/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100701.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, July 1, 2010, Vol. 11, No. 128 Headlines A N T I G U A & B A R B U D A STANFORD INTERNATIONAL: Owner's Girlfriend Sued by Receiver A R G E N T I N A CHACRAS DEL MAR: Creditors' Proofs of Debt Due on August 23 ETICA IMPRESORA: Creditors' Proofs of Debt Due on September 15 FARMACIA ROMANA: Creditors' Proofs of Debt Due on August 31 B R A Z I L BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+' BRASIL FOODS: Ministry Recommends Cade to OK Perdiga-Sadia Merger COMPANHIA ENERGETICA: Cut to "Neutral" From "Buy" at Goldman Sachs GERDAU SA: Downgraded to "Sell" at Goldman Sachs JBS SA: Seeks Acquisitions to Stay Ahead of Rival JBS SA: Grace Kennedy Says No Recall for Local Corned Beef LIGHT SA: Goldman Sachs Downgrades Recommendation for Firm's Share * BRAZIL: May Sell Overseas Bond in Coming Weeks C A Y M A N I S L A N D S ASTRAL RIDGE: Shareholders' Final Meeting Set for July 22 BAYWATER HOLDINGS: Shareholders' Final Meeting Set for July 22 BLUE LINE: Shareholders' Final Meeting Set for July 22 CEMS INC: Shareholders' Final Meeting Set for July 21 DRAGON IAM: Shareholders' Final Meeting Set for July 28 EQUATOR VIEW: Shareholders' Final Meeting Set for July 22 FYFE PARTNERS: Shareholders' Final Meeting Set for July 22 HARBOR BRIDGE: Shareholders' Final Meeting Set for July 22 IMAGE IAM: Shareholders' Final Meeting Set for July 28 JADE STREET: Shareholders' Final Meeting Set for July 22 MIRAGE IAM: Shareholders' Final Meeting Set for July 28 NEWTON IAM: Shareholders' Final Meeting Set for July 28 PARK VALLEY: Shareholders' Final Meeting Set for July 22 PHOENIX IAM: Shareholders' Final Meeting Set for July 28 PICO FUND: Shareholder to Hear Wind-Up Report on July 19 RONDO FUND: Shareholders' Final Meeting Set for July 23 SANGEN FUND: Shareholders' Final Meeting Set for July 22 SOLAR TREE: Shareholders' Final Meeting Set for July 22 THIRD POINT: Shareholders' Final Meeting Set for July 23 WAVE IAM: Shareholders' Final Meeting Set for July 28 C O L O M B I A ECOPETROL SA: ODL to Invest US$230 Million to Boost Capacity PACIFIC RUBIALES: ODL to Invest US$230 Million to Boost Capacity TERMOEMCALI SA: Fitch Affirms 'B-' Rating on $153.7 Mil. Notes J A M A I C A CABLE & WIRELESS: LIME Delays New Increased Rates OLINT CORP: Ex-Boss David Smith's Case Put Off Until September M E X I C O BBVA BANCOMER: S&P Affirms National Counterparty Credit Rating EMPRESAS ICA: To Post Second Quarter Earning Results Next Week OCEANOGRAFIA SA: Fitch Withdraws 'CC' Issuer Default Ratings P U E R T O R I C O FIRSTBANK PUERTO RICO: Wins US$6.1 Million Foreclosure Lawsuit X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INTERNATIONAL: Owner's Girlfriend Sued by Receiver ----------------------------------------------------------- Robert Allen Stanford's girlfriend, Andrea M. Stoelker, is facing a US$560,000 lawsuit from court appointed receiver Ralph Janvey, who claimed that Ms. Stoelker received that amount in wages and other payments from the Stanford Financial Group of Companies, according to Bloomberg News. Ms. Stoelker's services, including her work on Mr. Stanford's Caribbean cricket subsidiary, were of no value to creditors, said Kevin Sadler, lead attorney for Mr. Janvey, in papers filed in federal court in Dallas that was obtained by the news agency. "Any services performed by [Ms.] Stoelker were designed to further the operations of the Ponzi scheme and may well have assisted Mr. Stanford in attracting new victim investors," the report quoted Mr. Sadler as saying. Bloomberg notes Ms. Stoelker said in her own court filings that she often accompanied Mr. Stanford on international business trips and Las Vegas vacations. The report relates that Ms. Stoelker also sought, and was denied, the return of her personal belongings taken from Mr. Stanford's yacht when his assets were frozen by court order and turned over to Mr. Janvey in February 2009. The lawsuit, the report says, claimed that Ms. Stoelker was "unjustly enriched" while serving as president of both Stanford Financial Group Global Management LLC and Stanford 20/20. The 20/20 organization promoted a faster version of cricket, which the financier hoped would attract a wider following to the sport, the report says. Mr. Janvey, the report relates, said that Ms. Stoelker received at least US$140,000 from the cricket unit and another US$180,000 from Mr. Stanford personally. The case is Janvey v. Stoelker, 3:10-cv-01272, U.S. District Court, Northern District of Texas (Dallas). About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= CHACRAS DEL MAR: Creditors' Proofs of Debt Due on August 23 ----------------------------------------------------------- Estudio Alicia Kurlat-Andrea Cetrinas, the court-appointed trustee for Chacras del Mar SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 23, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 15, 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: Estudio Alicia Kurlat-Andrea Cetrinas Argentina ETICA IMPRESORA: Creditors' Proofs of Debt Due on September 15 -------------------------------------------------------------- Ines Etelvina Clos, the court-appointed trustee for Etica Impresora SA's reorganization proceedings, will be verifying creditors' proofs of claim until September 15, 2010. Ms. Clos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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 June 23, 2011. The Trustee can be reached at: Ines Etelvina Clos Sarmiento 944 Argentina FARMACIA ROMANA: Creditors' Proofs of Debt Due on August 31 ----------------------------------------------------------- Aldo Cambiaos, the court-appointed trustee for Farmacia Romana SCS's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 31, 2010. Mr. Cambiaos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, 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: Aldo Cambiaos Lavalle 1459 Argentina =========== B R A Z I L =========== BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+' ------------------------------------------------------- Fitch Ratings has affirmed all ratings of Banco Safra S.A., Safra Leasing S.A. - Arrendamento Mercantil, as well as its debenture issuances. The long-term Rating Outlook remains Stable. Banco Safra S.A. -- Issuer Default Rating at 'BBB-'; Outlook Stable -- Short-term foreign currency IDR at 'F3' -- Long-term local currency IDR at 'BBB-', Outlook Stable; -- Short-term local currency IDR at 'F3'; -- Individual rating at 'C'; -- Long-term national rating at 'AA+(bra)', Outlook Stable; -- Short-term national rating at 'F1+(bra)'; -- Support rating at '4'; -- Support rating floor at 'B+'. Safra Leasing S.A. - Arrendamento Mercantil -- Long-term national rating at 'AA+(bra)', Outlook Stable; -- Short-term national rating at 'F1+(bra)'. Safra Leasing S.A. - 12th, 13th, 14th and 15th Issuance of debentures -- Long-term national rating at 'AA(bra)'. Banco Safra BRL300 million notes: -- Long term local currency rating at 'BBB-'. The affirmation of Safra's ratings reflects the bank's capacity and ability to manage risks and adapt its balance sheet during periods of economic volatility, its consistent performance, with conservative practices in managing credit exposures, and good controls on its collateral stream. On the other hand, the ratings also consider its greater relative dependence on institutional and large corporate funding and financial intermediation income, high exposure to sovereign risk and optimization of its capital base, which tends to pressure its leverage. In Fitch's opinion, Safra's ratings could be affected by an eventual deterioration in its loan portfolio or its capitalization. Conversely, they would benefit from increased revenue diversification, which will be a challenge, given Safra's business model and the competitive environment. After surpassing the liquidity drought of 2008 with success, thanks to a much more conservative posture on credit origination and pricing, liquidity focused balance sheet management, attraction of key new depositors, the sale of BRL1 billion of its credit portfolio to other banks, and a strong liquidity position prior to the crisis strike, Safra has resumed growth since the second half of 2009 (2H'09). With continuous focus on its core business of providing credit facilities and services to SMEs, and corporate clients, the bank expects to record a 23% growth in credit during 2010. Given Brazil's benign economic scenario, Fitch expects that Safra will achieve a better performance, even though with lower margins due to the return of fierce spread competition and strong liquidity of local credit markets. With an asset quality better than peers, Safra slightly increased its impaired loans as share of total loans during the global crisis from 3.7% in 2007 to 4.1% in 2008 declining to 3.4% in the first quarter of 2010 (1Q'10). Conservatism in managing provisions is clearly attested by provisioning coverage, which grew from 80.3% in 2007 to 92%/93% in 2009/1Q'10, remaining in line with the peer average. Although increased delinquency compromised a larger portion of Safra's operating profit from 2007 to 2009, the bank still recorded overall provisioning expenses lower than its peers. Even with relative small fee revenues cushion than its peers, Safra has presented return on assets (ROA) and return on equity ratios which compares well with its local and regional peers, maintaining its historically stable net profitability. With a policy of optimizing the use of its capital base, Safra operates with a leveraged balance sheet, which also explains its strong ROE. With a minimum regulatory capital buffer of 12%, which is considered tight by Fitch, Safra mitigates this leverage with a strong liquidity, as cash and marketable securities have historically surpassed total deposits. Safra is 100%-controlled by the Joseph Safra family and was the sixth-largest private bank in Brazil in terms of total assets and equity at 1Q'10, which totaled respectively BRL62 billion and BRL4.8 billion. The bank and its subsidiaries offer a wide range of banking services to large companies, SMEs, institutional investors and high-income individuals. BRASIL FOODS: Ministry Recommends Cade to OK Perdiga-Sadia Merger ----------------------------------------------------------------- Brazil's finance ministry has recommended that the anti-trust regulator Cade approve the merger of food companies Sadia SA and Perdigao SA, which now make up Brasil Foods, Cesar Bianconi at Reuters reports. The report relates that the ministry said it would recommend the merger go through with restrictions. According to the report, Cade tends to follow the recommendations. The report notes that although Sadia SA and Perdigao SA are already operating under the common name and stock symbol of Brasil Foods, many aspects of their businesses remain separate until Cade gives the green light for a full merger of the companies' divisions, debt and revenues. The report relates that the ministry said that there were multiple cases of market share concentration in the joining of Perdigao SA and Sadia SA and proposed options that would limit the anti-competitive effects of the merger. 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 processes frozen pasta, soybeans, and their derivatives, and distributes 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 April 12, 2010, the company continues to carry Moody's Ba1 LT Corp Family rating. The company also continues to carry Standard and Poor's BB+ LT Issuer Credit Ratings. COMPANHIA ENERGETICA: Cut to "Neutral" From "Buy" at Goldman Sachs ------------------------------------------------------------------ Goldman Sachs downgraded its recommendation for shares of Companhia Energetica de Minas Gerais (Cemig), to neutral from buy on June 29, 2010, Rogerio Jelmayer at Dow Jones Newswires reports. "The market has continued to take a negative view on the potential outcome of October elections (Cemig is controlled by the Minas Gerais state government) and potential acquisitions, and the stock has continued to underperform. Multiple expansions seem unlikely over the coming months as uncertainties will remain unresolved," the report quoted Goldman Sachs as saying. Companhia Energetica de Minas Gerais a.k.a. Cemig -- http://www.cemig.com.br/-- is an electric energy utility in Brazil. Cemig's concession area extends throughout nearly 96.7% of Minas Gerais. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As of October 19, 2009, the company continues to carry Moody's Ba1 LC currency Issuer rating. GERDAU SA: Downgraded to "Sell" at Goldman Sachs ------------------------------------------------ Goldman Sachs downgrades Gerdau S.A. from 'Neutral' to 'Sell' on June 28, 2010, Street Insider reports. According to the report, Goldman Sachs cited a lack of positive catalysts and relatively expensive multiples given recent outperformance. The report relates that price target was reduced from US$20.50 to US$13.90. Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 23, 2010, the company continues to carry Moody's Ba1 LT corporate family rating and Ba1 senior unsecured debt ratings. JBS SA: Seeks Acquisitions to Stay Ahead of Rival ------------------------------------------------- JBS SA is looking for acquisitions to stay ahead of a spree of takeovers by rival Marfrig Alimentos, Guillermo Parra-Bernal at Reuters reports, citing Valor Economico. The report relates Valor Economico said that JBS SA may seek to revive talks with U.S. rival Smithfield Foods Inc. to grow into pork. A deal would make sense for Smithfield because of its delicate financial situation, the newspaper added. According to the report, Valor Economico said that JBS SA is trying to stay head of Marfrig Alimentos, which has expanded globally thanks to as many as 38 acquisitions in three years. If JBS made an acquisition in 2010 it would be "of an asset that expanded the company's position outside the plant gate," JBS SA Chief Executive Joesley Mendonca Batista told Reuters in an interview in February. JBS expects sales from direct distribution to eventually reach about 55% of its total sales, compared with the present 10%, he added, the report relates. About JBS SA JBS SA is one of the world's largest beef producers with operations in Brazil, the United States, Argentina, Australia and Italy. The company is the largest producer and exporter of fresh meat and meat by-products in Brazil, Argentina and Australian and the third largest in the USA. * * * As of April 28, 2010, the company continues to carry Moody's B1 long term rating, long-term corporate family rating, and senior unsecured debt rating. The company also continues to carry Standard and Poor's B+ Issuer Credit ratings. JBS SA: Grace Kennedy Says No Recall for Local Corned Beef --------------------------------------------------------- Grace Kennedy Foods is seeking to assure the public that there is no need to recall corned beef in Jamaica or any other markets outside of the U.S., Gleaner/Power 106 News reports. The report relates that the assurance comes in the wake of the class 2 recall of two brands of corned beef in the United States. According to the report, Grace Foods said that the two affected Grace brand batches are identifiable by the batch codes 100204 and 100205. The report notes that these relate to production dates February 4 and February 5, 2010 and were produced by the company JBS SA in Sao Paulo, Brazil. JBS SA, the report says, said that random testing of the product had revealed that these two batches contained higher levels of Ivermectin than is allowed by the United States Department of Agriculture. Ivermectin is an anti-parasitic treatment routinely used to de-worm cattle. However, the report discloses, JBS SA said that information indicates that the levels of Ivermectin in the products are miniscule and someone would have to consume an extremely large amount of the product in a very short time to experience any kind of illness. About JBS SA JBS SA is one of the world's largest beef producers with operations in Brazil, the United States, Argentina, Australia and Italy. The company is the largest producer and exporter of fresh meat and meat by-products in Brazil, Argentina and Australian and the third largest in the USA. * * * As of April 28, 2010, the company continues to carry Moody's B1 long term rating, long-term corporate family rating, and senior unsecured debt rating. The company also continues to carry Standard and Poor's B+ Issuer Credit ratings. LIGHT SA: Goldman Sachs Downgrades Recommendation for Firm's Share ------------------------------------------------------------------ Goldman Sachs downgraded its recommendation for shares of the local electric power utility Light SA to sell from neutral, Rogerio Jelmayer at Dow Jones Newswires reports. Light is 50% owned by Rio Minas Energia Participacoes, a consortium of companies of which Cemig is a large stakeholder. "We downgrade Light to sell mainly on relative valuation," the report quoted Goldman Sachs as saying. "We also think news flow could disappoint, with a relatively weak second quarter likely, (and) no signs of power losses being reduced before year-end," it added. 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 30, 2010, the company continues to carry Moody's "Ba1" long term rating and LT corp family rating. * BRAZIL: May Sell Overseas Bond in Coming Weeks ------------------------------------------------ Brazil's government may sell an overseas bond in the coming weeks, Arnaldo Galvao at Bloomberg News reports, citing Treasury Secretary Arno Augustin. According to the report, Mr. Augustin said that the government has not yet decided which bond will be offered. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== ASTRAL RIDGE: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Astral Ridge Investments will hold their final meeting on July 22, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands BAYWATER HOLDINGS: Shareholders' Final Meeting Set for July 22 -------------------------------------------------------------- The shareholders of Baywater Holdings will hold their final meeting on July 22, 2010, at 9:05 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands BLUE LINE: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------ The shareholders of Blue Line Capital will hold their final meeting on July 22, 2010, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands CEMS INC: Shareholders' Final Meeting Set for July 21 ----------------------------------------------------- The shareholders of Cems Inc. will hold their final meeting on July 21, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Susan Lo Yee Har Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 DRAGON IAM: Shareholders' Final Meeting Set for July 28 ------------------------------------------------------- The shareholders of Dragon IAM Limited will hold their final meeting on July 28, 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: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands EQUATOR VIEW: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Equator View Capital will hold their final meeting on July 22, 2010, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands FYFE PARTNERS: Shareholders' Final Meeting Set for July 22 ---------------------------------------------------------- The shareholders of FYFE Partners will hold their final meeting on July 22, 2010, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands HARBOR BRIDGE: Shareholders' Final Meeting Set for July 22 ---------------------------------------------------------- The shareholders of Harbor Bridge Ltd. will hold their final meeting on July 22, 2010, at 9:25 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands IMAGE IAM: Shareholders' Final Meeting Set for July 28 ------------------------------------------------------ The shareholders of Image IAM Limited will hold their final meeting on July 28, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands JADE STREET: Shareholders' Final Meeting Set for July 22 -------------------------------------------------------- The shareholders of Jade Street Capital will hold their final meeting on July 22, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands MIRAGE IAM: Shareholders' Final Meeting Set for July 28 ------------------------------------------------------- The shareholders of Mirage IAM Limited will hold their final meeting on July 28, 2010, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands NEWTON IAM: Shareholders' Final Meeting Set for July 28 ------------------------------------------------------- The shareholders of Newton IAM Limited will hold their final meeting on July 28, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands PARK VALLEY: Shareholders' Final Meeting Set for July 22 -------------------------------------------------------- The shareholders of Park Valley Asset Management will hold their final meeting on July 22, 2010, at 9:55 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands PHOENIX IAM: Shareholders' Final Meeting Set for July 28 -------------------------------------------------------- The shareholders of Phoenix IAM Limited will hold their final meeting on July 28, 2010, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands PICO FUND: Shareholder to Hear Wind-Up Report on July 19 -------------------------------------------------------- The sole shareholder of Pico Fund Limited will receive on July 19, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wilton McDonald Telephone: (345) 325-4040 RONDO FUND: Shareholders' Final Meeting Set for July 23 ------------------------------------------------------- The shareholders of Rondo Fund will hold their final meeting on July 23, 2010, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SANGEN FUND: Shareholders' Final Meeting Set for July 22 -------------------------------------------------------- The shareholders of Sangen Fund will hold their final meeting on July 22, 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: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands SOLAR TREE: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------- The shareholders of Solar Tree Investments will hold their final meeting on July 22, 2010, at 10:05 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay Telephone: (345) 945-3901 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands THIRD POINT: Shareholders' Final Meeting Set for July 23 -------------------------------------------------------- The shareholders of Third Point Resources Ltd. will hold their final meeting on July 23, 2010, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands WAVE IAM: Shareholders' Final Meeting Set for July 28 ----------------------------------------------------- The shareholders of Wave IAM Limited will hold their final meeting on July 28, 2010, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: ODL to Invest US$230 Million to Boost Capacity ------------------------------------------------------------ Colombian pipeline operator ODL will invest US$230 million to boost its capacity to ship crude oil from the Meta and Casanare provinces to the Caribbean coast for exports, Inti Landauro at Dow Jones Newswires reports. The report, citing a company statement, relates that ODL will boost pumping capacity to 340,000 barrels a day by June 2011 from 160,000 barrels a day now. ODL is jointly owned by state-controlled company Ecopetrol SA, which has a 65% stake in the company, and Pacific Rubiales Energy Corp, which owns the remaining stakes. "According to current projections, the pipeline would have enough capacity for the next ten years," Rafael Belisario, the head of ODL's operations, told the news agency in a telephone interview. "Though depending on new discoveries in the area, we might need to upgrade sooner than that," he added. Dow Jones Newswires says that the company will invest in a pumping station, tanks and other facilities and will lay a 27-kilometer stretch of pipe to link its pipeline to Ecopetrol's Ocensa network in the eastern province of Arauca. The report relates that the ODL pipeline will be able to pump oil to Ecopetrol's Ocensa network in two different areas. Mr. Belisario said that the work will start in late July, the report notes. The company, the report discloses, will finance the investment with equity from its two shareholders and debt. The report relates that together Ecopetrol SA and Pacific Rubiales would provide about 25% of the US$230 million. Each partner would provide funding in proportion to their respective stakes in the joint-venture, the report adds. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas Company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined products. * * * As of May 20, 2010, the company continues to carry Standard and Poor's "BB+" LT Issuer Credit ratings. The company also continues to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and "BB+" Senior Unsecured Debt rating. About Pacific Rubiales Pacific Rubiales Energy Corporation produces heavy crude oil. The company focuses on the exploration, development, and production of heavy crude oil in the Llanos Basin of Colombia. * * * As of December 21, 2009, the company continues to carry Standard and Poor's B+ LT Issuer Credit ratings. PACIFIC RUBIALES: ODL to Invest US$230 Million to Boost Capacity ---------------------------------------------------------------- Colombian pipeline operator ODL will invest US$230 million to boost its capacity to ship crude oil from the Meta and Casanare provinces to the Caribbean coast for exports, Inti Landauro at Dow Jones Newswires reports. The report, citing a company statement, relates that ODL will boost pumping capacity to 340,000 barrels a day by June 2011 from 160,000 barrels a day now. ODL is jointly owned by state-controlled company Ecopetrol SA, which has a 65% stake in the company, and Pacific Rubiales Energy Corp, which owns the remaining stakes. "According to current projections, the pipeline would have enough capacity for the next ten years," Rafael Belisario, the head of ODL's operations, told the news agency in a telephone interview. "Though depending on new discoveries in the area, we might need to upgrade sooner than that," he added. Dow Jones Newswires says that the company will invest in a pumping station, tanks and other facilities and will lay a 27-kilometer stretch of pipe to link its pipeline to Ecopetrol's Ocensa network in the eastern province of Arauca. The report relates that the ODL pipeline will be able to pump oil to Ecopetrol's Ocensa network in two different areas. Mr. Belisario said that the work will start in late July, the report notes. The company, the report discloses, will finance the investment with equity from its two shareholders and debt. The report relates that together Ecopetrol SA and Pacific Rubiales would provide about 25% of the US$230 million. Each partner would provide funding in proportion to their respective stakes in the joint-venture, the report adds. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas Company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined products. * * * As of May 20, 2010, the company continues to carry Standard and Poor's "BB+" LT Issuer Credit ratings. The company also continues to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and "BB+" Senior Unsecured Debt rating. About Pacific Rubiales Pacific Rubiales Energy Corporation produces heavy crude oil. The company focuses on the exploration, development, and production of heavy crude oil in the Llanos Basin of Colombia. * * * As of December 21, 2009, the company continues to carry Standard and Poor's B+ LT Issuer Credit ratings. TERMOEMCALI SA: Fitch Affirms 'B-' Rating on $153.7 Mil. Notes -------------------------------------------------------------- Fitch ratings affirms TermoEmcali's $153.7 million restructured senior secured notes due on 2019 at 'B-'. The Rating Outlook Stable. The rating action reflects Termoemcali's adequate operational performance and its ability to cover plant operational expenses during the last two years. In addition, the project has benefited from an increase in revenues primarily from reliability payments, energy and gas sales. The reliability payments generated from the Colombian electric sector are dependent on the plant's capacity and availability, fuel flexibility, and strength of the fuel supply and transportation contracts. The current plant's capacity is 170MW and it has generated revenues of US $17.800 millions and US $16.755 millions during 2008 and 2009, respectively. During 2009 and the first quarter of 2010 factors such as drought conditions in the country as well as high energy demand from Ecuador, have increased revenues from energy generation substantially. Consequently, this situation has further decreased TermoEmcali's dependency on Tranche E payments from Emcali (rated CCC with Stable Outlook by Fitch) to meet it debt service obligation. During the last three years the average debt service coverage ratio has been around 1.4. Although TermoEmcali has long term fixed-price fuel supply contracts, as a peaking unit it generates minimal electricity, resulting in reduced fuel usage. Excess fuel is sold to a third party under a fixed price agreement, generating positive cash flow which is viewed favorably by Fitch. TermoEmcali has fixed price contracts for natural gas supply with Ecopetrol (rated 'BB+', Stable Outlook by Fitch) through Jan. 1, 2015, and for #2 fuel oil with Exxon Mobil (rated 'AAA' by Fitch) until 2014. Fitch views that even in the absence of Tranche E payments from Emcali, cashflows from reliability payments and gas sales should be able to meet the debt service obligations. To date, Emcali has honored the Tranche E payments on a monthly basis to Termoemcali, in accordance with the 2005 debt restructuring. For 2009, the debt service coverage ratio was approximately 0.76 times, without cash reserves, and 2.55x with cash generated in previous years. Fitch believes that the ongoing financial performance of the project will continue to remain stable. Termoemcali Leasing, Ltd. is engaged in the ownership of certain equipments that have been incorporated into a natural gas-fired, 233.8 (net) MW electric generating facility constructed near Santiago de Cali, Colombia (rated 'BB+', Stable Outlook by Fitch). Termoemcali I S.A. E.S.P. has developed the Facility and has leased equipment from Leaseco. The debt was issued on behalf of Leaseco and the company by Termoemcali Funding corp Given a public announcement on May 2010, Ashmore, one of the world's investment managers dedicated to emerging markets, won the tender to take over Termoemcali with a bid of 373 billions COP. Once the acquisition is completed, Ashmore will become the main shareholder of TermoEmcali effective at the end of July 2010 As a condition to the winning bid, TermoEmcali's outstanding debt will be paid down with the proceeds of the bid. As a result, Fitch expects the project's remaining debt outstanding to be fully repaid on June 30, 2010. ============= J A M A I C A ============= CABLE & WIRELESS: LIME Delays New Increased Rates ------------------------------------------------- Cable and Wireless' LIME will be applying small increases to mobile outbound roaming rates and to the Internet monthly charge effective September 1, 2010, and not on June 1, 2010, and July 1, 2010, as was previously advertised, Virgin Islands Platinum News. According to the report, the company noted that to safeguard the interests of the BVI consumers and to address concerns of the Telecommunications Regulatory Commission, LIME is taking steps to ensure LIME customers and the general public are provided sufficient time to understand how they may be affected by the new rates and the opportunity to make informed decisions should they wish not to continue service with LIME as a result of the price increases. The report notes that LIME's announcement of the new effective date of September 1, 2010, is designed to give customers sufficient notice of these small increases; and the opportunity to terminate their contracts for broadband services without early termination fees, before the new price increases come into effect. Earlier this month, the report relates, the TRC requested Cable and Wireless (BVI) Limited (LIME) to provide clarifications on LIME's announcement to increase tariffs for broadband internet and outbound mobile roaming services. Errol Miller, Regional Vice President Corporate Communications had told BVI Platinum News that the increases are essential at this stage. Mr. Miller said that in all the cases, the increases are between five to seven percent, the report relates. 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. OLINT CORP: Ex-Boss David Smith's Case Put Off Until September -------------------------------------------------------------- The fraud case against former OLINT Corp. Limited boss David Smith has been adjourned until September 23, 2010, RadioJamaica reports, citing Mr. Olint's attorney Oliver Smith. According to the report, David Smith appeared in the Supreme Court in the Turks and Caicos Islands on June 28, 2010, to answer several charges arising from the collapse of the unregulated investment club in 2008. As reported in the Troubled Company Reporter-Latin America on October 16, 2009, RadioJamaica said that Mr. Smith was put to jail in the Turks and Caicos Islands, after being arrested on September 28 in the neighboring Caribbean territory. According to a TCRLA report on June 16, 2009, citing Caribbean Net News, said Florida resident Christopher Walker sued the several parties for their involvement in (OLINT)'s operations. The report related Mr. Walker, who is claiming that he was defrauded in the company's "get-rich-quick scheme", is seeking US$2.4 million in damages. According to the report, Mr. Walker's complaint involved these defendants: -- Hallmark Bank & Trust Ltd; -- Hallmark CEO and Chairman Attorney Brian Trowbridge; -- Overseas Locket International Corporation; -- OLINT Principal David Smith; -- Wayne Smith, David Smith's brother and an employee of OLINT; -- Turks and Caicos Islands Premier Michael Misick -- The Turks and Caicos Islands Investment Agency, which "encourages foreign investment in the Turks & Caicos Islands"; and -- MasterCard Worldwide and MasterCard International LLC, which provide card services to Hallmark Bank. About Olint Corp. Olint Corp. Limited is an investment scheme based in Jamaica. It has operations in Turks & Caicos and the U.S. It has been facing legal problems since 2006 when the Financial Services Commission served a cease-and-desist order on the firm. On Dec. 24, 2007, the court ruled that the operations of Olint breached provisions of the Securities Act. The firm had been dealing in securities and engaging in the participation of a profit-sharing agreement, issuing investment contracts, and providing advice to potential investors without licenses and registration. Olint appealed the ruling and was granted a stay of execution of the cease-and-desist order until the appeal was heard in February 2008. In May 2008, the National Commercial Bank Jamaica Limited attempted to close three Olint accounts in the bank. However, Olint secured an injunction from the court barring the National Commercial from closing the accounts. Olint has suspended payments to its members since early this year. =========== M E X I C O =========== BBVA BANCOMER: S&P Affirms National Counterparty Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its ratings, including the 'BBB/A-3' global scale and 'mxAAA/mxA-1+' national scale counterparty credit ratings, on Mexico-based universal bank BBVA Bancomer S.A. The bank recently announced it will call its $500 million nonpreferred subordinated notes due 2015, which S&P affirmed at 'BB+', on July 22, 2010. The outlook remains stable. "The ratings on BBVA Bancomer continue to reflect the bank's adequate stand-alone creditworthiness, notably its sound market position, adequate recurrent earnings and profitability, and good financial performance over the past three years," said Standard & Poor's credit analyst Arturo S nchez. "Somewhat offsetting these factors are S&P's concerns about the bank's asset quality, which has deteriorated over the past two years, and a higher loan-to- deposit ratio than its main peers with similar ratings." BBVA Bancomer is considered a strategically important subsidiary of its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+). However, S&P's ratings on the bank are based on its stand-alone creditworthiness -- including the benefits of the risk management, systems, and procedures it gets from its parent. They also receive no uplift from the bank's strategically important status to BBVA, reflecting BBVA Bancomer's stand-alone credit profile. EMPRESAS ICA: To Post Second Quarter Earning Results Next Week -------------------------------------------------------------- Empresas ICA S.A.B. de C.V. will release its second quarter earning results on July 7, 2010. Empresas ICA S.A.B. de C.V. offers engineering and construction services. The company builds dams, highways, airports, office buildings, shopping centers, manufacturing facilities, and housing projects, operates water distribution and treatment systems, highways, and parking facilities, mines aggregates, operates ports, and builds grain storage systems. * * * As of June 28, 2010, the company continues to carry Standard and Poor's "BB-" issuer credit ratings. OCEANOGRAFIA SA: Fitch Withdraws 'CC' Issuer Default Ratings ------------------------------------------------------------ Fitch Ratings has withdrawn all ratings of Oceanografia S.A. de C.V. given the lack of information provided by the company; consistent with Fitch's policies. Fitch will no longer provide ratings or credit research on this issuer. Oceanografia is a privately held marine contracting service company that provides marine services to PEMEX, the national oil company of Mexico. Fitch has withdrawn Oceanografia's ratings: -- Foreign currency Issuer Default Rating 'CC'; -- Local currency IDR 'CC'; -- US$335 million senior secured notes due 2015 'CCC/RR3'. All of these ratings are on Rating Watch Negative. ==================== P U E R T O R I C O ==================== FIRSTBANK PUERTO RICO: Wins US$6.1 Million Foreclosure Lawsuit -------------------------------------------------------------- FirstBank Puerto Rico has won a US$6.1 million foreclosure lawsuit against the owner of the Shamrock Condominium in Kendall, West Kendal Today reports, citing the South Florida Business Journal. According to the report, the bank won the judgment against C&R Properties at Kendall and managing member Carlos Z. Chuman based on a US$5.8 mortgage plus interest and fees. The report says that a Sept. 20 foreclosure auction was set for the 36 units in the Shamrock project, at 12605 SW 91st St. The complex has five buildings, but no sales were recorded, the report relates. About First BanCorp FirstBank Puerto Rico is a state chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. FirstBank Puerto Rico operate within U.S. Banking laws and regulations. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Fitch Ratings downgraded the ratings of FirstBank of Puerto Rico to 'B' from 'BB' and the Individual rating to 'D' from 'C/D'. The Rating Outlook is Negative. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ October 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *