a high level of related-party lending. Mifel has access to ample retail deposits provided by its stable customer base. These deposits funded the bank's entire loan portfolio, but asset growth has somewhat affected the mix among demand/term deposits, as well as the mix of core deposits/money market funding. In view of sustained growth and weak profitability in recent years, capital ratios have declined at a faster-than-expected pace since the 2007 peak, when it launched an issue of global hybrids with a strong equity component under Fitch's approach (Class D; 75% equity credit). Established in 1993, Mifel is the largest entity of Grupo Financiero Mifel, which also has factoring, leasing and mutual fund management companies. The bank has traditionally targeted SMEs and medium-sized real estate developers. As of 1Q'10, Mifel had 30 branches and its overall market share by loans, assets and deposits was less than 1%. The rating actions are: Mifel -- Long-term IDR downgraded to 'BB-' from 'BB'; -- Short-term IDR affirmed at 'B'; -- Long-term local currency IDR downgraded to 'BB-' from 'BB'; -- Short-term local currency IDR affirmed at 'B'; -- Individual rating affirmed at 'C/D'; -- Support affirmed at '5'; -- Support Rating Floor affirmed at 'NF'; -- US$100m perpetual non-cumulative junior subordinated callable notes downgraded to 'B' from 'B+'; -- National-scale long-term rating affirmed at 'A-(mex)'; -- National-scale short-term rating affirmed at 'F2(mex)'. The Rating Outlook is Stable. CEMEX SAB: Cuts 2010 Ebitda Estimate to US$2.75 Billion ------------------------------------------------------- Anthony Harrup at Dow Jones Newswires reports that CEMEX, S.A.B. de C.V. has cut its estimate for full-year 2010 Ebitda as weaker currencies affect results in dollar terms. The report relates Cemex SAB Chairman and Chief Executive Lorenzo Zambrano said that the company now expects Ebitda to reach US$2.75 billion this year, up from US$2.65 billion in 2009, but below the company's previous estimate of US$2.9 billion. According to the report, the reduction in the estimate is the result of foreign-exchange effects, as the U.S. dollar has gained against the euro and the Mexican peso. The report relates Mr. Zambrano said that the weaker euro also has advantages for Cemex, such as a positive effect on debt measured in dollars and making exports from European countries more competitive. Mr. Zambrano, Dow Jones Newswires notes, said that free cash flow after maintenance and capital expenditures is expected to be US$800 million, down from the previous estimate of US$1 billion and from US$1.2 billion last year. The report discloses that Cemex SAB aims to use US$450 million of the 2010 free cash flow to reduce debt. The company, the report says, still expects a 3% rise in consolidated cement sales volumes, a 1% increase in aggregates volumes and a small drop in ready-mix concrete volumes. Dow Jones Newswires notes Cemex SAB said that the weaker euro has lowered its total debt at current exchange rates by US$550 million, in addition to the US$437 million reduction resulting from its recent swap of perpetual notes. Mr. Zambrano, the report relates, said that Cemex is still overleveraged -- net debt was US$15 billion at the end of March, equivalent to 5.8 times 12-months trailing Ebitda -- but that the company faces no liquidity problems in the next two to three years. Reducing debt remains a priority, although at the same time the company is poised to take advantage for the global recovery, and particularly that of the U.S., he added. 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 May 20, 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. HIPOTECARIA SU CASITA: To Propose Plan to Improve Loan Management ----------------------------------------------------------------- Jonathan Roeder at Bloomberg News reports that Hipotecaria Su Casita SA said it will present bondholders with a proposal to improve the administration of the company's loan portfolio. According to the report, citing an e-mailed statement, the meeting will be held June 15. Hipotecaria Su Casita SA, based in Mexico City, Mexico, started operations in 1994 as a non-bank financial institution/Sofol Mortgage Company. Su Casita's main activity consists of extending mortgage loans financed by monies from SHF to low income individuals -- an important role in the low-income housing market, as there is no rental market in Mexico. As of September 30, 2008, the company reported total assets of approximately US$39,078 million Mexican pesos, and MXN3.080 billion in equity. * * * As reported in the Troubled Company Reporter-Latin America on March 16, 2010, Standard & Poor's Ratings Services said that it lowered its global and Mexican national scale counterparty credit and senior unsecured debt ratings on Mexico-based mortgage and construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. to 'B' from 'BB-' and to 'mxBBB-/mxA-3' from 'mxBBB+/ mxA-2', respectively. The outlooks are negative. SATMEX SA: Is No Longer in 'Active' Sale Talks ---------------------------------------------- Crayton Harrison at Bloomberg News reports that Satelites Mexicanos, S.A. de C.V. is no longer in "active negotiations" to sell the company. According to the report, because the company hasn't reached a sale agreement, its interest rates increased as part of an agreement with "first priority" debtholders. As reported in the Troubled Company reporter-Latin America on May 25, 2010, Poder360 said that the Mexican government may sell Stamex SAB to MVS Comunicaciones and its partner EchoStar. According to the report, Mexico Communications and Transportation Secretary Juan Molinar Horacasitas said that the sale of the company to MVS Comunicaciones and its U.S. partner, Echostar Satellite Services, could be finalized soon. The report related that the negotiations hinge upon the price of the sale. Poder360 said that in the first instance the deal was set at US$347 million, and later at US$374 million. About Satmex SAB Satelites Mexicanos, S.A. de C.V., is the leading satellite service provider in Latin America. Satmex's fleet offers hemispheric and regional coverage throughout the Americas. * * * As of September 1, 2009, the company continues to carry these ratings placed by Moody's: -- Issuer Rating of C, -- Senior Secured Rating of Caa1, -- Long-term Corporate Family Rating of Ca, and -- Senior Unsecured Debt Rating of C. ======= P E R U ======= SCOTIABANK PERU: Fitch Changes Outlook on Ratings to Positive ------------------------------------------------------------- Following the review of Peru's Rating Outlook to Positive from Stable, Fitch Ratings has revised the Outlook for Scotiabank Peru's ratings to Positive from Stable. Fitch's Sovereign group has recently revised Peru's Outlook to Positive, reflecting a resumption of its healthy growth trajectory, which is underpinned by the sovereign's disciplined macroeconomic policies and should contribute to further improvement of the sovereign's fiscal and external indicators (for more information please refer to the press release dated June 2, 2010). Should Peru's sovereign ratings be upgraded, the country ceiling would also move up thus allowing SBP's foreign currency Issuer Default Rating to be upgraded by one notch. SBP's IDRs reflect the support it would likely receive from its parent, the Bank of Nova Scotia (BNS, rated 'AA-'), should it be required. The foreign currency IDR is constrained by Peru's country ceiling. Fitch rates SBP: -- Foreign currency long-term IDR 'BBB'; -- Foreign currency short-term IDR 'F2'; -- Local currency long-term IDR 'BBB+'; -- Local currency short-term IDR 'F2'; -- Individual rating 'C/D'; -- Support rating '2'. The Rating Outlook is Positive. SBP is Peru's third largest bank with a market share of about 16% of the system's assets. The bank was created in 2006 from the merger of Banco Sudamericano and Banco Wiese Sudameris. A universal bank active across all segments, SBP is owned at 97.7% by BNS (Canada's third largest bank), which is in turn widely held. ==================== P U E R T O R I C O ==================== FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Rating to 'E+' ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of FirstBank Puerto Rico (bank financial strength to E+ from D-, long-term deposits to B2 from Ba3, senior unsecured to B3 from B1). Following the downgrade, FirstBank's ratings remain under review for possible downgrade. FirstBank is the primary operating subsidiary of First BanCorp, which is unrated. Moody's rating action follows the announcement that FirstBank has agreed to a Consent Order with the FDIC and the Office of the Commissioner of Financial Institutions of Puerto Rico, and that First Bancorp has agreed to enter into a written agreement with the Federal Reserve Bank of New York. Pursuant to the Agreements, FirstBank and First Bancorp have agreed to address various matters, including the development and adoption of a plan to maintain certain capital levels and the reduction of nonperforming and classified assets. Moody's said the downgrade reflects its view that without either a significant capital infusion or other management initiatives that would result in the reduction of problem assets as a percentage of Tier 1 plus loan loss reserves, FirstBank's capital and/or asset quality metrics will breach the minimum requirements set forth under the Agreements. In Moody's view, FirstBank will continue to incur sizable credit costs in its commercial real estate and C&I portfolios, reflecting the weak economic conditions in Puerto Rico and South Florida. Elevated credit costs, combined with FirstBank's inability to recognize tax benefits on those losses due to the valuation allowance against its deferred tax asset, will continue to weaken capital ratios, in Moody's view. The FDIC is requiring the bank to achieve Tier 1 leverage, Tier 1 risk-based and Total risk-based capital of 8%, 10% and 12%, respectively. FirstBank reported Tier 1 leverage, Tier 1 risk- based capital, and Total risk-based capital ratios of 8.01%, 11.41%, and 12.70%, respectively, at March 31, 2010. The company is working to further strengthen its capital position by converting into common stock the $400 million of TARP preferred stock, raising $500 million of equity, and issuing shares of common stock in exchange for its non-cumulative preferred shares. The rating agency said that these initiatives will be challenging to complete. Likewise, while at the end of the first quarter FirstBank was in compliance with the regulatory directive that classified plus special mention assets not exceed 100% of Tier 1 risk-based capital plus reserves, the company is working to reduce nonperforming and classified assets that have negatively impacted FirstBank's financial condition and performance. The rating agency's review will focus on FirstBank's ability to raise capital and reduce its level of problem assets. Moody's notes that the FDIC granted FirstBank a temporary waiver to enable it to continue accessing the brokered deposit market, which is important for the bank since brokered deposits comprise approximately 57% of total deposits. In the event that the waiver were not to be extended in the future, this would likely cause significant strain on the bank's liquidity position, and result in downward rating pressure. The last rating action was on November 3, 2009, when Moody's downgraded the bank's financial strength rating two notches, to D- from D+. Issuer: FirstBank Puerto Rico Downgrades: -- Bank Financial Strength Rating, Downgraded to E+ from D- -- Issuer Rating, Downgraded to B3 from B1 -- OSO Senior Unsecured OSO Rating, Downgraded to B3 from B1 -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B1 -- Senior Unsecured Deposit Rating, Downgraded to B2 from Ba3 Outlook Actions: -- Outlook, Changed To Rating Under Review From Negative =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Workers Call on Chairman to Resign --------------------------------------------- PETROTRIN workers picketed the residence of company chairman Malcolm Jones demanding his immediate resignation, Trinidad Express reports. The report relates some 30 Petrotrin workers accompanied by defeated People's Partnership candidate and Trinmar OWTU branch president, Ernesto Kesar, stood outside Mr. Jones's McLelland Street shouting for him to resign. "We went to the house of [Mr.] Jones to call on him to resign. Petrotrin workers have been suffering under the tyranny of the present board of management. Jones and his board members have refused to resign. We are fed up of mismanagement, the losses, the lawsuits, drop in production. We also heard they were planning to retrench 2,500 workers," the report quoted Mr. Kesar as saying. According to the report, candidates Errol McLeod and Carolyn Seepersad-Bachan alleged corruption at Petrotrin and promised to investigate. The report notes that Mr. McLeod has since been sworn in as the Minister of Labour and Ms. Seepersad-Bachan as the Minister of Energy. The report notes that the workers' actions were endorsed by OWTU president Ancel Roget who said "(they) are entitled to do so (picket) under the law. I agree that Jones should resign. It is the view of the OWTU that he is responsible for the near collapse of Petrotrin. We believe he should demit office and allow for a proper forensic audit to determine any wrongdoing and who is culpable." =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA AUTOPISTAS SOL APDSF US 358937631 -3636032 AUTOPISTAS SOL AUSO AR 358937631 -3636032 COMERCIAL PLA-BL COMEB AR 135360486 -2.51E+08 COMERCIAL PL-ADR SCPDS LI 135360486 -2.51E+08 COMERCIAL PLAT-$ COMED AR 135360486 -2.51E+08 COMERCIAL PL-C/E COMEC AR 135360486 -2.51E+08 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER NET XIMPT SM 535007008 -17165000 IMPSAT FIBER-$US IMPTD AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 IMPSAT FIBER-CED IMPT AR 535007008 -17165000 SNIAFA SA SNIA AR 11229696 -2670545 SNIAFA SA-B SDAGF US 11229696 -2670545 SNIAFA SA-B SNIA5 AR 11229696 -2670545 SOC COMERCIAL PL SCDPF US 135360486 -2.51E+08 SOC COMERCIAL PL CAD IX 135360486 -2.51E+08 SOC COMERCIAL PL CVVIF US 135360486 -2.51E+08 SOC COMERCIAL PL CADN EO 135360486 -2.51E+08 SOC COMERCIAL PL COME AR 135360486 -2.51E+08 SOC COMERCIAL PL CADN SW 135360486 -2.51E+08 BRAZIL ACO ALTONA EALT3 BZ 80346370 -11622480 ACO ALTONA SA EAAON BZ 80346370 -11622480 ACO ALTONA-PREF EALT4 BZ 80346370 -11622480 ACO ALTONA-PREF EAAPN BZ 80346370 -11622480 ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154462 ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154462 ARTHUR LANGE ARLA3 BZ 11642256 -17154462 ARTHUR LANGE SA ALICON BZ 11642256 -17154462 ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154462 ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154462 ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154462 ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154462 ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154462 ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154462 BALADARE BLDR3 BZ 144928981 -33970463 BOMBRIL BMBBF US 292257859 -1.16E+08 BOMBRIL BOBR3 BZ 292257859 -1.16E+08 BOMBRIL CIRIO SA BOBRON BZ 292257859 -1.16E+08 BOMBRIL CIRIO-PF BOBRPN BZ 292257859 -1.16E+08 BOMBRIL SA-ADR BMBPY US 292257859 -1.16E+08 BOMBRIL SA-ADR BMBBY US 292257859 -1.16E+08 BOMBRIL-PREF BOBR4 BZ 292257859 -1.16E+08 BOMBRIL-RGTS PRE BOBR2 BZ 292257859 -1.16E+08 BOMBRIL-RIGHTS BOBR1 BZ 292257859 -1.16E+08 BOTUCATU TEXTIL STRP3 BZ 35101567 -13482714 BOTUCATU-PREF STRP4 BZ 35101567 -13482714 CAF BRASILIA CAFE3 BZ 18540302 -7.9E+08 CAF BRASILIA-PRF CAFE4 BZ 18540302 -7.9E+08 CAFE BRASILIA SA CSBRON BZ 18540302 -7.9E+08 CAFE BRASILIA-PR CSBRPN BZ 18540302 -7.9E+08 CHIARELLI SA CCHI3 BZ 22274027 -44537138 CHIARELLI SA CCHON BZ 22274027 -44537138 CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138 CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138 CIA PETROLIFERA MRLM3 BZ 377602195 -3014292 CIA PETROLIFERA MRLM3B BZ 377602195 -3014292 CIA PETROLIFERA 1CPMON BZ 377602195 -3014292 CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014292 CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014292 CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014292 CIMOB PARTIC SA GAFP3 BZ 36817395 -33083087 CIMOB PARTIC SA GAFON BZ 36817395 -33083087 CIMOB PART-PREF GAFP4 BZ 36817395 -33083087 CIMOB PART-PREF GAFPN BZ 36817395 -33083087 D H B DHBI3 BZ 133817651 -4.43E+08 D H B-PREF DHBI4 BZ 133817651 -4.43E+08 DHB IND E COM DHBON BZ 133817651 -4.43E+08 DHB IND E COM-PR DHBPN BZ 133817651 -4.43E+08 DOC IMBITUBA IMBI3 BZ 94039192 -39398915 DOC IMBITUBA-RTC IMBI1 BZ 94039192 -39398915 DOC IMBITUBA-RTP IMBI2 BZ 94039192 -39398915 DOC IMBITUB-PREF IMBI4 BZ 94039192 -39398915 DOCA INVESTIMENT DOCA3 BZ 319046939 -1.19E+08 DOCA INVESTI-PFD DOCA4 BZ 319046939 -1.19E+08 DOCAS IMBITUBA IMBION BZ 94039192 -39398915 DOCAS IMBITUB-PR IMBIPN BZ 94039192 -39398915 DOCAS SA DOCAON BZ 319046939 -1.19E+08 DOCAS SA-PREF DOCAPN BZ 319046939 -1.19E+08 DOCAS SA-RTS PRF DOCA2 BZ 319046939 -1.19E+08 ESTRELA SA ESTR3 BZ 61011894 -54580284 ESTRELA SA ESTRON BZ 61011894 -54580284 ESTRELA SA-PREF ESTR4 BZ 61011894 -54580284 ESTRELA SA-PREF ESTRPN BZ 61011894 -54580284 FABRICA RENAUX FTRX3 BZ 63036915 -59781833 FABRICA RENAUX FRNXON BZ 63036915 -59781833 FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833 FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833 FABRICA TECID-RT FTRX1 BZ 63036915 -59781833 FER C ATLANT VSPT3 BZ 1.19E+09 -50468105 FER C ATLANT-PRF VSPT4 BZ 1.19E+09 -50468105 FER C ATL-RCT CM VSPT9 BZ 1.19E+09 -50468105 FER C ATL-RCT PF VSPT10 BZ 1.19E+09 -50468105 FER HAGA-PREF HAGA4 BZ 17657785 -62285757 FERRAGENS HAGA HAGAON BZ 17657785 -62285757 FERRAGENS HAGA-P HAGAPN BZ 17657785 -62285757 FERROVIA CEN-DVD VSPT11 BZ 1.19E+09 -50468105 FERROVIA CEN-DVD VSPT12 BZ 1.19E+09 -50468105 GAZOLA GAZO3 BZ 12452143 -40298506 GAZOLA SA GAZON BZ 12452143 -40298506 GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506 GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506 GAZOLA SA-PREF GAZPN BZ 12452143 -40298506 GAZOLA-PREF GAZO4 BZ 12452143 -40298506 GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506 GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506 GRADIENTE ELETR IGBON BZ 145256033 -2.74E+08 GRADIENTE EL-PRA IGBAN BZ 145256033 -2.74E+08 GRADIENTE EL-PRB IGBBN BZ 145256033 -2.74E+08 GRADIENTE EL-PRC IGBCN BZ 145256033 -2.74E+08 GRADIENTE-PREF A IGBR5 BZ 145256033 -2.74E+08 GRADIENTE-PREF B IGBR6 BZ 145256033 -2.74E+08 GRADIENTE-PREF C IGBR7 BZ 145256033 -2.74E+08 HAGA HAGA3 BZ 17657785 -62285757 HERCULES HETA3 BZ 11597352 -1.69E+08 HERCULES SA HERTON BZ 11597352 -1.69E+08 HERCULES SA-PREF HERTPN BZ 11597352 -1.69E+08 HERCULES-PREF HETA4 BZ 11597352 -1.69E+08 HOTEIS OTHON SA HOOT3 BZ 238707299 -35774973 HOTEIS OTHON SA HOTHON BZ 238707299 -35774973 HOTEIS OTHON-PRF HOOT4 BZ 238707299 -35774973 HOTEIS OTHON-PRF HOTHPN BZ 238707299 -35774973 IGB ELETRONICA IGBR3 BZ 145256033 -2.74E+08 LAEP INVESTMENTS LEAP LX 446499199 -70952299 LAEP-BDR MILK11 BZ 446499199 -70952299 MINUPAR MNPR3 BZ 63223032 -58260846 MINUPAR SA MNPRON BZ 63223032 -58260846 MINUPAR SA-PREF MNPRPN BZ 63223032 -58260846 MINUPAR-PREF MNPR4 BZ 63223032 -58260846 NORDON MET NORD3 BZ 15427479 -20563974 NORDON METAL NORDON BZ 15427479 -20563974 NORDON MET-RTS NORD1 BZ 15427479 -20563974 NOVA AMERICA SA NOVA3 BZ 21287489 -1.84E+08 NOVA AMERICA SA NOVA3B BZ 21287489 -1.84E+08 NOVA AMERICA SA NOVAON BZ 21287489 -1.84E+08 NOVA AMERICA SA 1NOVON BZ 21287489 -1.84E+08 NOVA AMERICA-PRF NOVA4 BZ 21287489 -1.84E+08 NOVA AMERICA-PRF NOVA4B BZ 21287489 -1.84E+08 NOVA AMERICA-PRF NOVAPN BZ 21287489 -1.84E+08 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -1.84E+08 PARMALAT LCSA3 BZ 388720052 -2.14E+08 PARMALAT BRASIL LCSAON BZ 388720052 -2.14E+08 PARMALAT BRAS-PF LCSAPN BZ 388720052 -2.14E+08 PARMALAT BR-RT C LCSA5 BZ 388720052 -2.14E+08 PARMALAT BR-RT P LCSA6 BZ 388720052 -2.14E+08 PARMALAT-PREF LCSA4 BZ 388720052 -2.14E+08 PET MANG-RECEIPT RPMG9 BZ 111979912 -1.35E+08 PET MANG-RECEIPT RPMG10 BZ 111979912 -1.35E+08 PET MANG-RIGHTS RPMG1 BZ 111979912 -1.35E+08 PET MANG-RIGHTS RPMG2 BZ 111979912 -1.35E+08 PET MANGUINH-PRF RPMG4 BZ 111979912 -1.35E+08 PETRO MANGUINHOS RPMG3 BZ 111979912 -1.35E+08 PETRO MANGUINHOS MANGON BZ 111979912 -1.35E+08 PETRO MANGUIN-PF MANGPN BZ 111979912 -1.35E+08 PROMAN PRMN3B BZ 13486223 -113662.5 PROMAN PRMN3 BZ 13486223 -113662.5 RENAUXVIEW SA TXRX3 BZ 63634626 -91597740 RENAUXVIEW SA-PF TXRX4 BZ 63634626 -91597740 RIMET REEM3 BZ 63757622 -1.07E+08 RIMET REEMON BZ 63757622 -1.07E+08 RIMET-PREF REEM4 BZ 63757622 -1.07E+08 RIMET-PREF REEMPN BZ 63757622 -1.07E+08 RIOSULENSE SA RSUL3 BZ 61902902 -11292933 RIOSULENSE SA RSULON BZ 61902902 -11292933 RIOSULENSE SA-PR RSUL4 BZ 61902902 -11292933 RIOSULENSE SA-PR RSULPN BZ 61902902 -11292933 SANESALTO SNST3 BZ 28244078 -875835.8 SANSUY SNSY3 BZ 147187163 -86606311 SANSUY SA SNSYON BZ 147187163 -86606311 SANSUY SA-PREF A SNSYAN BZ 147187163 -86606311 SANSUY SA-PREF B SNSYBN BZ 147187163 -86606311 SANSUY-PREF A SNSY5 BZ 147187163 -86606311 SANSUY-PREF B SNSY6 BZ 147187163 -86606311 SAUIPE PSEG3 BZ 10045350 -7741102 SAUIPE SA PSEGON BZ 10045350 -7741102 SAUIPE SA-PREF PSEGPN BZ 10045350 -7741102 SAUIPE-PREF PSEG4 BZ 10045350 -7741102 SCHLOSSER SCLO3 BZ 13140656 -56631899 SCHLOSSER SA SCHON BZ 13140656 -56631899 SCHLOSSER SA-PRF SCHPN BZ 13140656 -56631899 SCHLOSSER-PREF SCLO4 BZ 13140656 -56631899 STAROUP SA STARON BZ 35101567 -13482714 STAROUP SA-PREF STARPN BZ 35101567 -13482714 STEEL DO BRASIL STLB3 BZ 24189041 -2271641 TECEL S JOSE SJOS3 BZ 17924946 -18569451 TECEL S JOSE FTSJON BZ 17924946 -18569451 TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451 TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451 TEKA TKTQF US 237346006 -3.38E+08 TEKA TEKA3 BZ 237346006 -3.38E+08 TEKA TEKAON BZ 237346006 -3.38E+08 TEKA-ADR TEKAY US 237346006 -3.38E+08 TEKA-ADR TKTPY US 237346006 -3.38E+08 TEKA-ADR TKTQY US 237346006 -3.38E+08 TEKA-PREF TKTPF US 237346006 -3.38E+08 TEKA-PREF TEKA4 BZ 237346006 -3.38E+08 TEKA-PREF TEKAPN BZ 237346006 -3.38E+08 TELEBRAS SA TELB3 BZ 244857050 -14105542 TELEBRAS SA TLBRON BZ 244857050 -14105542 TELEBRAS SA TBASF US 244857050 -14105542 TELEBRAS SA-PREF TELB4 BZ 244857050 -14105542 TELEBRAS SA-PREF TLBRPN BZ 244857050 -14105542 TELEBRAS SA-RT TELB9 BZ 244857050 -14105542 TELEBRAS/W-I-ADR TBH-W US 244857050 -14105542 TELEBRAS-ADR TBAPY US 244857050 -14105542 TELEBRAS-ADR TBRAY GR 244857050 -14105542 TELEBRAS-ADR TBH US 244857050 -14105542 TELEBRAS-ADR TBX GR 244857050 -14105542 TELEBRAS-ADR RTB US 244857050 -14105542 TELEBRAS-ADR TBASY US 244857050 -14105542 TELEBRAS-BLOCK TELB30 BZ 244857050 -14105542 TELEBRAS-CED C/E RCT4C AR 244857050 -14105542 TELEBRAS-CED C/E TEL4C AR 244857050 -14105542 TELEBRAS-CEDE BL RCT4B AR 244857050 -14105542 TELEBRAS-CEDE PF RCTB4 AR 244857050 -14105542 TELEBRAS-CEDE PF TELB4 AR 244857050 -14105542 TELEBRAS-CEDEA $ RCT4D AR 244857050 -14105542 TELEBRAS-CEDEA $ TEL4D AR 244857050 -14105542 TELEBRAS-CM RCPT RCTB31 BZ 244857050 -14105542 TELEBRAS-CM RCPT TELE31 BZ 244857050 -14105542 TELEBRAS-CM RCPT TBRTF US 244857050 -14105542 TELEBRAS-CM RCPT RCTB32 BZ 244857050 -14105542 TELEBRAS-CM RCPT RCTB30 BZ 244857050 -14105542 TELEBRAS-COM RT TELB1 BZ 244857050 -14105542 TELEBRAS-PF BLCK TELB40 BZ 244857050 -14105542 TELEBRAS-PF RCPT CBRZF US 244857050 -14105542 TELEBRAS-PF RCPT RCTB41 BZ 244857050 -14105542 TELEBRAS-PF RCPT TELE41 BZ 244857050 -14105542 TELEBRAS-PF RCPT RCTB42 BZ 244857050 -14105542 TELEBRAS-PF RCPT RCTB40 BZ 244857050 -14105542 TELEBRAS-PF RCPT TBAPF US 244857050 -14105542 TELEBRAS-PF RCPT TLBRUP BZ 244857050 -14105542 TELEBRAS-RCT RCTB33 BZ 244857050 -14105542 TELEBRAS-RCT PRF TELB10 BZ 244857050 -14105542 TELEBRAS-RECEIPT TLBRUO BZ 244857050 -14105542 TELEBRAS-RTS CMN RCTB1 BZ 244857050 -14105542 TELEBRAS-RTS CMN TCLP1 BZ 244857050 -14105542 TELEBRAS-RTS PRF RCTB2 BZ 244857050 -14105542 TELEBRAS-RTS PRF TLCP2 BZ 244857050 -14105542 TELECOMUNICA-ADR 81370Z BZ 244857050 -14105542 TEXTEIS RENA-RCT TXRX9 BZ 63634626 -91597740 TEXTEIS RENA-RCT TXRX10 BZ 63634626 -91597740 TEXTEIS RENAU-RT TXRX1 BZ 63634626 -91597740 TEXTEIS RENAU-RT TXRX2 BZ 63634626 -91597740 TEXTEIS RENAUX RENXON BZ 63634626 -91597740 TEXTEIS RENAUX RENXPN BZ 63634626 -91597740 VARIG PART EM SE VPSC3 BZ 96617351 -4.6E+08 VARIG PART EM TR VPTA3 BZ 49432124 -3.99E+08 VARIG PART EM-PR VPTA4 BZ 49432124 -3.99E+08 VARIG PART EM-PR VPSC4 BZ 96617351 -4.6E+08 VARIG SA VAGV3 BZ 966298026 -4.7E+09 VARIG SA VARGON BZ 966298026 -4.7E+09 VARIG SA-PREF VAGV4 BZ 966298026 -4.7E+09 VARIG SA-PREF VARGPN BZ 966298026 -4.7E+09 WETZEL SA MWET3 BZ 84310496 -7570637 WETZEL SA MWELON BZ 84310496 -7570637 WETZEL SA-PREF MWET4 BZ 84310496 -7570637 WETZEL SA-PREF MWELPN BZ 84310496 -7570637 WIEST WISA3 BZ 39838114 -93371563 WIEST SA WISAON BZ 39838114 -93371563 WIEST SA-PREF WISAPN BZ 39838114 -93371563 WIEST-PREF WISA4 BZ 39838114 -93371563 CHILE CHILESAT CO-ADR TL US 506644999 -60450603 CHILESAT CORP SA TELEX CI 506644999 -60450603 CHILESAT CO-RTS CHISATOS CI 506644999 -60450603 TELEX-A TELEXA CI 506644999 -60450603 TELEX-RTS TELEXO CI 506644999 -60450603 TELMEX CORP SA CHILESAT CI 506644999 -60450603 *********** 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 * * *