/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100810.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, August 10, 2010, Vol. 11, No. 156 Headlines A N T I G U A & B A R B U D A STANFORD INTERNATIONAL: Local Investors Open Owner's Stadium A R G E N T I N A BLU SRL: Creditors' Proofs of Debt Due October 8 CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due Oct. 15 FORESTAL IBICUY: Creditors' Proofs of Debt Due October 22 MI SUPER: Creditors' Proofs of Debt Due September 27 TRANSPORTE PACHENGO: Creditors' Proofs of Debt Due October 21 * ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating on Cordoba * ARGENTINA: U.S. Court Says Creditors Can Use Fund Assets B E R M U D A CPCU INSTITUTE: Creditors' Proofs of Debt Due on August 25 CPCU INSTITUTE: Members' Final Meeting Set for September 14 GASPAR HOLDINGS: Creditors' Proofs of Debt Due on August 25 GASPAR HOLDINGS: Members' Final Meeting Set for September 14 B R A Z I L BANCO BRADESCO: Considers Boosting Stake in Cielo SA CAIXA ECONOMICA: Considers Boosting Stake in Cielo SA ELETROPAULO METROPOLITANA: To Pay US$356 Million in Dividends GERDAU AMERISTEEL: Goodman & Co. Won't Support Parent Takeover GERDAU SA: Goodman & Co. Won't Support Takover of U.S. Unit GOL LINHAS: Sees Demand Rise 12.2% in July 2010 C A Y M A N I S L A N D S ADF CAPITAL: Members' Final Meeting Set for September 3 ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20 ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20 AVALON RE: Creditors' Proofs of Debt of Debt Due on August 20 BANCO PRIVADO: Creditors' First Meeting Set for August 26 BLUE EAGLE: Shareholders' Final Meeting Set for September 13 CUMIN INVESTMENTS: Creditors' Proofs of Debt Due on August 16 ENTERASIA LIMITED: Creditors' Proofs of Debt Due on September 3 EUROMAX III: S&P Downgrades Ratings on Various Classes of Notes GDF MANAGEMENT: Members' Final Meeting Set for August 27 GLACIER BAY: Shareholder to Hear Wind-Up Report on September 8 LEADING SPIRIT: Creditors' Proofs of Debt Due on August 13 MAGNUS FUNDING: Creditors' Proofs of Debt Due on September 2 MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3 MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3 NORTH STREET: Shareholders' Final Meeting Set for Sept. 3 NYKREDIT SIRIUS: Creditors' Proofs of Debt Due on September 2 OSIRIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13 R-ONE FUSHIMI: Shareholders' Final Meeting Set for Sept. 3 SATELLITE STRATEGIC: Requires to File Proofs of Debt by Sept. 2 TVA LTD: Creditors' Proofs of Debt Due on September 2 D O M I N I C A N R E P U B L I C MEDIATEAM DOMINICANA: Shuts Down Two Media Outlets E C U A D O R * ECUADOR: Renegotiates With Foreign Oil Firms M E X I C O MEXICANA AIRLINES: Group to Defend Pilots on CBA Attack MEXICANA AIRLINES: Flight Attendants Should 'Never' Take Wage Cuts VITRO SAB: Creditors Turn Down Latest Restructuring Offer P U E R T O R I C O EVERTEC INC: S&P Assigns Corporate Credit Rating at 'B+' T U R K S & C A I C O S I S L A N D S TCI BANK: Creditors Have Hope of Rescuing Bank V E N E Z U E L A * VENEZUELA: Set to Reveal Details of US$3 Billion Debt Sale - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INTERNATIONAL: Local Investors Open Owner's Stadium ------------------------------------------------------------ Investors in Antigua have reopened a stadium and cricket-themed restaurant that belonged to Robert Allen Stanford, owner of Stanford International Bank Limited. According to the report, the Sticky Wicket restaurant overlooking the stadium also reopened with 40 employees. The report relates that many worked at the popular dining spot previously and lost their jobs because of Mr. Stanford's alleged pyramid scheme. 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 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= BLU SRL: Creditors' Proofs of Debt Due October 8 ------------------------------------------------ The court-appointed trustee for Blu S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 8, 2010. The trustee will present the validated claims in court as individual reports on November 19, 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 17, 2010. CARPINTERIA INDUSTRIAL: Creditors' Proofs of Debt Due Oct. 15 ------------------------------------------------------------- The court-appointed trustee for Carpinteria Industrial Palacios S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 15, 2010. The trustee will present the validated claims in court as individual reports on December 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 March 25, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on August 30, 2011. FORESTAL IBICUY: Creditors' Proofs of Debt Due October 22 --------------------------------------------------------- The court-appointed trustee for Forestal Ibicuy S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 22, 2010. The trustee will present the validated claims in court as individual reports on December 6, 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 February 16, 2011. MI SUPER: Creditors' Proofs of Debt Due September 27 ---------------------------------------------------- The court-appointed trustee for Mi Super S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until September 27, 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 27, 2010. TRANSPORTE PACHENGO: Creditors' Proofs of Debt Due October 21 ------------------------------------------------------------- The court-appointed trustee for Transporte Pachengo S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 21, 2010. The trustee will present the validated claims in court as individual reports on November 20, 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 3, 2010. * ARGENTINA: S&P Affirms 'B-' Issuer Credit Rating on Cordoba ------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'B-' long-term issuer credit rating on the Province of Cordoba. At the same time, S&P affirmed its national scale rating of 'raA+' on Cordoba. The outlook is stable. The recovery rating on the province's unsecured debt is '3'. "S&P's rating on the Province of Cordoba reflects the high risk inherent to Argentina," said Standard & Poor's credit analyst Delfina Cavanagh. Negative local factors include high inflation, low investments, and lack of predictability regarding the direction of economic policies in Argentina. The province's relatively high debt level and its limited fiscal flexibility also constrain the ratings. The prudent fiscal management, which led to six consecutive years of balanced budgets (after capital expenditures) excepting 2009, somewhat offsets the risks. A well- diversified economic structure, which tends to minimize Cordoba's vulnerability to unexpected economic shocks, also supports the province's creditworthiness. According to official data, Argentina's GDP grew 0.9% in 2009. S&P projects 6.5% growth in the sovereign's GDP in 2010 and a similar trend for Cordoba. Despite the economic slow-down and high inflation, Cordoba's operating performance in 2009 was slightly better than that of 2008. However, the province had a fiscal deficit after capital expenditures because of a significant 66% increase in public infrastructure works. The budget for 2010 reflects similar levels of capital expenditures, providing some flexibility to face unexpected shocks. S&P expects revenues to increase significantly in 2010 as the economy recovers, but S&P also expect spending to increase significantly as a consequence of high inflation. The stable outlook reflects S&P's expectation that Cordoba's relatively prudent fiscal policies and strong economic growth expected for 2010 will continue to compensate for the risks of its relatively high debt and the high inflation in Argentina. A sovereign upgrade could lead to a positive rating action on the province. Greater fiscal deterioration or an increase in debt to an unsustainable level could prompt us to lower the ratings. * ARGENTINA: U.S. Court Says Creditors Can Use Fund Assets ---------------------------------------------------------- A U.S. federal appeals court has shot down the Republic of Argentina's challenge to three orders that allow creditors EM Ltd. and NML Capital Ltd. to collect against interests the country holds in a trust fund as part of their attempt to recover from defaulted bonds the country issued, Bankruptcy Law360 reports. ============= B E R M U D A ============= CPCU INSTITUTE: Creditors' Proofs of Debt Due on August 25 ---------------------------------------------------------- The creditors of CPCU Institute of Greater China, Ltd. are required to file their proofs of debt by August 25, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 5, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda CPCU INSTITUTE: Members' Final Meeting Set for September 14 ----------------------------------------------------------- The members of CPCU Institute Of Greater China, Ltd. will hold their final meeting, on September 14, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 5, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda GASPAR HOLDINGS: Creditors' Proofs of Debt Due on August 25 ----------------------------------------------------------- The creditors of Gaspar Holdings Limited are required to file their proofs of debt by August 25, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 5, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda GASPAR HOLDINGS: Members' Final Meeting Set for September 14 ------------------------------------------------------------ The members of Gaspar Holdings Limited will hold their final meeting, on September 14, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 5, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda =========== B R A Z I L =========== BANCO BRADESCO: Considers Boosting Stake in Cielo SA ---------------------------------------------------- Telma Marotto at Bloomberg News reports that Banco Bradesco SA and Banco do Brasil SA said they are considering allowing government- controlled Caixa Economica Federal to increase its stake in credit card company Cielo SA. According to the report, Caixa Economica Federal will also join Banco Bradesco and Banco do Brasil in their credit and debit-card business Elo. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- serves low-and medium- income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer-mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As reported in the Troubled Company Reporter-Latin America on May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco S.A.'s Support Rating Floor at 'BB'. 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. CAIXA ECONOMICA: Considers Boosting Stake in Cielo SA ----------------------------------------------------- Telma Marotto at Bloomberg News reports that Banco Bradesco SA and Banco do Brasil SA said they are considering allowing government- controlled Caixa Economica Federal to increase its stake in credit card company Cielo SA. According to the report, Caixa Economica Federal will also join Banco Bradesco and Banco do Brasil in their credit and debit-card business Elo. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- serves low-and medium- income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer-mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As reported in the Troubled Company Reporter-Latin America on May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco S.A.'s Support Rating Floor at 'BB'. 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. ELETROPAULO METROPOLITANA: To Pay US$356 Million in Dividends ------------------------------------------------------------- Eletropaulo Metropolitana Eletricidade de Sao Paulo SA will pay BRL625.5 million (US$356 million) in dividends, Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. According to the report, the payment will be made through two installments, the first worth BRL312.76 million on September 15 and the second, also totaling BRL312.76 million on December 7. The report relates that Eletropaulo said the payment will be based on shareholders' positions as of August 5, 2010. Each installment will represent a payment of BRL1.76 per common share and BRL1.94 per preferred share, the report notes. As reported in the Troubled Company Reporter-Latin America on August 9, 2010, Dow Jones Newswire said that Eletropaulo Metropolitana recorded a BRL465.8 million (US$265.56 million) profit in the second quarter from BRL155 million in the same quarter last year. According to the report, earnings before interest, taxes, depreciation and amortization (Ebitda) more than doubled in the period to BRL732.1 million. The report related that the company reported net financial revenue of BRL70.7 million and net financial costs of BRL9.9 million. About Eletropaulo Metropolitana Eletropaulo Metropolitana S.A. generates, transmits, distributes, and markets electrical power to the City of Sao Paulo and surrounding metropolitan regions. Eletropaulo is the Brazilian unit of AES Corp. * * * As of May 18, 2010, the company continues to carry Moody's "Ba1" subordinate debt rating. The company also continues to carry Fitch Ratings' "BB" long-term issuer default ratings and senior unsecured debt rating. GERDAU AMERISTEEL: Goodman & Co. Won't Support Parent Takeover -------------------------------------------------------------- Andy Georgiades at Dow Jones Newswires reports that Gerdau Ameristeel Corp.'s largest minority shareholder won't support a takeover bid by the company's parent, Gerdau SA, unless the offer price is raised. David Taylor, portfolio manager at Goodman & Co., which owns about 5% of the stock, told Dow Jones in an interview that he's been talking to other shareholders who are also unhappy with the bid and believes there's a chance the takeover could be blocked. As reported in the Troubled Company Reporter-Latin America on August 9, 2010, Gerdau Ameristeel and Gerdau S.A. disclosed that, as of August 5, 2010, more than 66-2/3% of the votes cast to date by all Gerdau Ameristeel shareholders and more than a majority of the votes cast to date by the minority shareholders have been voted in favor of the proposed acquisition by Gerdau S.A. of the common shares of Gerdau Ameristeel that it does not already own at a price of US$11.00 cash per common share. For the transaction to be implemented, it must be approved by not less than 66-2/3% of the votes cast by all Gerdau Ameristeel shareholders, and a simple majority of the votes cast by the minority shareholders, present in person or represented by proxy and entitled to vote on the plan of arrangement resolution at the special meeting of Gerdau Ameristeel's shareholders. The Board of Directors of Gerdau Ameristeel unanimously recommends that shareholders vote in favour of the plan of arrangement resolution. Gerdau Ameristeel received positive shareholder support and favourable recommendations from two leading proxy advisory firms, ISS Proxy Advisory Services and Glass Lewis & Co. As the regulatory review of certain disclosure documents related to the transaction is not expected to be completed before the August 10, 2010, special meeting of Gerdau Ameristeel's shareholders, Gerdau Ameristeel is rescheduling the special meeting to a later date in order to accommodate this regulatory review process. According to Dow Jones Newswire, RBC, the independent adviser hired by Ameristeel's special committee, said fair market value of the stock is US$11-US$13 a share, according to an offer circular. However, the report notes, Mr. Taylor have a couple of problems with the offer. The report relates Mr. Taylor said that for one thing, it's at the low end of RBC's range. "Even if you accept the valuation, why sell at the low end?" the report quoted Mr. Taylor as saying. In addition, the report notes Mr. Taylor said RBC didn't account for "third-party synergies" in its valuation, meaning the cost savings that a company other than the parent would reap from a purchase of Gerdau. The report relates Mr. Taylor said that, in other situations of a parent taking over a subsidiary, the value of another company's potential synergies was taken into consideration by the independent advisor. Mr. Taylor said he's not against selling the company, he just wants a fairer price, which in his opinion is US$12.25, the price of its last equity issue in 2007, the report adds. About Gerdau Ameristeel Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. * * * As of June 23, 2010, the company continues to carry Moody's "Ba1" long-term corporate family rating, senior unsecured debt rating, and probability of default rating. The company also continues to carry Standard and Poor's BB+ issuer credit ratings. About Gerdau S.A. 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" long-term corporate family rating and "Ba1" senior unsecured debt ratings. GERDAU SA: Goodman & Co. Won't Support Takover of U.S. Unit ----------------------------------------------------------- Andy Georgiades at Dow Jones Newswires reports that Gerdau Ameristeel Corp.'s largest minority shareholder won't support a takeover bid by the company's parent, Gerdau SA, unless the offer price is raised. David Taylor, portfolio manager at Goodman & Co., which owns about 5% of the stock, told Dow Jones in an interview that he's been talking to other shareholders who are also unhappy with the bid and believes there's a chance the takeover could be blocked. As reported in the Troubled Company Reporter-Latin America on August 9, 2010, Gerdau Ameristeel and Gerdau S.A. disclosed that, as of August 5, 2010, more than 66-2/3% of the votes cast to date by all Gerdau Ameristeel shareholders and more than a majority of the votes cast to date by the minority shareholders have been voted in favor of the proposed acquisition by Gerdau S.A. of the common shares of Gerdau Ameristeel that it does not already own at a price of US$11.00 cash per common share. For the transaction to be implemented, it must be approved by not less than 66-2/3% of the votes cast by all Gerdau Ameristeel shareholders, and a simple majority of the votes cast by the minority shareholders, present in person or represented by proxy and entitled to vote on the plan of arrangement resolution at the special meeting of Gerdau Ameristeel's shareholders. The Board of Directors of Gerdau Ameristeel unanimously recommends that shareholders vote in favour of the plan of arrangement resolution. Gerdau Ameristeel received positive shareholder support and favourable recommendations from two leading proxy advisory firms, ISS Proxy Advisory Services and Glass Lewis & Co. As the regulatory review of certain disclosure documents related to the transaction is not expected to be completed before the August 10, 2010, special meeting of Gerdau Ameristeel's shareholders, Gerdau Ameristeel is rescheduling the special meeting to a later date in order to accommodate this regulatory review process. According to Dow Jones Newswire, RBC, the independent adviser hired by Ameristeel's special committee, said fair market value of the stock is US$11-US$13 a share, according to an offer circular. However, the report notes, Mr. Taylor have a couple of problems with the offer. The report relates Mr. Taylor said that for one thing, it's at the low end of RBC's range. "Even if you accept the valuation, why sell at the low end?" the report quoted Mr. Taylor as saying. In addition, the report notes Mr. Taylor said RBC didn't account for "third-party synergies" in its valuation, meaning the cost savings that a company other than the parent would reap from a purchase of Gerdau. The report relates Mr. Taylor said that, in other situations of a parent taking over a subsidiary, the value of another company's potential synergies was taken into consideration by the independent advisor. Mr. Taylor said he's not against selling the company, he just wants a fairer price, which in his opinion is US$12.25, the price of its last equity issue in 2007, the report adds. About Gerdau Ameristeel Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. * * * As of June 23, 2010, the company continues to carry Moody's "Ba1" long-term corporate family rating, senior unsecured debt rating, and probability of default rating. The company also continues to carry Standard and Poor's BB+ issuer credit ratings. About Gerdau S.A. 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" long-term corporate family rating and "Ba1" senior unsecured debt ratings. GOL LINHAS: Sees Demand Rise 12.2% in July 2010 ----------------------------------------------- Rogerio Jelmayer at Dow Jones Newswires reports that GOL Linhas Aereas Inteligentes SA registered an increase in traffic during July, helped by continued economy expansion and the vacation period. According to the report, GOL registered revenue-passenger kilometers (RPKs) of 2.79 billion last month, up 12.2% from a year earlier. "In line with the continuing upward trend, demand on the domestic market grew by 5.4% over July 2009, chiefly due to the combined effect of the improved economic scenario in Brazil and South America; and the seasonally favorable period for the industry thanks to the school vacations in July," Gol Linhas said in a statement obtained by the news agency. "Demand on GOL's international route network increased by a hefty 84.4% over July 2009 and 45.8% over the previous month, primarily due to: the continuous growth of international air traffic in Latin America, especially heavy demand for GOL flights to Argentina, Chile and Uruguay; the resumption of demand in the Southern Cone region, which had been jeopardized by the impact of the H1N1 flu outbreak on air traffic in July 2009; and the appreciation of the Brazilian Real over the U.S. Dollar," it added, the report relates. About Gol Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provide airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 16, 2010, Moody's Investors Service raised its Corporate Family and senior unsecured ratings for Gol Linhas Aereas Inteligentes S.A. and Gol Finance to "Ba3" from "B1" reflecting improved operating performance and financial flexibility especially following the recent debt issuance. The ratings outlook is stable. Ratings upgraded with a stable outlook: Issuer: Gol Finance -- 7.5% US$225 million senior unsecured notes due 2017: Ba3 -- 8.75% US$200 million senior unsecured perpetual notes: Ba3 Issuer: Gol Linhas Aereas Inteligentes S.A. -- Corporate Family Rating: Ba3 ========================== C A Y M A N I S L A N D S ========================== ADF CAPITAL: Members' Final Meeting Set for September 3 ------------------------------------------------------- The members of ADF Capital Management Ltd will hold their final meeting, on September 3, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946-7665 Facsimile: (345) 946-7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20 ---------------------------------------------------------------- The creditors of Atlantic & Western Re Limited are required to file their proofs of debt by August 20, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2010. The company's liquidators are: Katherine Chiazza Damien Austin P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands c/o Kevin Poole Telephone: 914-7598 Facsimile: 949-6021 P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 ATLANTIC & WESTERN: Requires Creditors to File Claims by Aug. 20 ---------------------------------------------------------------- The creditors of Atlantic & Western Re II Limited are required to file their proofs of debt by August 20, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2010. The company's liquidators are: Katherine Chiazza Damien Austin P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands c/o Kevin Poole Telephone: 914-7598 Facsimile: 949-6021 P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 AVALON RE: Creditors' Proofs of Debt of Debt Due on August 20 ------------------------------------------------------------- The creditors of Avalon Re Ltd. are required to file their proofs of debt by August 20, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2010. The company's liquidators are: Katherine Chiazza Damien Austin P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands c/o Kevin Poole Telephone: 914-7598 Facsimile: 949-6021 P.O. Box 1109 HSBC House 68 West Bay Road Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 BANCO PRIVADO: Creditors' First Meeting Set for August 26 --------------------------------------------------------- The creditors of Banco Privado Portugues (Cayman) Limited will hold their first meeting, on August 26, 2010, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe PwC Cayman Islands Elizabeth Osborne e-mail: elizabeth.osborne@ky.pwc.com Telephone: +1 345 914 8686 Facsimile: +1 345 945 4237 PwC Portugal Vijay Chopra Telephone: +351 210939472; +351 210939474; or +351 210992264 Cayman Islands PricewaterhouseCoopers Strathvale House North Church Street George Town Grand Cayman, Cayman Islands Portugal: Apartado 12123, Picoas - Lisboa, 1061-001 Portugal BLUE EAGLE: Shareholders' Final Meeting Set for September 13 ------------------------------------------------------------ The members of Blue Eagle Re will hold their final meeting, on September 13, 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: Alan Noskow Patton Boggs LLP 8484 Westpark Drive 9th Floor McLean, Virginia 22102 United States of America CUMIN INVESTMENTS: Creditors' Proofs of Debt Due on August 16 ------------------------------------------------------------- The creditors of Cumin Investments Limited. are required to file their proofs of debt by August 16, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 16, 2010. The company's liquidator is: Buchanan Limited Francine Jennings Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands ENTERASIA LIMITED: Creditors' Proofs of Debt Due on September 3 --------------------------------------------------------------- The creditors of Enterasia Limited are required to file their proofs of debt by September 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2010. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 EUROMAX III: S&P Downgrades Ratings on Various Classes of Notes --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on EUROMAX III MBS Ltd.'s class A-1, A-2, and B notes. The rating actions follow S&P's assessment of the deterioration that S&P has observed in the underlying portfolio's credit quality. According to S&P's analysis, the percentage of assets rated below investment-grade (below 'BBB-') has increased to 46.4% currently, from 37.5% in July 2009. This includes adjustments made to the ratings on those assets that are currently on CreditWatch negative by at least three notches, in line with S&P's criteria as described in the next paragraph. According to S&P's analysis, the assets rated 'CCC-' account for 2.6% of the portfolio (up from zero in July 2009). The principal amount of assets considered as defaulted in S&P's analysis has remained unchanged at ?9.6 million since its last review in July 2009. There is currently one asset on CreditWatch negative, amounting to 2.8% of the portfolio. In line with S&P's revised assumptions governing structured finance assets with ratings on CreditWatch negative held within collateralized debt obligation transactions, S&P adjust ratings on CreditWatch negative downward by at least three notches. From the latest available trustee report of July 2010, S&P notes a reduction in the weighted-average spread generated by the portfolio. The transaction is currently failing its weighted- average spread test. The combination of these factors indicates a worsening of the transaction's risk profile, in its view. S&P also notes the concentrated nature of the underlying portfolio. According to its analysis, the five largest obligors account for about 24% of the total portfolio, and the largest single obligor, rated 'B', comprises about 8% of the portfolio. In S&P's view, the credit enhancement available to the class A-1, A-2, and B notes is no longer sufficient to maintain its ratings on them. As such, S&P lowered the ratings on EUROMAX III MBS's notes to levels which, in its view, reflect the current likelihood of repayment to noteholders. EUROMAX III MBS is a CDO of asset- backed securities transaction backed by a pool of European retail and mortgage-backed securities as well as some CLO and CDO of ABS assets. The transaction is currently in its amortization period nd has redeemed nearly 52% of the original balance of the class A- 1 notes. Ratings List EUROMAX III MBS Ltd. ?195.24 Million Asset-Backed Floating-Rate Notes Ratings Lowered Class To From ----- -- ---- A-1 A- AA- A-2 BBB- A- B B BB+ GDF MANAGEMENT: Members' Final Meeting Set for August 27 -------------------------------------------------------- The members of GDF Management (Cayman) Limited will hold their final meeting, on August 27, 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: Noel Webb c/o Krysten Lumsden Telephone: (345) 814-7366 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands GLACIER BAY: Shareholder to Hear Wind-Up Report on September 8 -------------------------------------------------------------- The sole shareholder of Glacier Bay Offshore Fund Ltd. will receive, on September 8, 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: Ogier Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 LEADING SPIRIT: Creditors' Proofs of Debt Due on August 13 ---------------------------------------------------------- The creditors of Leading Spirit Investments Limited are required to file their proofs of debt by August 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2010. The company's liquidator is: Buchanan Limited Francine Jennings Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands MAGNUS FUNDING: Creditors' Proofs of Debt Due on September 2 ------------------------------------------------------------ The creditors of Magnus Funding Ltd. are required to file their proofs of debt by September 2, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3 -------------------------------------------------------------- The shareholders of Marathon Resource Partners II, Ltd. will hold their final meeting, on September 3, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MARATHON RESOURCE: Shareholders' Final Meeting Set for Sept. 3 -------------------------------------------------------------- The shareholders of Marathon Resource Partners IV - Precious Metals Fund, Ltd. will hold their final meeting, on September 3, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 NORTH STREET: Shareholders' Final Meeting Set for Sept. 3 --------------------------------------------------------- The shareholders of North Street Referenced Linked Notes, 2003-2A Limited will hold their final meeting, on September 3, 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 NYKREDIT SIRIUS: Creditors' Proofs of Debt Due on September 2 ------------------------------------------------------------- The creditors of Nykredit Sirius Ltd. are required to file their proofs of debt by September 2, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 23, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands OSIRIS INVESTMENTS: Creditors' Proofs of Debt Due on August 13 -------------------------------------------------------------- The creditors of Osiris Investments Ltd are required to file their proofs of debt by August 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands R-ONE FUSHIMI: Shareholders' Final Meeting Set for Sept. 3 ---------------------------------------------------------- The shareholders of R-One Fushimi Holdings will hold their final meeting, on September 3, 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 SATELLITE STRATEGIC: Requires to File Proofs of Debt by Sept. 2 --------------------------------------------------------------- The creditors of Satellite Strategic Finance Partners, Ltd. are required to file their proofs of debt by September 2, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2010. The company's liquidators are: David Sargison Vijayabalan Murugesu P.O. Box 414 Savannah 31 Woodland Drive Lower Valley Bodden Town Grand Cayman, Cayman Islands; or c/O Ogier Fiduciary Services (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands TVA LTD: Creditors' Proofs of Debt Due on September 2 ----------------------------------------------------- The creditors of TVA Ltd. are required to file their proofs of debt by September 2, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands ================================== D O M I N I C A N R E P U B L I C ================================== MEDIATEAM DOMINICANA: Shuts Down Two Media Outlets -------------------------------------------------- The Dominican Today reports that Mediateam Dominican has closed two of its media outlets, Web site clavedigital.com and weekly newspaper Clave, due to financial distress. However, the report relates, speculations have emerged that the reason for closure was due to the possible murder attempt on the company's Editor in Chief Fausto Rosario. According to the report, Clave's last Editorials reported that the news sources said that the murder of a local citizen, Sergio Rafael Rojas Soriano, was a cause of mistaken identity. The report relates information reached Clave that the murder occurred by an error, since the order was to take the life of a journalistic executive, of age and physical contexture similar to those of the doctor, who in the morning hours exercised in that place. ============= E C U A D O R ============= * ECUADOR: Renegotiates With Foreign Oil Firms ---------------------------------------------- Spencer Swartz and Mercedes Alvaro at Dow Jones Newswires report that Ecuador President Rafael Correa wants to take a big slice of profits away from foreign oil companies operating in the country, which is facing protracted economic problems. According to the report, Mr. Correa and his socialist government will force Spain's Repsol YPF, Italy's Eni SpA and other foreign oil companies to redesign existing contracts in a process likely to result in diminished profits for firms that accept the new terms. The report relates that the move could help Mr. Correa shore up political support at home and give his government additional money to pump up the flagging economy. The overhaul, the report notes, may also bolster the case for higher world oil prices if the renegotiation leads to less investment and lower crude output down the road in Ecuador. However, the report relates, it risks alienating foreign oil companies operating in the country, and they could retreat from Ecuador if they feel the government is being too intrusive. President Correa, the report says, wants to convert all existing oil deals from their current production-sharing model to less- profitable service contracts. The report discloses that the talks come after Mr. Correa's government said in late July that it wanted to control all Ecuador's oil production, in a step toward de facto nationalization, and canceled the oil contracts of Perenco Corp., an Anglo-French company, over a tax dispute. The renegotiations come amid growing concern in the oil market over whether Ecuador will fully exploit its oil potential, the report adds. * * * As of June 28, 2010, the country continues to carry Moody's "Caa2" country ceiling long-term foreign bank deposit ratings, and "Caa3" foreign ceiling currency issuer rating and foreign currency long- term debt rating. =========== M E X I C O =========== MEXICANA AIRLINES: Group to Defend Pilots on CBA Attack ------------------------------------------------------- The Oneworld Cockpit Crew Coalition (OCCC) issued a statement regarding Mexicana's bankruptcy protection filing and reports that the airline is seeking to significantly cut its pilots' salaries: "Mexicana is a respected international airline and a key member of the oneworld Alliance. To safeguard Mexicana's future and protect its employees' livelihoods, we urge management to focus on working together with the unions representing Mexicana's loyal employees - - including the Asociacion Sindical de Pilotos Aviadores de Mexico (ASPA) -- to resolve the airline's difficulties. Success cannot be achieved by blaming pilots and other employee groups. The OCCC believes the best solution is one that is collaboratively achieved by the affected parties." "The OCCC stands ready to assist ASPA in defending its members against any opportunistic attack on their collective bargaining agreement." The OCCC member unions include Australian & International Pilots Association (Qantas); Allied Pilots Association (American Airlines); Asociacion Sindical de Pilotos Aviadores de Mexico (Mexicana); British Air Line Pilots Association (British Airways); Japan Airlines Captain Association, Japan Airlines Senior Engineer Union, Japan Airlines Flightcrew Union (Japan Airlines); Hong Kong Aircrew Officers Association (Cathay Pacific Airways); Hungarian Air Line Pilots Association (Malev); Irish Air Line Pilots Association (Aer Lingus); Sindicato Espanol de Pilotos de Lineas Aereas (Iberia); Finnish Air Line Pilots' Association (Finnair); Sindicato de Pilotos LAN / LAN Pilot's Union (LAN Airlines); and Sindicato de Pilotos LANExpress (LAN Express). In all, the OCCC member unions represent a total of more than 28,000 pilots. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of $500 million to $1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. MEXICANA AIRLINES: Flight Attendants Should 'Never' Take Wage Cuts ------------------------------------------------------------------ Jonathan Levin at Bloomberg News reports that flight attendants for Compania Mexicana de Aviacion should "never" accept wage cuts, said the head of their union. According to the report, Lizette Clavel, the union's secretary- general, said flight attendants are willing to work more hours as they negotiate with the airline. Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of $500 million to $1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. VITRO SAB: Creditors Turn Down Latest Restructuring Offer --------------------------------------------------------- Vitro SAB said it will continue to seek a consensual agreement with creditors after they turned down its latest offer to restructure about US$1.5 billion in debt, Ken Parks at Dow Jones Newswires reports, citing a company statement. According to the report, its most recent proposal involved issuing 8-year bonds for US$500 million, 7-year bonds for US$350 million, US$80 million in 5-year convertible notes that are automatically swapped into shares if they haven't been paid down by maturity, and a cash payment of US$75 million. The report relates that about US$275 million in guaranteed debt, accounts receivable obligations, and other debt wouldn't have been affected by the proposal. Vitro SAB, the report notes, said it has enough money on hand to continue operating as normal while it negotiates with creditors. About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. * * * In June 2010, Fitch Ratings withdrew all ratings of Vitro, S.A.B. de C.V., given the lack of information following the company's default on Feb. 2, 2009, and consistent with Fitch's policies. Fitch will no longer provide ratings or credit research on the Company. Andres R. Martinez at Bloomberg News said in June that Vitro was suspended from trading in Mexico City after failing to file its\ fourth-quarter earnings report. The company missed June 2's deadline for the results, Mexico's stock exchange said in an e- mailed statement obtained by the news agency. Vitro plans to file the report once its debt restructuring is complete or if ordered by a judge. Vitro said that the suspension won't affect company operations. On June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in Monterrey, N.L., Mexico raised substantial doubt about the Company's ability to continue as a going concern after auditing financial results for the period ended Dec. 31, 2007, and 2008. The auditors pointed out to the Company's net loss and its non- compliance with covenants related to its long-term debt obligations. ==================== P U E R T O R I C O ==================== EVERTEC INC: S&P Assigns Corporate Credit Rating at 'B+' -------------------------------------------------------- Standard & Poor's Ratings Services said it assigned its preliminary 'B+' corporate credit rating to San Juan, Puerto Rico- based EVERTEC Inc. The outlook is stable. At the same time, S&P assigned a preliminary 'BB-' rating to the company's proposed $50 million senior secured revolving credit facility and $350 million term loan B, with a preliminary recovery rating of '2', indicating S&P's expectation for substantial (70%- 90%) recovery in the event of a payment default. Total debt proceeds, which are likely to include $220 million of senior unsecured notes (currently unrated) will be used to finance a carve-out acquisition of EVERTEC from a subsidiary of Popular Inc. (B/Positive/C). "The rating reflects EVERTEC's narrow market profile, leveraged financial profile, and S&P's view that the company's ownership structure is likely to preclude sustained deleveraging," said Standard & Poor's credit analyst Martha Toll-Reed. With 2009 revenues of approximately $283 million, EVERTEC provides payments processing and technology services in Puerto Rico, the Caribbean, and Latin America. The company's vulnerable business risk profile reflects its relatively small revenue base, geographic concentration (approximately 80% of revenues are generated in Puerto Rico), modest growth prospects in its current markets, and customer concentration exposure to its former immediate corporate affiliate, Banco Popular de Puerto Rico (B+/Positive/B). "Despite its small scale compared to larger U.S. payment processors, EVERTEC benefits from secular growth trends in debit card processing and a strong position within the Puerto Rican market," added Ms. Toll-Reed. Although EVERTEC has not operated as a stand-alone entity, S&P expects the company to maintain adjusted EBITDA margins of about 38%, supported by a high level of recurring revenues. In S&P's view, recent financial regulatory changes regarding debit-card interchange fees are not likely to materially impact the company's profitability in the near term. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== TCI BANK: Creditors Have Hope of Rescuing Bank ---------------------------------------------- Justice Richard Williams agreed to adjourn the petition for the winding up TCI Bank Limited by the Financial Services Commission as depositors and shareholders considered the offer of two Eastern Caribbean banks, St. Kitts Nevis Anguilla National Bank Ltd. and National Bank of Dominica Ltd, rescue the ailing bank, fpci.com reports. The report relates that a a second hearing was set for Friday, Aug. 6, when Justice Williams will consider terms to hold public meetings of creditors and shareholders to formally agree to a scheme of arrangement or reconstruction. According to the report, if the proposed scheme can be agreed upon by 75% of the creditors in value who attend the meeting, a rescue of the bank appears to be a real possibility. As reported in the Troubled Company reporter-Latin America on August 3, 2010, fptci.com said that three groups of investors -- ECIC Holdings Ltd., Investors David Kosoy and Phil Biden, and The Temple/Altima group -- made their sales pitch to creditors on July 23-24, offering similar plans all repaying a $5.5 million loan by the National Insurance Board shortly before the bank was closed. According to the report, the groups of investors each offer to put money into the bank and reopen it, giving depositors back varying amounts of their money. These are their proposed offers: -- ECIC's offer would give customers full access to accounts containing up to $50,000 on the day the bank reopens, with an extra $50,000 available in loans over the first year. The rest of the depositors would have to leave their money in the bank for up to five years, but they could borrow against their money. -- Investors David Kosoy and Phil Biden offered to pay each depositor $1,500, which would repay fully 3,458 of 4,464 depositors. The rest would get as much as 85% of their money periodically over three to five years. -- The Temple/Altima group also offered to repay as much money as possible to all depositors. The Creditors Committee, the report noted, hopes to regain as much as possible of their $15 million in the bank, as does the NIB, which with $22 million is the single largest creditor of the bank. The report said that if any of the offers is accepted by Justice Richard Williams, the FSC will have to approve the deal before it goes into effect. If none of the offers is accepted, the bank will go into full liquidation, which provisional liquidator Anthony Kikivarakis has said will take a minimum of two to three years, the report relates. ================= V E N E Z U E L A ================= * VENEZUELA: Set to Reveal Details of US$3 Billion Debt Sale ------------------------------------------------------------ Venezuela will start providing details on a dollar-denominated, US$3 billion bond issue it disclosed last week, Dan Molinski at Dow Jones Newswires reports, citing Finance Minister Jorge Giordani. "Fortunately, there's enough liquidity in the market to permit [the debt sale] to be successful," the report quoted Mr. Giordani as saying. According to the report, Venezuela paid out US$1.5 billion for bonds that reached maturity, which mr. Giordani said not only makes the market more liquid but also serves proof Venezuela sovereign debt can be trusted. An unnamed official from the Finance Ministry, the report notes, said that the bond sale this week will come with a 2022 maturity date. The report relates the official said that the bonds would be sold in the local market and that they would be bought in bolivars but could be sold for dollars. Venezuela, the report says, has a restrictive, government-managed currency exchange system that provides locals with dollars at three rates that range from VEB2.6 for US$1 to VEB5.3 for US$1, depending on what the dollars are needed for. However, the report relates, even the most expensive rate of VEB5.3 for US$1 requires special approval from the government, forcing some Venezuelan importers to either go without dollars or buy them illegally on the black market. Venezuelan sovereign bonds are deemed risky by many investors, who say the country's long-running recession and the socialist policies of outspoken President Hugo Chavez put the country at risk of default, the report adds. * * * According to Moody's Investors Service, Venezuela continues to carry a "B2" foreign currency rating and a "B1" local currency rating with stable outlook. *********** 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 * * *