/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100611.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 Friday, June 11, 2010, Vol. 11, No. 114 Headlines A R G E N T I N A WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30 B R A Z I L ARANTES ALIMENTOS: Fitch Withdraws 'CC/RR4' Ratings on Notes GOL LINHAS: Alliance Bernstein to Increase Ownership Interest LIGHT SA: Banco Santander Forecasts Share Rebound SUL AMERICA: Fitch Upgrades Issuer Default Ratings to 'BB+' C A Y M A N I S L A N D S ACC COLOMBIA: Shareholders' Final Meeting Set for Today ANETP LTD: Shareholders' Final Meeting Set for Today ARCO AUTOMOTIVE: Shareholders' Final Meeting Set for Today ARCO LUM: Shareholders' Final Meeting Set for Today ARCO NEW: Shareholders' Final Meeting Set for Today BATTERSEA LIMITED: Creditors' Proofs of Debt Due on July 7 BLACK RIVER: Creditors' Proofs of Debt Due on July 7 BLACK RIVER: Creditors' Proofs of Debt Due on July 7 CEDAR LANE: Creditors and Contributories to Meet on June 29 CEDAR LANE: Creditors and Contributories to Meet on June 29 CLEVELEYS LIMITED: Creditors' Proofs of Debt Due on July 7 CULZEAN LIMITED: Creditors' Proofs of Debt Due on July 7 FENIA LIMITED: Creditors' Proofs of Debt Due on July 7 K2 CORPORATION: Creditors' Proofs of Debt Due on July 7 MCKINLEY NON-U.S.: Creditors' Proofs of Debt Due on July 7 S-LINK LIMITED: Creditors' Proofs of Debt Due on July 7 STANFORD-HAVELL: Creditors' Proofs of Debt Due on June 28 TVA OPPORTUNITY: Creditors' Proofs of Debt Due on July 7 UNITED TRUSTEES: Creditors' Proofs of Debt Due on July 7 VIEW MANAGEMENT: Creditors' Proofs of Debt Due on July 7 C H I L E COMPANIA SUD: Discloses Higher Transport Estimates for 2010 COMPANIA SUD: Sees Return to Profit This Qtr on Shipping Recovery ELECTROANDINA SA: Fitch Upgrades Issuer Default Ratings to 'BB+' E C U A D O R * ECUADOR: Jan-April Oil Exports Rise 127% on Year to US$2.97BB H A I T I * HAITI: IDB OKs US$3 Million for JV Project With Coca Cola J A M A I C A CABLE & WIRELESS: Records Third Year of Loss JAMAICA PUBLIC SERVICE: No Rate Increase for Firm P E R U * PERU: Economy Likely to Grow 10% in June - - - - - ================= A R G E N T I N A ================= WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30 --------------------------------------------------------- Jose Luis Carriquiry, the court-appointed trustee for Web Logistics SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 30, 2010. Mr. Carriquiry will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 50, 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: Jose Luis Carriquiry Loyola 660 Argentina =========== B R A Z I L =========== ARANTES ALIMENTOS: Fitch Withdraws 'CC/RR4' Ratings on Notes ------------------------------------------------------------ On June 8, 2010, Fitch Ratings withdrew all ratings on Arantes Alimentos Ltda and Arantes International Ltd. including these: Arantes International Ltd. -- US$150 million senior unsecured notes 'CC/RR4'. GOL LINHAS: Alliance Bernstein to Increase Ownership Interest ------------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A. has received a notice from the shareholder AllianceBernstein L.P. and its affiliate AXA Investment Managers: "In accordance with the main section of article 12 of CVM Instruction Number 358 of January 3, 2002, AllianceBernstein L.P. and its affiliate AXA Investment Managers ("AllianceBernstein"), at Avenue of the Americas, 1345, New York, NY, United States of America, in its capacity as New York, NY, United States of America, in its capacity as managers of funds and/or other discretionary investment management clients abroad, hereby informs that the funds and/or other discretionary investment management clients abroad under their administration acquired, through certain deals on stock exchanges, directly or through American Depositary Receipts -- ADRs, preferred shares issues by GOL LINHAS AEREAS INTELIGENTES S.A., which amounts, currently, 8,748,869 (eight million, seven hundred and forty-eight thousand, eight hundred sixty-nine) preferred shares issued by the Company, corresponding to 6.568% of all shares of such class. This is a minority investment that does not involve a change in the composition of corporate control or a change in the management structure of the Company. Currently, AllianceBernstein does not target any quantity of the Company's preferred shares. No other affiliate of the AllianceBernstein holds any interest on the Company. There are no convertible debentures already held, directly or indirectly, by AllianceBernstein or related person, nor any agreement or contract regulating voting rights or the purchase and sale of securities issued by the Company, to which AllianceBernstein or any related person is a party." 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. LIGHT SA: Banco Santander Forecasts Share Rebound ------------------------------------------------- Alexander Cuadros at Bloomberg News reports Banco Santander SA said Light SA's shares will likely gain after falling more than twice as much as the benchmark Bovespa index this year. The stock will rebound after investors "priced in" most of the risk associated with last year's takeover agreement by power company Cia. Energetica de Minas Gerais, Santander analyst Maria Carolina Carneiro wrote in a note obtained by the news agency. According to the report, Mr. Carneiro said that Light SA continues to benefit from an "attractive" dividend yield. The report relates that Banco Santander reiterated its "buy" rating on the shares. About Light SA Light S/A generates and distributes electricity in the Brazilian State of Rio de Janeiro. The Company operates in the State of Rio de Janeiro. * * * As of June 10, 2010, the company continues to carry Moody's "Ba1" long term rating and long term corporate family rating. SUL AMERICA: Fitch Upgrades Issuer Default Ratings to 'BB+' ----------------------------------------------------------- Fitch Ratings has upgraded these International and National Long- Term ratings assigned to Sul America S.A., the holding company of Sul America Seguros as indicated: -- Foreign and Local Currency Long-Term Issuer Default Ratings to 'BB+' from 'BB'; Outlook Stable; -- National Long-Term ratings to 'AA(bra)' from 'AA-(bra)'; Outlook Stable Issue of US$200 million in senior notes: -- Foreign Currency Long-Term Rating to 'BB' from 'BB-' (BB minus). Fitch has also affirmed Sasa's Foreign and Local Currency Short- Term IDRs at 'B' and National Short-Term rating at 'F1+'. The ratings upgrades reflect Sasa's consistent performance and the expectations of maintained satisfactory efficiency ratios due to actions that have been implemented since 2006. These actions tend to enable the company to maintain its profitability, even when a more competitive environment is considered. Despite the worsening of the global financial crisis, Sasa maintained a combined ratio of less than 100% in 2008 and 2009, sustaining an adequate liabilities/equity ratio of around 3.5 times, in line with its international peers with similar ratings. On the other hand, further upgrades tend to be moderate and will depend on the strengthening of its franchise, which implies a more diversified distribution channel base, as well as the continued progress in its operational performance and the maintenance of adequate capital and liquidity structures. In addition, a substantial increase in leveraging, coupled with greater commitment of its liquidity, could negatively affect its ratings. The controlling stake in Brazil Veiculos, Sasa's most relevant partnership with Banco do Brasil, was sold to the bank in May 2010. At the same time Sasa announced the acquisition of the totality of Brasilsaude Companhia de Seguros's shares. The reorganization on these shareholder structures, still pending on regulator approval, should generate a non-recurring gain of about BRL140 million for Sasa in 2010. This should enhance cash in excess (which does not back up technical provisions), allowing the sufficient liquidity needed for investments in the company's organic growth and payment of its financial debt. The insurer has been signing agreements with other important financial groups in order to enable a partial recovery of the premiums no longer generated through Banco do Brasil's channels (equivalent to 15% of consolidated revenue in 2009). The retrieval of these distribution channels represents one of its main challenges due to a more competitive environment expected for the medium and long term. Fitch believes that Sasa's loss ratios will return to lower levels in the medium term - close to those observed in 2008 (70%) -- after having reached 72.5% in 2009 and 72% in 1Q10, impacted by the increase in the frequency of health policy usage. The estimated reduction in losses, coupled with the program to contain operational costs, should allow the maintenance of the combined ratio at levels below 100%, a satisfactory level in Fitch's opinion. Sasa is part of a traditional insurance group in Brazil, operating in practically all segments of the industry. According to the Superintendence of Private Insurance and the National Agency of Supplemental Health, it was the second largest insurance company in health and auto lines, with market shares of 35.8% and 16.5%, respectively, in 2009, and the largest independent insurance group in the country. It relies on around 26.000 active brokers and has been gradually developing its cross sales and its partnerships in product and services distribution. Sasa is 33% controlled by Sulasapar Participacoes and 21.3% by ING Insurance International BV. Affiliated shareholders, which include management, members of the board and other individuals, hold 8.5% of Sasa's capital, while the remaining 37.2% represent the market float. ING has stated that it is reviewing its global business strategy and intends to sell its insurance operations around the world. Fitch is closely monitoring the development of Sasa's shareholding composition, and the possible impacts on its ratings, however, the benefit of ING's support is not incorporated into the company's ratings. ========================== C A Y M A N I S L A N D S ========================== ACC COLOMBIA: Shareholders' Final Meeting Set for Today ------------------------------------------------------- The shareholders of ACC Colombia International Cayman C Ltd. will hold their final meeting today June 11, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Francesco Nino Piovanetti Arco Capital Management #48 Road 165 Suite 6000 City View Plaza II, Guaynabo Puerto Rico 00968 ANETP LTD: Shareholders' Final Meeting Set for Today ---------------------------------------------------- The shareholders of Anetp Ltd. will hold their final meeting today June 11, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Francesco Nino Piovanetti Arco Capital Management #48 Road 165 Suite 6000 City View Plaza II, Guaynabo Puerto Rico 00968 ARCO AUTOMOTIVE: Shareholders' Final Meeting Set for Today ---------------------------------------------------------- The shareholders of Arco Automotive International Ltd. will hold their final meeting today June 11, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Francesco Nino Piovanetti Arco Capital Management #48 Road 165 Suite 6000 City View Plaza II, Guaynabo Puerto Rico 00968 ARCO LUM: Shareholders' Final Meeting Set for Today --------------------------------------------------- The shareholders of Arco Lum Holdings Ltd will hold their final meeting today June 11, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Francesco Nino Piovanetti Arco Capital Management #48 Road 165 Suite 6000 City View Plaza II, Guaynabo Puerto Rico 00968 ARCO NEW: Shareholders' Final Meeting Set for Today --------------------------------------------------- The shareholders of Arco New Europe Cable & Telecom Partners, GP will hold their final meeting today June 11, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Francesco Nino Piovanetti Arco Capital Management #48 Road 165 Suite 6000 City View Plaza II, Guaynabo Puerto Rico 00968 BATTERSEA LIMITED: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------------- The creditors of Battersea Limited are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BLACK RIVER: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------- The creditors of Black River Municipal Opportunity Master Fund Ltd. are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BLACK RIVER: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------- The creditors of Black River Municipal Opportunity Fund Ltd. are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CEDAR LANE: Creditors and Contributories to Meet on June 29 ----------------------------------------------------------- The creditors and contributories of Cedar Lane Entertainment Fund, Ltd. will hold their first meeting on June 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche, P.O. Box 1787 Grand Cayman KY1-1109, Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8238 e-mail: rrintoul@deloitte.com CEDAR LANE: Creditors and Contributories to Meet on June 29 ----------------------------------------------------------- The creditors and contributories of Cedar Lane Entertainment, Ltd. will hold their first meeting on June 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche, P.O. Box 1787 Grand Cayman KY1-1109, Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8238 e-mail: rrintoul@deloitte.com CLEVELEYS LIMITED: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------------- The creditors of Cleveleys Limited are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2010. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 CULZEAN LIMITED: Creditors' Proofs of Debt Due on July 7 -------------------------------------------------------- The creditors of Culzean Limited are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 26, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands FENIA LIMITED: Creditors' Proofs of Debt Due on July 7 ------------------------------------------------------ The creditors of Fenia Limited are required to file their proofs of debt by July 7, 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: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 K2 CORPORATION: Creditors' Proofs of Debt Due on July 7 ------------------------------------------------------- The creditors of K2 Corporation are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company's liquidators are: Richard E.L. Fogerty Alastair Beveridge c/o Matthew Wright Zolfo Cooper P.O. Box 1102, 4th Floor, Building 3 Cayman Financial Centre Grand Cayman KY1-1102 Telephone: +1 (345) 946-0081 Facsimile: +1 (345) 946-0082 e-mail: matthew.wright@zolfocooper.ky MCKINLEY NON-U.S.: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------------- The creditors of McKinley Non-U.S. Ex-Canada Developed/(130/30) Growth Offshore Fund Ltd. are required to file their proofs of debt by July 7, 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: Walkers Fund Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9004, Cayman Islands S-LINK LIMITED: Creditors' Proofs of Debt Due on July 7 ------------------------------------------------------- The creditors of S-Link Limited are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands STANFORD-HAVELL: Creditors' Proofs of Debt Due on June 28 --------------------------------------------------------- The creditors of Stanford-Havell Emip Ltd. are required to file their proofs of debt by June 28, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2010. The company's liquidator is: Ogier c/o Joel Reid Telephone: 815 1828 Facsimile: (345) 949-9877 c/o Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands TVA OPPORTUNITY: Creditors' Proofs of Debt Due on July 7 -------------------------------------------------------- The creditors of TVA Opportunity Master Fund are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 10, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005, Cayman Islands UNITED TRUSTEES: Creditors' Proofs of Debt Due on July 7 -------------------------------------------------------- The creditors of United Trustees Limited are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2010. The company's liquidator is: RTB Secretaries Limited Plam Grove House, P.O. Box 438, Road Town Tortola, British Virgin Islands VIEW MANAGEMENT: Creditors' Proofs of Debt Due on July 7 -------------------------------------------------------- The creditors of View Management Ltd. are required to file their proofs of debt by July 7, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2010. The company's liquidator is: RTB Presidents Limited Plam Grove House, P.O. Box 438, Road Town Tortola, British Virgin Islands ========= C H I L E ========= COMPANIA SUD: Discloses Higher Transport Estimates for 2010 ----------------------------------------------------------- Eduardo Thomson at Bloomberg News reports that Compania Sudamericana de Vapores SA disclosed higher transport estimates for this year. According to the report, the company said that it expects to ship approximately 2.92 million 20-feet equivalent container units in 2010, 63% more than in 2009. "CSAV also said in that presentation that it expects a profit in the second quarter of 2010," Hernan Guerrero, head of research at BBVA Corredores de Bolsa SA, told the news agency in a telephone interview. "The company is finally breaking the trend of several quarters with losses," he added. About CSAV Compania Sud Americana De Vapores (CSAV) -- http://www.csav.cl -- is a Chilean shipping company. The sphere of the Company's activities extends across five continents. Its services feature a comprehensive service for general cargo, bulk cargo, fresh and frozen products and vehicles, using both owned and chartered vessels. CSAV provides permanent sailings from certain ports through its line service, fixed itineraries and operates a fleet of vessels able to convey a large number of containers and a variety of conventional cargoes. CSVA also owns vessels specially designed for frozen cargo, cars, bulk cargo and forest products. In addition to complementary storage areas and pier services, an intermodal service has also been established, which combines different means of carriage. CSAV provides these services in conjunction with its subsidiaries: Sudamericana Agencias Aereas y Maritimas S.A., as a maritime forwarding agency, and COSAN, a container terminal in Santiago. * * * As of June 10, 2010, the company continues to carry Standard and Poor's "B-" long term issuer credit ratings. COMPANIA SUD: Sees Return to Profit This Qtr on Shipping Recovery ----------------------------------------------------------------- James Attwood at Bloomberg News reports that Cia. Sudamericana de Vapores SA said it expects to report a profit in the second quarter as volumes and rates recover. According to the report, the company had a net loss of US$38 million in the first three months of the year, its seventh straight quarterly losses. Compania Sud Americana De Vapores (CSAV) -- http://www.csav.cl -- is a Chilean shipping company. The sphere of the Company's activities extends across five continents. Its services feature a comprehensive service for general cargo, bulk cargo, fresh and frozen products and vehicles, using both owned and chartered vessels. CSAV provides permanent sailings from certain ports through its line service, fixed itineraries and operates a fleet of vessels able to convey a large number of containers and a variety of conventional cargoes. CSVA also owns vessels specially designed for frozen cargo, cars, bulk cargo and forest products. In addition to complementary storage areas and pier services, an intermodal service has also been established, which combines different means of carriage. CSAV provides these services in conjunction with its subsidiaries: Sudamericana Agencias Aereas y Maritimas S.A., as a maritime forwarding agency, and COSAN, a container terminal in Santiago. * * * As of June 10, 2010, the company continues to carry Standard and Poor's "B-" long term issuer credit ratings. ELECTROANDINA SA: Fitch Upgrades Issuer Default Ratings to 'BB+' ---------------------------------------------------------------- Fitch Ratings has upgraded Electroandina S.A.'s foreign and local currency Issuer Default Ratings to 'BB+' from 'BB'; the Rating Outlook is Stable. The rating upgrades reflect the significant business and financial improvement in Electroandina and the potential stronger credit profile of its new holding company E-CL S.A. It incorporates the expectation of a more stable cash flow as new long-term power contracts with price indexation mechanisms replaced expiring contracts starting in 2010, and the payment of Electroandina's debt in full. Improved Financial Performance, and Commercial Position Electroandina's cash flow from operations significantly improved to $197 million in 2009 from -$44 million in 2008, and EBITDA grew to $170 million from $36 million. The improvement was mainly the result of higher revenues due to the indexation clauses included in the PPAs, lower fuel and energy prices, and improved Argentinean natural gas availability at lower prices. The company used its cash flow to pay outstanding debt in full. Going forward, Electroandina's cash flow from operations is more predictable and stable, based on its new commercial profile and the start-up of its new generation plant (103.68MW [megawatt] thermo plant) in July 2009. The company's contracted position is currently in balance with its diversified generation matrix, reducing its exposure to the volatility of energy spot prices and fuel supply costs. New Structure Holds Positive Potential The rating action has also factored in the new structure which now includes a 100% of the companies Electroandina S.A, Edelnor S.A., Central Termoelectrica Andina S.A., Gasoducto Nor Andino S.A., Gasoducto Nor Andino Argentina S.A. and 60% of Inversiones Hornitos S.A. into the holding company E-CL. The combination of these assets holds the potential for a more diverse and stronger group. Once there is further clarity on E-CL's financial strategy and the impact of such structure on Electroandina, Fitch will assess if there is any further positive effect over the company's credit profile. By the end of 2009, E-CL had a strong consolidated financial profile. EBITDA was $342 million and debt was $697 million (including shareholders debt of $490 million), resulting in a Debt to EBITDA ratio of 2.0 times. These figures include a large portion of the financing of the two 165MW coal power plants CTA and CTH, currently under construction. These plants are expected to start operations at the end of 2010 and the second quarter of 2011, respectively. Both E-CL's and Electroandina's credit profiles will continue to be strengthened by the inherent support of its controlling shareholder, Gaz de France Suez S.A. (GDF Suez)(52.4%)and additional shareholder, Corporacion Nacional del Cobre de Chile (Fitch IDR of 'A') (40%). Both shareholders have actively participated in the capital structure of the company via direct loans or capital contribution. ============= E C U A D O R ============= * ECUADOR: Jan-April Oil Exports Rise 127% on Year to US$2.97BB --------------------------------------------------------------- Ecuador's crude oil export revenue totaled US$2.97 billion for the January-April period, a 127% increase from US$1.31 billion a year earlier, due to higher oil prices, Dow Jones Newswires reports, citing the central bank. According to the report, the average price of crude in the four- month period jumped 124% to US$72.89 per barrel from US$32.47 a barrel in the 2009 period. The report relates that by volume, Ecuador exported 40.79 million barrels in the first four months of this year from 40.47 million barrels exported in the same period of last year. Dow Jones Newswires notes that it translates into exports of 339,942 barrels a day in the first quarter from 337,283 barrels a day a year earlier. The report, citing the official data, says that of the total exported by the country, 9.65 million barrels, or 24%, were sold by private companies operating in Ecuador, bringing in revenue of about US$694 million. The remainder was exported by state-run Petroecuador. * * * As of June 10, 2010, the company continues to carry Moody's "Caa2" Country Ceilings Long-Term foreign bank deposit and Country Ceilings Long-Term foreign currency debt ratings. The company also continues to carry Moody's "Caa3" currency issuer ratings. ========= H A I T I ========= * HAITI: IDB OKs US$3 Million for JV Project With Coca Cola ----------------------------------------------------------- The Inter-American Development Bank's Multilateral Investment Fund approved a US$3 million grant for a project in partnership with The Coca Cola Company to boost the incomes and crop output of 25,000 mango farmers in Haiti. Coca Cola will provide US$3.5 million for the project, including all the profits from sales of Odwalla Haiti Hope Mango Lime-Aid. The project will be carried out by TechnoServe, a U.S. non-profit organization with extensive experience in promoting agribusinesses in developing countries. Haiti produces high-quality mangoes but only a small fraction of its crop is exported. Due to a combination of poor post-harvest handling methods and bad rural roads, most of the harvested fruit is too damaged by the time it reaches packing plants around Port- au-Prince. The project backed by the MIF and The Coca-Cola Company will work with growers who farm small plots of land and own just a few mango trees. Many of these farmers make less than US$1,000 a year. Farmers participating in the project will be trained to improve their tree yields and diversify their production, lessening their dependence on a single crop and bolstering their families' food security. They will also receive training in handling mangoes after the harvest to reduce fruit damage and rejection ratios. The project will provide mango farmers assistance in establishing or strengthening grower associations, aiming to help increase their bargaining power and business skills. This will enable farmers to deal directly with fruit exporters and processors rather than selling their crop through middlemen. In addition, the project will support efforts by local investors to establish processing plants to transform non-export grade mangoes into byproducts such as dried fruit or fruit juice. Despite its considerable crop, Haiti imports mango juice. With its expertise in juice production and market development, Coca Cola will provide guidance throughout this process. Based on a monitoring and evaluation system, the project will generate a body of knowledge on improving the mango value chain that may be shared with other agricultural producers and transferred to the Haitian Ministry of Agriculture and its School of Agronomy. All project activities will be carried out in close cooperation with Haitian authorities. The mango project will build on lessons learned from other rural value chain projects backed by the MIF, an autonomous fund administered by the IDB that promotes private sector development in Latin America and the Caribbean, focusing on micro-enterprises and small businesses. * * * As of May 31, 2010, the country continues to carry Moody's "Ba1" subordinate debt rating. ============= J A M A I C A ============= CABLE & WIRELESS: Records Third Year of Loss -------------------------------------------- Cable & Wireless Plc, which trades as LIME, recorded its third consecutive year of losses at US$3.39 billion as at March 2010 that was over 10 times the prior year's loss and accompanied by negative working capital, Jamaica Observer reports. The report relates that the loss was attributed to the more-than-doubling of its depreciation and amortization expenses from US$3 billion to US$7 billion related to its new network. According to the report, it caused the company to record an operating loss of US$2.65 billion versus an operating profit of US$1.4 billion a year prior. The report relates that the loss slashed by half the group's cash and equivalents to US$364.5 million as at March 2010 from US$700.2 million in 2009. The group's balance sheet, the report says, also recorded US$1.28 billion in negative working capital which grew from US$460 million in negative working capital in 2009. The Observer says that LIME Jamaica was previously a highly profitable group earning over US$2 billion in profit prior to 2006 with the exclusion of 2004 when it made a loss of US$5.4 billion due to a write-off of its network. The report relates that it, however, recorded a US$302.8 million loss from US$21.99 billion in revenues in 2009 and a US$4.19 billion loss in 2008 from revenues of US$22.89 billion. Cable & Wireless, the report says, made US$22.05 billion in revenues which was flat compared with the previous year. The report relates that income from the fixed line division declined to US$11.2 billion from US$12.5 billion a year prior; data & other jumped from US$4.5 billion to US$5.9 billion; and mobile declined US$4.9 billion to US$4.89 billion year on year. Interestingly, its data & other division was the only division that increased revenues year on year which allowed it to usurp the mobile division in revenues, the report adds. 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. JAMAICA PUBLIC SERVICE: No Rate Increase for Firm ------------------------------------------------- Jamaica Energy Minister James Robertson said that Jamaica Public Service Company customers may not see an actual increase in the non-fuel cost of electricity this year, RadioJamaica reports. The report relates that the company has applied for an adjustment to be made to non-fuel rates based on inflation. However, the report notes, this increase may not be coming. According to the report, under its license, the JPSCO is allowed each year to apply for an adjustment to non-fuel costs of electricity based on the rate of inflation in the United States (US) and Jamaica. Inflation in the US last year ran at 2.7% and 10.65 in Jamaica. The report notes that both the JPSCO and Office of Utilities Regulation have been tight lipped as to what level of increase, based on these rates, the JPSCO has applied for in its 2010 inflation adjustment application. Mr. Robertson, the report discloses, said there are some developments which may mitigate against any increase and may even push rate adjustments in the opposite direction. "The JPS[CO] is indicating that the numbers that they are seeing, that have been put forward and the performance of the Jamaican economy, for the first time, we could possibly be looking at a decrease in rates," the report quoted Mr. Robertson as saying. The report relates that Mr. Robertson did not say how much of an increase will be tacked onto consumers' bills when the adjustment is announced as expected later this month. About JPSCO Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2010, RadioJamaica said that the multi-billion dollar show down between the Jamaica Public Service and the three unions -- BITU, NWU, and UCASE -- representing workers at the company has entered the penultimate stage before the Industrial Disputes Tribunal. The report related that the IDT heard testimony from the Chairman of JPSCO, Tommy Fukuda who was called as the last witness. According to the report, Mr. Fukuda maintained that JPSCO has paid the US$2.3 billion it owed the workers following the 2001 job reclassification exercise. However, the report related, the three unions argued that the company still owed the workers an additional JM$500 million to JM$600 million in retroactive, overtime and redundancy payments. ======= P E R U ======= * PERU: Economy Likely to Grow 10% in June ------------------------------------------ Banco de Credito del Peru said that Peru's economic activity dynamism shows a rapid recovery in domestic demand, which would result in a two-digit increase in June, Andina reports. According to the report, BCP said Peru's GDP may have grown 8% in April, taking into account the total volume of cement dispatches, which grew 18.1%, as well as the 8.4% rise in electricity production. The report relates that the bank mentioned that the domestic dynamism in imports and in the Value Added Tax or IGV, which rose 21.4%, shows a rapid recovery in domestic demand. The bank, the report notes, said that some risks such as the European crisis can be perceived in the second half of the year. However, the report says, the bank pointed out that the dynamism for the first half of the year and momentum of the economic activity would be high enough for sustaining growth rates higher than 6% for 2010. BCP, the report adds, also said that Peru's economic recovery had firmed up and resumed expansive growth, closing the first quarter of the year with an annualized growth pace of 7.3%. *********** 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 * * *