/raid1/www/Hosts/bankrupt/TCRLA_Public/100914.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, September 14, 2010, Vol. 11, No. 181
Headlines
A R G E N T I N A
AUTOSERVICIO ANALI: Creditors' Proofs of Debt Due on November 8
COOPERATIVA DE: Creditors' Proofs of Debt Due on November 5
ECOLE SRL: Creditors' Proofs of Debt Due on October 12
PAMPA FUTBOL: Creditors' Proofs of Debt Due on October 15
PAPEL 2.0.: Creditors' Proofs of Debt Due on October 4
PAPER RUSH: Creditors' Proofs of Debt Due on October 10
SAVE SERVICIOS: Creditors' Proofs of Debt Due on October 12
VOLF SA: Creditors' Proofs of Debt Due on November 16
* ARGENTINA: S&P Affirms B- LT Rating on Neuqu-n's $250MM Notes
B R A Z I L
COSAN SA: S&P Says BB Credit Ratings Remain on CreditWatch
M-WISE TECNOLOGIA: Parent Posts US$230,200 Loss for Q2
MOLECULAR INSIGHT: Gets Sept. 17 Extension of Waiver Agreement
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Massive Deficit Forces US$500MM Bond Issue
M E X I C O
GRUPO KUO: Standard & Poor's Affirms BB- LT Corp. Credit Rating
VITRO SAB: May Have Majority Support for Debt Plan
VITRO SAB: Settles With All Derivative Counterparties
VITRO SAB: To Deregister American Depository Shares
P U E R T O R I C O
CARIBBEAN PETROLEUM: Taps Kurtzman Carson as Claims Agent
T R I N I D A D & T O B A G O
CL FIN'L: Unit Accepts Weatherhead Bid for CLICO General Insurance
CL FIN'L: Court Orders CLICO Guyana Liquidation
HINDU CREDIT UNION: Group Thanks Government for Possible Bailout
V E N E Z U E L A
ECONOINVEST CASA DE BOLSA: Irregularities Made Firm Inviable
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
=================
AUTOSERVICIO ANALI: Creditors' Proofs of Debt Due on November 8
---------------------------------------------------------------
Andres Angel Landro, the court-appointed trustee for Autoservicio
Anali SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until November 8, 2010.
Mr. Landro will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:
Andres Angel Landro
Espinosa 1474
Argentina
COOPERATIVA DE: Creditors' Proofs of Debt Due on November 5
-----------------------------------------------------------
Silvia Isabel Gonzalez Meana, the court-appointed trustee for
Cooperativa de Trabajo Solucionar Ltda's reorganization
proceedings, will be verifying creditors' proofs of claim until
November 5, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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:
Isabel Gonzalez Meana
Condarco 2629
Argentina
ECOLE SRL: Creditors' Proofs of Debt Due on October 12
------------------------------------------------------
Bernardo Mazer, the court-appointed trustee for Ecole SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 12, 2010.
Mr. Mazer will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 12, 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:
Bernardo Mazer
avenida Corrientes 4434
Argentina
PAMPA FUTBOL: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------
Mario Jasatzky, the court-appointed trustee for Pampa Futbol SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 15, 2010.
Mr. Jasatzky will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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:
Mario Jasatzky
Cerrito 228
Argentina
PAPEL 2.0.: Creditors' Proofs of Debt Due on October 4
------------------------------------------------------
Estudio Alvarez, Villani y Asoc., the court-appointed trustee for
Papel 2.0. SA's reorganization proceedings, will be verifying
creditors' proofs of claim until October 4, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Estudio Alvarez, Villani y Asoc.
Adolfo Alsina 1441
Argentina
PAPER RUSH: Creditors' Proofs of Debt Due on October 10
-------------------------------------------------------
Miguel Angel Kupchik, the court-appointed trustee for Paper Rush
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 10, 2010.
Mr. Kupchik will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:
Miguel Angel Kupchik
San Luis 3067
Argentina
SAVE SERVICIOS: Creditors' Proofs of Debt Due on October 12
-----------------------------------------------------------
Hugo Mancusi, the court-appointed trustee for Save Servicios SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 12, 2010.
Mr. Mancusi will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:
Hugo Mancusi
Av. Corrientes 3169
Argentina
VOLF SA: Creditors' Proofs of Debt Due on November 16
-----------------------------------------------------
Estudio Adriana Gonzalez, Carlos Rudi y Asoc., the court-appointed
trustee for Volf SA's reorganization proceedings, will be
verifying creditors' proofs of claim until November 16, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 71, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Estudio Adriana Gonzalez
Carlos Rudi y Asoc.
Muniz 293
Argentina
* ARGENTINA: S&P Affirms B- LT Rating on Neuqu-n's $250MM Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B- (sf)' long-
term rating and 'raA+ (sf)' Argentine national scale rating on
Province of Neuqu-n's (the Province's) US$250 million secured
amortizing notes due 2014, and removed the ratings from
CreditWatch with negative implications, where they were placed
Nov. 30, 2009.
The amortizing notes are secured by certain oil royalties paid to
the Province by three oil and gas producers from three
predetermined geographic areas. The areas assigned to the
transaction are the most important in terms of the Province's oil
production: El Trapial (operated by Chevron), Puesto Hern?ndez
(operated by Petrobras), and Entre Lomas (operated by Petrolera
Entre Lomas ? Petrobras Group).
The rating actions follow the Province's decision to issue new
debt instead of undertaking a voluntary debt exchange of the
secured amortizing notes as was previously announced on Nov. 26,
2009. The Province may issue up to US$200 million of new debt
that is backed by oil and gas royalties (as allowed under the
Province's Law 2684).
S&P's ratings on the secured amortizing notes address its
expectations of the investors' ability to receive quarterly
interest and principal payments. As of April 2010, the notes'
outstanding balance was US$157.5 million, and the underlying
assets' performance has been adequate with a production ratio of
1.61x as of June 2010.
S&P will continue to surveil the ratings on the outstanding notes,
and S&P will revise them as necessary to reflect any impact the
new debt issuance may have on the outstanding notes' performance
and credit quality.
Ratings affirmed and removed from creditwatch negative
Province of Neuqu?n
US$250 million secured amortizing notes due 2014
Rating
To From
Long-term rating B- (sf) B- (sf)/WatchNeg
Argentine national rating raA+ (sf) raA+ (sf)/WatchNeg
===========
B R A Z I L
===========
COSAN SA: S&P Says BB Credit Ratings Remain on CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on both Cosan S.A. Industria e Comercio (Cosan) and
Cosan Ltd. remain on CreditWatch Positive, where they were placed
Feb. 1, 2010.
Cosan and Shell International Petroleum Co. Ltd., a subsidiary of
Royal Dutch Shell PLC (Shell; AA/Stable/A-1+), announced on
Aug. 25, 2010, that they entered into a binding agreement to
create a joint venture (JV) combining their Brazilian ethanol and
sugar and fuel distribution assets. The deal is still pending
regulatory approval and other usual closing conditions. "The
CreditWatch listing reflects the expected positive effects of the
transaction on Cosan's business and financial profiles," said
Standard & Poor's credit analyst Marcelo Schwarz.
S&P continues to believe the agreement will improve Cosan's
financial profile. Assuming the deal goes through as proposed,
with a significant portion of Cosan's net debt being dropped down
to the JV (now including Brazilian reais 500 million of loans from
the Brazilian Development Bank), S&P expects Cosan to
significantly deleverage. The company will retain its assets
in lubricants, logistics, land, and retail sugar brands, providing
it with some cash flows of its own. Cosan will not fully control
the cash flows from its lucrative ethanol and fuel-distribution
businesses as it does, but it will ultimately benefit from
positive growth fundamentals for the JV. S&P believes Cosan's
association with a partner that can support growth in these
businesses is positive for its overall credit quality.
At the JV level, liquidity will improve with cash contributions
from Shell, and synergies from Shell's downstream assets in Brazil
will strengthen its business profile. The fuel-distribution
business typically generates stable cash flows, and this will
account for a significant and higher proportion of combined
EBITDA. Other synergies and access to in-house technology
innovations in biofuel are also positives, which S&P expects to
offset integration risks.
S&P expects to resolve the CreditWatch within the next few months
soon as we obtain further details on the transaction and gain a
full understanding of the business and financial implications of
the deal on both Cosan Ltd. and Cosan S.A.
M-WISE TECNOLOGIA: Parent Posts US$230,200 Loss for Q2
------------------------------------------------------
m-Wise, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of US$230,256 on US$621,609 of revenue for the three
months ended June 30, 2010, compared with a net loss of US$62,352
on US$681,816 of revenue for the same period last year.
As at June 30, 2010, and December 31, 2009, the Company had a
working capital deficit of US$470,579 and US$381,116,
respectively.
The Company's balance sheet at June 30, 2010, showed US$1.0
million in total assets, US$1.5 million in total liabilities, and
a stockholders' deficit of US$533,904.
As reported in the Troubled Company Reporter on March 15, 2010, SF
Partnership LLP, Chartered Accounts, in Toronto, Canada,
expressed substantial doubt about the Company's ability to
continue as a going concern, following its 2009 results. The
independent auditors noted of the Company's recurring losses from
operations.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?6b0a
About m-Wise, Inc.
Based in Herzeliya Pituach, Israel, m-Wise, Inc. is a Delaware
corporation that develops interactive messaging platforms for
mobile phone-based commercial applications, transactions, and
information services with internet billing capabilities.
The Company's wholly-owned subsidiaries are: m-Wise Ltd., which is
located in Israel and was incorporated in 2000 under the laws of
Israel; and m-Wise Tecnologia LTDA., which is located in Brazil
and was incorporated in 2009 under the laws of Brazil.
MOLECULAR INSIGHT: Gets Sept. 17 Extension of Waiver Agreement
--------------------------------------------------------------
Molecular Insight Pharmaceuticals, Inc. has received a ninth
extension of its waiver agreement with its Bond holders, allowing
debt restructuring discussions to continue.
Earlier this year, Molecular Insight executed the waiver agreement
and subsequent amendments with holders of the Company's
outstanding Senior Secured Bonds and the Bond Indenture trustee
and announced ongoing discussions with the Bond holders concerning
a restructuring of its outstanding debt. Under terms of the ninth
extension announced today, the Bond holders and Bond Indenture
trustee agreed to extend the waiver of a default arising from the
inclusion of a going concern explanatory paragraph in the
independent auditor's report on the Company's financial statements
for the year ended December 31, 2009, any default arising from the
Company's failure to comply with the minimum liquidity
requirements set forth in the Bond Indenture, and other technical
defaults under the Bond Indenture. The term of the waiver is
extended until 12:00 PM Eastern Standard Time on September 17,
2010. During this waiver extension period, the Company will
continue to discuss with its Bond holders various proposals which
generally contemplate, among other things, a deleveraging of the
Company through a debt for equity exchange. There are no
assurances, however, that such discussions will be successful.
The waiver continues to be subject to a number of terms and
conditions relating to the provision of certain information to the
Bond holders, among other conditions and matters. In the event
that the waiver expires or terminates prior to the successful
conclusion of the Company's negotiations with its Bond holders
regarding the restructuring of its outstanding debt, the Company
will be in default of its obligations under the Indenture and the
Bond holders may choose to accelerate the debt obligations under
the Indenture and demand immediate repayment in full and seek to
foreclose on the collateral supporting such obligations. If the
Company's debt obligations are accelerated or are not restructured
on acceptable terms, it is likely the Company will be unable to
repay such obligations and may seek protection under the U.S.
Bankruptcy Code or similar relief.
About Molecular Insight
Cambridge, Mass.-based Molecular Insight Pharmaceuticals, Inc.
(NASDAQ: MIPI) -- http://www.molecularinsight.com/-- is a
clinical-stage biopharmaceutical company and pioneer in molecular
medicine. The Company is focused on the discovery and development
of targeted therapeutic and imaging radiopharmaceuticals for use
in oncology. Molecular Insight has five clinical-stage candidates
in development.
Molecular Insight had assets of US$49.39 million against debts of
US$193 million, mostly current, as of June 30, 2010.
As reported in the Troubled Company Reporter on March 17, 2010,
Deloitte & Touche LLP expressed substantial doubt about the
Company's ability to continue as a going concern after auditing
the Company's financial statements for the year ended December 31,
2009. The independent auditors noted of the Company's
difficulties in meeting its bond indenture covenants and its
recurring losses from operations.
Molecular Insight inked with bondholders a waiver agreement that
expires August 16, 2010. The bondholders agreed to waive a
default arising from the inclusion of a going concern explanatory
paragraph in the 2009 financial statements and other technical
defaults under the bond indenture. The Company said that if its
debt obligations are accelerated following termination of the
waiver agreement or the debts are not restructured on acceptable
terms, it is likely the Company will be unable to repay such
obligations and may seek protection under the U.S. Bankruptcy Code
or similar relief.
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REPUBLIC: Massive Deficit Forces US$500MM Bond Issue
----------------------------------------------------------------
Dominican Today reports 2010 is still far away from ending but the
Dominican Government already has plans to finance next year's
Budget, with Economy minister Temistocles Montas revealing
Thursday that it will have a deficit, forcing a search of nearly
US$800 million, of which US$500 million will be obtained with
bonds.
"So whenever the Dominican Government maintains its commitment
with stability, the same must also be authenticated by the
International Monetary Fund," Dominican Today quoted the official
as saying. Mr. Montas also noted that the Budget being drafted
for 2011 will have a deficit of around 1.6% of the Gross Domestic
Product, the report adds.
According to the report, the Economy Minister affirmed that this
year's deficit is RD$47 billion. "So that you see that we are
improving, the deficit for this year is 2.4% of the GDP; for next
year it will be lower than 0.8% of the GDP."
Dominican Today relates the GDP was RD$342.6 billion in 2009,
RD$87.9 billion in the first quarter and is projected to conclude
with nearly RD$352 billion.
Dominican Today notes Mr. Montas declined to specify the amount of
the 2011 Budget, alleging that it's an attribution of the Treasury
Ministry. "But I am advancing this to you, that in a context in
which the Government, as part of the handling of a program with
the International Monetary Fund, the authorities won't have any
difficulty to access international financing."
Dominican Today relates Dominican Republic's bonds form part of
last year's US$1.7 billion agreement with the IMF, the official
said, adding that with the sovereign bonds, the country will have
financing from the Inter-American Development Bank and the World
Bank. He noted that the 2010 Budget is being shored up with
US$750 million, the report adds.
===========
M E X I C O
===========
GRUPO KUO: Standard & Poor's Affirms BB- LT Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings services affirmed its ratings on Grupo
KUO S.A.B. de C.V., including the 'BB-' long-term corporate credit
rating and the 'mxBBB+' national scale corporate credit rating. We
also affirmed our 'BB-' foreign-currency rating on KUO's US$250
million senior unsecured notes maturing in 2017, following the
proposed additional amount of US$50 million, and US$175 million
unsecured bank loan maturing in 2013. The recovery rating is '3',
indicating our expectation of substantial (70%-90%) recovery in
the event of a payment default. KUO will use proceeds to prepay a
portion of its US$175 million unsecured bank loan maturing in
2013. The outlook is stable.
"Our ratings on Mexico-based conglomerate KUO are limited by the
low and volatile profitability inherent to some of the core
businesses in which it operates, and what we see as its relatively
high financial leverage indicators," said Standard & Poor's credit
analyst Laura Martinez. However, the company's focus on
maintaining only profitable and value-added operations within its
business portfolio, its relatively comfortable debt maturity
schedule, and the continued implementation of cost-reduction and
efficiency programs support the rating.
On Sept. 6, 2010, KUO announced an agreement between its
associated company Megamex Foods LLC with TSG Consumer Partners
LLC (both not rated) and a group of private investors to acquire
Don Miguel Foods Corp. (not rated). KUO expects to finalize the
acquisition by the end of 2010. S&P expects this acquisition to
improve KUO's position in the consumer sector and S&P did not
expect it to lead to a change in KUO's key financial ratios.
The stable outlook reflects its expectation that KUO will continue
to implement cost reduction and efficiency programs, while
focusing on value-added and profitable businesses, leading to
further improvements in its operating and financial profiles. S&P
could lower the ratings if KUO's investment plans require external
financing in the coming years. A significant and consistent
improvement in the company's financial ratios--particularly a
total debt-to-EBITDA ratio of close to 2.5x or a stronger business
profile with improved operating margins--could lead to a positive
rating action.
VITRO SAB: May Have Majority Support for Debt Plan
--------------------------------------------------
Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V.
said it may have majority support among bondholders for a debt
restructuring.
According to the report, citing a letter to the U.S. Securities
and Exchange Commission, Vitro SAB will file a plan under Mexico's
bankruptcy law, known as concurso mercantil, after obtaining a
majority of backers under a consent solicitation being sought this
month. "Vitro believes that it has the requisite majority to
accomplish a prearranged concurso mercantil," Joy Gallup, a Vitro
lawyer from Millbank, Tweed, Hadley & McCloy LLP in New York,
said in the letter obtained by the news agency. "If approved, the
concurso plan will bind all of Vitro's creditors, including
holders of the notes," she added.
The report notes that Vitro reached an agreement to recognize
US$240.3 million owed to derivative holders in exchange for
dropping a lawsuit against the company.
In the letter to the SEC, Vitro said that if it fails to get a
majority in the consent solicitation planned for this month,
creditors may began an "involuntary" bankruptcy process in Mexico
or take legal action in the U.S, the report says.
Vitro, Bloomberg relates, also requested the cancellation of U.S.
registration of its bonds, saying that few investors hold the
notes. The bonds maturing in 2012, 2013 and 2017 were held by 102
investors as of August 3, 2010, the report adds.
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 the
June 2 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.
VITRO SAB: Settles With All Derivative Counterparties
-----------------------------------------------------
Vitro S.A.B. de C.V. has signed settlement agreements with all
derivative counterparties. The Company reached an agreement to
settle the amount related to derivative financial instruments with
Calyon, London Branch.
In addition, the Company reached a settlement agreement with
Fintech Investments Ltd., the firm that recently acquired the DFIs
claims, previously owned by Credit Suisse International, Deutsche
Bank AG, London Branch, Merrill Lynch Capital Services, Citibank,
N.A., Barclays Bank, PLC and Cargill, Incorporated.
The amount of the settlement agreed with Calyon and Fintech is
US$63.4 million and US$176.9 million, respectively, for a total
amount of US$240.3 million recognized by the Company.
As a result of these Settlements, all of the lawsuits related with
the DFIs have been dismissed. The Company remains committed to a
consensual restructuring process and is working diligently to
finalize and launch its Consent Solicitation as quickly as
possible.
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 the
June 2 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.
VITRO SAB: To Deregister American Depository Shares
---------------------------------------------------
Vitro S.A.B. de C.V. has filed a Form 15F with the U.S. Securities
and Exchange Commission with the intention to deregister its
American Depositary Shares, Vitro's 8.625% Senior Notes due 2012,
Vitro's 11.75% Senior Notes due 2013 and Vitro's 9.125% Senior
Notes due 2017, and terminate its reporting obligations under
Section 12(g) of the Securities Exchange Act of 1934.
Vitro delisted its ADRs from the New York Stock Exchange and
terminated its ADR facility as of Aug. 24, 2009. Vitro is already
eligible to suspend its Exchange Act reporting requirements as it
complies with the rules of the Exchange Act given that there are
no remaining holders of Vitro ADRs and each class of Notes are
held of record by less than 300 persons on a worldwide basis.
If the SEC has no objection, the deregistration and termination
of reporting obligations will become effective not later than
90 days after the filing. Upon filing of the Form 15-F, Vitro's
reporting obligations with the SEC will be suspended until the
deregistration is effective. However, Vitro will continue to
provide information to the Mexican Stock Exchange and will make
such information available on its website.
The shares representing Vitro's capital stock will continue
trading on the Mexican Stock Exchange.
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 the
June 2 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
====================
CARIBBEAN PETROLEUM: Taps Kurtzman Carson as Claims Agent
---------------------------------------------------------
Caribbean Petroleum Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission
to employ Kurtzman Carson Consultants LLC as noticing, claims, and
balloting agent.
KCC will, among other things:
-- prepare and serve required notices in the Debtors'
Chapter 11 cases;
-- provide access to the public of examination of claims and
the claims register at no charge; and
-- maintain and update the master mailing lists of creditors.
The Debtors propose to compensate KCC for all fees and expenses
incurred in an amount not to exceed US$25,000 per month, on
average.
The hourly rates of KCC's personnel are:
Clerical US$45 - $60
Project Specialist $80 - $140
Technology/Programming Consultant $140 - $190
Consultant $165 - $220
Senior Consultant $165 - $220
Senior Managing Consultant $295
To the best of the Debtors' knowledge, KCC is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
About Caribbean Petroleum
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.
Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations. The Debtor
estimated assets at US$100 million to US$500 million and debts at
US$500 million to US$1 billion as of the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.
The Debtors' lead counsel is Cadwalader, Wickersham & Taft LLP.
The Debtors' financial advisor is FTI Consulting Inc. The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Unit Accepts Weatherhead Bid for CLICO General Insurance
------------------------------------------------------------------
Cheryl Harewood at NationNews.com reports CLICO Holdings Limited
has accepted an offer by the Weatherhead group of companies,
headed by Bernie Weatherhead, to purchase CLICO General Insurance.
The report relates Mr. Weatherhead said: "We've been a CLICO agent
for many years, and all our companies have been insured with CLICO
General. Over the years we've also built up a relationship with
the management and staff and have been active as an agent in
building a relationship with the reinsurers of CLICO. This was an
important part to our decision."
According to NationNews, Mr. Weatherhead said that the company
would widen his base by the addition of offices in every island.
"We appointed the company Ecklers of Canada to do due diligence
and so far we are comfortable with the viability and stability of
the company", the report quoted Mr. Weatherhead as saying. "It is
our intention to maintain the staff complement, and we will embark
on a major marketing thrust aimed at restoring faith in the hearts
of people that were with CLICO General," he added.
The report notes that the new company will be backed by Willis,
the second largest reinsurance broker in the world.
CLICO Holdings is a subsidiary of CL Financial.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis
CL FIN'L: Court Orders CLICO Guyana Liquidation
-----------------------------------------------
High Court Chief Justice Ian Chang has ordered the complete
liquidation of the Guyana branch of Colonial Life Insurance Co.
through the sale of its prime real estate assets and extensive
timber rights to offset losses to more than 15,000 policyholders,
The Associated Press reports. The report relates that it is
unclear how much the assets are worth, although the government has
said Clico's liabilities of more than US$60 million far exceed
their value.
According to the report, Judge Chang's ruling upheld a similar
decision last year that was challenged. Another appeal is
possible, but Clico's lead attorney, Roysdale Forde, told Stabroek
News he was not surprised by the verdict and did not know whether
the company intends to continue the case, the report relates.
The AP notes that Judge Chang also ordered the Bank of Guyana to
distribute the US$15 million promised last year from a regional
emergency fund created to help policyholders.
Guyana seized Clico after its parent company CL Financial Ltd.
received a government bailout, the report notes.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis
HINDU CREDIT UNION: Group Thanks Government for Possible Bailout
----------------------------------------------------------------
The Hindu Credit Union Members' Group has expressed gratitude to
the Trinidad and Tobago government for including measures in the
2010/11 budget to assist in recovering their investments, The
Guardian reports.
According to the report, the union said that the government's
action has given its members hope. "After more than two years of
the HCU in receivership and liquidation and the 100,000 plus
members of the HCU are now seeing a bright light at the end of the
tunnel as the People's Partnership government included measures in
the 2010 Budget to assist in recovering their investments," the
group said, The Guardian relates.
The group, the report notes, recommended an early implementation
of the Credit Union Deposit Insurance and new Credit Union
legislation, and the strengthening the Commissioner of Co-
operatives' office so as to ensure improved monitoring and
oversight.
Meanwhile, The Guardian relates, after years of begging for a
Government bailout, depositors of the Hindu Credit Union were also
granted relief. The report notes that Finance Minister Winston
Dookeran said that although the failure of HCU did not carry a
systemic risk to the financial system, the government intent is to
protect these small investors and has adopted a similar approach
to that used in Clico.
Mr. Dookeran, the report relates, said that depositors and
shareholders will be entitled to $75,000 in accordance with the
rules of the Deposit Insurance Corporation. Depositors above
$75,000 will be paid in equal annual installments at zero interest
rate over 20 years, the report says. However, the report
discloses, shareholders receiving these payouts will be required
to sign over their rights to HCU assets to the Government.
Mr. Dookeran said the government will recover public funds
injected from the proceeds from the sale of these assets, the
report notes. This intervention, The Guardian adds, will cost
taxpayers an estimated $300 million and benefit more than 160,000
people.
About Hindu Credit
Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.
As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers. In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit. Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.
=================
V E N E Z U E L A
=================
ECONOINVEST CASA DE BOLSA: Irregularities Made Firm Inviable
------------------------------------------------------------
Venezuela will liquidate Econoinvest Casa de Bolsa, the country's
largest brokerage, Jose Orozco at Bloomberg News reports, citing
Tomas Sanchez, head of Venezuela's securities regulator.
According to the report, Mr. Sanchez said that the decision came
after a government probe determined financial irregularities made
the firm inviable. Mr. Sanchez, the report relates, said
Venezuela is still probing companies owned by Econoinvest for
securities fraud.
Econoninvest's directors haven't committed any crimes, Juan
Ramon Carvallo, their lawyer, has said, Bloomberg notes.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
AUTOPISTAS SOL APDSF US 364771500 -6265989.03
AUTOPISTAS SOL AUSO AR 364771500 -6265989.03
SOC COMERCIAL PL CADN SW 135685132 -249657810
COMERCIAL PLA-BL COMEB AR 135685132 -249657810
SOC COMERCIAL PL CADN EO 135685132 -249657810
SOC COMERCIAL PL CVVIF US 135685132 -249657810
COMERCIAL PL-C/E COMEC AR 135685132 -249657810
COMERCIAL PL-ADR SCPDS LI 135685132 -249657810
SOC COMERCIAL PL CAD IX 135685132 -249657810
SOC COMERCIAL PL COME AR 135685132 -249657810
COMERCIAL PLAT-$ COMED AR 135685132 -249657810
SOC COMERCIAL PL SCDPF US 135685132 -249657810
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
BRAZIL
FER C ATLANT VSPT3 BZ 1.185E+09 -50468104.7
FER C ATL-RCT PF VSPT10 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT11 BZ 1.185E+09 -50468104.7
FER C ATL-RCT CM VSPT9 BZ 1.185E+09 -50468104.7
FER C ATLANT-PRF VSPT4 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT12 BZ 1.185E+09 -50468104.7
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
LAEP INVESTMENTS LEAP LX 446499199 -70952298.9
LAEP-BDR MILK11 BZ 446499199 -70952298.9
PARMALAT LCSA3 BZ 388720052 -213641144
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641144
PARMALAT-PREF LCSA4 BZ 388720052 -213641144
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641144
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641144
PARMALAT BRASIL LCSAON BZ 388720052 -213641144
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
DOCA INVESTI-PFD DOCA4 BZ 319046939 -119089653
DOCAS SA DOCAON BZ 319046939 -119089653
DOCA INVESTIMENT DOCA3 BZ 319046939 -119089653
DOCAS SA-RTS PRF DOCA2 BZ 319046939 -119089653
DOCAS SA-PREF DOCAPN BZ 319046939 -119089653
BOMBRIL CIRIO-PF BOBRPN BZ 292257859 -115839632
BOMBRIL CIRIO SA BOBRON BZ 292257859 -115839632
BOMBRIL-RGTS PRE BOBR2 BZ 292257859 -115839632
BOMBRIL BOBR3 BZ 292257859 -115839632
BOMBRIL SA-ADR BMBPY US 292257859 -115839632
BOMBRIL BMBBF US 292257859 -115839632
BOMBRIL-RIGHTS BOBR1 BZ 292257859 -115839632
BOMBRIL-PREF BOBR4 BZ 292257859 -115839632
BOMBRIL SA-ADR BMBBY US 292257859 -115839632
TELEBRAS-CM RCPT RCTB30 BZ 244716404 -14836627.7
TELEBRAS-CEDEA $ TEL4D AR 244716404 -14836627.7
TELEBRAS-ADR TBAPY US 244716404 -14836627.7
TELEBRAS SA-PREF TELB4 BZ 244716404 -14836627.7
TELEBRAS-PF BLCK TELB40 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF RCTB2 BZ 244716404 -14836627.7
TELEBRAS-RTS CMN TCLP1 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB41 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT CBRZF US 244716404 -14836627.7
TELEBRAS-CEDE BL RCT4B AR 244716404 -14836627.7
TELEBRAS-CEDE PF TELB4 AR 244716404 -14836627.7
TELEBRAS-CED C/E TEL4C AR 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB31 BZ 244716404 -14836627.7
TELEBRAS SA-PREF TLBRPN BZ 244716404 -14836627.7
TELEBRAS-RCT PRF TELB10 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT TELE31 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB40 BZ 244716404 -14836627.7
TELEBRAS SA-RT TELB9 BZ 244716404 -14836627.7
TELEBRAS/W-I-ADR TBH-W US 244716404 -14836627.7
TELEBRAS-PF RCPT TELE41 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TBAPF US 244716404 -14836627.7
TELEBRAS-RECEIPT TLBRUO BZ 244716404 -14836627.7
TELEBRAS SA TBASF US 244716404 -14836627.7
TELEBRAS-ADR RTB US 244716404 -14836627.7
TELEBRAS-CED C/E RCT4C AR 244716404 -14836627.7
TELECOMUNICA-ADR 81370Z BZ 244716404 -14836627.7
TELEBRAS-BLOCK TELB30 BZ 244716404 -14836627.7
TELEBRAS-RCT RCTB33 BZ 244716404 -14836627.7
TELEBRAS-ADR TBRAY GR 244716404 -14836627.7
TELEBRAS-RTS CMN RCTB1 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB32 BZ 244716404 -14836627.7
TELEBRAS-ADR TBH US 244716404 -14836627.7
TELEBRAS-CEDE PF RCTB4 AR 244716404 -14836627.7
TELEBRAS-CEDEA $ RCT4D AR 244716404 -14836627.7
TELEBRAS-CM RCPT TBRTF US 244716404 -14836627.7
TELEBRAS-PF RCPT TLBRUP BZ 244716404 -14836627.7
TELEBRAS-COM RT TELB1 BZ 244716404 -14836627.7
TELEBRAS-ADR TBX GR 244716404 -14836627.7
TELEBRAS-RTS PRF TLCP2 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB42 BZ 244716404 -14836627.7
TELEBRAS SA TELB3 BZ 244716404 -14836627.7
TELEBRAS-ADR TBASY US 244716404 -14836627.7
TELEBRAS SA TLBRON BZ 244716404 -14836627.7
HOTEIS OTHON SA HOTHON BZ 238707299 -35774972.9
HOTEIS OTHON SA HOOT3 BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOOT4 BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOTHPN BZ 238707299 -35774972.9
TEKA TKTQF US 237346006 -337859942
TEKA TEKA3 BZ 237346006 -337859942
TEKA TEKAON BZ 237346006 -337859942
TEKA-PREF TEKAPN BZ 237346006 -337859942
TEKA-ADR TKTPY US 237346006 -337859942
TEKA-ADR TKTQY US 237346006 -337859942
TEKA-ADR TEKAY US 237346006 -337859942
TEKA-PREF TEKA4 BZ 237346006 -337859942
TEKA-PREF TKTPF US 237346006 -337859942
BALADARE BLDR3 BZ 159454016 -52992212.8
SANSUY SNSY3 BZ 147187163 -86606310.8
SANSUY SA SNSYON BZ 147187163 -86606310.8
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.8
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.8
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.8
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.8
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857292
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857292
IGB ELETRONICA IGBR3 BZ 145256033 -273857292
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857292
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857292
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857292
GRADIENTE ELETR IGBON BZ 145256033 -273857292
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857292
D H B DHBI3 BZ 139112728 -464095219
DHB IND E COM-PR DHBPN BZ 139112728 -464095219
D H B-PREF DHBI4 BZ 139112728 -464095219
DHB IND E COM DHBON BZ 139112728 -464095219
PET MANGUINH-PRF RPMG4 BZ 128717705 -153478601
PET MANG-RIGHTS 3678565Q BZ 128717705 -153478601
PET MANG-RECEIPT RPMG9 BZ 128717705 -153478601
PETRO MANGUINHOS RPMG3 BZ 128717705 -153478601
PET MANG-RT RPMG1 BZ 128717705 -153478601
PET MANG-RIGHTS 3678569Q BZ 128717705 -153478601
PETRO MANGUIN-PF MANGPN BZ 128717705 -153478601
PET MANG-RECEIPT RPMG10 BZ 128717705 -153478601
PET MANG-RT RPMG2 BZ 128717705 -153478601
PETRO MANGUINHOS MANGON BZ 128717705 -153478601
VARIG PART EM SE VPSC3 BZ 96617351 -460274609
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609
RIMET-PREF REEMPN BZ 94618909 -152507221
RIMET-PREF REEM4 BZ 94618909 -152507221
RIMET REEMON BZ 94618909 -152507221
RIMET REEM3 BZ 94618909 -152507221
DOC IMBITUBA-RTC IMBI1 BZ 94039192 -39398915.1
DOCAS IMBITUB-PR IMBIPN BZ 94039192 -39398915.1
DOC IMBITUBA-RTP IMBI2 BZ 94039192 -39398915.1
DOCAS IMBITUBA IMBION BZ 94039192 -39398915.1
DOC IMBITUBA IMBI3 BZ 94039192 -39398915.1
DOC IMBITUB-PREF IMBI4 BZ 94039192 -39398915.1
WETZEL SA-PREF MWELPN BZ 84310496 -7570637.42
WETZEL SA MWET3 BZ 84310496 -7570637.42
WETZEL SA MWELON BZ 84310496 -7570637.42
WETZEL SA-PREF MWET4 BZ 84310496 -7570637.42
ACO ALTONA-PREF EAAPN BZ 80346370 -11622480.4
ACO ALTONA SA EAAON BZ 80346370 -11622480.4
ACO ALTONA EALT3 BZ 80346370 -11622480.4
ACO ALTONA-PREF EALT4 BZ 80346370 -11622480.4
ESTRELA SA-PREF ESTRPN BZ 76255458 -69760619.7
ESTRELA SA ESTR3 BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTR4 BZ 76255458 -69760619.7
ESTRELA SA ESTRON BZ 76255458 -69760619.7
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.04
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.04
RIOSULENSE SA RSULON BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.04
TEXTEIS RENAU-RT TXRX2 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX9 BZ 63634626 -91597740.4
RENAUXVIEW SA TXRX3 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXPN BZ 63634626 -91597740.4
RENAUXVIEW SA-PF TXRX4 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX10 BZ 63634626 -91597740.4
TEXTEIS RENAU-RT TXRX1 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXON BZ 63634626 -91597740.4
MINUPAR SA-PREF MNPRPN BZ 63223032 -58260845.7
MINUPAR-RT MNPR1 BZ 63223032 -58260845.7
MINUPAR-RCT MNPR9 BZ 63223032 -58260845.7
MINUPAR-PREF MNPR4 BZ 63223032 -58260845.7
MINUPAR SA MNPRON BZ 63223032 -58260845.7
MINUPAR MNPR3 BZ 63223032 -58260845.7
FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833
FABRICA RENAUX FRNXON BZ 63036915 -59781833
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833
FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833
FABRICA RENAUX FTRX3 BZ 63036915 -59781833
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
WIEST-PREF WISA4 BZ 39838114 -93371563.1
WIEST WISA3 BZ 39838114 -93371563.1
WIEST SA WISAON BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
CIMOB PART-PREF GAFP4 BZ 36817395 -33083086.5
CIMOB PART-PREF GAFPN BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFP3 BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFON BZ 36817395 -33083086.5
STAROUP SA-PREF STARPN BZ 35101567 -13482713.5
BOTUCATU-PREF STRP4 BZ 35101567 -13482713.5
STAROUP SA STARON BZ 35101567 -13482713.5
BOTUCATU TEXTIL STRP3 BZ 35101567 -13482713.5
SANESALTO SNST3 BZ 31044051 -1843297.83
STEEL - RT STLB1 BZ 22548846 -4346785.7
STEEL DO BRASIL STLB3 BZ 22548846 -4346785.7
STEEL - RCT ORD STLB9 BZ 22548846 -4346785.7
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.2
CHIARELLI SA CCHI3 BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.2
CHIARELLI SA CCHON BZ 22274027 -44537138.2
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
CAF BRASILIA CAFE3 BZ 18540302 -790303366
CAF BRASILIA-PRF CAFE4 BZ 18540302 -790303366
CAFE BRASILIA SA CSBRON BZ 18540302 -790303366
CAFE BRASILIA-PR CSBRPN BZ 18540302 -790303366
TECEL S JOSE SJOS3 BZ 17924946 -18569451.2
TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451.2
TECEL S JOSE FTSJON BZ 17924946 -18569451.2
TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451.2
FERRAGENS HAGA-P HAGAPN BZ 17657785 -62285757.3
FERRAGENS HAGA HAGAON BZ 17657785 -62285757.3
FER HAGA-PREF HAGA4 BZ 17657785 -62285757.3
HAGA HAGA3 BZ 17657785 -62285757.3
NORDON MET NORD3 BZ 15427479 -20563974.4
NORDON METAL NORDON BZ 15427479 -20563974.4
NORDON MET-RTS NORD1 BZ 15427479 -20563974.4
SCHLOSSER-PREF SCLO4 BZ 13140656 -56631899.1
SCHLOSSER SA SCHON BZ 13140656 -56631899.1
SCHLOSSER SCLO3 BZ 13140656 -56631899.1
SCHLOSSER SA-PRF SCHPN BZ 13140656 -56631899.1
PROMAN PRMN3B BZ 13088926 -87154.5455
PROMAN PRMN3 BZ 13088926 -87154.5455
GAZOLA SA GAZON BZ 12452143 -40298506.3
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.3
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.3
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.3
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.3
GAZOLA GAZO3 BZ 12452143 -40298506.3
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.3
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.3
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
HERCULES-PREF HETA4 BZ 10710103 -164239944
HERCULES SA HERTON BZ 10710103 -164239944
HERCULES SA-PREF HERTPN BZ 10710103 -164239944
HERCULES HETA3 BZ 10710103 -164239944
CHILE
CHILESAT CORP SA TELEX CI 649980376 -82003656.5
TELEX-RTS TELEXO CI 649980376 -82003656.5
CHILESAT CO-ADR TL US 649980376 -82003656.5
TELMEX CORP-ADR CSAOY US 649980376 -82003656.5
TELEX-A TELEXA CI 649980376 -82003656.5
CHILESAT CO-RTS CHISATOS CI 649980376 -82003656.5
TELMEX CORP SA CHILESAT CI 649980376 -82003656.5
INVERMAR INVERMAR CI 200945008 -2078000.13
INVERMAR-RT INVEROSA CI 200945008 -2078000.13
***********
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 * * *