/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100726.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, July 26, 2010, Vol. 11, No. 145 Headlines A R G E N T I N A COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17 CONTRERAS HERMANOS: Moody's Assigns 'B3' Corporate Family Rating COOPERATIVA DE: Creditors' Proofs of Debt Due on August 26 ELS SA: Creditors' Proofs of Debt Due on September 28 NATIONAL POST: Creditors' Proofs of Debt Due on September 17 SEBAMAR SA: Creditors' Proofs of Debt Due on September 22 TOP AIR: Creditors' Proofs of Debt Due on September 16 TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6 B A R B A D O S FOUR SEASONS: Project Stalls; US$120MM Gov't Guarantee Not Enough B E R M U D A CENTRAL EUROPEAN: To Release 2nd Quarter 2010 Earnings on July 28 B R A Z I L BRASKEM SA: Launches US$350MM of Reopened 2020 Bonds at 6.875% CAIXA ECONOMICA: Provides US$58MM Financing to Corsan JBS FINANCE: Moody's Assigns 'B1' Rating on Senior Unsec. Notes MARFRIG ALIMENTOS: BNDESPar to Acquire Firm's Debentures C A Y M A N I S L A N D S ATB LTD: Shareholders' Final Meeting Set for August 17 BANK VONTOBEL: Creditors' Proofs of Debt Due on August 9 BORONIA FINANCE: Shareholders' Final Meeting Set for August 20 CYPRESS ASSET: Shareholders' Final Meeting Set for August 23 DURATEX OVERSEAS: Shareholders' Final Meeting Set for August 27 FLINDERS AIRCRAFT: Shareholders' Final Meeting Set for August 20 KAL JAPAN: Shareholders' Final Meeting Set for August 20 MA BLUETREND: Sole Shareholder to Hear Wind-Up Report on Aug. 10 MITRA CORP: Shareholders' Final Meeting Set for August 23 ORPHEUS II: Shareholders' Final Meeting Set for August 20 R-ONE TAKATSUKI: Shareholders' Final Meeting Set for August 20 SWISS-SYSTEMATIC: Shareholders' Final Meeting Set for August 27 TCM SPECTRUM: Shareholders' Final Meeting Set for August 18 TCM SPECTRUM: Shareholders' Final Meeting Set for August 18 TELT LIMITED: Shareholders' Final Meeting Set for August 27 TREETOP GLOBAL: Shareholders' Final Meeting Set for August 20 VONTOBEL TRUST: Creditors' Proofs of Debt Due on August 9 VTC DIRECTOR: Creditors' Proofs of Debt Due on August 9 WEST LAKE: Shareholders' Final Meeting Set for August 20 WP X INVESTMENTS: Shareholders' Final Meeting Set for August 20 C O L O M B I A ECOPETROL SA: To Post 2ndQ and 1H 2010 Earnings Release on July 28 EMPRESA DE ENERGIA: Plans to Pay US$110 Million to Shareholders E C U A D O R CONSTRUTORA NORBERTO: Unit to Obtain US$516 Million From BNDES PETROECUADOR: Needs 75 Days for Oil Spill Clean-Up J A M A I C A LONG POND: Farmers to Receive JM$21 Million in Compensation RED STRIPE: To Start Making Jobs Redundant M E X I C O USINAS SIDERURGICAS: JV With Sumitomo May Expand Iron Ore Capacity S T V I N C E N T & T H E G R E N A D I N E S CL FINANCIAL: Prime Minister Wants TT Equity for BAICO X X X X X X X X * BOND PRICING: For the Week July 19, to July 23, 2010 - - - - - ================= A R G E N T I N A ================= COMUNICACIONES GRAFICAS: Creditors' Proofs of Debt Due on Sept. 17 ------------------------------------------------------------------ The court-appointed trustee for Comunicaciones Graficas S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until September 17, 2010. CONTRERAS HERMANOS: Moody's Assigns 'B3' Corporate Family Rating ---------------------------------------------------------------- Moody's Latin America assigned a B3 local currency corporate family rating and a Baa1.ar Argentina National Scale rating to Contreras Hermanos S.A. The outlook is stable. The B3 local currency corporate family rating and Baa1.ar .ar Argentina National Scale rating reflect Contreras's small size, earnings volatility and substantial geographic and project concentration. In addition, the ratings are constrained by volatile cash flow that the company experienced during the expansive cycle of Contreras' top line growth in recent years. Contreras is the leading provider of energy-related construction services, primarily serving the oil and gas industry in Argentina, and has recently became a niche player in the Brazilian market. Although the end market it serves is cyclical and market conditions have been challenging, the company's revenues during recent years have grown substantially due to expansion investments in countries such as Brazil and Argentina. Nevertheless, Contreras' margins have been under pressure and its revenues were exposed to significant concentration risk. Contreras' ratings are supported by the company's sound business model, its established track record in the industry as well as a strategic focus in growing industry segments. An adequate balance between public and private projects, as well as the relatively high credit quality of its main private clients are also factors that support the ratings. In addition, while the company's growth rate has been high, Contreras has experienced declining margins, although they remain solid and the company has managed its growth without increasing debt materially. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate between relative risks. NSRs in Argentina are designated by the ".ar" suffix. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. Contreras' consolidated revenues for the fiscal year ending December 2009, totaled approximately AR$1.8 billion (or U$450 million), which is very low when compared to its international peers. In addition, Contreras' revenues remain volatile. This volatility is the consequence of tremendous growth over the last couple of years, due to industry dynamics in both Argentina and Brazil. Despite attempts to obtain greater diversification, Contreras' revenues are expected to remain concentrated in the oil and gas segment. The top three contracts represented more than 50% of total revenues for the fiscal year ending December 2009, and the bulk of the order backlog rests in only three projects. And while Contreras' profit ratios are high in relation to its B3 rating, margins have been under pressure. In spite of cost recovery protection clauses on its contracts, cost overruns were not fully recovered, either because of high inflation in Argentina or because of a delayed recovery, which has had a negative effect on margins. The company's ability to demonstrate pricing and bidding discipline in a softened growth period and the recovery of its increased costs will be a key rating consideration going forward. Historically Contreras' liquidity has been comfortable, as it was able to fund its cash needs internally. However, during the last few years the company's free cash flow has been weak because of significant working capital needs resulting from strong growth. As a consequence, short-term debt has increased because of the need to financing working capital to support growth. The need for such investments in support of a high-growth strategy is likely to decrease in the near to medium-term. The decline of its WC needs should liberate funds for debt repayment. Moody's acknowledges that Contreras has developed solid relationships with banks and that it has demonstrated access to uncommitted bank facilities. Moody's also acknowledge that Contreras has entered in two longer-term loans that helped it to reduce its exposure to short-term debt to some extent. Nonetheless the dependence on uncommitted short term credit facilities remains a credit negative. The stable outlook reflects Moody's expectation that Contreras' revenues will stabilize and that the company will be able to sustain or improve its margins going forward. The stable outlook also anticipates that Contreras will likely maintain a highly concentrated project portfolio. If Contreras is not able to reverse the declining margin trend and to reduce its working capital investment such that it fails to generate positive levels of cash from operations, the ratings could come under downward pressure. Quantitatively, if the EBITA margin drops to below 6%, cash from operations is negative and debt to EBITDA is above 2.0 times, the ratings could be downgraded. If Contreras is able to generate more stable revenues going forward while margins recover to historical levels, the ratings could come under upward rating pressure. In addition, a rating upgrade could result from the continued development of ongoing projects that result in high levels of internal cash generation for debt reduction. In addition, a better-structured debt maturity profile that reduces exposure to short-term debt and improved financial disclosure could also add positive rating pressure. Headquartered in Buenos Aires, Argentina, Contreras Hermanos S.A. is an Argentinean construction company, focused on the civil and industrial infrastructure industry segments, with a strong focus in the oil and gas industry. Most of Contreras' operations are in Brazil and Argentina, although it operates in various countries in South America. Contreras reported consolidated revenues for the fiscal year ending December 31, 2009, of ARS1.8 billion (about $450 million). COOPERATIVA DE: Creditors' Proofs of Debt Due on August 26 ---------------------------------------------------------- The court-appointed trustee for Cooperativa de Vivienda Credito y Consumo Surikata Limitada's bankruptcy proceedings will be verifying creditors' proofs of claim until August 26, 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 18, 2010. ELS SA: Creditors' Proofs of Debt Due on September 28 ----------------------------------------------------- The court-appointed trustee for Els S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until September 28, 2010. The trustee will present the validated claims in court as individual reports on November 10, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on December 23, 2010. NATIONAL POST: Creditors' Proofs of Debt Due on September 17 ------------------------------------------------------------ The court-appointed trustee for National Post S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until September 17, 2010. The trustee will present the validated claims in court as individual reports on November 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 December 20, 2010. SEBAMAR SA: Creditors' Proofs of Debt Due on September 22 --------------------------------------------------------- The court-appointed trustee for Sebamar S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until September 22, 2010. TOP AIR: Creditors' Proofs of Debt Due on September 16 ------------------------------------------------------ The court-appointed trustee for Top Air Security S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until September 16, 2010. The trustee will present the validated claims in court as individual reports on October 28, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on December 9, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on June 8, 2011. TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6 -------------------------------------------------------------- The court-appointed trustee for Transportes Canada S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until October 6, 2010. =============== B A R B A D O S =============== FOUR SEASONS: Project Stalls; US$120MM Gov't Guarantee Not Enough ----------------------------------------------------------------- A Four Seasons Hotel project in Barbados has run into problems after the US$20 million government guarantee that has kick-started the stalled project is said to be not enough to complete the planned luxury facility, Geralyn Edward at Jamaica Observer reports. The report relates Professor Avinash Persaud said that it was enough, however, to get the buy-in of confidence-shaken villa owners and creditors. Mr. Persaud is the respected international economist and financier who was invited by Prime Minister David Thompson to work with the Government to get the project going again. According to the report, Mr. Persaud said that ideally the Paradise Beach, St Michael tourism project would have required at least US$240-million to complete without further financing. "As a member of the National Council of Economic Advisors, I was well aware of Government's tight fiscal position and indeed I have made my job harder by limiting the size of the Government guarantee to the minimum possible to get the project up on its feet," the report quoted Mr. Persaud as saying. "The size of the Government guarantee is not sufficient to ensure that the project does not need any further financing. It would have been ideal, from a private point of view, if the guarantee was twice its size. However, it would not be appropriate for Barbados," he added. The report notes that the government guarantee of a US$120-million ANSA McAL Merchant Bank loan will see Paradise Beach Limited manage the construction of 26 luxury villas and a Four Seasons hotel. The report says that so far, 16 villas have been sold and Persaud said work would resume once villa owners signed off on a villa construction plan. About Four Seasons Four Seasons Hotels -- http://www.fourseasons.com/-- manages some 75 luxury hotels and resorts in more than 30 countries. Most properties are operated under the Four Seasons name, but some are Regent hotels. It has ownership interests in only about half of its properties, having shifted from a hotel owner to a hotel operator in the 1990s. In 2007 Four Seasons Hotels board members took the company private. ============= B E R M U D A ============= CENTRAL EUROPEAN: To Release 2nd Quarter 2010 Earnings on July 28 ----------------------------------------------------------------- Central European Media Enterprises Ltd. will release its second quarter 2010 financial results before U.S. market hours on Wednesday, July 28, 2010. CME will also host a teleconference and video webcast to discuss its second quarter 2010 results on Wednesday, July 28, 2010 at 9:00 a.m. New York time (2:00 p.m. London and 3:00 p.m. Prague time). The video webcast and teleconference will refer to presentation slides which will be available on CME's Web site at http://www.cetv-net.com/prior to the call. To access the teleconference, U.S. and international callers may dial +1 785-424-1051 ten minutes prior to the start time and reference passcode 7CETVQ2. The conference call will be video webcasted live via http://www.cetv-net.com/ The video webcast and a digital audio replay in MP3 format will be available for two weeks following the call at: http://www.cetv-net.com/ About Central European Media Headquartered in Bermuda, Central European Media Enterprises Ltd. -- http://www.cetv-net.com/-- invests in, develops and operates commercial television channels in Central and Eastern Europe. At present, the Company has operations in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic, Slovenia and Ukraine. The Company holds its assets through a series of Dutch and Netherlands Antilles holding companies. It has ownership interests in license companies and operating companies in each market in which it operates. Operations are conducted either by the license companies themselves or by separate operating companies. The Company generates revenues primarily through entering into agreements with advertisers, advertising agencies and sponsors to place advertising on air of the television channels that it operates. * * * As reported in the Troubled Company Reporter-Europe on March 4, 2010, Moody's Investors Service affirmed the B2 Corporate Family Rating and the B2 Probability of Default Rating of Central European Media Enterprises Ltd and revised the outlook on the ratings to stable from negative. At the same time, Moody's downgraded to B3 from B2 the rating of the company's EUR150 million senior notes due 2014. =========== B R A Z I L =========== BRASKEM SA: Launches US$350MM of Reopened 2020 Bonds at 6.875% -------------------------------------------------------------- Braskem SA launched US$350 million of 10-year bonds July 21, 2010, at 6.875% in a reopening of its 2020 issue, according to a person familiar with the transaction, Jelmayer, Kejal Vyas and Riva Froymovich at Dow Jones Newswires report. The report relates that the yield is below early guidance of 7%. HSBC, BB Securities, Banco Bradesco and Banco Santander are lead managers on the debt sale. According to the report, the bonds will be issued through Braskem Finance Ltd. and are guaranteed by Braskem SA. "The proposed notes issuance is part of Braskem's liability management to improve its debt maturity profile," Moody's said in a statement, the report relates. In May, the report notes, the company raised US$400 million in the bond deal, offering investors a yield of 7%. About Braskem SA Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of May 20, 2010, the company continues to carry Moody's "Ba1" rating. The company also continues to carry Fitch Ratings' BB+ long-term issuer default and senior unsecured debt ratings. CAIXA ECONOMICA: Provides US$58MM Financing to Corsan ----------------------------------------------------- Caixa Economica Federal is providing BRL102 million (US$58 million) in financing to Rio Grande do Sul state water utility Corsan for sanitation works, Business News Americas reports, citing an unnamed Corsan spokesperson. "While BRL20.7 million is being financed for water supply projects, a total of BRL80.9 million is being allocated to improve and expand sewerage service in the state," the report quoted the spokesperson as saying. According to the report, water supply projects are being carried out in municipalities Arroio do Meio, Cachoeira, Carlos Barbosa, Encantado, Gravatai, Sao Sepe, Sapiranga, Tramandai and Viamao. The report relates that the majority of the investments will go towards Tramandai, Encantado, Gravatai and Sapiranga, with funding of BRL5.3 million, BRL4 million, BRL3.4 million and BRL3.4 million, respectively. The report relates that sewerage work is taking place in the municipalities of Capao da Canoa, Passo Fundo, Rio Grande, Encantado, Osorio and Torres. The report notes that most of the work is going toward Osorio, Rio Grande, Capao da Canoa and Passo Fundo, which are receiving BRL21.6 million, BRL20 million, BRL17.7 million and BRL15 million, respectively. The official, the report adds, said that the utility is currently investing a total of BRL1.2 billion in sanitation improvements for Rio Grande do Sul. About Caixa Economica Headquartered in Brasilia, Caixa Economica Federal -- http://www.caixa.gov.br/-- is a Brazilian bank and one of the largest government-owned financial institutions in Latin America. Founded in Jan. 12, 1861, Caixa Economica is the second biggest Brazilian bank, second only to Banco do Brasil, and offers services in thousands of Brazilian towns, ranking third in Brazil in number of branches. The company has more than 32 million accounts and controls more than US$170 billion. It is responsible for executing policies in the areas of housing and basic sanitation, the administration of social funds and programs and federal lotteries. * * * As of June 29, 2010, the bank continues to carry Moody's "D+" bank financial strength rating. JBS FINANCE: Moody's Assigns 'B1' Rating on Senior Unsec. Notes --------------------------------------------------------------- Moody's Investors Service has assigned a B1 foreign currency rating to the proposed senior unsecured notes of approximately US$400 million due in January 2018 to be issued by JBS Finance II Ltd. (Cayman Islands) and guaranteed by JBS S.A. (Brazil) as well as by JBS Hungary Holdings Kft (Hungary). The company's existing ratings have been affirmed. The ratings outlook remains positive. The proposed new issuance is part of JBS's liability management to improve its debt maturity profile, and will not affect its leverage metrics since the net proceeds will be used to prepay existing short term debt. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Rating assigned is: Issuer: JBS Finance II Ltd. (Cayman Islands), guaranteed by JBS S.A. (Brazil) and JBS Hungary Holdings Kft (Hungary). * Proposed approximately US$400 million senior unsecured guaranteed notes due in January 2018: B1 (foreign currency) Existing ratings affirmed: Issuer: JBS S.A. * Corporate Family Rating: B1 (global scale) Issuer: JBS S.A. * US$275 million senior unsecured notes due 2011 issued by JBS S.A. and secured by J&F and JBS Agropecuaria Ltda.: B1 foreign currency rating Issuer: JBS USA, LLC (Colorado, United States) * US$700 million senior unsecured notes due 2014 issued by JBS USA LLC and JBS USA Finance and guaranteed by JBS S.A.: B1 foreign currency rating - US$300 million senior unsecured notes due 2016 issued by JBS USA, LLC and guaranteed by JBS S.A.: B1 foreign currency rating Issuer: Bertin S.A. (the note issuer). * US$350 million 10.25% senior unsecured notes due 2016: B1 foreign currency rating. Bertin was fully merged into JBS which assumed all of Bertin's debt obligations. The outlook for all ratings is positive. * The B2 rating and stable outlook of Vigor, formerly a subsidiary of Bertin, remain unchanged. Vigor is a 99.4%-owned subsidiary of JBS and has US$100 million 9.25% senior unsecured notes due 2017: B2 foreign currency rating and stable outlook. The B1 rating reflects JBS's leading position as a diversified global protein producer (diversified in chicken, beef, pork and lamb). JBS is also the world's largest hides/leather processor and a significant producer of dairy products in Brazil. Revenues in 2009 reached BRL55,2 billion on a pro-forma basis including the acquisitions of Pilgrim's Pride and Bertin. The ratings, however, are constrained by the company's acquisitive growth strategy and the lack of historical free cash flow generation. The positive outlook reflects the company's improved size, scale and product diversification as well as the significant synergy opportunities resulting from the recent acquisitions. Going forward Moody's expect the company to improve its consolidated margins, and prudently manage its liquidity position and capital structure, which would include reducing leverage in terms of Total Debt to EBITDA to less than 4x. Moody's also regards as credit positive the fact that the Brazilian National Development Bank, BNDES, through its equity arm, BNDES Participa‡oes S.A. is a strategic shareholder in JBS. BNDESpar (rated A3 Stable) has a track record for supporting its equity investments, a source of cheap financing for local currency debt and considered a lender of last resort to troubled credits in Brazil. Moody's last rating action on JBS occurred on Sept. 18, 2009, when Moody's changed JBS's ratings outlook to positive. Headquartered in Sao Paulo, Brazil, JBS is the world's largest protein company in terms of slaughter capacity. The company is the largest beef player on a global basis with a slaughter capacity of 90,300 heads per day. JBS's is also a global leader with slaughter capacity of 7,6 million heads per day of chicken, 27,500 heads per day of lamb and, the third largest pork producer in the USA through 3 slaughtering plants with installed capacity of 48,500 heads per day for hogs. Still, JBS is the third largest Brazilian dairy producer with 1,400 tons per day. MARFRIG ALIMENTOS: BNDESPar to Acquire Firm's Debentures -------------------------------------------------------- BNDESPar, the shareholding and investment arm of the National Development Bank (BNDES), will subscribe convertible debentures to be issued by the local meatpacker Marfrig Alimentos SA, Rogerio Jelmayer, Dow Jones Newswires reports, citing a company statement. According to the report, Marfrig SA will issue convertible debentures worth BRL2.5 billion (US$1.4 billion) due in five years, to finance the acquisition of U.S.-based Keystone Foods. As reported in the Troubled Company Reporter-Latin America on June 16, 2010, Bloomberg News said that Marfrig Alimentos agreed to pay US$1.26 billion for chicken nugget maker Keystone Foods LLC. The report related that Marfrig Alimentos signed an agreement with Lindsay Goldberg LCC to buy all the shares in closely held West Conshohocken, Pennsylvania-based Keystone. According to the report, Marfrig Alimentos said that buying Keystone gives the company access to a supplier to international food and restaurant companies such as McDonald's Corp. and Campbell Soup Co. Marfrig has sought to expand production through acquisitions in the past three years. About Marfrig Alimentos Marfrig Alimentos SA processes food. The Company processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. Marfrig operates in South American, the United States, and Europe. * * * As of July 24, 2010, the company continues to carry Moody's "B1" long-term rating and long-term corp. family rating. The company also continues to carry Standard and Poor's "B+" long-term issuer credit ratings. ========================== C A Y M A N I S L A N D S ========================== ATB LTD: Shareholders' Final Meeting Set for August 17 ------------------------------------------------------ The shareholders of ATB Ltd. will hold their final meeting, on August 17, 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: Patrick Shaunessy The Crighton Building Suite 201 256 Crewe Road P.O. Box 1166, Grand Cayman KY1-1102 BANK VONTOBEL: Creditors' Proofs of Debt Due on August 9 -------------------------------------------------------- The creditors of Bank Vontobel Cayman are required to file their proofs of debt by August 9, 2010, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o Jill Zadny Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands BORONIA FINANCE: Shareholders' Final Meeting Set for August 20 -------------------------------------------------------------- The shareholders of Boronia Finance Limited will hold their final meeting, on August 20, 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: Bernard McGrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 CYPRESS ASSET: Shareholders' Final Meeting Set for August 23 ------------------------------------------------------------ The shareholders of Cypress Asset Holdings Ltd. will hold their final meeting, on August 23, 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: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands DURATEX OVERSEAS: Shareholders' Final Meeting Set for August 27 --------------------------------------------------------------- The shareholders of Duratex Overseas will hold their final meeting, on August 27, 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: Flavio Marassi Donatelli Duratex Av. Paulista nr. 1938-Terrace Sao Paulo-SP, Brazil FLINDERS AIRCRAFT: Shareholders' Final Meeting Set for August 20 ---------------------------------------------------------------- The shareholders of Flinders Aircraft Finance Limited will hold their final meeting, on August 20, 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: Bernard McGrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 KAL JAPAN: Shareholders' Final Meeting Set for August 20 -------------------------------------------------------- The shareholders of Kal Japan ABS 3 Cayman Limited will hold their final meeting, on August 20, 2010, at 9:45 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MA BLUETREND: Sole Shareholder to Hear Wind-Up Report on Aug. 10 ---------------------------------------------------------------- The sole shareholder of MA Bluetrend Limited will receive, on August 10, 2010, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K. Beighton c/o Jenny Broadbridge Telephone: 345-815-2686 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands MITRA CORP: Shareholders' Final Meeting Set for August 23 --------------------------------------------------------- The shareholders of Mitra Corp. will hold their final meeting, on August 23, 2010, at 12:00 noon to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands ORPHEUS II: Shareholders' Final Meeting Set for August 20 --------------------------------------------------------- The shareholders of Orpheus II Limited will hold their final meeting, on August 20, 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: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands R-ONE TAKATSUKI: Shareholders' Final Meeting Set for August 20 -------------------------------------------------------------- The shareholders of R-One Takatsuki Holdings will hold their final meeting, on August 20, 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: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands SWISS-SYSTEMATIC: Shareholders' Final Meeting Set for August 27 --------------------------------------------------------------- The shareholders of Swiss-Systematic Japan Trends Limited will hold their final meeting, on August 27, 2010, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman TCM SPECTRUM: Shareholders' Final Meeting Set for August 18 ----------------------------------------------------------- The shareholders of TCM Spectrum Fund (Offshore) II Ltd. will hold their final meeting, on August 18, 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: Reid Services Limited PO Box 1350, Clifton House 75 Fort Street George Town Grand Cayman KY1-1108 Cayman Islands Telephone: + 345 949 4900 TCM SPECTRUM: Shareholders' Final Meeting Set for August 18 ----------------------------------------------------------- The shareholders of TCM Spectrum Fund (Offshore) Ltd. will hold their final meeting, on August 18, 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: Reid Services Limited PO Box 1350, Clifton House 75 Fort Street George Town Grand Cayman KY1-1108 Cayman Islands Telephone: + 345 949 4900 TELT LIMITED: Shareholders' Final Meeting Set for August 27 ----------------------------------------------------------- The shareholders of Telt Limited will hold their final meeting, on August 27, 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: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman TREETOP GLOBAL: Shareholders' Final Meeting Set for August 20 ------------------------------------------------------------- The shareholders of Treetop Global Long/Short Meridian Fund Inc. will hold their final meeting, on August 20, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands VONTOBEL TRUST: Creditors' Proofs of Debt Due on August 9 --------------------------------------------------------- The creditors of Vontobel Trust Company Cayman are required to file their proofs of debt by August 9, 2010, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o Jill Zadny Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands VTC DIRECTOR: Creditors' Proofs of Debt Due on August 9 ------------------------------------------------------- The creditors of VTC Director Services are required to file their proofs of debt by August 9, 2010, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o Jill Zadny Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands WEST LAKE: Shareholders' Final Meeting Set for August 20 -------------------------------------------------------- The shareholders of West Lake Aircraft Company Limited will hold their final meeting, on August 20, 2010, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard McGrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 WP X INVESTMENTS: Shareholders' Final Meeting Set for August 20 --------------------------------------------------------------- The shareholders of WP X Investments III Ltd. will hold their final meeting, on August 20, 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: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: To Post 2ndQ and 1H 2010 Earnings Release on July 28 ------------------------------------------------------------------ Ecopetrol SA will release its second quarter and first half 2010 results on Wednesday, July 28, 2010, after the market closes. The earnings release will be available on the Company's Web site: http://www.ecopetrol.com.co/ On Thursday, July 29, Ecopetrol's senior management will host two webcasts to review the performance in the second quarter and first half 2010: In Spanish In English 1:30 p.m. Bogota 3:00 p.m. Bogota 2:30 p.m. New York 4:00 p.m. New York 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 reported in the Troubled Company Reporter-Latin America on July 13, 2010, Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit rating on Ecopetrol SA. EMPRESA DE ENERGIA: Plans to Pay US$110 Million to Shareholders --------------------------------------------------------------- Empresa de Energia de Bogota SA's board approved the distribution of an extraordinary COP205 billion (US$110 million) to its shareholders, Dow Jones Newswires reports, citing Chief Executive Officer Monica De Greiff. The report relates that if the company's shareholders and local regulators approve the distribution, the company would pay its shareholders COP2,384 a share. According to the report, EEB has received an extraordinary payment of COP229 billion from local power generation company Emgesa, which is operated by Spain's Endesa SA and partly owned by EEB. Henry Navarro, EEB's vice president for planning, said that EEB's board decided it can finance its investment plans with its own cash flow and planned debt and doesn't need the new cash, the report notes. Dow Jones Newswires notes Johanna Castro, a stock analyst with local brokerage Corredores Asociados, said that the payment is good for minority shareholders, though in the medium term it might have been better to reduce debt instead of paying shareholders. "There is some politics involved. The company is mainly owned by the city council, which is always in need of cash," the report quoted Ms. Asociados as saying. About Empresa de Energia Empresa de Energia de Bogota S.A. ESP generates, transmits, distributes and markets electric energy, natural gas and other liquid fuels in Colombia. * * * As of July 24, 2010, the company continues to carry Standard and Poor's "BB+" long-term issuer credit ratings. The company also continues to carry Fitch rating's "BB" long-term issuer default ratings and senior unsecured debt rating. ============= E C U A D O R ============= CONSTRUTORA NORBERTO: Unit to Obtain US$516 Million From BNDES -------------------------------------------------------------- Brazil's toll-road operator Rota das Bandeiras S.A. signed a contract to obtain financing worth BRL921.5 million (US$516 million) from National Development Bank (BNDES), Rogerio Jelmayer at Dow Jones Newswires reports. The company is controlled by Construtora Norberto Odebrecht SA. According to the report, Rota das Bandeiras said it will use the proceeds to finance investments in the expansion and maintenance of one of its highways in Sao Paulo state. The report notes that BNDES loans are offered at lower interest rates than private banks. The report relates that the loans are calculated in accordance with the government's long-term interest rate, known as the TJLP, which is 6%, plus an average spread of 2%. About Construtora Norberto Odebrecht Construtora Norberto Odebrecht SA is a Latin American engineering and construction company fully owned by the Odebrecht Group, one of the 10 largest Brazilian private groups. Construtora Norberto is the world's largest builder of hydroelectric plants, of sanitary and storm sewers, water treatment and desalination plants, transmission lines and aqueducts. The Group's main businesses are heavy engineering and construction based in Rio de Janeiro, Brazil, and Braskem S.A., its chemicals/petrochemicals company, based in Sao Paulo, Brazil. * * * As of July 21, 2010, the company continues to carry Fitch ratings' "BB+" long-term issuer default ratings and senior unsecured debt rating. The company also continues to carry Standard and Poor's "BB" long-term issuer credit ratings. PETROECUADOR: Needs 75 Days for Oil Spill Clean-Up -------------------------------------------------- Petroecuador estimated that it will take two and a half months to clean up a heavy diesel fuel spill that contaminated the Teaone River in the northern coastal province of Esmeraldas, The Latin American Herald reports. The heads of the company's health, safety and environmental units arrived at that timeframe after touring contaminated areas where cleaning crews were "manually weeding out and clearing the vegetation affected" by the July 10 spill, Petroecuador said in a statement obtained by the news agency. The report relates that some 1,300 barrels of fuel oil spilled that day at the state-run Esmeraldas refinery contaminating two nearby rivers. The company, the report notes, said that the local population "will continue receiving medical assistance" for possible health problems related to the spill, adding that the clean-up and remediation of the shores of the Teaone River will be completed by mid-September if weather conditions allow. The report relates that at the same time, organic waste will be treated at the refinery and later used for composting. Around 100 barrels have been recovered thanks to the work of the cleaning crews, while an estimated 50 barrels of fuel oil contaminated the banks of the river and the surrounding undergrowth, Petroecuador said, the report adds. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. ============= J A M A I C A ============= LONG POND: Farmers to Receive JM$21 Million in Compensation ----------------------------------------------------------- Around 200 cane farmers in Trelawny and St. James who were unable to harvest their cane five years ago, due to the premature end of the 2004/2005 sugar crop at the then state-run Long Pond Sugar Estate, are to receive UJM$21 million in compensation, Jamaica Observer reports, citing Allan Rickards, the chairman of the All Island Jamaica Cane Farmers Association. The report relates Mr. Rickards said that the farmers that the agreement was reached when he met with Robert Levy, the chairman of the Sugar Company of Jamaica. As reported in the Troubled Company Reporter-Latin America on July 21, 2010, RadioJamaica said that the Sugar Industry Authority has been asked to investigate the extended closure of the Long Pond which was divested by the government a year ago. The report related that questions have been raised about the firm's state of affairs which is likely to remain closed for several months. According to the report, the compensation package being hammered out will include the supply of cane seeds, fertilisers, weedicides and tillage operations to the farmers. The report recalls that five years ago, Long Pond sugar factory ceased the manufacturing of sugar at the facility without giving the farmers the prescribed 30-day notice. Following the closure, the report relates, cane farmers in Trelawny and St James who are contracted to supply Long Pond, claimed that they were unable to harvest 12,804 tonnes of cane, due to the premature closure of the facility. Mr. Rickards, the report relates, also told the cane farmers in the Clarendon area, who were unable to harvest their canes in 2005, are to get just over JM$17 million in compensation. The farmers claimed that they were unable to harvest 10,020 tonnes of cane, the report adds. RED STRIPE: To Start Making Jobs Redundant ------------------------------------------ About 60 people are to lose their jobs at brewing giant Red Stripe, RadioJamaica reports. The report relates that Red Stripe said the cuts have become necessary due to a decline in business. According to the report, the management has also revised the company's business model to maintain viability and prepare for future growth. As reported in the Troubled Company Reporter-Latin America on July 12, 2010, RadioJamaica said that Red Stripe Head of Corporate Relations Margaret Cremin said the company will fire 60 employees on July 23, 2010, the latest redundancy exercise to be undertaken at the company. According to the report, Red Stripe's management also revealed that a number of vacant positions will not be filled, and have been cancelled. The report related that Ms. Cremin said that line staff and management personnel are among those to lose their jobs. The report noted that Red Stripe's business performance had declined progressively over the last two years. Red Stripe is a Jamaican beer company. =========== M E X I C O =========== USINAS SIDERURGICAS: JV With Sumitomo May Expand Iron Ore Capacity ------------------------------------------------------------------ Masumi Suga and Ichiro Suzuki at Bloomberg News reports that Sumitomo Corp. said that its venture with Usinas Siderurgicas de Minas Gerais SA may expand iron ore production by two thirds amid rising demand in Asia. The venture with Usiminas Siderurgicas may be able to boost estimated annual iron ore output to 50 million metric tons, Sumitomo Managing Executive Officer Toru Furihata told the news agency in an interview. That's an increase on its plan to produce 30 million tons by 2015 from 7 million ton by expanding capacity at its mine in the state of Minas Gerais, he added. The report notes Sumitomo Corp. has agreed to pay US$1.93 billion for a 30% stake in a unit of Usiminas as rising steel consumption in China and India drives demand and prices for the ore. The venture could further expand output by buying or developing mines, or paying royalties to producers near its project in the Serra Azul region, Mr. Furihata said, the report relates. Sumitomo Corp., Bloomberg News notes, said it will boost its iron ore supplies 10-fold by 2015 to about 10 million tons by taking a stake in the venture with Belo Horizonte-based Usiminas. Sumitomo intends to sell the material to mills in Japan, China, India, South Korea and Taiwan, the report adds. About Usinas Siderurgicas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of May 7, 2010, the company continues to carry Moody's "Ba1" subordinate debt rating. ================================================= S T V I N C E N T & T H E G R E N A D I N E S ================================================= CL FINANCIAL: Prime Minister Wants TT Equity for BAICO ------------------------------------------------------ St. Vincentian Prime Minister Dr. Ralph Gonsalves said that he expects Trinidad and Tobago to get involved in the formation of a new entity to replace the financially troubled British American Insurance Company (BAICO), Jamaica Gleaner reports. BAICO is a unit of CL Financial Group Limited. As reported in the Troubled Company Reporter-Latin America on August 7, 2009, The Royal Gazette said KPMG Advisory will proceed with the liquidation of BAICO's Bermuda branch following the Bermuda Monetary Authority's statement that it had started winding up proceedings against the company in the Supreme Court. According to the Gazette, BMA's move was aimed to protect its customers in light of "the continuing severe financial difficulties"faced by BAICO and its parent, CL Financial Group. According to the report, BAICO has been placed under judicial management, and the Organization of Eastern Caribbean States and other regional governments are partnering with investors to form a new company to assume its liabilities. Mr. Gonsalves, the report notes, appears to be seeking from the Kamla Persad-Bissesar administration similar commitments to that made by her predecessor. The Gleaner says that the Patrick Manning administration had agreed to contribute US$100 million, in addition to the US$50 million it has given from the Petroleum Facility, to aid with the capitalization of the new company, which will need an estimated US$400-million injection. The report relates that the Eastern Caribbean Central Bank said it is working with the judicial managers to assess "whether BAICO is able to recover funds from certain individuals or organizations who may have contributed to BAICO's financial and other problems." "The relevant authorities within each of the Eastern Caribbean countries, where BAICO conducted business, may also need to evaluate and pursue potential criminal activity regarding BAICO," the company said in a statement obtained by the news agency. The statement warned, however, that legal action, whether criminal or civil, may lead to the recovery of more assets, but "is a long and often costly road," the report relates. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company 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$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * BOND PRICING: For the Week July 19, to July 23, 2010 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ANTIGUA NOBEL BIOCARE IN 1 11/8/2011 CHF 99.82912 TEVA PHARM FIN 1.75 2/1/2026 USD 120 CARNIVAL CORP 2 4/15/2021 USD 100 ARGENTINA ARGENT-$DIS 8.28 12/31/2033 USD 72.875 ARGENT-$DIS 8.28 12/31/2033 USD 60 ARGENT-$DIS 8.28 12/31/2033 USD 72 ARGENT-PAR 1.18 12/31/2038 ARS 71.25 ARGENT-?DIS 7.82 12/31/2033 EUR 61.25 ARGENT-?DIS 7.82 12/31/2033 EUR 61.75 ARGNT-BOCON PR13 2 3/15/2024 ARS 70.8 BANCO MACRO SA 10.75 6/7/2012 USD 68.14786 BUENOS AIRE PROV 9.625 4/18/2028 USD 73.077936 MENDOZA PROVINCE 5.5 9/4/2018 USD 77.351176 XSTRATA CAPITAL 4 8/14/2017 USD 107.50376 BRAZIL BNDES PARTICIP 6 1/15/2012 BRL 20 CESP 9.75 1/15/2015 BRL 66.397489 CAYMAN ISLAND BANCO BPI (CI) 4.15 11/14/2035 EUR 62.409 BANIF FIN LTD 3 12/31/2019 EUR 51.125 BARION FUNDING 1.44 12/20/2056 GBP 31.35551 BARION FUNDING 0.63 12/20/2056 GBP 17.76799 BCP FINANCE CO 4.239 EUR 62.857143 BCP FINANCE CO 5.543 EUR 65.134939 BES FINANCE LTD 5.58 EUR 64.643713 BES FINANCE LTD 6.984 2/7/2035 EUR 63.933789 BES FINANCE LTD 1.625 4/15/2013 USD 87.9482 BES FINANCE LTD 1.25 2/26/2011 USD 96.02417 BES FINANCE LTD 3 5/19/2015 EUR 89.10373 CHINA MED TECH 3.5 11/15/2011 USD 88 CHINA MED TECH 4 8/15/2013 USD 65.5 COUNTRY GARDEN 2.5 2/22/2013 CNY 110.198 DUBAI HLDNG COMM 6 2/1/2017 GBP 70.788 EFG ORA FUNDING 1.7 10/29/2014 EUR 60.66678 ESFG INTERNATION 5.753 EUR 64.571428 FAIR VANTAGE LTD 1 6/3/2013 HKD 115.8433 FAR EAST CONSORT 3.625 3/5/2015 HKD 96.625 FERTINITRO FIN 8.29 4/1/2020 USD 69.5 FUFENG GROUP LTD 4.5 4/1/2015 CNY 97.975 HIDILI INDUSTRY 1.5 1/19/2015 CNY 92.96667 INDEPENDENCIA IN 12 12/30/2016 USD 29.25 JA SOLAR HOLD CO 4.5 5/15/2013 USD 85.05 KEYSTONE CAPITAL 0.1 4/4/2011 JPY 98.5491 KEYSTONE CAPITAL 0.1 4/4/2013 JPY 97.35834 LDK SOLAR CO LTD 4.75 4/15/2013 USD 82.875 MAZARIN FDG LTD 1.44 9/20/2068 GBP 28.737541 MELCO PBL SPV 2.4 9/10/2012 USD 99.675 PUBMASTER FIN 6.962 6/30/2028 GBP 71 SHANDA INTERACT 2 9/15/2011 USD 109.4 SHINSEI FIN CAYM 6.418 #N/A Field NotUSD 63.3 SHINSEI FIN CAYM 6.418 #N/A Field NotUSD 63.973797 SHINSEI FINANCE 7.16 #N/A Field NotUSD 65 SOHO CHINA LTD 3.75 7/2/2014 HKD 104.1475 SOLARFUN POWER H 3.5 1/15/2018 USD 67.465 SUNTECH POWER 3 3/15/2013 USD 79.175 TRANSOCEAN INC 1.5 12/15/2037 USD 93 TRANSOCEAN INC 1.5 12/15/2037 USD 89 TRANSOCEAN INC 1.625 12/15/2037 USD 98.25 TRINA SOLAR LTD 4 7/15/2013 USD 135.833 AGUAS NUEVAS 3.4 5/15/2012 CLP 0.6943 ESVAL S.A. 3.8 7/15/2012 CLP 50.404121 PANAMA WILLBROS GROUP 2.75 3/15/2024 USD 96.89 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 48 PUERTO RICO CONS 6.5 4/1/2016 USD 57 VENEZUELA PETROLEOS DE VEN 5 10/28/2015 USD 52.770915 PETROLEOS DE VEN 4.9 10/28/2014 USD 57.456901 PETROLEOS DE VEN 5.25 4/12/2017 USD 56.89125 PETROLEOS DE VEN 5.375 4/12/2027 USD 45.839455 PETROLEOS DE VEN 5.5 4/12/2037 USD 44.724242 PETROLEOS DE VEN 5.125 10/28/2016 USD 51.13993 SIDETUR FINANCE 10 4/20/2016 USD 68.5 VENEZUELA 7.75 10/13/2019 USD 63.125 VENEZUELA 6 12/9/2020 USD 55.91 VENEZUELA 9 5/7/2023 USD 63.925 VENEZUELA 8.25 10/13/2024 USD 59.825 VENEZUELA 7.65 4/21/2025 USD 57.625 VENEZUELA 9.25 9/15/2027 USD 69.5 VENEZUELA 9.25 9/15/2027 USD 65.209631 VENEZUELA 7 12/1/2018 USD 61.5 VENEZUELA 9.25 5/7/2028 USD 64 VENEZUELA 5.75 2/26/2016 USD 65.25 VENEZUELA 7 3/31/2038 USD 53.5 VENEZUELA 7 3/31/2038 USD 51.307847 VENZOD - 189000 9.375 1/13/2034 USD 63.5 *********** 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 * * *