/raid1/www/Hosts/bankrupt/TCRLA_Public/100622.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 22, 2010, Vol. 11, No. 121
Headlines
A R G E N T I N A
ALANCE SRL: Creditors' Proofs of Debt Due on August 5
ALBANESSI COMPUTERS: Creditors' Proofs of Debt Due on August 19
CONSOLIDAR ASEGURADORA: Moody's Puts B1 Insurance Strength Rating
DROGUERIA MONTSERRAT: Creditors' Proofs of Debt Due on August 13
EMERGENCIA MEDICO: Creditors' Proofs of Debt Due on August 18
MINICATA SA: Trustee to Present Validated Claims on Aug. 24
METROGAS SA: Failure to Meet Debts Prompts Government to Step In
METROGAS SA: Reorganization Cues S&P's Rating Cut to 'D'
PAMPEANA INVERSORA: Creditors' Proofs of Debt Due on August 12
PAPEL 2.0: Creditors' Proofs of Debt Due on August 13
PROMAKERS SA: Trustee to Present Validated Claims on Aug. 2
TRANSPORTES TRA-MA: Creditors' Proofs of Debt Due on August 23
* ARGENTINA: Takes Over Metrogas After Firm Fails to Meet Debts
B E R M U D A
BROADBAND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
BROADBAND INVESTMENTS: Member to Receive Wind-Up Report on July 12
NOWE FINANSE: Creditors' Proofs of Debt Due on June 23
NOWE FINANSE: Members to Receive Wind-Up Report on July 14
XL CAPITAL: Unit Gets OK to Qualify as Reinsurer in Florida
B R A Z I L
BRASIL FOODS: Board OKs Distribution of Interest to Shareholders
COSAN SA: Executive Sees Decline in Sugar Production Next Year
COSAN SA: Gets BRL711.4 Million Financing for Biomass Projects
FIBRIA CELULOSE: May Receive Offers for Paper Business This Year
C H I L E
COMPANIA SUD: S&P Affirms 'B-' Rating; Gives Stable Outlook
COMPANIA SUD: S&P Affirms 'B-' Rating, Revises Outlook to Stable
D O M I N I C A
CL FIN'L: Gov't. Asks Clico to Discontinue Issuing New Policies
J A M A I C A
JPSCO: Management to Restore Normality to Operations Amid Strike
M E X I C O
URBI DESARROLLOS: Expands Operations in Tamaulipas
P E R U
DOE RUN PERU: Workers End General Strike
P U E R T O R I C O
LG GUIJARRO: Case Summary & 2 Largest Unsecured Creditors
T R I N I D A D & T O B A G O
MOTOR AND GENERAL: CBTT Suspends Firm's Business for 60 days
V E N E Z U E L A
BANCO FEDERAL: Venezuela Seizes Bank's Assets on "Irregularities"
GRUPO SIMEC: Issues Clarification Regarding Article by Reforma
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ALANCE SRL: Creditors' Proofs of Debt Due on August 5
-----------------------------------------------------
The court-appointed trustee for Alance S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 5, 2010.
The trustee will present the validated claims in court as
individual reports on September 17, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 1, 2010.
ALBANESSI COMPUTERS: Creditors' Proofs of Debt Due on August 19
---------------------------------------------------------------
The court-appointed trustee for Albanessi Computers S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 19, 2010.
The trustee will present the validated claims in court as
individual reports on October 7, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 12, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 24, 2011.
CONSOLIDAR ASEGURADORA: Moody's Puts B1 Insurance Strength Rating
-----------------------------------------------------------------
Moody's Latin America has assigned a global local-currency
insurance financial strength rating of B1 and a Aa3.ar IFS rating
on Argentina's national scale to Consolidar Aseguradora de Riesgos
del Trabajo S.A. The outlook for these ratings is negative.
Consolidar ART is a leading monoline workers compensation insurer
majority-owned by Spain-based Banco Bilbao Vizcaya Argentaria and
its local subsidiary in Argentina: BBVA Banco Franc‚s. Consolidar
ART provides mandatory workers compensation coverage to a number
of large and medium size businesses in Argentina and has operated
since the inception of this system in 1996. BBVA owns two other
insurance companies in Argentina -- BBVA Consolidar Seguros
(focused on P&C lines and credit life) and Consolidar Retiro
(focused on individual annuities and previsional retirement
business).
According to Moody's, Consolidar ART's ratings primarily reflect
its stand-alone credit profile, as well as its ownership by the
large international BBVA group. Regarding its intrinsic credit
profile, the company maintains a leading market position in the
workers compensation segment, good financial income from its
investment portfolio, and adequate capitalization. Moody's added
that Consolidar ART's market-share has been maintained at
approximately 11% (based on gross written premiums) in this
particular segment over the past five years, and was the third
largest ART company as of year-end 2009.
"Regarding the company's capitalization," Moody's Vice President
Alejandro Pavlov explained, "although Consolidar ART's gross
underwriting leverage reached 9 times at year-end 2009 -- which
indicates a very weak level of capital adequacy relative to other
insurers on a global basis, the company maintains adequate capital
above the minimum requirement". Unlike other workers compensation
insurers in the country, Consolidar ART has not needed to be re-
capitalized by its parent during the last several years, which
somewhat mitigates the high level of its gross underwriting
leverage.
However, these strengths are offset by several credit concerns and
challenges for the company including: the high credit risk of its
investments -- given that most of them carry speculative grade
ratings globally -- its lack of business diversification -- being
a monoline company, its significant dependence on investment
returns to offset large and persistent underwriting losses, the
uncertainties related to the workers compensation business line
which is characterized by frequent regulatory changes, and by
Argentina's weak operating environment. Like many of its local
peers, Consolidar ART's investment portfolio is mainly comprised
of bonds and other instruments issued by the Argentine government,
deposits in local banks, and other local instruments -- all of
these asset-types carry deeply speculative grade ratings on a
global basis.
Mr. Pavlov commented: "Consolidar ART's ratings get one notch of
uplift from its stand-alone credit profile due to the ownership
and implied support of BBVA. However, the rating of the workers
compensation company is lower than that of the two other Argentine
insurance companies of the group because their products are
considered to be better aligned with BBVA's bancassurance
strategy.
The rating agency explained that Consolidar ART's outlook is
negative reflecting the uncertainty related with the increasing
number of lawsuits against the workers compensation companies, the
possibility of constrained profitability and capitalization going
forward given recent regulatory changes, as well as uncertainty
regarding whether the company is strategically important to the
BBVA group.
Commenting on factors that could result in an upgrade for
Consolidar ART's ratings, Moody's cited these: upgrade of
Argentine sovereign rating/improvement in country's operating
environment, sustained improvement in the company's combined
ratios and capitalization, significant improvement in its
investment credit quality, and an even stronger market presence.
Conversely, Consolidar ART's ratings could be downgraded for these
reasons: downgrade of Argentine sovereign rating/deterioration in
country's operating environment, significant deterioration in its
investment credit quality, increased underwriting losses;
continued decline in its regulatory capital adequacy and gross
underwriting leverage, or a substantial reduction in its market
share.
Consolidar ART -- headquartered in Buenos Aires, Argentina --
reported total assets of AR$1 billion and net income of AR$20.4
million, with gross premiums written of AR$576 million for the
nine month period ended March 31, 2010. As of that date, the
company reported shareholders' equity of AR$203.6 million.
DROGUERIA MONTSERRAT: Creditors' Proofs of Debt Due on August 13
----------------------------------------------------------------
The court-appointed trustee for Drogueria Montserrat S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 13, 2010.
EMERGENCIA MEDICO: Creditors' Proofs of Debt Due on August 18
-------------------------------------------------------------
The court-appointed trustee for Emergencia Medico Asistencial
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until August 18, 2010.
The trustee will present the validated claims in court as
individual reports on September 30, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 15, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 30, 2011.
MINICATA SA: Trustee to Present Validated Claims on Aug. 24
-----------------------------------------------------------
The trustee for Minicata S.A. will present the validated claims in
court as individual reports on August 24, 2010. The National
Commercial Court of First Instance in Buenos Aires will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 5, 2010.
METROGAS SA: Failure to Meet Debts Prompts Government to Step In
----------------------------------------------------------------
Jude Webber at The Financial Times reports that Argentina Planning
Ministry said the government will take over administration of
Metrogas SA, after the company said it could not meet its US$20
million debts.
As reported in the Troubled Company Reporter-Latin America on
June 21, 2010, Dow Jones Newswires said that Metrogas SA filed for
bankruptcy protection in Argentine court. The report related that
the company, which has been plagued with debt problems, cited "an
urgent need" to for the government to increase the rates it
charges to customers. Metrogas SA described the bankruptcy filing
as similar to a Chapter 11 filing in the U.S.
According to FT, the government rejects Metrogas SA' claim that
frozen tariffs have caused its financial problems. The company's
debt has nothing to do with investments and its problems date back
to the country's default in 2001, the government added, the report
relates.
And that's precisely the problem, the report says. The report
recalls that Metrogas SA refused to drop a suit against Argentina
filed before the World Bank's arbitration tribunal (ICSID), dating
back to Argentina's 2001 default. The report relates the
Planning Ministry said "renegotiation of the (tariffs) contract
with Metrogas was not possible because of the systematic and
obstinate refusal of the company to drop its claim." The
government "does not negotiate under any kind of pressure," it
added, the report says.
The government, the report discloses, said it will restructure
debt and guarantee a public service. FT says that such action is
likely to swell the government's already huge (and unsustainable)
subsidies bill and consolidates the government's ambitions to play
a central role in the economy, especially in key services.
Meanwhile, the report notes that Argentina hopes to have closed
the chapter on its default when a debt exchange designed to swap
outstanding defaulted bonds for new paper closes with an expected
60% acceptance. The report relates that the government played
hardball in that deal, and some experts said it could have won
more converts to its offer had it been less combative.
FT points out that refusing to deal with Metrogas SA because it
won't drop its suit are evidence of the same stubborn streak. And
while principles are being haggled over, investment in key
networks stagnates, the report adds.
About Metrogas SA
Metrogas SA is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A2 Stable) and YPF (45.3; Ba1, Sta.).
* * *
As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Moody's has assigned Caa3 global scale ratings and
Caa3.ar national scales ratings to Metrogas S.A. up to US$600
million MTM Program. The outlook for all the ratings is negative.
METROGAS SA: Reorganization Cues S&P's Rating Cut to 'D'
--------------------------------------------------------
On June 18, 2009, Standard & Poor's Ratings Services lowered its
ratings on Metrogas S.A. to 'D' from 'CC'.
The downgrade follows the company's filing for reorganization
proceedings under Argentine bankruptcy law (similar to Chapter 11
protection) because of its very weak financial condition and
failure in the attempts to renegotiate its financial debt.
Metrogas cash generation and financial condition significantly
deteriorated as a consequence of the mismatch between revenues and
costs during 2002-2010 due to a combination of frozen tariffs,
high inflation, and currency devaluation. S&P expects the company
to continue operating normally while under reorganization. As of
March 31, 2010, Metrogas's financial debt amounted to
$250 million, with principal maturities starting in June 2010.
Metrogas is Argentina's largest distributor of natural gas,
serving more than 2 million customers under a 35-year exclusive
license to distribute natural gas in the Buenos Aires metropolitan
region, the country's most densely populated area.
Downgraded To From Metrogas S.A.
Corporate Credit Rating
Foreign Currency D/-- CC/Negative/--
Local Currency D/-- raCC/Negative/--
Senior Unsecured D CC
PAMPEANA INVERSORA: Creditors' Proofs of Debt Due on August 12
--------------------------------------------------------------
Norma Salgado Gomez, the court-appointed trustee for Pampeana
Inversora SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 12, 2010.
Ms. Gomez will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 16
in Buenos Aires, with the assistance of Clerk No. 32, 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:
Norma Salgado Gomez
calle Bartolome Mitre 1980
Argentina
PAPEL 2.0: Creditors' Proofs of Debt Due on August 13
-----------------------------------------------------
Estudio Alvarez, Villani y Asociados, the court-appointed trustee
for Papel 2.0 SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 13, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 17, 2011.
The Trustee can be reached at:
Estudio Alvarez
Villani y Asociados
Alsina 1441
Argentina
PROMAKERS SA: Trustee to Present Validated Claims on Aug. 2
-----------------------------------------------------------
The trustee for Promakers S.A. will present the validated claims
in court as individual reports on August 2, 2010. The National
Commercial Court of First Instance in Buenos Aires will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 14, 2010.
TRANSPORTES TRA-MA: Creditors' Proofs of Debt Due on August 23
--------------------------------------------------------------
Silvia Tauschek, the court-appointed trustee for Transportes Tra-
Ma SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 23, 2010.
Ms. Tauschek will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 16, 2011.
The Trustee can be reached at:
Silvia Tauschek
Viamonte 658
Argentina
* ARGENTINA: Takes Over Metrogas After Firm Fails to Meet Debts
---------------------------------------------------------------
Jude Webber at The Financial Times reports that Argentina Planning
Ministry said the government will take over administration of
Metrogas SA, after the company said it could not meet its US$20
million debts.
As reported in the Troubled Company Reporter-Latin America on
June 21, 2010, Dow Jones Newswires said that Metrogas SA filed for
bankruptcy protection in Argentine court. The report related that
the company, which has been plagued with debt problems, cited "an
urgent need" to for the government to increase the rates it
charges to customers. Metrogas SA described the bankruptcy filing
as similar to a Chapter 11 filing in the U.S.
According to FT, the government rejects Metrogas SA' claim that
frozen tariffs have caused its financial problems. The company's
debt has nothing to do with investments and its problems date back
to the country's default in 2001, the government added, the report
relates.
And that's precisely the problem, the report says. The report
recalls that Metrogas SA refused to drop a suit against Argentina
filed before the World Bank's arbitration tribunal (ICSID), dating
back to Argentina's 2001 default. The report relates the
Planning Ministry said "renegotiation of the (tariffs) contract
with Metrogas was not possible because of the systematic and
obstinate refusal of the company to drop its claim." The
government "does not negotiate under any kind of pressure," it
added, the report says.
The government, the report discloses, said it will restructure
debt and guarantee a public service. FT says that such action is
likely to swell the government's already huge (and unsustainable)
subsidies bill and consolidates the government's ambitions to play
a central role in the economy, especially in key services.
Meanwhile, the report notes that Argentina hopes to have closed
the chapter on its default when a debt exchange designed to swap
outstanding defaulted bonds for new paper closes with an expected
60% acceptance. The report relates that the government played
hardball in that deal, and some experts said it could have won
more converts to its offer had it been less combative.
FT points out that refusing to deal with Metrogas SA because it
won't drop its suit are evidence of the same stubborn streak. And
while principles are being haggled over, investment in key
networks stagnates, the report adds.
About Metrogas SA
Metrogas SA is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A2 Stable) and YPF (45.3; Ba1, Sta.).
* * *
As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Moody's has assigned Caa3 global scale ratings and
Caa3.ar national scales ratings to Metrogas S.A. up to US$600
million MTM Program. The outlook for all the ratings is negative.
=============
B E R M U D A
=============
BROADBAND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
---------------------------------------------------------------
The creditors of Broadband Investments Limited are required to
file their proofs of debt by June 23, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 4, 2010.
The company's liquidator is:
Christopher C. Morris
Century House
16 Par-la-Ville Road
Hamilton HM 08, Bermuda
BROADBAND INVESTMENTS: Member to Receive Wind-Up Report on July 12
------------------------------------------------------------------
The member of Broadband Investments Limited will receive, on
July 12, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on June 4, 2010.
The company's liquidator is:
Christopher C. Morris
Century House
16 Par-la-Ville Road
Hamilton HM 08, Bermuda
NOWE FINANSE: Creditors' Proofs of Debt Due on June 23
------------------------------------------------------
The creditors of Nowe Finanse Limited are required to file their
proofs of debt by June 23, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 7, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
NOWE FINANSE: Members to Receive Wind-Up Report on July 14
----------------------------------------------------------
The members of Nowe Finanse Limited will receive, on July 14,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company commenced wind-up proceedings on June 7, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
XL CAPITAL: Unit Gets OK to Qualify as Reinsurer in Florida
-----------------------------------------------------------
XL Re Limited has received approval from the Florida Office of
Insurance Regulation to qualify as an "Eligible Reinsurer" in
Florida pursuant to requirements set forth by the Florida
Insurance Code.
XL Re Ltd is the first Bermuda reinsurer to receive such approval
since Florida passed a rule based on 2007 legislation allowing the
Office to establish lower collateral requirements for foreign
reinsurers that are highly rated and financially sound.
In its consent order, the Office cited various reasons for
granting approval to XL Re Ltd including its secure financial
strength ratings and its domiciliary regulatory jurisdiction.
James H. Veghte, Chief Executive of XL's Reinsurance Operations,
said: "This is good news for XL Re, the Bermuda market, and
Florida. We are encouraged that Florida is helping lead the way
in elimination of unnecessary collateral requirements on foreign
reinsurers. We remain fully committed to meeting the reinsurance
needs of our clients in Florida and around the globe. I also want
to extend my gratitude to my XL colleagues who worked with the
Florida Office of Insurance Regulation on obtaining this
approval."
About XL Re
XL Re -- www.xlcapital.com/ -- is the global brand used by XL
Capital Ltd's reinsurance operations. The XL Re companies have
more than 350 employees in 11 countries.
About XL Capital
Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis. As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.
* * *
As of June 21, 2010 the company continues to carry Moody's "Ba1"
preferred stock rating.
===========
B R A Z I L
===========
BRASIL FOODS: Board OKs Distribution of Interest to Shareholders
----------------------------------------------------------------
BRF-Brasil Foods SA's Board of Directors, in a meeting held on
June 17, 2010, approved the distribution of interest on its own
capital to shareholders at the rate of R$0.061136430 gross per
share.
The payment will begin on August 27, 2010, with withholding tax
according to the law in effect. This payment will be included in
compulsory dividends, according to current law.
About BRF-Brasil Foods
BRF-Brasil Foods SA is a food processor in Latin America. The
company raises chickens to produce poultry products. Brasil foods
also process frozen pasta, soybeans, and their derivatives, and
distribute frozen vegetables. The company's core business is
chilled and frozen food. The company has offices in the Middle
East, Asia, and Europe.
* * *
As of June 21, 2010, the company continues to carry Moody's "Ba1"
LT corporate family rating. The company also continues to carry
Standard and Poor's BB+ LT Issuer Credit Ratings.
COSAN SA: Executive Sees Decline in Sugar Production Next Year
--------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that Cosan SA Industria &
Comercio Chief Executive Officer Marcos Lutz said that Brazil's
sugar production may decline next year, prompting prices to rise
15% as soon as the fourth quarter. Mr. Lutz told the news agency
in an interview that sugar output in Brazil's Center South may be
lower than this year's 28 million metric tons. Futures may
increase to 18 cents a pound starting in October from 15.6 on
June 17, 2010, in New York, he added, the report relates.
"People are expecting sugar output in Brazil to grow next year,
but most mills didn't invest to fertilize or renew sugar-cane
fields," the report quoted Mr. Lutz as saying. "Yields are going
to suffer," he added, the report relates.
According to the report, futures have plunged 43% in New York this
year on expectation favorable weather will lead Brazil and India,
to harvest record crops.
Mr. Lutz, the report notes, said that sugar-cane yields may fall
this year because many mills, lacking cash, failed to invest in
maintenance. The report says Mr. Lutz said that cane output for
the current crop, which runs through November, may also be lower
than expected on lack of rains.
Bloomberg News discloses Mr. Lutz said that this year's output may
be close to 580 million metric tons of sugar-cane in the Center-
South, down from 595.9 million tons estimated by industry
association Unica on March 31. Sugar production may be 2.5
million tons lower than expected, or 7.3% lower than Unica's last
estimate of 34.1 million tons, he added, the report relates.
About Cosan S.A.
Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry. Cosan is also the fourth largest fuel
distributor in Brazil.
* * *
As of June 21, 2010, the company continues to carry Moody's "Ba3"
long term rating, long-term corp family rating, and senior
unsecured debt rating. The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings.
COSAN SA: Gets BRL711.4 Million Financing for Biomass Projects
--------------------------------------------------------------
Robin Stringer at Bloomberg News reports that Cosan SA Industria e
Comercio obtained financing of BRL711.4 million from Brazil's
national development bank BNDES for several affiliates' biomass
energy-production projects.
According to the report, the company said in a regulatory filing
that recipients include Bonfim, Univalem, Ipaussu and Barra.
Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry. Cosan is also the fourth largest fuel
distributor in Brazil.
* * *
As of June 21, 2010, the company continues to carry Moody's "Ba3"
long term rating, long-term corp family rating, and senior
unsecured debt rating. The company also continues to carry
Standard and Poor's "BB-" long-term issuer credit ratings.
FIBRIA CELULOSE: May Receive Offers for Paper Business This Year
----------------------------------------------------------------
Fibria Celulose SA may receive offers for its paper business this
year as it seeks to regain investment-grade ratings, Carlos
Caminada and Lucia Kassai at Bloomberg News report, citing Chief
Executive Officer Carlos Aguiar.
"If we receive a good proposal, we would consider, offers to sell
the unit," Mr. Aguiar told the news agency in an interview. "The
core business of Fibria is pulp," he added, the report relates.
According to the report, the sale of the paper business, which
accounted for BRL1.2 billion (US$670 million), or 20%, of the
company's revenue last year, would help raise money needed to rid
the company of its junk bond ratings.
The report notes that Suzano Papel e Celulose SA owns 50% of one
of Fibria's two paper units and has the right of first refusal to
buy out its venture partner's stake.
About Fibria Celulose
Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper. In 2009 Fibria reported consolidated net
revenues of BRL 6 billion (US$3 billion converted by the average
foreign exchange rate for the period).
* * *
As of June 21, 2010, the company continues to carry Moody's "Ba1"
issuer rating with stable outlook. The company also continues to
carry Standard and Poor's "BB" issuer credit ratings with positive
outlook.
=========
C H I L E
=========
COMPANIA SUD: S&P Affirms 'B-' Rating; Gives Stable Outlook
-----------------------------------------------------------
On June 18, 2010, Standard & Poor's Rating Services affirmed its
'B-' rating on Chilean shipping company Compania Sud Americana de
Vapores S.A. At the same time, S&P revised the outlook to stable.
With a 34% increase in revenues year-over-year, CSAV's performance
improved strongly in first-quarter 2010, as the company benefited
from a significant increase in volumes (up 43%) thanks to
improving trade flows in its core routes. These factors, together
with a mild recovery in fee levels, boosted revenues and enhanced
operating profits, which were also strengthened by reduced
chartering costs, thanks to the agreement reached with ship owners
in early 2009, and lower rates on renewals.
The agreement reached with ship owners concluded with a third
equity increase in April 2010 for $360 million. Half of these
funds were used to repay past due payables with the ship owners
and the other half to anticipate charter payments through the
first quarter of fiscal 2011. To better reflect this, S&P
adjusted the firm's reported EBITDA and funds from operations,
increasing them by $45 million on a quarterly basis beginning June
2009.
Although S&P still have concerns about the global economic
recovery, S&P expects CSAV to continue to benefit from higher
volumes on its core trades and improving profitability. S&P
believes the company could return to profitability -- on an
adjusted basis -- in the coming quarters. Despite this, S&P
expects credit metrics to remain weak in 2010 and 2011, as
improved performance would be partially offset by higher debt
levels (reported) arising from its financing of new fleet
capacity. S&P expects its on-balance-sheet debt to peak at close
to $800 million by year-end 2011.
The rating on CSAV mainly reflects the company's highly leveraged
financial profile, characterized by sizable debt levels and
volatile free cash flow generation. The rating also reflects
CSAV's vulnerable business risk profile, especially considering
its exposure to volatile container-shipping markets, and its high
dependence on chartered vessels. Although CSAV currently benefits
from reduced charter rates (as opposed to those liners with a
higher portion of owner-operated fleet), this often heightens its
exposure to sudden declines in fees by adding fixed charges to its
cost structure, reducing profitability.
As of March 31, 2010, CSAV's liquidity position was adequate. The
company had a cash balance of $193 million, compared with short-
term debt of $27 million. During the quarter, CSAV's reported a
negative free cash generation of about $113 million, mainly on
increased working capital needs. Despite this, S&P expects CSAV
to post positive free cash generation by year-end 2010 and
probably into 2011, backed by expected improvements in operations
(lower charting costs, larger volumes, and higher tariff rates),
and the fact that financing for its investment program is in place
and will not require additional funds. CSAV enjoys a very
favorable debt maturity schedule until 2033, with annual
commitments below $30 million.
Ratings Affirmed; Outlook Action
Compania Sud Americana de Vapores
To From
-- ----
Corporate Credit Rating B-/Stable/-- B-/Negative/--
COMPANIA SUD: S&P Affirms 'B-' Rating, Revises Outlook to Stable
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B-' rating on
Chilean shipping company Compania Sud Americana de Vapores S.A.
At the same time, S&P revised the outlook to stable.
"With a 34% increase in revenues year-over-year, CSAV's
performance improved strongly in first-quarter 2010, as the
company benefited from a significant increase in volumes -- up 43%
-- thanks to improving trade flows in its core routes," said
Standard & Poor's credit analyst Diego Ocampo. "These factors,
together with a mild recovery in fee levels, boosted revenues and
enhanced operating profits, which were also strengthened by
reduced chartering costs thanks to the agreement reached with ship
owners in early 2009 and lower rates on renewals."
The agreement reached with ship owners concluded with a third
equity increase in April 2010 for $360 million. Half of these
funds were used to repay past due payables with the ship owners
and the other half to put anticipated charter payments through the
first quarter of fiscal 2011 into a reserve. To better reflect
this, S&P adjusted the firm's reported EBITDA and funds from
operations, increasing them by $45 million on a quarterly basis
beginning June 2009.
Although S&P still has concerns about the global economic
recovery, S&P expects CSAV to continue to benefit from higher
olumes on its South American trades (where it derives the bulk of
its revenues) and improving profitability. S&P believes the
company could return to profitability -- on an adjusted basis --
in the coming quarters. Despite this, S&P expects credit metrics
to remain weak in 2010 and 2011, as improved performance would be
partially offset by higher debt levels (reported) arising from its
financing of new fleet capacity. S&P expects its on-balance-sheet
debt to peak at close to $800 million by year-end 2011.
The stable outlook incorporates S&P's expectation that CSAV will
continue improving its operating performance in coming quarters
with positive free cash generation by year-end 2010. "The outlook
or the ratings could come under pressure from further cash burns
with disappointing operating performances. On the other hand, any
potential rating upgrade would require sustained profitability and
positive free cash flow generation coupled with consistently
stronger liquidity positions," Mr. Ocampo added.
===============
D O M I N I C A
===============
CL FIN'L: Gov't. Asks Clico to Discontinue Issuing New Policies
---------------------------------------------------------------
The government of Dominica has advised the Branch Manager of Clico
International Life Ltd. to discontinue the issuing of new policies
in Dominica until further notice, Caribbean Net News reports.
According to the report, the Government of Dominica sent a letter
to the firm dated May 11, 2010.
"The Government of Dominica has been monitoring the developments
in regard to the operations of Clico. We find it necessary at
this time to request that the Dominica agency of Clico
discontinues the issuing of new policies in Dominica until further
notice," the government said in the letter obtained by the news
agency.
The report notes that the government's action is consistent with
that taken by member states of the Eastern Caribbean Currency
Union further to communications received from the regulator of
insurance in Barbados.
About CL Financial
CL Financial Limited is the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean. Founded as an insurance
company, Colonial Life Insurance Company (CLICO) by Cyril Duprey,
it was expanded into a diversified company by his nephew, Lawrence
Duprey. CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies showed a deficit between US$6 billion
and US$8 billion. Tobago President George Maxwell Richards, The
Express related, signed bailout bills for CL Financial, giving the
government the authority to control the company's unit, Colonial
Life Insurance Company, and giving the central bank extensive
powers to treat with CL Financial's collapse and the consequent
systemic crisis.
=============
J A M A I C A
=============
JPSCO: Management to Restore Normality to Operations Amid Strike
----------------------------------------------------------------
The Jamaica Public Service Company's management is working to
restore normality to the entity's operations, Gleaner/Power 106
News reports.
According to Jamaica Observer, some of JPSCO's employees have
taken industrial action, following the Industrial Disputes
Tribunal's ruling on the long outstanding issue of retroactive
overtime payments and re-calculation of redundancy payments
associated with the 2001 Job Evaluation and Compensation Review
Exercise. The report relates that the industrial action is
affecting the operations at the Hunts Bay power station, and has
resulted in extensive load shedding in sections of the island. The
Observer notes that the unions' claim for additional overtime
payments was referred to the IDT by the ministry of labor last
year, following a US$2.3 billion payout made by the company in
2008 to settle the job evaluation and compensation review.
Meanwhile, Gleaner/Power 106 News relates that one of the unions
representing the JPSCO workers, the National Workers Union and the
Union of Clerical, Administrative and Supervisory Employees
(UCASE), said that it is not aware of any industrial action.
Gleaner/Power 106 News notes Senior Negotiating Officer at UCASE
Robert Harris said that while some workers had fallen ill on
learning about the IDT, workers are reporting for duties.
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.
===========
M E X I C O
===========
URBI DESARROLLOS: Expands Operations in Tamaulipas
--------------------------------------------------
Urbi Desarrollos Urbanos disclosed the expansion of its operations
in the State of Tamaulipas as part of its 2010 geographical
expansion plan with a project to build more than 5,600 homes
within the next five years, generating more than 25 thousand
direct jobs in the region.
Reynosa ranks as the most productive county, and one of the most
competitive medium-sized cities in the country based on the number
of insured individuals and its economic activity; this is evident
in the constant attraction of foreign investment, such as the
upcoming opening of the international retailer Walmart in the
city, with an investment of more than 100 million pesos.
"Throughout 2010, our state has had increasingly dynamic
economics, in part due to the infrastructure of its 14 industrial
parks in the area, which make it the fourth state in the country
with the greatest direct foreign investment. This is what excites
us so much about the housing offer under the Urbi
VidaResidencial(R) concept, targeting this segment of the local
working class market," said Hector Legaspi Souverbielle, Urbi City
Licensee Managing Partner in Reynosa.
Tamaulipas' Ministry of Economic Development reported more than
407 million dollars through international enterprises in the
period from January to April, and by the end of 2010, "our goal is
to hit the one thousand million dollar mark". This is in addition
to the recovery of over 16 thousand jobs during the first quarter,
of which less than 9 thousand were generated by the manufacturing
industry. Only last week, the renown international giant, LG,
reported over 300 new job openings as a result of an increase in
operations.
"Not only do the economic dynamics of Tamaulipas allow us to
efficiently implement our City Licensee Managing and Landowner
Partnership schemes, but as we expand geographically with less
work capital requirements, we enlist local entrepreneurial talent
to operate our business units in new markets where we will be
offering defensive housing," pointed out Salvador Gonzalez, Urbi's
Business Development Director. "Tamaulipas ranks among the top
credit grantors, and Reynosa places more than 50% of these credits
through Infonavit."
About Urbi Desarrollos
Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.
* * *
As of June 21, 2010, the company continues to carry Moody's "Ba3"
long-term rating, long-term family rating, and senior unsecured
debt rating. The company also continues to carry Fitch rating's
"BB" issuer default ratings and senior unsecured debt rating.
=======
P E R U
=======
DOE RUN PERU: Workers End General Strike
----------------------------------------
Doe Run Company's workers at Doe Run Peru's smelter in the
Peruvian city of La Oroya agreed to end the general strike they
started to demand the resumption of the company's operations,
Latin American Herald Tribune reports.
According to the report, general secretary of the workers' union,
Royberto Guzman, disclosed the worker's decision, but also warned
that the protest could be renewed if the company does not
reactivate the smelter on July 15, the government-imposed
deadline.
The report notes that the workers demanded that work be resumed at
the La Oroya complex and the payment of back taxes.
Mr. Guzman, the report discloses, said that the strike was ended
"in exchange for [Prime Minister Javier] Velasquez taking note and
establishing a negotiating table where workers can express their
opinion"' about the problem.
The Tribune says that the workers also decided to carry out a
referendum to determine whether they can take over the management
and administration of the metallurgical complex in case the
company is declared insolvent and unable to pay its debts.
As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met. According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter. The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations. Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.
About Doe Run Peru
Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide business
located in Washington. Doe Run Peru is a subsidiary of the
company.
Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.
* * *
As of June 21, 2010, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating at
D.
====================
P U E R T O R I C O
====================
LG GUIJARRO: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: LG Guijarro Trust
aka Fideicomiso LG Guijarro Trust
P.O. Box 13966
San Juan, PR 00908
Bankruptcy Case No.: 10-05303
Chapter 11 Petition Date: June 16, 2010
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
Luis D Flores Gonzalez Law Office
80 Calle Georgetti, Suite 202
San Juan, PR 00925-3624
Tel: (787) 758-3606
Fax: (787)753-5317
E-mail: ldfglaw@coqui.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company says that assets total
$1,300,000 while debts total $1,065,857.
A copy of the Company's list of 2 largest unsecured
creditors filed together with the petition is available for
free at http://bankrupt.com/misc/prb10-05303.pdf
The petition was signed by Gabriel Guijarro Brunet.
===============================
T R I N I D A D & T O B A G O
===============================
MOTOR AND GENERAL: CBTT Suspends Firm's Business for 60 days
------------------------------------------------------------
Motor and General Insurance Company Limited was ordered by the
Central Bank of Trinidad and Tobago to suspend its business
forthwith for a period of 60 days commencing on June, 15, 2010,
according to Caribbean Net News. CBTT is the home regulator of
Motor and General Insurance.
According to the report, the Cayman Islands Monetary Authority
said it has been in close communication with the CBTT, management
of Motor and General Insurance Company Ltd. and
PricewaterhouseCoopers, and is actively assessing the options to
protect the company's domestic policyholders and the assets of the
company's Cayman operations, as well as to safeguard the public
interest.
The report relates that further announcements by CIMA will be
communicated once a full assessment is complete.
Motor and General Insurance Company Limited is a regional
insurance company in Trinidad and Tobago.
=================
V E N E Z U E L A
=================
BANCO FEDERAL: Venezuela Seizes Bank's Assets on "Irregularities"
-----------------------------------------------------------------
Venezuela seized Banco Federal's assets on June 14, 2010, citing
"irregularities," Agence France-Presse reports.
According to the report, Edgar Hernandez, head of Venezuela's bank
regulator Sudeban, also accused Banco Federal of a "severe lack of
liquidity." The report relates that the country's banking
minister Humberto Ortega Diaz said the decision to seize the bank
came after a "trial period" in which officials failed to meet
regulators' expectations.
The takeover, the report notes, is the latest by the Chavez
administration of a Venezuelan financial institution.
AFP says that appropriations followed National Assembly approval
in December 2009 of banking reforms that boosted government
control of the industry. The report relates that the banking
reform law also simplified the red tape involved in liquidating
individual accounts when a bank is closed.
Banco Federal is a mid-sized private bank. It is Venezuela's
eighth largest bank.
GRUPO SIMEC: Issues Clarification Regarding Article by Reforma
--------------------------------------------------------------
On June 21, 2010, the Reforma newspaper published in its Business
section a note on a supposed order of apprehension turned in
against the President of the Board of Directors of Grupo Simec,
S.A.B., de C.V. Adolfo Luna of SIMEC would like to clarify the
matter as follows:
In the month of June 2003, Industrias CH, S.A.B. de C.V. (ICH)
held with different banks, that are currently in bankruptcy
procedures, through Administradora de Cartera de Occidente S.A. de
C.V. (ACOSA), agreements of assignment of legal rights with a
shared recovery of 50%. These accounts receivable included
commercial loans with Grupo Industrial NKS, S.A. de C.V. and
several companies of the Covarrubias Valenzuela family.
On December 11, 2003, Industrias CH sold 99% of its shareholding
in ACOSA to its subsidiary, Grupo Simec S.A.B. de C.V. (SIMEC),
and SIMEC sold the same shareholding on October 9, 2006 to Holding
MM, Inc., so from that date ACOSA has been a spin off of SIMEC and
ICH.
During the time that ACOSA belonged to the group, the company
carried out various actions with its debtors in the portfolio that
was assigned to ensure its recovery, among these actions, the
restructuring of all claims by the companies of the Covarrubias
Valenzuela family. Given the failure of a new agreement with the
Covarrubias Valenzuela family, ACOSA undertook various legal
actions against them and one of their companies, MOTORMEXA, S.A.
de C.V. In one of these trials, the sentence ordered them to pay
the capital and accrued interest, which at this date is
approximately over $300 million dollars, and caused the order's
execution.
The situation presented in this trial has led to Covarrubias
Valenzuela family to try, through various means, to stop the
execution of this sentence. Even criminal proceedings against the
President of the Board of Directors of ICH and SIMEC, which are
totally improper, have been made public in print and electronic
media in a willful form.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
SOC COMERCIAL PL SCDPF US 135360486 -251112324
SNIAFA SA-B SDAGF US 11229696 -2670544.88
AUTOPISTAS SOL APDSF US 358937631 -3636032.25
SOC COMERCIAL PL CAD IX 135360486 -251112324
SOC COMERCIAL PL CVVIF US 135360486 -251112324
SOC COMERCIAL PL CADN EO 135360486 -251112324
COMERCIAL PL-ADR SCPDS LI 135360486 -251112324
SOC COMERCIAL PL COME AR 135360486 -251112324
SOC COMERCIAL PL CADN SW 135360486 -251112324
COMERCIAL PLA-BL COMEB AR 135360486 -251112324
COMERCIAL PL-C/E COMEC AR 135360486 -251112324
COMERCIAL PLAT-$ COMED AR 135360486 -251112324
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
AUTOPISTAS SOL AUSO AR 358937631 -3636032.25
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
BRAZIL
DOC IMBITUBA-RTC IMBI1 BZ 94039192 -39398915.1
DOC IMBITUBA-RTP IMBI2 BZ 94039192 -39398915.1
TELECOMUNICA-ADR 81370Z BZ 244857050 -14105541.5
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833
PROMAN PRMN3B BZ 13088926 -87154.5455
TEKA-ADR TEKAY US 237346006 -337859942
BOMBRIL BMBBF US 292257859 -115839632
TELEBRAS-PF RCPT CBRZF US 244857050 -14105541.5
TEKA TKTQF US 237346006 -337859942
TEKA-PREF TKTPF US 237346006 -337859942
PET MANG-RIGHTS RPMG1 BZ 111979912 -134952358
PET MANG-RIGHTS RPMG2 BZ 111979912 -134952358
PET MANG-RECEIPT RPMG9 BZ 111979912 -134952358
PET MANG-RECEIPT RPMG10 BZ 111979912 -134952358
SANESALTO SNST3 BZ 28244078 -875835.818
BOMBRIL-RGTS PRE BOBR2 BZ 292257859 -115839632
BOMBRIL-RIGHTS BOBR1 BZ 292257859 -115839632
TELEBRAS/W-I-ADR TBH-W US 244857050 -14105541.5
LAEP-BDR MILK11 BZ 446499199 -70952298.9
LAEP INVESTMENTS LEAP LX 446499199 -70952298.9
BALADARE BLDR3 BZ 157282424 -54153845.9
TEXTEIS RENAU-RT TXRX1 BZ 63634626 -91597740.4
TEXTEIS RENAU-RT TXRX2 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX9 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX10 BZ 63634626 -91597740.4
TELEBRAS SA-RT TELB9 BZ 244857050 -14105541.5
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
PROMAN PRMN3 BZ 13088926 -87154.5455
STEEL DO BRASIL STLB3 BZ 24189041 -2271641.06
TELEBRAS SA TELB3 BZ 244857050 -14105541.5
TELEBRAS SA TLBRON BZ 244857050 -14105541.5
TELEBRAS SA TBASF US 244857050 -14105541.5
TELEBRAS SA-PREF TELB4 BZ 244857050 -14105541.5
TELEBRAS SA-PREF TLBRPN BZ 244857050 -14105541.5
TELEBRAS-ADR TBAPY US 244857050 -14105541.5
TELEBRAS-ADR TBRAY GR 244857050 -14105541.5
TELEBRAS-CEDE PF RCTB4 AR 244857050 -14105541.5
TELEBRAS-CED C/E RCT4C AR 244857050 -14105541.5
TELEBRAS-CEDEA $ RCT4D AR 244857050 -14105541.5
TELEBRAS-CEDE BL RCT4B AR 244857050 -14105541.5
TELEBRAS-ADR TBH US 244857050 -14105541.5
TELEBRAS-ADR TBX GR 244857050 -14105541.5
TELEBRAS-ADR RTB US 244857050 -14105541.5
TELEBRAS-ADR TBASY US 244857050 -14105541.5
TELEBRAS-RCT PRF TELB10 BZ 244857050 -14105541.5
TELEBRAS-RTS CMN RCTB1 BZ 244857050 -14105541.5
TELEBRAS-RTS PRF RCTB2 BZ 244857050 -14105541.5
TELEBRAS-RTS CMN TCLP1 BZ 244857050 -14105541.5
TELEBRAS-RTS PRF TLCP2 BZ 244857050 -14105541.5
TELEBRAS-COM RT TELB1 BZ 244857050 -14105541.5
TELEBRAS-CM RCPT RCTB31 BZ 244857050 -14105541.5
TELEBRAS-CM RCPT TELE31 BZ 244857050 -14105541.5
TELEBRAS-RCT RCTB33 BZ 244857050 -14105541.5
TELEBRAS-CM RCPT TBRTF US 244857050 -14105541.5
TELEBRAS-CM RCPT RCTB32 BZ 244857050 -14105541.5
TELEBRAS-PF RCPT RCTB41 BZ 244857050 -14105541.5
TELEBRAS-PF RCPT TELE41 BZ 244857050 -14105541.5
TELEBRAS-PF RCPT RCTB42 BZ 244857050 -14105541.5
TELEBRAS-CEDE PF TELB4 AR 244857050 -14105541.5
TELEBRAS-CED C/E TEL4C AR 244857050 -14105541.5
TELEBRAS-CM RCPT RCTB30 BZ 244857050 -14105541.5
TELEBRAS-PF RCPT RCTB40 BZ 244857050 -14105541.5
TELEBRAS-PF RCPT TBAPF US 244857050 -14105541.5
TELEBRAS-RECEIPT TLBRUO BZ 244857050 -14105541.5
TELEBRAS-PF RCPT TLBRUP BZ 244857050 -14105541.5
TELEBRAS-BLOCK TELB30 BZ 244857050 -14105541.5
TELEBRAS-PF BLCK TELB40 BZ 244857050 -14105541.5
TELEBRAS-CEDEA $ TEL4D AR 244857050 -14105541.5
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
BOMBRIL BOBR3 BZ 292257859 -115839632
BOMBRIL CIRIO SA BOBRON BZ 292257859 -115839632
BOMBRIL-PREF BOBR4 BZ 292257859 -115839632
BOMBRIL CIRIO-PF BOBRPN BZ 292257859 -115839632
BOMBRIL SA-ADR BMBPY US 292257859 -115839632
BOMBRIL SA-ADR BMBBY US 292257859 -115839632
CAF BRASILIA CAFE3 BZ 18540302 -790303366
CAFE BRASILIA SA CSBRON BZ 18540302 -790303366
CAF BRASILIA-PRF CAFE4 BZ 18540302 -790303366
CAFE BRASILIA-PR CSBRPN BZ 18540302 -790303366
CHIARELLI SA CCHI3 BZ 22274027 -44537138.2
CHIARELLI SA CCHON BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.2
DOC IMBITUBA IMBI3 BZ 94039192 -39398915.1
DOCAS IMBITUBA IMBION BZ 94039192 -39398915.1
DOC IMBITUB-PREF IMBI4 BZ 94039192 -39398915.1
DOCAS IMBITUB-PR IMBIPN BZ 94039192 -39398915.1
SCHLOSSER SCLO3 BZ 13140656 -56631899.1
SCHLOSSER SA SCHON BZ 13140656 -56631899.1
SCHLOSSER-PREF SCLO4 BZ 13140656 -56631899.1
SCHLOSSER SA-PRF SCHPN BZ 13140656 -56631899.1
D H B DHBI3 BZ 133817651 -443044246
DHB IND E COM DHBON BZ 133817651 -443044246
D H B-PREF DHBI4 BZ 133817651 -443044246
DHB IND E COM-PR DHBPN BZ 133817651 -443044246
DOCA INVESTIMENT DOCA3 BZ 319046939 -119089653
DOCAS SA DOCAON BZ 319046939 -119089653
DOCA INVESTI-PFD DOCA4 BZ 319046939 -119089653
DOCAS SA-PREF DOCAPN BZ 319046939 -119089653
DOCAS SA-RTS PRF DOCA2 BZ 319046939 -119089653
ACO ALTONA EALT3 BZ 80346370 -11622480.4
ACO ALTONA SA EAAON BZ 80346370 -11622480.4
ACO ALTONA-PREF EALT4 BZ 80346370 -11622480.4
ACO ALTONA-PREF EAAPN BZ 80346370 -11622480.4
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
HAGA HAGA3 BZ 17657785 -62285757.3
FERRAGENS HAGA HAGAON BZ 17657785 -62285757.3
FER HAGA-PREF HAGA4 BZ 17657785 -62285757.3
FERRAGENS HAGA-P HAGAPN BZ 17657785 -62285757.3
TECEL S JOSE SJOS3 BZ 17924946 -18569451.2
TECEL S JOSE FTSJON BZ 17924946 -18569451.2
TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451.2
TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451.2
CIMOB PARTIC SA GAFP3 BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFON BZ 36817395 -33083086.5
CIMOB PART-PREF GAFP4 BZ 36817395 -33083086.5
CIMOB PART-PREF GAFPN BZ 36817395 -33083086.5
GAZOLA GAZO3 BZ 12452143 -40298506.3
GAZOLA SA GAZON BZ 12452143 -40298506.3
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.3
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.3
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.3
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.3
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.3
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.3
IGB ELETRONICA IGBR3 BZ 145256033 -273857292
GRADIENTE ELETR IGBON BZ 145256033 -273857292
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857292
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857292
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857292
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857292
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857292
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857292
HERCULES HETA3 BZ 10710103 -164239944
HERCULES SA HERTON BZ 10710103 -164239944
HERCULES-PREF HETA4 BZ 10710103 -164239944
HERCULES SA-PREF HERTPN BZ 10710103 -164239944
HOTEIS OTHON SA HOOT3 BZ 238707299 -35774972.9
HOTEIS OTHON SA HOTHON BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOOT4 BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOTHPN BZ 238707299 -35774972.9
RENAUXVIEW SA TXRX3 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXON BZ 63634626 -91597740.4
RENAUXVIEW SA-PF TXRX4 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXPN BZ 63634626 -91597740.4
PARMALAT LCSA3 BZ 388720052 -213641144
PARMALAT BRASIL LCSAON BZ 388720052 -213641144
PARMALAT-PREF LCSA4 BZ 388720052 -213641144
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641144
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641144
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641144
ESTRELA SA ESTR3 BZ 61011894 -54580283.6
ESTRELA SA ESTRON BZ 61011894 -54580283.6
ESTRELA SA-PREF ESTR4 BZ 61011894 -54580283.6
ESTRELA SA-PREF ESTRPN BZ 61011894 -54580283.6
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.04
RIOSULENSE SA RSULON BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.04
WETZEL SA MWET3 BZ 84310496 -7570637.42
WETZEL SA MWELON BZ 84310496 -7570637.42
WETZEL SA-PREF MWET4 BZ 84310496 -7570637.42
WETZEL SA-PREF MWELPN BZ 84310496 -7570637.42
MINUPAR MNPR3 BZ 63223032 -58260845.7
MINUPAR SA MNPRON BZ 63223032 -58260845.7
MINUPAR-PREF MNPR4 BZ 63223032 -58260845.7
MINUPAR SA-PREF MNPRPN BZ 63223032 -58260845.7
NORDON MET NORD3 BZ 15427479 -20563974.4
NORDON METAL NORDON BZ 15427479 -20563974.4
NORDON MET-RTS NORD1 BZ 15427479 -20563974.4
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
PETRO MANGUINHOS RPMG3 BZ 111979912 -134952358
PETRO MANGUINHOS MANGON BZ 111979912 -134952358
PET MANGUINH-PRF RPMG4 BZ 111979912 -134952358
PETRO MANGUIN-PF MANGPN BZ 111979912 -134952358
RIMET REEM3 BZ 63757622 -107162240
RIMET REEMON BZ 63757622 -107162240
RIMET-PREF REEM4 BZ 63757622 -107162240
RIMET-PREF REEMPN BZ 63757622 -107162240
SANSUY SNSY3 BZ 147187163 -86606310.8
SANSUY SA SNSYON BZ 147187163 -86606310.8
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.8
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.8
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.8
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.8
BOTUCATU TEXTIL STRP3 BZ 35101567 -13482713.5
STAROUP SA STARON BZ 35101567 -13482713.5
BOTUCATU-PREF STRP4 BZ 35101567 -13482713.5
STAROUP SA-PREF STARPN BZ 35101567 -13482713.5
TEKA TEKA3 BZ 237346006 -337859942
TEKA TEKAON BZ 237346006 -337859942
TEKA-PREF TEKA4 BZ 237346006 -337859942
TEKA-PREF TEKAPN BZ 237346006 -337859942
TEKA-ADR TKTPY US 237346006 -337859942
TEKA-ADR TKTQY US 237346006 -337859942
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
WIEST WISA3 BZ 39838114 -93371563.1
WIEST SA WISAON BZ 39838114 -93371563.1
WIEST-PREF WISA4 BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
FER C ATLANT VSPT3 BZ 1.185E+09 -50468104.7
FER C ATLANT-PRF VSPT4 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT11 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT12 BZ 1.185E+09 -50468104.7
FER C ATL-RCT CM VSPT9 BZ 1.185E+09 -50468104.7
FER C ATL-RCT PF VSPT10 BZ 1.185E+09 -50468104.7
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
VARIG PART EM SE VPSC3 BZ 96617351 -460274609
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609
CHILE
CHILESAT CO-ADR TL US 649980376 -82003656.5
CHILESAT CORP SA TELEX CI 649980376 -82003656.5
CHILESAT CO-RTS CHISATOS CI 649980376 -82003656.5
TELMEX CORP SA CHILESAT CI 649980376 -82003656.5
TELEX-A TELEXA CI 649980376 -82003656.5
TELMEX CORP-ADR CSAOY US 649980376 -82003656.5
TELEX-RTS TELEXO CI 649980376 -82003656.5
***********
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 * * *