/raid1/www/Hosts/bankrupt/TCRLA_Public/101019.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, October 19, 2010, Vol. 11, No. 206
Headlines
A N T I G U A & B A R B U D A
BANK OF ANTIGUA: ECAB to Replace Bank's Operations
A R G E N T I N A
AYERBE ENTERTAINMENT: Creditors' Proofs of Debt Due December 16
JACC TEXTIL: Creditors' Proofs of Debt Due October 22
LEMME OBRAS: Creditors' Proofs of Debt Due December 20
OPEN POWER: Creditors' Proofs of Debt Due May 20
PET S GROUP: Creditors' Proofs of Debt Due November 18
* ARGENTINA: President Says Pension Law Would Cause Bankruptcy
C A Y M A N I S L A N D S
ANDROMEDA COMPANY: Creditors' Proofs of Debt Due November 12
BEAGHTON CROSS-MARKET: Creditors' Proofs of Debt Due November 12
BEAGHTON INVESTMENT: Creditors' Proofs of Debt Due November 12
FRONT RANGE: Creditors' Proofs of Debt Due November 11
FRONT RANGE: Creditors' Proofs of Debt Due November 11
GOLDMAN SACHS PRIVATE: Creditors' Proofs of Debt Due November 11
GOLDMAN SACHS PRIVATE: Creditors' Proofs of Debt Due November 11
JP MORGAN INCUBATOR: Creditors' Proofs of Debt Due November 11
LION FAIRFIELD: Creditors' Proofs of Debt Due November 5
LION FAIRFIELD: Shareholders' Final Meeting Set for November 8
LOGISPRING GP: Creditors' Proofs of Debt Due November 8
LSV BEAR: Creditors' Proofs of Debt Due November 11
LSV BEAR: Creditors' Proofs of Debt Due November 11
NOMC INSURANCE: Court Enters Wind-Up Order
OLDLAND LANE: Creditors' Proofs of Debt Due November 1
SOUTHAM LANE: Creditors' Proofs of Debt Due November 1
SPM DIRECTIONAL: Creditors' Proofs of Debt Due November 1
SPRINT VIII: Commences Liquidation Proceedings
TREETOP ASSET: Creditors' Proofs of Debt Due November 11
WITCHES ROCK: Creditors' Proofs of Debt Due November 11
WITCHES ROCK: Creditors' Proofs of Debt Due November 11
C H I L E
COMPANIA MINERA: Owes US$2.7 Million to Workers in Chile
C O L O M B I A
* COLOMBIA: Fitch Affirms 'BB+' Foreign Issuer Default Ratings
T R I N I D A D & T O B A G O
CL FIN'L: CLICO Policyholders Want Gov't to Settle or Face Court
HINDU CREDIT UNION: Members Want Senator to Apologize
U R U G U A Y
ADMINISTRACION NACIONAL: S&P Affirms 'BB-' Corp. Credit Rating
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
BANK OF ANTIGUA: ECAB to Replace Bank's Operations
--------------------------------------------------
The Eastern Caribbean Amalgamated Bank will replace the operations
at Robert Allen Stanford's Bank of Antigua, Caribbean30.com
reports. Stanford International Bank Limited is also owned by Mr.
Stanford.
According to the report, the transition came more than a year and
a half after the Eastern Caribbean Central Bank stepped in and
took over control at BOA and set up a management company to
oversee the creation of the new institution. According to the
report, ECAB said in a statement that it had been issued with a
banking license to conduct banking activities in Antigua and
Barbuda. and had also obtained the necessary regulatory approvals
"to purchase and assume certain assets and liabilities of Bank of
Antigua Ltd".
The institution is owned by the government of Antigua and Barbuda
and five of the largest Eastern Caribbean banks -- Antigua
Commercial Bank, St. Kitts-Nevis-Anguilla National Bank Ltd.,
Eastern Caribbean Financial Holdings Company Ltd., National
Commercial Bank (SVG) Ltd. and National Bank of Dominica Ltd.
"ECAB will open its doors to the public on October 18, 2010 as a
fully functional and significant player on the local financial
landscape. The savings, deposits, loans and other accounts of
current customers of Bank of Antigua will be transferred
seamlessly into ECAB with no interruption to service provided to
customers," the bank said in its statement, according to the
report. "There will be a conversion period, during which time
ECAB will continue to honor all Bank of Antigua customer checks
and credit/debit card transactions. The cooperation of the public
is solicited to continue to accept these forms of payment from
customers of the bank, until further advised," it added.
Antigua and Barbuda has 40% interest in ECAB, 25% belonging to
government and the remaining 15% allocated to ACB; while each of
the other four banks have 15% share.
About Bank of Antigua
The Bank of Antigua -- http://www.bankofantigua.com/-- was
incorporated on February 10, 1981 in St. John's, and opened its
doors for business in November of that year. The bank is a member
of Stanford Financial Group, after the group acquired the bank in
December 1990.
* * *
On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.
A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas. Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice. Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a
57-page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges. Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
=================
A R G E N T I N A
=================
AYERBE ENTERTAINMENT: Creditors' Proofs of Debt Due December 16
---------------------------------------------------------------
The creditors of Ayerbe Entertainment S.R.L. are required to file
their proofs of debt by December 16, 2010, to be included in the
company's dividend distribution.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 11, 2011.
JACC TEXTIL: Creditors' Proofs of Debt Due October 22
-----------------------------------------------------
The court-appointed trustee for Jacc Textil S.H.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 22, 2010.
The trustee will present the validated claims in court as
individual reports on February 7, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 4, 2011.
LEMME OBRAS: Creditors' Proofs of Debt Due December 20
------------------------------------------------------
The court-appointed trustee for Lemme Obras y Servicios S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until December 20, 2010.
The trustee will present the validated claims in court as
individual reports on March 4, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 18, 2011.
OPEN POWER: Creditors' Proofs of Debt Due May 20
------------------------------------------------
The creditors of Open Power S.R.L. are required to file their
proofs of debt by May 20, 2010, to be included in the company's
dividend distribution.
Creditors will vote to ratify the completed settlement plan during
the assembly on February 28, 2011.
PET S GROUP: Creditors' Proofs of Debt Due November 18
------------------------------------------------------
The creditors of Pet s Group S.A. are required to file their
proofs of debt by November 18, 2010, to be included in the
company's dividend distribution.
Creditors will vote to ratify the completed settlement plan
during the assembly on September 1, 2011.
* ARGENTINA: President Says Pension Law Would Cause Bankruptcy
--------------------------------------------------------------
Eliana Raszewski at Bloomberg News reports that Argentine
President Cristina Fernandez de Kirchner vetoed a law approved by
Congress that raises pensions and links them to increases in the
minimum salary, saying the measure would bankrupt Argentina.
According to the report, the law, which was approved by the Senate
after Vice President Julio Cobos broke a 35-to-35 tie vote, calls
for raising the basic monthly retirement payment to 82% of the
minimum wage. The report relates President Fernandez said that
she had vetoed the measure.
Under the measure, the report notes, retirees would receive a
minimum payment of ARS$1,427 (US$361) a month compared with
ARS$1,046 at present. The report notes President Fernandez said
the government doesn't have the funds to pay for the increase,
which, according to the state social security agency, would cost
an extra ARS$22.4 billion pesos. Argentina has about 5.6 million
pensioners.
The report recalls President Fernandez's government in 2008
nationalized about US$24 billion in private pension funds and
transferred the assets to the social security agency. The report
says that part of the funds was lent to companies to boost
investment and increase production during the global financial
crisis in 2009.
Mr. Cobos said in an interview with Radio Mitre that the law is
sustainable if the agency's "funds are used for this benefit
instead of other things," the report discloses.
* * *
As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.
The company also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.
==========================
C A Y M A N I S L A N D S
==========================
ANDROMEDA COMPANY: Creditors' Proofs of Debt Due November 12
------------------------------------------------------------
The creditors of Andromeda Company Limited are required to file
their proofs of debt by November 12, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 27, 2010.
The company's liquidator is:
H&J Corporate Services (Cayman) Ltd.
Telephone: (345) 949 7555
Anderson Square, 5th Floor
Shedden Road
PO Box 866, Grand Cayman, KY1-1103
Cayman Islands
BEAGHTON CROSS-MARKET: Creditors' Proofs of Debt Due November 12
----------------------------------------------------------------
The creditors of Beaghton Cross-Market Fund Limited are required
to file their proofs of debt by November 12, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on September 22,
2010.
The company's liquidator is:
Keith Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o David Thacker
Telephone: 345-815-2631
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
BEAGHTON INVESTMENT: Creditors' Proofs of Debt Due November 12
--------------------------------------------------------------
The creditors of Beaghton Investment Services Limited are required
to file their proofs of debt by November 12, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on September 22,
2010.
The company's liquidator is:
Keith Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o David Thacker
Telephone: 345-815-2631
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
FRONT RANGE: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Front Range Master Ltd. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 23,
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 KY1-9004
Cayman Islands
FRONT RANGE: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Front Range Offshore Fund, Ltd. are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on September 24,
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 KY1-9004
Cayman Islands
GOLDMAN SACHS PRIVATE: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------------
The creditors of Goldman Sachs Private Equity Commodity Real
Assets Offshore Advisors, Inc. are required to file their proofs
of debt by November 11, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on September 28,
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 KY1-9002/9005
Cayman Islands
GOLDMAN SACHS PRIVATE: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------------
The creditors of Goldman Sachs Private Equity Commodity Real
Assets Offshore Holdings Advisors, Inc. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 28,
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 KY1-9004
Cayman Islands
JP MORGAN INCUBATOR: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------------
The creditors of JP Morgan Incubator Program (Cayman) SPC, Ltd.
are required to file their proofs of debt by November 11, 2010, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 28,
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 KY1-9002/9005
Cayman Islands
LION FAIRFIELD: Creditors' Proofs of Debt Due November 5
--------------------------------------------------------
The creditors of Lion Fairfield Eastern Star Fund are required to
file their proofs of debt by November 5, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 20, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
LION FAIRFIELD: Shareholders' Final Meeting Set for November 8
--------------------------------------------------------------
The shareholders of Lion Fairfield Eastern Star Fund will hold
their final meeting on November 8, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on September 20, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
LOGISPRING GP: Creditors' Proofs of Debt Due November 8
-------------------------------------------------------
The creditors of Logispring GP Ltd. are required to file their
proofs of debt by November 8, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 24, 2010.
The company's liquidator is:
Frans Van Schaik
924 West End Avenue Apt 25
New York, NY 10025
United States of America
Telephone: 345-949-2648
Facsimile: 345-949-8613
LSV BEAR: Creditors' Proofs of Debt Due November 11
---------------------------------------------------
The creditors of LSV Bear Fund, Ltd. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 28,
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 KY1-9004
Cayman Islands
LSV BEAR: Creditors' Proofs of Debt Due November 11
---------------------------------------------------
The creditors of LSV Bear Credit Fund, Ltd. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 28,
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 KY1-9004
Cayman Islands
NOMC INSURANCE: Court Enters Wind-Up Order
------------------------------------------
On September 24, 2010, Grand Court of the Cayman Islands entered
an order to wind up the operations of NOMC Insurance Company, Ltd.
The company's liquidators are:
Kenneth M. Krys
Margot MacInnis
Krys & Associates Cayman Ltd.
Governors Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237, Grand Cayman KY1-1205
Cayman Islands
OLDLAND LANE: Creditors' Proofs of Debt Due November 1
------------------------------------------------------
The creditors of Oldland Lane Limited are required to file their
proofs of debt by November 1, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 20,
2010.
The company's liquidator is:
Hugh Dickson
c/o Prudence Pryce
P.O. Box 1370, Grand Cayman KY1- 1108
Cayman Islands
Telephone: (345) 815 8240
Facsimile: (345) 949 7120
SOUTHAM LANE: Creditors' Proofs of Debt Due November 1
------------------------------------------------------
The creditors of Southam Lane Limited are required to file their
proofs of debt by November 1, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 20,
2010.
The company's liquidator is:
Hugh Dickson
c/o Prudence Pryce
P.O. Box 1370, Grand Cayman KY1- 1108
Cayman Islands
Telephone: (345) 815 8240
Facsimile: (345) 949 7120
SPM DIRECTIONAL: Creditors' Proofs of Debt Due November 1
---------------------------------------------------------
The creditors of SPM Directional Mortgage Credit Offshore Fund,
Ltd. are required to file their proofs of debt by November 1,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 9,
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 KY1-9002/9005
Cayman Islands
SPRINT VIII: Commences Liquidation Proceedings
----------------------------------------------
On September 23, 2010, the sole shareholder of Sprint VIII Limited
passed a resolution that voluntarily liquidates the company's
business.
The company's liquidator is:
Robert N. Forster
Telephone (345) 949-7055
Facsimile (345) 949-7004
Butterfield House, Fort Street
George Town Grand Cayman KY1 1107
Cayman Islands
TREETOP ASSET: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Treetop Asset Management General Partner Inc. are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 1,
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
WITCHES ROCK: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Witches Rock Fund Ltd. are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 24,
2010.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
WITCHES ROCK: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Witches Rock Portfolio Ltd. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 24,
2010.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
=========
C H I L E
=========
COMPANIA MINERA: Owes US$2.7 Million to Workers in Chile
--------------------------------------------------------
Compania Minera San Esteban Primera owes approximately US$2.7
million to its workers, or about US$7,500 per worker depending on
how long the employee has been with the company, Dominique Farrell
at The Santiago Times reports, citing evidence collected by expert
facilitator Jorge Quiroz.
According to the report, the total debt that San Esteban owes to
its creditors is about US$25 million. The report relates that the
largest creditor is the Bank of Chile, which is owed US$5 million.
The state-owned Chilean National Mining Corporation, Enami, last
week granted a new loan to San Esteban for US$370,000, the report
notes. That figure, The Times says, is in addition to the US$2.1
million that it is already owed.
The Times says that Mr. Quiroz must issue a report on October 22
in which San Esteban either declares bankruptcy or decides on a
collective agreement that must then be approved by its creditors.
The Times relates that according to the limits prescribed by law,
the amount owed to its workers under bankruptcy will decrease from
US$2.7 million to US$1.85 million. The company will then pay the
workers 25% of the settlement on December 20 and the remainder in
11 equal installments, the report relates.
The Times notes that the miners, who have indicated that they
would not be happy with this solution, must also reach an
agreement so they become first creditors and would be the first to
receive payment since San Esteban will not be able to pay all its
debt.
Meanwhile, the report says, San Esteban is also looking for
investors for the company, including the former president of
National Mining Society (Sonami), Hernan Hochschild, who has
operations near the area. The report relates that although the
San Jose mine is closed, San Esteban has other viable assets,
including processing plants and crushing firms, as well as three
other mining sites in the same area.
Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.
===============
C O L O M B I A
===============
* COLOMBIA: Fitch Affirms 'BB+' Foreign Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Colombia's ratings:
-- Foreign Currency Issuer Default Ratings at 'BB+';
-- Local Currency IDR at 'BBB-';
-- Country Ceiling at 'BBB-';
-- Short-term IDR at 'B'.
Fitch has revised the Rating Outlook to Positive from Stable.
The Outlook revision to Positive reflects Colombia's economic
resilience and improved macroeconomic performance in relation to
its peers. Colombia's expected increase in oil and mining
production will likely benefit overall economic activity and
export receipts, in turn supporting improvements in external
solvency and liquidity metrics. Fiscal measures that are
currently being discussed in Congress also augur well for further
strengthening of Colombia's fiscal capacity and policy
credibility.
Colombia's creditworthiness continues to be underpinned by its
track record on macroeconomic stability, modest external debt,
deft liability management, an unblemished debt service record and
greater institutional strength in comparison to peers. These
credit strengths partly balance comparatively weaker external and
fiscal solvency ratios, as well as structural weaknesses present
in public finances.
Colombia's economic growth and external accounts proved resilient
to the severe dual shock of the global financial crisis and the
'sudden stop' of trade with Venezuela, its second largest trading
partner. In spite of comparatively slow recovery by regional
standards, Colombia's five-year average growth, reaching 4.4% in
2009 and 4.3% in 2010, is expected to outperform the 'BB' median
of 3.5% and 3.1%, respectively.
Moreover, inflation is likely to remain under control and at
historically low levels, thus supporting a macroeconomic
performance in line with higher-rated sovereigns. Fitch notes
that the central bank has been prudent to use the opportunity of
lower inflation to permanently reduce its inflation target.
'Continued healthy growth, underpinned by increasing domestic
demand and positive developments in the mining sector could
support fiscal consolidation and debt reduction in the coming
years,' said Erich Arispe, Director in Fitch's sovereign group.
The sovereign's manageable debt amortizations profile, a favorable
debt composition and a demonstrated high debt tolerance partly
mitigate risks associated with high revenue volatility and a rigid
expenditure profile. Fitch forecasts the general government
(consolidated central government, regional and local governments
and social security) deficit to increase to 3.4% of GDP in 2010,
while general government debt could reach 40.9% of GDP, slightly
above the 'BB' median of 39.3%. However, Fitch notes that
spending pressures related to health care, social expenditure, and
regional transfers will remain and require skillful management to
deliver continued fiscal consolidation.
The transition to the Santos administration has been smooth and
augurs well for policy continuity and a renewed reform momentum.
The new government has put forward an ambitious reform agenda
designed to entrench macroeconomic stability, increase the
country's growth trajectory and strengthen the credibility of
fiscal policy. Fiscal initiatives such as embedding fiscal
responsibility as a constitutional principle, the implementation
of a fiscal rule, and the reform to the royalty regime could
provide a credible path for sustainable fiscal consolidation as
well as increase the government's capacity to implement counter-
cyclical fiscal policies.
Colombia's external accounts demonstrated greater-than-expected
resilience to lower external demand, a terms-of-trade shock and
the closure of the Venezuelan market in the second half of 2009.
Colombia's external liquidity rose to 211% in 2010, comfortably
above the 'BB' category median of 176%. While a higher liquidity
position is desirable due to increasing importance of commodities
in external receipts and the status of the sovereign as a net
external debtor (at 15% of CXR), Fitch considers that the modest
external leverage of the private sector, manageable external
financing requirements, limited portfolio inflows and absence of
dollarization in the financial system limit the extent of
potential FX needs.
Moreover, external solvency and liquidity metrics could strengthen
going forward due to increasing commodity exports (driven by
higher production), progress in diversification of non-commodity
exports in terms of markets, as well as continued FDI inflows.
'Reduced trade exposure to Venezuela, as well as progress in
diversification of Colombian non-traditional export markets
benefit the growth prospects for current external receipts and
economic activity,' added Arispe.
Sustained macroeconomic stability, further improvement in the
fiscal stance and a steady strengthening of external credit
metrics would be viewed positively. Greater clarity on the effect
of rising oil and mining production on fiscal and external
accounts as well as reforms that strengthen Colombia's fiscal
policy framework would also be positive for creditworthiness. On
the other hand, sustained fiscal deterioration leading to negative
debt dynamics could undermine Colombia's positive ratings
trajectory.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: CLICO Policyholders Want Gov't to Settle or Face Court
----------------------------------------------------------------
Joel Julien at Trinidad Express reports that Colonial Life
Insurance Company policyholders will seek redress in the courts if
the government does not rescind its decision concerning the CLICO
matter within the next 14 days. The report relates that this was
the ultimatum given by attorney Vijaya Maharaj from the law firm
RLM & Co Attorneys-at-Law in a letter delivered to Prime Minister
Kamla Persad-Bissessar on October 15, 2010.
According to the report, the letter sent to Mr. Persad-Bissessar
stated that it aimed to address "unlawful action by the Government
to vary and/or extinguish the admitted liability of the State to
pay the policyholders of CLICO the monies under their policies".
The report notes that during the budget presentation by Finance
Minister Winston Dookeran on September 8, government announced
that CLICO policyholders would receive TT$75,000 and the balance
over 20 years without interest.
"You and your government openly admitted that the government owes
the policyholders by agreeing to give such an IOU," the report
quoted Ms. Maharaj as saying. "It is well established law that a
debtor, even if it is the government of Trinidad and Tobago,
cannot extinguish, vary and/or postpone its liability to pay the
debt without the agreement and/or consent of the person to whom
the debt is owed. The government in its statements gave the
impression that the policyholders are to be blamed in some way for
this crisis. The government referred to some of the types of
investments which the policyholders entered into with CLICO.
The policyholders cannot be made scapegoats for this crisis."
Ms. Maharaj, the report notes, said that the State was to blame
for the crisis because the government and Central Bank were
"negligent in failing to protect and safeguard the investments of
the policyholders".
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: Members Want Senator to Apologize
-----------------------------------------------------
Joel Julien at Trinidad Express reports that Hindu Credit Union
Shareholders and Depositors Company Ltd. said that independent
Senator Helen Drayton needs to publicly apologize for statements
made in Parliament about the management of the failed Hindu Credit
Union and its president, Harry Harnarine.
According to the report, Mr. Harnarine and other members of the
HCU Shareholders and Depositors Company Ltd. met with President
George Maxwell Richards on the issue. The report relates Sangeeta
Ramlagan Jagdeo, the administrative manager to Mr. Harnarine, sent
a letter outlining the contents of the meeting.
"We, the members, are still demanding a public apology from
Senator (Helen) Drayton. As citizens we strongly condemn the
unfounded allegations and statements of violence and other
criminal acts against Mr. (Harry) Harnarine or any other citizen
of this country," the report quoted Ms. Jagdeo as saying.
"The Senator has demonstrated an abuse of democracy and privileges
of our honourable Parliament. Based on her lack of information,
the Senator is in contempt of court and otherwise. The members of
HCU and others have initiated petitions against the Senator's
remarks and will act in accordance with our democratic rights as
citizens of the Republic of Trinidad and Tobago. Further actions
on the part of our members will be communicated accordingly to the
media, and national community," she added.
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.
=============
U R U G U A Y
=============
ADMINISTRACION NACIONAL: S&P Affirms 'BB-' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term corporate credit rating on Uruguay's government-owned
oil and cement company, Administracion Nacional de Combustibles
Alcohol y Portland. The outlook is stable.
"S&P believes there is a very high likelihood that the government
of Uruguay would provide timely and sufficient extraordinary
support to ANCAP in the event of financial distress. This and its
stand-alone credit profile being in the 'b' category support the
'BB-' rating," said Standard & Poor's credit analyst Luciano
Gremone.
S&P's belief in a very high likelihood of support is based on its
assessment of ANCAP's very important role as Uruguay's sole
petroleum importer, refiner, and supplier of refined products to
the country's distributors; and its very strong link with the
government, particularly in the budget-approval process,
indebtedness authorization, and tax payments.
S&P's SACP on ANCAP reflects its weak business risk profile and
aggressive financial risk profile. The ratings also incorporate
S&P's expectations that ANCAP will maintain its monopoly position
in Uruguay in the medium term. As of June 30, 2010 (the company
does not produce interim audited financial statements), ANCAP had
about $750 million in debt, comprising mainly the fair value of
its long-term supplier financing with Petroleos de Venezuela S.A.
(B+/Stable/--) and a two-year, $105 million loan. Interest and
principal payments on the latter are matched with accounts
receivable that ANCAP has with Uruguayan state-owned power company
Administracion Nacional de Usinas y Transmisiones Electricas (not
rated). Since mid-2005, ANCAP has imported a large portion of its
crude oil needs from PDVSA under a purchase agreement that
involved long-term financing of 15 years for up to 25% of the
amount of each shipment.
The stable outlook reflects a smooth debt maturity schedule and
adequate financial flexibility, which should allow ANCAP to cover
its financial needs, including capital expenditure requirements.
Nevertheless, the ratings could come under downward pressure if
the company's SACP were to deteriorate significantly and/or S&P's
perception of the likelihood of extraordinary support from its
owner changes. Ratings could benefit from a material improvement
in the company's SACP -- which would in turn depend on an
improvement of its financial risk profile. This could mean, for
example, a total debt-to-EBITDA ratio consistently below 4x and a
funds from operations-to-total debt ratio firmly exceeding 20%.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
AUTOPISTAS SOL AUSO AR 364771500 -6265989.03
AUTOPISTAS SOL APDSF US 364771500 -6265989.03
COMERCIAL PLA-BL COMEB AR 135685132 -249657810
COMERCIAL PL-ADR SCPDS LI 135685132 -249657810
COMERCIAL PLAT-$ COMED AR 135685132 -249657810
COMERCIAL PL-C/E COMEC AR 135685132 -249657810
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SOC COMERCIAL PL CADN EO 135685132 -249657810
SOC COMERCIAL PL CADN SW 135685132 -249657810
SOC COMERCIAL PL CAD IX 135685132 -249657810
SOC COMERCIAL PL COME AR 135685132 -249657810
SOC COMERCIAL PL CVVIF US 135685132 -249657810
SOC COMERCIAL PL SCDPF US 135685132 -249657810
BRAZIL
ACO ALTONA EALT3 BZ 81612029 -10647927.2
ACO ALTONA SA EAAON BZ 81612029 -10647927.2
ACO ALTONA-PREF EALT4 BZ 81612029 -10647927.2
ACO ALTONA-PREF EAAPN BZ 81612029 -10647927.2
AGRENCO LTD AGRE LX 542862484 -297848371
AGRENCO LTD-BDR AGEN11 BZ 542862484 -297848371
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
BALADARE BLDR3 BZ 159454016 -52992212.8
BOMBRIL BOBR3 BZ 289427238 -121390489
BOMBRIL BMBBF US 289427238 -121390489
BOMBRIL CIRIO SA BOBRON BZ 289427238 -121390489
BOMBRIL CIRIO-PF BOBRPN BZ 289427238 -121390489
BOMBRIL SA-ADR BMBBY US 289427238 -121390489
BOMBRIL SA-ADR BMBPY US 289427238 -121390489
BOMBRIL-PREF BOBR4 BZ 289427238 -121390489
BOMBRIL-RGTS PRE BOBR2 BZ 289427238 -121390489
BOMBRIL-RIGHTS BOBR1 BZ 289427238 -121390489
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
CAF BRASILIA CAFE3 BZ 20327861 -810559464
CAF BRASILIA-PRF CAFE4 BZ 20327861 -810559464
CAFE BRASILIA SA CSBRON BZ 20327861 -810559464
CAFE BRASILIA-PR CSBRPN BZ 20327861 -810559464
CHIARELLI SA CCHI3 BZ 22274027 -44537138.2
CHIARELLI SA CCHON BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.2
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIMOB PARTIC SA GAFON BZ 39881387 -41560336.9
CIMOB PARTIC SA GAFP3 BZ 39881387 -41560336.9
CIMOB PART-PREF GAFPN BZ 39881387 -41560336.9
CIMOB PART-PREF GAFP4 BZ 39881387 -41560336.9
CONST BETER SA 1007Q BZ 23747401 -4784798.53
CONST BETER SA COBE3B BZ 23747401 -4784798.53
CONST BETER SA 1COBON BZ 23747401 -4784798.53
CONST BETER SA COBEON BZ 23747401 -4784798.53
CONST BETER SA COBE3 BZ 23747401 -4784798.53
CONST BETER-PF A 1COBAN BZ 23747401 -4784798.53
CONST BETER-PF A COBE5 BZ 23747401 -4784798.53
CONST BETER-PF B 1COBBN BZ 23747401 -4784798.53
CONST BETER-PF B COBE6 BZ 23747401 -4784798.53
CONST BETER-PR A COBEAN BZ 23747401 -4784798.53
CONST BETER-PR A 1008Q BZ 23747401 -4784798.53
CONST BETER-PR B 1009Q BZ 23747401 -4784798.53
CONST BETER-PR B COBEBN BZ 23747401 -4784798.53
D H B DHBI3 BZ 139112728 -464095219
D H B-PREF DHBI4 BZ 139112728 -464095219
DHB IND E COM DHBON BZ 139112728 -464095219
DHB IND E COM-PR DHBPN BZ 139112728 -464095219
DOC IMBITUBA IMBI3 BZ 93031452 -40080158.4
DOC IMBITUBA-RTC IMBI1 BZ 93031452 -40080158.4
DOC IMBITUBA-RTP IMBI2 BZ 93031452 -40080158.4
DOC IMBITUB-PREF IMBI4 BZ 93031452 -40080158.4
DOCA INVESTIMENT DOCA3 BZ 343189539 -89982750
DOCA INVESTI-PFD DOCA4 BZ 343189539 -89982750
DOCAS IMBITUBA IMBION BZ 93031452 -40080158.4
DOCAS IMBITUB-PR IMBIPN BZ 93031452 -40080158.4
DOCAS SA DOCAON BZ 343189539 -89982750
DOCAS SA-PREF DOCAPN BZ 343189539 -89982750
DOCAS SA-RTS PRF DOCA2 BZ 343189539 -89982750
ESTRELA SA ESTRON BZ 76255458 -69760619.7
ESTRELA SA ESTR3 BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTRPN BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTR4 BZ 76255458 -69760619.7
F GUIMARAES FGUI3 BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
FABRICA RENAUX FRNXON BZ 63036915 -59781833
FABRICA RENAUX FTRX3 BZ 63036915 -59781833
FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833
FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833
FER HAGA-PREF HAGA4 BZ 18770787 -60946123.6
FERRAGENS HAGA HAGAON BZ 18770787 -60946123.6
FERRAGENS HAGA-P HAGAPN BZ 18770787 -60946123.6
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
GAZOLA GAZO3 BZ 12452143 -40298506.3
GAZOLA SA GAZON BZ 12452143 -40298506.3
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.3
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.3
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.3
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.3
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.3
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.3
GRADIENTE ELETR IGBON BZ 145256033 -273857292
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857292
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857292
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857292
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857292
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857292
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857292
HAGA HAGA3 BZ 18770787 -60946123.6
HERCULES HETA3 BZ 10710103 -164239944
HERCULES SA HERTON BZ 10710103 -164239944
HERCULES SA-PREF HERTPN BZ 10710103 -164239944
HERCULES-PREF HETA4 BZ 10710103 -164239944
HOTEIS OTHON SA HOOT3 BZ 239702780 -38730311.4
HOTEIS OTHON SA HOTHON BZ 239702780 -38730311.4
HOTEIS OTHON-PRF HOOT4 BZ 239702780 -38730311.4
HOTEIS OTHON-PRF HOTHPN BZ 239702780 -38730311.4
IGB ELETRONICA IGBR3 BZ 145256033 -273857292
LAEP INVESTMENTS LEAP LX 432349610 -161351898
LAEP-BDR MILK11 BZ 432349610 -161351898
MINUPAR MNPR3 BZ 60015033 -53107712.8
MINUPAR SA MNPRON BZ 60015033 -53107712.8
MINUPAR SA-PREF MNPRPN BZ 60015033 -53107712.8
MINUPAR-PREF MNPR4 BZ 60015033 -53107712.8
MINUPAR-RCT MNPR9 BZ 60015033 -53107712.8
MINUPAR-RT MNPR1 BZ 60015033 -53107712.8
NORDON MET NORD3 BZ 15209019 -20936822.9
NORDON METAL NORDON BZ 15209019 -20936822.9
NORDON MET-RTS NORD1 BZ 15209019 -20936822.9
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
PARMALAT LCSA3 BZ 388720052 -213641144
PARMALAT BRASIL LCSAON BZ 388720052 -213641144
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641144
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641144
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641144
PARMALAT-PREF LCSA4 BZ 388720052 -213641144
PET MANG-RECEIPT RPMG9 BZ 128717705 -153478601
PET MANG-RECEIPT RPMG10 BZ 128717705 -153478601
PET MANG-RIGHTS 3678569Q BZ 128717705 -153478601
PET MANG-RIGHTS 3678565Q BZ 128717705 -153478601
PET MANG-RT RPMG2 BZ 128717705 -153478601
PET MANG-RT 4115360Q BZ 128717705 -153478601
PET MANG-RT 4115364Q BZ 128717705 -153478601
PET MANG-RT RPMG1 BZ 128717705 -153478601
PET MANGUINH-PRF RPMG4 BZ 128717705 -153478601
PETRO MANGUINHOS RPMG3 BZ 128717705 -153478601
PETRO MANGUINHOS MANGON BZ 128717705 -153478601
PETRO MANGUIN-PF MANGPN BZ 128717705 -153478601
PROMAN PRMN3B BZ 13088926 -87154.5455
PROMAN PRMN3 BZ 13088926 -87154.5455
RENAUXVIEW SA TXRX3 BZ 63668805 -94477605.8
RENAUXVIEW SA-PF TXRX4 BZ 63668805 -94477605.8
RIMET REEM3 BZ 98343507 -133499964
RIMET REEMON BZ 98343507 -133499964
RIMET-PREF REEM4 BZ 98343507 -133499964
RIMET-PREF REEMPN BZ 98343507 -133499964
RIOSULENSE SA RSULON BZ 68368524 -9647727.04
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.04
SANESALTO SNST3 BZ 31044051 -1843297.83
SANSUY SNSY3 BZ 147187163 -86606310.8
SANSUY SA SNSYON BZ 147187163 -86606310.8
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.8
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.8
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.8
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.8
SAUIPE PSEG3 BZ 11690510 -5076538.04
SAUIPE SA PSEGON BZ 11690510 -5076538.04
SAUIPE SA-PREF PSEGPN BZ 11690510 -5076538.04
SAUIPE-PREF PSEG4 BZ 11690510 -5076538.04
SCHLOSSER SCLO3 BZ 11513499 -58660176.3
SCHLOSSER SA SCHON BZ 11513499 -58660176.3
SCHLOSSER SA-PRF SCHPN BZ 11513499 -58660176.3
SCHLOSSER-PREF SCLO4 BZ 11513499 -58660176.3
STAROUP SA STARON BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
STEEL - RCT ORD STLB9 BZ 22548846 -4346785.7
STEEL - RT STLB1 BZ 22548846 -4346785.7
STEEL DO BRASIL STLB3 BZ 22548846 -4346785.7
TECEL S JOSE FTSJON BZ 17924946 -18569451.2
TECEL S JOSE SJOS3 BZ 17924946 -18569451.2
TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451.2
TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451.2
TEKA TKTQF US 229977754 -351007551
TEKA TEKAON BZ 229977754 -351007551
TEKA TEKA3 BZ 229977754 -351007551
TEKA-ADR TEKAY US 229977754 -351007551
TEKA-ADR TKTQY US 229977754 -351007551
TEKA-ADR TKTPY US 229977754 -351007551
TEKA-PREF TEKAPN BZ 229977754 -351007551
TEKA-PREF TEKA4 BZ 229977754 -351007551
TEKA-PREF TKTPF US 229977754 -351007551
TELEBRAS SA TBASF US 244716404 -14836627.7
TELEBRAS SA TELB3 BZ 244716404 -14836627.7
TELEBRAS SA TLBRON BZ 244716404 -14836627.7
TELEBRAS SA-PREF TELB4 BZ 244716404 -14836627.7
TELEBRAS SA-PREF TLBRPN BZ 244716404 -14836627.7
TELEBRAS SA-RT TELB9 BZ 244716404 -14836627.7
TELEBRAS/W-I-ADR TBH-W US 244716404 -14836627.7
TELEBRAS-ADR RTB US 244716404 -14836627.7
TELEBRAS-ADR TBX GR 244716404 -14836627.7
TELEBRAS-ADR TBASY US 244716404 -14836627.7
TELEBRAS-ADR TBAPY US 244716404 -14836627.7
TELEBRAS-ADR TBH US 244716404 -14836627.7
TELEBRAS-ADR TBRAY GR 244716404 -14836627.7
TELEBRAS-BLOCK TELB30 BZ 244716404 -14836627.7
TELEBRAS-CED C/E RCT4C AR 244716404 -14836627.7
TELEBRAS-CED C/E TEL4C AR 244716404 -14836627.7
TELEBRAS-CEDE BL RCT4B AR 244716404 -14836627.7
TELEBRAS-CEDE PF RCTB4 AR 244716404 -14836627.7
TELEBRAS-CEDE PF TELB4 AR 244716404 -14836627.7
TELEBRAS-CEDEA $ TEL4D AR 244716404 -14836627.7
TELEBRAS-CEDEA $ RCT4D AR 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB32 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT TELE31 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT TBRTF US 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB30 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB31 BZ 244716404 -14836627.7
TELEBRAS-COM RT TELB1 BZ 244716404 -14836627.7
TELEBRAS-PF BLCK TELB40 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB40 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB42 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TELE41 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TBAPF US 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB41 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT CBRZF US 244716404 -14836627.7
TELEBRAS-PF RCPT TLBRUP BZ 244716404 -14836627.7
TELEBRAS-RCT RCTB33 BZ 244716404 -14836627.7
TELEBRAS-RCT PRF TELB10 BZ 244716404 -14836627.7
TELEBRAS-RECEIPT TLBRUO BZ 244716404 -14836627.7
TELEBRAS-RTS CMN TCLP1 BZ 244716404 -14836627.7
TELEBRAS-RTS CMN RCTB1 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF RCTB2 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF TLCP2 BZ 244716404 -14836627.7
TELECOMUNICA-ADR 81370Z BZ 244716404 -14836627.7
TEXTEIS RENA-RCT TXRX10 BZ 63668805 -94477605.8
TEXTEIS RENA-RCT TXRX9 BZ 63668805 -94477605.8
TEXTEIS RENAU-RT TXRX1 BZ 63668805 -94477605.8
TEXTEIS RENAU-RT TXRX2 BZ 63668805 -94477605.8
TEXTEIS RENAUX RENXON BZ 63668805 -94477605.8
TEXTEIS RENAUX RENXPN BZ 63668805 -94477605.8
UNI CIDADE UNCI3 BZ 15460621 -5200646.59
VARIG PART EM SE VPSC3 BZ 96617351 -460274609
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
WETZEL SA MWELON BZ 87767331 -7143891.36
WETZEL SA MWET3 BZ 87767331 -7143891.36
WETZEL SA-PREF MWELPN BZ 87767331 -7143891.36
WETZEL SA-PREF MWET4 BZ 87767331 -7143891.36
WIEST WISA3 BZ 39838114 -93371563.1
WIEST SA WISAON BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
WIEST-PREF WISA4 BZ 39838114 -93371563.1
CHILE
CHILESAT CO-ADR TL US 670035499 -88041020.2
CHILESAT CORP SA TELEX CI 670035499 -88041020.2
CHILESAT CO-RTS CHISATOS CI 670035499 -88041020.2
INVERMAR INVERMAR CI 200945008 -2078000.13
INVERMAR-RT INVEROSA CI 200945008 -2078000.13
TELEX-A TELEXA CI 670035499 -88041020.2
TELEX-RTS TELEXO CI 670035499 -88041020.2
TELMEX CORP SA CHILESAT CI 670035499 -88041020.2
TELMEX CORP-ADR CSAOY US 670035499 -88041020.2
***********
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 * * *