/raid1/www/Hosts/bankrupt/TCRLA_Public/100906.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, September 6, 2010, Vol. 11, No. 175
Headlines
A N T I G U A & B A R B U D A
* ANTIGUA & BARBUDA: Government Delays Paying Workers' Salary
A R G E N T I N A
ASOCIACION MUTUAL: Creditors' Proofs of Debt Due on December 21
DAL SRL: Creditors' Proofs of Debt Due on October 22
IMPRESSION SA: Creditors' Proofs of Debt Due on September 21
NOVEX SA: Asks for Bankruptcy by Cessation of Payments
SIGNO GRUPO: Asks for Preventive Contest
B E R M U D A
DIGICEL GROUP: Reaches 11 Million Customers Worldwide
PROTOSTAR LTD: U.S. Confirmation Hearing Scheduled for Oct. 6
B R A Z I L
ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on Senior Unsec. Debt
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Members' Final Meeting Set for September 20
ANTHRACITE BALANCED: Members' Final Meeting Set for September 20
ARCTIC MCP: Creditors' Proofs of Debt Due on September 30
ARIEL & GABRIEL: Creditors' Proofs of Debt Due on September 20
BALU LIMITED: Shareholders' Final Meeting Set for September 30
BLUECREST INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 23
BLUEFIN MULTI: Commences Liquidation Proceedings
HITACO INVESTMENTS: Commences Liquidation Proceedings
LOOMIS SAYLES: Creditors' Proofs of Debt Due on September 30
NATCO INVESTMENTS: Commences Liquidation Proceedings
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on September 21
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on September 21
PICO FUND: Commences Liquidation Proceedings
RAPTOR GLOBAL: Members' Final Meeting Set for October 14
RISING STAR: Creditors' Proofs of Debt Due on September 30
STANDARD FIDELITY: Creditors' Proofs of Debt Due on September 20
UBS AIS: Creditors' Proofs of Debt Due on September 30
UBS AIS: Creditors' Proofs of Debt Due on September 30
WF JAPAN: Creditors' Proofs of Debt Due on September 15
WHITEHALL STATION: Shareholder to Hear Wind-Up Report on Sept. 30
D O M I N I C A N R E P U B L I C
CAP CANA: Gets Authorization to Issue US$20 Million in Bonds
J A M A I C A
DIGICEL GROUP: Judge Rules in Favor of Firm Against LIME
* JAMAICA: Government Has no Funds to Pay Public Sector Groups
V E N E Z U E L A
BANCO DE VENEZUELA: Moody's Withdraws 'E+' Bank Strength Rating
* VENEZUELA: President to Permanently Close Seized Brokerage Firms
X X X X X X X X
* BOND PRICING: For the Week August 30, to September 3, 2010
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
* ANTIGUA & BARBUDA: Government Delays Paying Workers' Salary
-------------------------------------------------------------
The Antigua and Barbuda government is having a hard time paying
some of its workers, Caribbean360.com reports. The report relates
that the workers will have to wait as much as another week to get
what's owed to them as the country continues to face financial
difficulties.
According to the report, the Ministry of Finance, Economy and
Public Administration said that despite the government taking
steps to reduce expenditure in several areas, it was still facing
problems.
The government, the report notes, said that payment of wages and
salaries started on August 27, 2010, but money isn't available for
everyone. However, no indication was given as to which workers
are affected by the delay.
"The Ministry is aware of the hardship and inconvenience this
delay will cause to the affected public servants and their
families, and wishes to assure them that every effort is being
made to complete the payment of wages and salaries to these
workers within the next week," it said, noting that the revenue
challenge is not unique to Antigua and Barbuda as governments in
other countries are facing similar fiscal situations,
Caribbean360.com reports.
The statement said the difficulties have come about despite
"significant reductions to expenditure in general, as the
Government implements its Fiscal Consolidation Programme (FCP) to
combat the effects of the global economic downturn on the economy
of Antigua and Barbuda," the report adds. "The Government has
also made further adjustments to expenditure to compensate for the
traditional slowdown in revenue collection in the summer months,"
it added.
Antigua and Barbuda is a twin-island nation lying between the
Caribbean Sea and the Atlantic Ocean. It consists of two major
inhabited islands, Antigua and Barbuda, and a number of smaller
islands (including Great Bird, Green, Guinea, Long, Maiden and
York Islands).
=================
A R G E N T I N A
=================
ASOCIACION MUTUAL: Creditors' Proofs of Debt Due on December 21
---------------------------------------------------------------
Martin Alejandro Stolkiner, the court-appointed trustee for
Asociacion Mutual Multiservicios's bankruptcy proceedings, will be
verifying creditors' proofs of claim until December 21, 2010.
Mr. Stolkiner will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Martin Alejandro Stolkiner
avenida Cordoba 1367
Argentina
DAL SRL: Creditors' Proofs of Debt Due on October 22
----------------------------------------------------
Mirta Norma Matayoshi, the court-appointed trustee for Dal SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until October 22, 2010.
Ms. Matayoshi will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on August 18, 2011.
The Trustee can be reached at:
Mirta Norma Matayoshi
Montevideo 711
Argentina
IMPRESSION SA: Creditors' Proofs of Debt Due on September 21
------------------------------------------------------------
Francisco Fernando Rovira, the court-appointed trustee for
Impression SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 21, 2010.
Ms. Rovira will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Francisco Fernando Rovira
Vallejos 4400
Argentina
NOVEX SA: Asks for Bankruptcy by Cessation of Payments
------------------------------------------------------
Novex SA asked for own bankruptcy by cessation of payments.
SIGNO GRUPO: Asks for Preventive Contest
----------------------------------------
Signo Grupo Creativo SA asked for preventive contest.
=============
B E R M U D A
=============
DIGICEL GROUP: Reaches 11 Million Customers Worldwide
-----------------------------------------------------
Alex Wright at The Royal Gazette reports that Digicel Group has
reached the significant milestone of 11 million customers across
its 32 markets worldwide.
According to the report, the company achieved 10% subscriber
growth year-on-year and increased its market share quarter-on-
quarter in all of its major markets (El Salvador, Haiti, Jamaica,
Papua New Guinea and Trinidad & Tobago).
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
PROTOSTAR LTD: U.S. Confirmation Hearing Scheduled for Oct. 6
-------------------------------------------------------------
On Aug. 31, 2020, the Honorable Mary F. Walrath put her stamp of
approval on an order authorizing ProtoStar Ltd. and its debtor-
affiliates to distribute a disclosure statement explaining its
Fifth Amended Chapter 11 Plan and solicit acceptances of that plan
from creditors. Judge Walrath will convene a hearing at 9:30 a.m.
on Oct. 6, 2010, to consider whether that plan should be
confirmed.
Creditors must cast their ballots by Sept. 27, 2010, for their
votes to be counted. Objections to the plan, if any, must be
filed and served by 4:00 p.m. on Sept. 28, 2010. Copies of the
plan, disclosure statement and solicitation materials are
available at http://www.kccllc.net/ProtoStar/
As reported in the Troubled Company Reporter on Aug. 30, 2010,
ProtoStar's plan reserves US$10.65 million for unsecured creditors
who were initially thought to be out of the money. Additionally,
the Official Committee of Unsecured Creditors has sued BlackRock
Financial Management Inc., West Face Capital Inc., Farallon
Partners LLC, and Octavian Advisors LP to invalidate their
purported liens on the ProtoStar I satellite. The Committee says
the lenders filed notices of their security interests in the wrong
place.
About ProtoStar Ltd.
Hamilton, Bermuda-based ProtoStar Ltd. is a satellite operator
formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband Internet access across the
Asia-Pacific region.
The Company and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Case No. 09-12659) on July 29, 2009. The Debtor
selected Milbank, Tweed, Hadley & McCloy LLP as lead counsel;
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Appleby as
Bermuda counsel; UBS Securities LLC as financial advisor and
investment banker and Kurtzman Carson Consultants LLC as claims
and noticing agent. Lawyers at Lowenstein Sandler PC and
Greenberg Traurig LLP represent the Official Committee of
Unsecured Creditors.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. serves as liquidator of the Bermuda Group.
In their Chapter 11 petitions, the Debtors each estimated their
assets and debts at US$100 million and US$500 million. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 and liabilities totalling US$528,000,000.
===========
B R A Z I L
===========
ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on Senior Unsec. Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
senior unsecured debt rating to the proposed senior unsecured
perpetual notes to be issued by Odebrecht Finance Ltd. The notes
are unconditionally and irrevocably guaranteed by Brazil-based
heavy engineering and construction company Construtora Norberto
Odebrecht S.A. (BB/Positive/--). OFL is a wholly owned subsidiary
of CNO's parent company, Odebrecht S.A. (national scale: brAA-
/Positive/--).
The group intends to use proceeds of the transaction to pay down
existing debt. The notes will rank equally with CNO's other
senior unsecured indebtedness and pari passu with OFL's existing
senior unsecured notes, which CNO also guarantees.
The rating on the notes is the same as that on the guarantor
because the notes compare equally with other issuances of CNO's
unsecured debt.
The ratings on CNO reflect the firm's exposure to the competitive,
volatile, and cyclical E&C industry; its portfolio, including
significant projects in economically and politically volatile
countries, which poses some risks to its operations; and its more-
aggressive financial policy as it supports ODB's investments in
new businesses. CNO's leading position in the local E&C industry
and its sound and diversified backlog in terms of geographies and
projects; the company's increasing backlog; and its healthy
balance sheet, characterized by adequate liquidity, even while
supporting material investments of the Odebrecht Group, partly
offset the risks.
Ratings List
Construtora Norberto Odebrecht S.A.
Corporate Credit Rating BB/Positive/--
Odebrecht Finance Ltd.
Proposed Sr. Unsec. Perpetual Notes BB
==========================
C A Y M A N I S L A N D S
==========================
ANTHRACITE BALANCED: Members' Final Meeting Set for September 20
----------------------------------------------------------------
The members of Anthracite Balanced Company (R-23) will receive, on
September 20, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
ANTHRACITE BALANCED: Members' Final Meeting Set for September 20
----------------------------------------------------------------
The members of Anthracite Balanced Company (JR-8) will receive, on
September 20, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
ARCTIC MCP: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------
The creditors of Arctic MCP are required to file their proofs of
debt by September 30, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on August 18, 2010.
The company's liquidator is:
Marc Randall
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ARIEL & GABRIEL: Creditors' Proofs of Debt Due on September 20
--------------------------------------------------------------
The creditors of Ariel & Gabriel Receivership are required to file
their proofs of debt by September 20, 2010, to be included in the
company's dividend distribution.
BALU LIMITED: Shareholders' Final Meeting Set for September 30
--------------------------------------------------------------
The shareholders of Balu Limited will receive, on September 30,
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:
Avalon Management Limited
Landmark Square
1st Floor 64 Earth Close, West Bay Beach
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
BLUECREST INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 23
------------------------------------------------------------------
The creditors of Bluecrest International II Ltd. are required to
file their proofs of debt by September 23, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 17, 2010.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
BLUEFIN MULTI: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on August 16, 2010, the
members of Bluefin Multi Strategy Fund SPC resolved to voluntarily
liquidate the company's business.
The company's liquidators are:
Cosimo Borrelli
Borrelli Walsh
Admiralty Centre, Level 17, Tower 1
18 Harcourt Road
Hong Kong; and
Kenneth Krys
Krys & Associates Cayman Ltd
Governors Square, Building 6
2nd Floor, 23 Lime Tree Bay Avenue
P.O. Box 31237, KY1-1205, George Town, Grand Cayman
Cayman Islands
HITACO INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on August 19, 2010, the
members of Hitaco Investments Ltd. resolved to voluntarily
liquidate the company's business.
The company's liquidator is:
Vaughn Rose
Scotiabank & Trust (Cayman) Ltd.
#6 Cardinall Avenue, Scotiabank Building, 3rd Floor
PO Box 501, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-2001
Facsimile: 345-949-7097
e-mail: vaughn.rose@scotiabank.com
LOOMIS SAYLES: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Loomis Sayles Hedged Loan Master Alpha, Ltd. are
required to file their proofs of debt by September 30, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on August 20, 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
NATCO INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on August 19, 2010, the
members of Natco Investments Ltd. resolved to voluntarily
liquidate the company's business.
The company's liquidator is:
Vaughn Rose
Scotiabank & Trust (Cayman) Ltd.
#6 Cardinall Avenue, Scotiabank Building, 3rd Floor
PO Box 501, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-2001
Facsimile: 345-949-7097
e-mail: vaughn.rose@scotiabank.com
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on September 21
-------------------------------------------------------------
The creditors of Oojoo Absolute Return (Feeder) Fund are required
to file their proofs of debt by September 21, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on August 12, 2010.
The company's liquidator is:
S. Hahn Sull
8 Cross Street
#11-00 PWC Building
Singapore 048424
Telephone: 82 10 3038 3538
Facsimile: 822 570 1695
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on September 21
-------------------------------------------------------------
The creditors of Oojoo Absolute Return Fund are required to file
their proofs of debt by September 21, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on August 12, 2010.
The company's liquidator is:
S. Hahn Sull
8 Cross Street
#11-00 PWC Building
Singapore 048424
Telephone: 82 10 3038 3538
Facsimile: 822 570 1695
PICO FUND: Commences Liquidation Proceedings
--------------------------------------------
On August 23, 2010, the sole shareholder of Pico Fund Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
August 31, 2010, were included in the company's dividend
distribution.
The company's liquidator is:
Wilton McDonald
PO Box 32338, 3rd Floor, Genesis Building
George Town Grand Cayman KY1-1209
Telephone: (345) 325-4040
RAPTOR GLOBAL: Members' Final Meeting Set for October 14
--------------------------------------------------------
The members of The Raptor Global Portfolio Ltd. will receive, on
October 14, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
RISING STAR: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Rising Star Diversified Ltd. are required to file
their proofs of debt by September 30, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on August 12, 2010.
The company's liquidators are:
Frederic Berney
Georg Wessling
c/o CITCO Fund Services (Cayman Islands) Limited
89 Nexus Way, Camana Bay
PO Box 31106 West Bay Road, Grand Cayman KY1-1205
Cayman Islands
STANDARD FIDELITY: Creditors' Proofs of Debt Due on September 20
----------------------------------------------------------------
The creditors of Standard Fidelity Assurance Company, Ltd. are
required to file their proofs of debt by September 20, 2010, to be
included in the company's dividend distribution.
The company's liquidators are:
Russell Smith
Russell Homer
Telephone: (345) 946-0820
Facsimile: (345) 946-0864
PO Box 2499, George Town KY1-1104 Grand Cayman
Cayman Islands
UBS AIS: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------
The creditors of UBS AIS Strategy Fund-Event Driven (Feeder)
Limited are required to file their proofs of debt by September 30,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on August 20, 2010.
The company's liquidators are:
Graham Robinson
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
UBS AIS: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------
The creditors of UBS AIS Strategy Fund-Event Driven Limited are
required to file their proofs of debt by September 30, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on August 20, 2010.
The company's liquidators are:
Graham Robinson
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
WF JAPAN: Creditors' Proofs of Debt Due on September 15
-------------------------------------------------------
The creditors of WF Japan Fund Limited are required to file their
proofs of debt by September 15, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on August 16, 2010.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
Ernst & Young Transactions Limited
One Island East, 62nd Floor
18 Westlands Road, Island East
Hong Kong
WHITEHALL STATION: Shareholder to Hear Wind-Up Report on Sept. 30
-----------------------------------------------------------------
The shareholder of Whitehall Station Insurance Company Ltd will
receive, on September 30, 2010, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidators are:
Damien Austin
Anya Payne
Telephone: 949-7580 / 949-7755
Facsimile: 949-6021 / 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
CAP CANA: Gets Authorization to Issue US$20 Million in Bonds
------------------------------------------------------------
The Securities Superintendence authorized Cap Cana SA to issue
US$20 million in corporate bonds, an offer to be applied in four
sections of US$5 million, with a fixed coupon rate with a three-
year maturity, The Dominican Today reports.
According to the report, citing an SV statement, Fitch Ratings
assigned a B to the issue.
The report notes that the first section of the issue will be
available for investors who qualify starting September 1, 2010.
Cap Cana, S.A., a privately owned company, is a corporation that
was organized under the laws of the Dominican Republic. Its
principal activity is the development, construction, operation and
administration of a tourist and leisure resort community project
known as Cap Cana. Cap Cana is being developed as a multi-use
luxury Caribbean resort with world-class beaches, championship
golf courses, yachting facilities and similar leisure amenities.
The property consists of over 119.9 square kilometers of land,
including an eight kilometer coastline and 3.5 kilometers of
pristine beach. Cap Cana is located on the easternmost tip of the
Dominican Republic, and is a few minutes drive from Punta Cana
International Airport, which receives nonstop flights from large
metropolitan centers in Europe, Canada and the USA.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Moody's Investors Service confirmed Cap Cana's "Ca"
senior secured debt and corporate family rating, which will be
subsequently withdrawn. Cap Cana has undergone a debt
restructuring on approximately 96% of its $250 million senior
notes due 2013, in a distressed exchange transaction. Cap Cana's
"Ca" ratings continue to reflect the potential for above average
loss severity in the future as a result of significant
deterioration in global capital markets, which severely
constrained Cap Cana's financial flexibility and business
viability.
=============
J A M A I C A
=============
DIGICEL GROUP: Judge Rules in Favor of Firm Against LIME
--------------------------------------------------------
Supreme Court Judge Justice Ingrid Mangatal dismissed an
application by Cable and Wireless' LIME for an interlocutory
injunction barring Digicel Group from offering cheaper rates to
its landline customers, RadioJamaica reports.
According to the report, Digicel Group began offering landline
services to its customers, more than a year ago. However, the
report relates, LIME filed a lawsuit in October last year,
accusing Digicel Group of abusing its dominant position.
The report notes that LIME also accused Digicel Group of breaching
the Fair Competition and Telecommunications Act. The report notes
that LIME claims the rates offered should be on par and that
Digicel Group was in breach of the law.
LIME is appealing the ruling.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
* JAMAICA: Government Has no Funds to Pay Public Sector Groups
--------------------------------------------------------------
The Jamaican government said that it has no money to pay any of
the public sector groups which it owes outstanding allowances,
RadioJamaica reports.
According to the report, Labor Minister Pearnel Charles says the
Government is willing to pay, but there are still financial
challenges. "The Government would be very happy to pay the
nurses, but the country is not in a position to allocate any funds
to pay the nurses, the police, the politicians or other persons in
other areas of the health service," the report quoted Mr. Charles
as saying.
* * *
According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating to 'C' from
'CCC'. In addition, Fitch has affirmed Jamaica's long-term and
short-term foreign currency ratings at 'CCC' and 'C' respectively,
and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign
ratings Outlook remains Negative
=================
V E N E Z U E L A
=================
BANCO DE VENEZUELA: Moody's Withdraws 'E+' Bank Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all bank ratings of Banco
de Venezuela and Mercantil, C.A., Banco Universal. The withdrawn
ratings include the E+ bank financial strength rating, B1 and Not
Prime long and short term local currency deposit ratings, and B3
and Not Prime long and short term foreign currency deposit ratings
of Banvenez and Mercantil.
These ratings have been withdrawn:
Banco de Venezuela
* Bank financial strength rating of E+
* Long term local currency deposit rating of B1
* Short term local currency deposit rating of Not Prime
* Long term foreign currency deposit rating of B3
* Short term foreign currency deposit rating of Not Prime
Mercantil, C.A., Banco Universal
* Bank financial strength rating of E+
* Long term local currency deposit rating of B1
* Short term local currency deposit rating of Not Prime
* Long term foreign currency deposit rating of B3
* Short term foreign currency deposit rating of Not Prime
Ratings Rationale
Moody's Investors Service has withdrawn the credit ratings for its
own business reasons. Please refer to Moody's Investors Service's
Withdrawal Policy, which can be found on Moody's website,
www.moodys.com.
The last rating actions on Banvenez and Mercantil were on December
6, 2009, when Moody's downgraded their bank financial strength
ratings to E+, from D-, and local currency deposit ratings to B1,
from Mercantil's Ba3 and Banvenez's Ba2, and assigned a negative
outlook on these ratings. The rating actions were in response to
the heightened degree of uncertainty for credit and business
conditions in Venezuela.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from sources Moody's considers to be
reliable, including, when appropriate, independent third-party
sources. However, Moody's Investors Service is not an auditor and
cannot in every instance independently verify or validate
information received in the rating process.
The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.
Please see the Credit Policy page on Moodys.com for the
methodologies used in determining ratings, further information on
the meaning of each rating category and the definition of default
and recovery.
Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.
* VENEZUELA: President to Permanently Close Seized Brokerage Firms
------------------------------------------------------------------
Venezuelan brokerages seized by the government will be permanently
closed and probably liquidated by the end of the year, Corina
Rodriguez Pons at Bloomberg News reports, citing securities
regulator Tomas Sanchez. "I can tell you now that all of the
firms that were taken over will be closed," the report quoted Mr.
Sanchez as saying. "I can't recertify a disaster- filled
brokerage. One way or another they're going to exit the market,"
he added.
According to the report, President Hugo Chavez took control of 43
brokerages this year, including the country's largest trading firm
Econoinvest, and jailed 12 directors in a bid to regulate the
foreign currency market. The report relates President Chavez
accused the companies of setting artificial exchange rates,
laundering money, fueling capital flight and subverting his goal
of creating a socialist nation.
The report notes Mr. Sanchez said that the securities regulator
has audited more than half of the 110 brokerages that operated in
the country and expects less than 20 to remain in business by
year-end. The government investigated debt sales on suspicion
that brokerages were failing to verify the origin of funds, he
added, the report relates.
Bloomberg says that the government is closing nine institutions in
addition to the 43 taken over and plans to sell the assets of
those companies.
Juan Carlos Carvallo, a lawyer for Econoinvest directors, said his
clients are innocent and the government hasn't taken steps to
protect the money clients invested with the firm, the report
notes.
As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, Bloomberg News said Venezuela receiver Nahunimar
Castillo said that Econoinvest Casa de Bolsa will be liquidated.
According to the report, the board assigned by the securities
regulator to administer Econoinvest, which was taken over by the
government as part of an investigation into irregularities in
government bond operations, is accelerating payments to investors
in order to complete the process of liquidation.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a "B2" foreign currency rating and a "B1" local currency
rating with stable outlook.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 30, to September 3, 2010
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
ARGENT- DIS 5.83 12/31/2033 ARS 33.5
ARGENT-$DIS 8.28 12/31/2033 USD 60
ARGENT-$DIS 8.28 12/31/2033 USD 73.275
ARGENT-PAR 1.18 12/31/2038 ARS 70
ARGENT-?DIS 7.82 12/31/2033 EUR 65.5
ARGENT-?DIS 7.82 12/31/2033 EUR 66.5
ARGENT- DIS 4.33 12/31/2033 JPY 12
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
ARGNT-BOCON PR11 2 12/3/2010 ARS 67.125
BANCO MACRO SA 10.75 6/7/2012 USD 70.26687
BUENOS AIRE PROV 9.625 4/18/2028 USD 76.99981
MENDOZA PROVINCE 5.5 9/4/2018 USD 81.33789
BRAZIL
CESP 9.75 1/15/2015 BRL 72.34834
CAYMAN ISLAND
BANCO BPI (CI) 4.15 11/14/2035 EUR 71.94
BANIF FIN LTD 3 12/31/2019 EUR 54.75
BARION FUNDING 0.63 12/20/2056 GBP 19.56072
BARION FUNDING 1.44 12/20/2056 GBP 33.9115
BCP FINANCE CO 4.239 EUR 67.225
BCP FINANCE CO 5.543 EUR 70.20556
BES FINANCE LTD 5.58 EUR 68.33637
BES FINANCE LTD 6.984 2/7/2035 EUR 64.30413
CHINA MED TECH 4 8/15/2013 USD 69.25
CHINA SUNERGY 4.75 6/15/2013 USD 73.051
DUBAI HLDNG COMM 6 2/1/2017 GBP 69.688
EFG ORA FUNDING 1.7 10/29/2014 EUR 66.38317
ESFG INTERNATION 5.753 EUR 68.4
FERTINITRO FIN 8.29 4/1/2020 USD 66.79
IMCOPA INTL CAYM 10.38 12/16/2014 USD 39.125
INDEPENDENCIA IN 12 12/30/2016 USD 15
INDEPENDENCIA IN 15 3/31/2015 USD 69.85386
INDEPENDENCIA IN 15 3/31/2015 USD 68
MAZARIN FDG LTD 1.44 9/20/2068 GBP 31.03973
PUBMASTER FIN 6.962 6/30/2028 GBP 71.2185
SHINSEI FIN CAYM 6.418 USD 64.40897
SHINSEI FINANCE 7.16 USD 65.125
SHINSEI FINANCE 7.16 USD 64.8125
THPA FINANCE LTD 8.241 3/15/2028 GBP 65.99975
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.0901
ESVAL S.A. 3.5 2/15/2026 CLP 72.5855
ESVAL S.A. 3.8 7/15/2012 CLP 50.533
PUERTO RICO
PUERTO RICO CONS 6.5 4/1/2016 USD 54.3
VENEZUELA
PETROLEOS DE VEN 4.9 10/28/2014 USD 62.22893
PETROLEOS DE VEN 5 10/28/2015 USD 55.80063
PETROLEOS DE VEN 5.125 10/28/2016 USD 51.69353
PETROLEOS DE VEN 5.25 4/12/2017 USD 57.41519
PETROLEOS DE VEN 5.375 4/12/2027 USD 45.18149
PETROLEOS DE VEN 5.5 4/12/2037 USD 44.02812
SIDETUR FINANCE 10 4/20/2016 USD 68.25
VENEZUELA 5.75 2/26/2016 USD 66
VENEZUELA 6 12/9/2020 USD 55.5
VENEZUELA 7 12/1/2018 USD 62.25
VENEZUELA 7 3/31/2038 USD 53.75
VENEZUELA 7 3/31/2038 USD 54.292
VENEZUELA 7.65 4/21/2025 USD 58
VENEZUELA 7.75 10/13/2019 USD 63.5
VENEZUELA 8.25 10/13/2024 USD 60
VENEZUELA 9 5/7/2023 USD 64.5
VENEZUELA 9.25 9/15/2027 USD 71
VENEZUELA 9.25 9/15/2027 USD 72.061
VENEZUELA 9.25 5/7/2028 USD 63.5
VENZOD - 189000 9.375 1/13/2034 USD 64.5
***********
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 * * *