/raid1/www/Hosts/bankrupt/TCRLA_Public/081028.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 28, 2008, Vol. 9, No. 214
Headlines
A R G E N T I N A
CITESA SA: Proofs of Claim Verification Deadline Is February 3
TEC CONS: Trustee Verifying Proofs of Claim Until November 12
YPF SA: Argentine Re-Nationalization Won't Affect S&P's Ratings
B E R M U D A
SYNCORA HOLDINGS: Moody's Cuts Sr. Debt & Securities Ratings to Ca
B R A Z I L
BANCO NACIONAL: Launches Amazon Fund Guidance Committee
JBS SA: Closes Smithfield Group and Five Rivers Acquisition
* BRAZIL: Shares Drop to Historical Low at October 24 Trading
* BRAZIL: President Balks at Government Bailout of Banks
C A Y M A N I S L A N D S
BRIDGE FINANCE: Will Hold Final Shareholders Meeting on Oct. 30
CR2G INVESTMENT: Holds Final Shareholders Meeting on Oct. 30
CR2G MASTER: Holding Final Shareholders Meeting on Oct. 30
F&C AMETHYST: To Set Final Shareholders Meeting on Oct. 30
F&C AMETHYST MASTER: Final Shareholders Meeting Is on Oct. 30
GENUS ENERGY: To Hold Final Shareholders Meeting on Oct. 30
GENUS ENERGY MASTER: Sets Final Shareholders Meeting Oct. 30
KALLISTA ARBITRAGE: Final Shareholders Meeting Set for Oct. 30
RADIAN INC: Will Hold Final Shareholders Meeting on Oct. 30
RUBICON QUANTITATIVE: Final Shareholders Meeting Is on Oct. 30
SCP ATLANTIC: Holding Final Shareholders Meeting on Oct. 30
SCP OCEAN: Will Hold Final Shareholders Meeting on Oct. 30
SCP SAKONNET: To Hold Final Shareholders Meeting on Oct. 30
SMOKY RIVER CDO GP: Holds Final Shareholders Meeting on Oct. 30
SMOKY RIVER CDO LP: Final Shareholders Meeting Set on Oct. 30
WCM EUROPEAN: Sets Final Shareholders Meeting for Oct. 30
C H I L E
AES CORP: Chilean Unit Raises US$1 Bil. Loan for Angamos Project
D O M I N I C A N R E P U B L I C
AES DOMINICANA: Lack of Funds Prompts Gas Shipment Cancellation
J A M A I C A
* JAMAICA: Halted Orders of Largest Buyers Alarm Coffee Farmers
M E X I C O
RADIOSHACK CORP: Earns US$50.2 Million in Quarter Ended Sept. 30
VITRO SAB: Moody's Reviews B2 Debt and Corp. Ratings for Downgrade
P U E R T O R I C O
HORIZON LINES: Earns US$12.5 Million in Qtr. Ended Sept. 21, 2008
V E N E Z U E L A
* VENEZUELA: S&P Affirms Sovereign Credit Rating at BB-/B/Stable
* China Strengthens LatAm and Caribbean Links Through IDB
* Large Companies with Insolvent Balance Sheets
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A R G E N T I N A
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CITESA SA: Proofs of Claim Verification Deadline Is February 3
--------------------------------------------------------------
Alfredo Donatti, the court-appointed trustee for Citesa SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 3, 2009.
Mr. Donatti 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. 11, 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 Citesa SA 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 Citesa SA's
accounting and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.
Mr. Donatti is also in charge of administering Citesa SA's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Citesa SA
Bartolome Mitre 797
Buenos Aires, Argentina
The trustee can be reached at:
Alfredo Donatti
Montevideo 31
Buenos Aires, Argentina
TEC CONS: Trustee Verifying Proofs of Claim Until November 12
-------------------------------------------------------------
The court-appointed trustee for Tec Cons SRL's reorganization
proceeding will be verifying creditors' proofs of claim until
November 12, 2008.
The trustee will present the validated claims in court as
individual reports on December 29, 2008. 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
Tec Cons 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 Tec Cons accounting and
banking records will be submitted in court on March 12, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on August 11, 2009.
The debtor can be reached at:
Tec Cons SRL
Avenida de Mayo 776
Buenos Aires, Argentina
YPF SA: Argentine Re-Nationalization Won't Affect S&P's Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Spain-based integrated oil and gas company Repsol-YPF
S.A. (Repsol, BBB/Stable/A-2) remain unchanged following the
government's announcement of plans to nationalize the private
pension system in the Republic of Argentina (B/Stable/B).
As S&P’s ratings already factor in high volatility across mainland
South America, particularly in Argentina, such a nationalization
would have no direct impact on Repsol or on its 85%-owned
subsidiary YPF S.A. (foreign currency BB/Stable/--; local currency
BB+/Stable/--), its largest overseas affiliate.
However, S&P expects the government's move to further weaken
Argentina's financial markets, thus placing a further hindrance to
Repsol's long-standing and credit-supportive plans for an IPO of
YPF, as well as weakening YPF's operating environment. YPF's
performance remains healthy, which is positive in view of the
cross-default clauses between YPF's debt and EUR2.175 billion of
2010 and 2013 Repsol bonds.
S&P continues to see Repsol's liquidity as adequate, even
including the prospect for an outflow of up to EUR1.6 billion on
Gas Natural SDG, S.A. shares. S&P notes the significant slide of
Repsol's stock price this week, as well as considerably higher
credit default swap spreads. Still, these spreads are only
beginning to slightly exceed those of comparably rated companies
in the currently difficult market conditions.
Headquartered in Buenos Aires, Argentina, YPF S.A. --
http://www.ypf.com.ar/ -- is an integrated oil and gas company
engaged in the exploration, development and production of oil and
gas, natural gas and electricity-generation activities (upstream),
the refining, marketing, transportation and distribution of oil
and a range of petroleum products, petroleum derivatives,
petrochemicals and liquid petroleum gas (downstream). The company
is a subsidiary of Spanish company, Repsol YPF, S.A. Which holds
99.04% of its shares. Its international operations are conducted
through its subsidiaries, YPF International S.A. And YPF Holdings
Inc.
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B E R M U D A
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SYNCORA HOLDINGS: Moody's Cuts Sr. Debt & Securities Ratings to Ca
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1, from B2, the
insurance financial strength ratings of Syncora Guarantee Inc.,
formerly XL Capital Assurance Inc., and Syncora Guarantee (U.K.)
Ltd., with the ratings placed on review with direction uncertain.
In the same rating action, Moody's downgraded the provisional
senior unsecured shelf rating of Syncora Holdings Ltd. to (P)Ca
from (P)Caa3 and the rating of Twin Reefs Pass-Through Trust to Ca
from Caa2, with the ratings of both issuers placed on review with
direction uncertain. Moody's has also downgraded to Caa1, from
B2, the insurance financial strength rating of Syncora Guarantee
Re Ltd., formerly XL Financial Assurance Ltd, and will withdraw
the rating as a result of its recent merger into Syncora
Guarantee. Prior to the rating action, the ratings of Syncora
Guarantee and Syncora Guarantee Re were on review for possible
upgrade, the ratings of Syncora had a negative outlook and the
rating of Twin Reefs was on review with direction uncertain.
According to Moody's, the rating action reflects both Moody's
expectation of higher mortgage-related losses arising from
Syncora's insured portfolio, as well as the possibility that
ongoing settlement negotiations with CDS counterparties regarding
ABS CDO exposures could result in a comprehensive agreement for
the termination of troubled exposures. If Syncora is able to
reach a favorable settlement, remaining Syncora Guarantee
policyholders would likely benefit from an improved credit profile
at the company. However, Moody's believes that the terms of any
such settlement would likely be consistent with a distressed
exchange for settling CDS counterparties. For this reason,
Moody's has downgraded Syncora Guarantee's insurance financial
strength rating, with the ratings on review with direction
uncertain, to reflect the wide range of potential outcomes
resulting from Syncora's restructuring initiatives.
Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of a) the rating of the guarantor (if rated at the
investment grade level), or b) the published underlying rating. In
accordance with current rating agency policy, following Moody's
June 20, 2008 rating action on Syncora Guarantee which lowered its
rating to below the investment grade level, Moody's withdrew
ratings on Syncora Guarantee-wrapped securities for which there
was no published underlying rating. Should the guarantor's rating
subsequently move back into the investment grade range or should
the agency subsequently publish the associated underlying rating,
Moody's would reinstate previously withdrawn ratings on those
wrapped instruments.
Regarding Syncora's insured portfolio, Moody's expects further
stress on the company's risk-adjusted capital position in light of
continued deterioration in housing fundamentals and the related
implications on the company's mortgage-related exposures. Higher
expected mortgage default rates and severity were reflected in
upward revisions to Moody's lifetime loss estimates for certain
recent vintage residential mortgage-backed securities announced in
September.
Moody's said that its review of Syncora Guarantee's insurance
financial strength rating will update its assessment of the
guarantor's mortgage-related exposures and other insured
transactions. Moody's stated that because Syncora Guarantee is
meaningfully exposed to the risk of U.S. subprime mortgages and
other residential mortgage products, its updated mortgage loss
assumptions are expected to have a significant impact on estimates
of the firm's capital adequacy, which had recently shown signs of
improvement following the US$1.8 billion settlement with former
parent, XL Capital Ltd, and the commutation of certain credit
default swaps on ABS CDO exposures with Merrill Lynch.
According to Moody's, the ratings review will also focus on the
result of ongoing negotiations with CDS counterparties regarding
the commutation of remaining ABS CDO exposures at the company.
Moody's notes that Syncora has earmarked US$820 million from its
settlement with XL Capital Ltd for the purpose of commuting,
terminating, amending or restructuring existing agreements with
certain CDS bank counterparties. To the extent Syncora is able to
commute these exposures at a reasonable price, Syncora Guarantee's
insurance financial strength rating would likely be upgraded, but
any upward rating revision would likely result in a non-investment
grade rating given the continued uncertainty with respect to
Syncora's remaining mortgage-related exposures and, in Moody's
opinion, impaired franchise. Conversely, Syncora's inability to
adequately mitigate the potential for further losses on these
contracts through negotiated settlements within a reasonable
timeframe could result in a confirmation of the rating or a
further downgrade, depending on Moody's view of capital adequacy
at the firm at the conclusion of its ratings review.
The downgrades of the ratings on Twin Reefs and Syncora's
provisional senior unsecured shelf registration were prompted by
the likelihood that future dividend payments on Twin Reefs will be
omitted, as well as the absence of unrestricted dividend capacity
at Syncora Guarantee. Moody's anticipates that any improvement in
Syncora Guarantee's capital adequacy profile achieved through the
commutation or termination of troubled mortgage-related exposures
will have only a moderate impact on the credit profile of the
holding company over the near to medium term.
Rating List:
These ratings have been downgraded and placed on review with
direction uncertain:
* Syncora Guarantee Inc. -- insurance financial strength to
Caa1 from B2;
* Syncora Guarantee (U.K.) Ltd. -- insurance financial strength
to Caa1 from B2;
* Syncora Holdings Ltd. -- provisional rating on senior debt to
(P)Ca from (P)Caa3;
* Twin Reefs Pass-Through Trust -- contingent capital
securities to Ca from Caa2.
These ratings have been placed on review with direction uncertain:
* Syncora Holdings Ltd. -- provisional rating on subordinated
debt at (P)Ca and preference shares at Ca.
This rating has been downgraded and will be withdrawn:
* Syncora Guarantee Re Ltd -- insurance financial strength to
Caa1 from B2.
Syncora Holdings Ltd. (formerly Security Capital Assurance Ltd) is
a Bermuda-domiciled holding company whose primary operating
subsidiary, Syncora Gurantee Inc. (formerly XL Capital Assurance
Inc.) provides credit enhancement and protection products to the
public finance and structured finance markets throughout the
United States and internationally.
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B R A Z I L
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BANCO NACIONAL: Launches Amazon Fund Guidance Committee
-------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President
Luciano Coutinho, and the Minister of Environment, Carlos Minc,
celebrated on October 24, 2008, in the Bank headquarters at 10:00
a.m., the constitution of the Amazon Fund Guidance Committee
(Fundo Amazonia).
The Committee is constituted by agencies of the Federal Government
(nine representatives), State Governments of Legal Amazon
(Amazônia Legal) that have State Plans of Prevention and Fight
Illegal Deforestation (one of each) and Representatives of the
Civil Society (six members) to be named by the President of BNDES.
The Committee resolutions must be mutually agreed by the entire
parties.
The Committee must be liable for the approval of funds application
guidelines, as well as its internal regulation and the annual
report.
After the ceremony, the members must hold their first meeting in
order to define the priorities of funds application in the first
year of operation.
Notwithstanding, the population may check the funds application
and also what is being done in Amazon, by means of the Internet.
The Norwegian members, who were the first donators (in the amount
of US$1 billion), may also follow in real time through the website
earmarked to the Committee activities, where such funds are being
used.
In this first meeting, a report of all ongoing activities until
now must be presented, as well as the internal regulation and the
schedule of coming meetings.
Amazon Fund must be managed by BNDES, in accordance with the
Decree executed by the President Luiz Inácio Lula da Silva, on
August 1, 2008. At first, this fund must exclusively raise funds
by means of donations. Potential raising of domestic and foreign
funds may be above US$21 billion by 2021.
The Decree also establishes that the Bank must control the
donations raising and also issue a certificate to accredit the
donators' contribution. These certificates must be nominal and
intransferable, and they must not grant any ownership right nor
carbon offsets.
The new fund must be earmarked to non-reimbursable financing of
shares that may contribute to the prevention, monitoring and fight
deforestation, as well as to promote the preservation and
sustainable use of Amazon biome forests. The purpose of such
strategy is to reduce the emissions of greenhouse effect gases to
the atmosphere, resulting from deforested areas in the Brazilian
Amazon.
BNDES, besides the fund management, must be liable for contracting
an independent audit to check the adequate funds application,
according to the guidelines set forth in the Decree.
About Banco Nacional
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services. The ratings were assigned in August and May
2007.
JBS SA: Closes Smithfield Group and Five Rivers Acquisition
-----------------------------------------------------------
JBS S.A. has completed the purchase of the beef unit of the
Smithfield Group (Smithfield Beef) as well as their feedlot
operations known as Five Rivers. The total amount paid was
US$565.0 million in cash. There is no debt assumption.
“Smithfield Beef” has head offices in Green Bay, Wisconsin and
will be known as “JBS Packerland” from today onwards. “Five
Rivers” has head offices in Loveland, Colorado and will be known
as “JBS Five Rivers” from today onwards.
“JBS Packerland” represents a geographic diversification for JBS
adding a further four beef slaughter plants to those already
operated by the Company in the USA. Besides operating in the Mid-
West, JBS will now also have facilities in the North-East and in
the South-West. A further slaughter capacity of 7,600 head per
day will be added to the existing 20,500 that the Company already
operates in the United States.
“JBS Five Rivers” was formerly part the Swift Group and has 10
Feed Yards with a one time capacity to fatten 820,000 head of
cattle in four different states adjacent to the existing JBS
slaughter facilities. Almost 2 million head of cattle were
fattened in these feed yards in the last twelve months. “JBS
Packerland” had net revenue of over USD3.0 billion in the last
twelve months to September 2008, generating an EBITDA of more than
US$130.0 million. “JBS Five Rivers” as a service company raised
cattle worth more than US$1.7 billion in the same period, with an
EBITDA of US$8.8 million.
The integration of these acquisitions with the existing JBS
facilities in the United Stated provides the opportunity for the
Company to continue to reduce costs and introduce the synergies
which will add value to both suppliers and customers.
Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- listed on Bovespa's Novo Mercado
under the symbol JBSS3, operates 23 plants in Brazil, six in
Argentina, 12 in the U.S. and nine in Australia from last year's
purchase of Swift & Company. With pro-forma net revenues of
approximately US$20 billion, JBS currently has a slaughter
capacity of approximately 57,600 heads per day for cattle and
47,900 heads per day for hogs.
* * *
As reported in the Troubled Company Reporter-Latin America on Oct.
23, 2008, Moody's Investors Service confirmed the ratings of JBS
S.A. at B1, following decision by the U.S. Department of Justice
(DOJ) to file a lawsuit to block JBS's proposed acquisition of
National Beef Packing Company LLC, but approving JBS's acquisition
of Smithfield Beef Group, Inc., the beef processing and cattle
feeding operations of Smithfield Group. Moody's said the rating
outlook is negative.
At the same time, Standard & Poor's Ratings Services said that its
'B+' rating on Brazil-based JBS S.A. is not affected by the
announcement that the United States Justice Department filed a
lawsuit on Oct. 20, 2008, to prevent JBS from acquiring the
membership interests of National Beef Packing Co. LLC
(B+/Negative/--) for US$560 million (cash and common stock portion
of the purchase price).
* BRAZIL: Shares Drop to Historical Low at October 24 Trading
-------------------------------------------------------------
Brazzil Mag reports that Brazilian shares dropped 6.91% to 31,481
points on Friday, October 24. The accumulated results for 2008
are the worst in the history of the Brazilian stock market,
according to consultancy company Economatica.
In October alone the market has fallen 36.5%, the fourth worst
result for Bovespa, the Brazilian stock exchange, Brazzil Mag
notes. When the whole year up to Oct. 24, 2008, is considered,
the drop is a staggering 50.7%. In terms of points the Ibovespa,
Bovespa's main index, hasn't been that low since November 2005.
Brazzil Mag says that among the main companies listed by Bovespa,
Petrobras fell 10.13% to BRL20.40, mining company Vale lost 5.36%
to BRL22.05, Bradesco bank dropped 7.36% to BRL20.01 on Friday,
October 24.
The report states that Brazilian prices as measured by the IGP-10
index of wholesale, consumer and construction costs rose 0.78% in
the month ended to October 10 after declining 0.42% the previous
month.
Last week, Brazil allowed its two largest state-run banks to buy
stakes in financial firms, some of which it says could be facing
difficulties from the drying up of credit in domestic markets.
The government also increased credit lines to farm and
construction industries, Brazzil Mag notes.
The Finance Ministry, Brazzil Mag relates, had eliminated a tax
known as the IOF which was 1.5% on currency exchange for inflows
of foreign capital and 0.38% on foreign currency loans.
Later, the Central bank held two auctions of dollar swap contracts
worth a total of US$2.27 billion. The bank said it was ready to
expand its sales of such contracts to US$50 billion, prompting the
Real rebound, Brazzil Mag notes.
* BRAZIL: President Balks at Government Bailout of Banks
--------------------------------------------------------
Brazilian President Luiz Inacio Lula da Silva last Thursday turned
down possible government bailout of banks and companies bogged
down in financial crisis, Xinhua News reported.
The authorization for state-owned banks to acquire financial
institutions does not mean a bailout of the troubled banks and
companies, the report quoted President Lula as saying. At a press
conference, he added that "We will not give any money because we
don't favor those who speculate on the market."
He said the government would buy stocks of the besieged banks and
companies and sell them back when they are in better situations,
Xinhua News continued. According to the president, "the only and
best solution is to produce more and invest more in
infrastructure," the report added.
The Troubled Company Reporter-Latin America on Oct. 23, 2008,
citing Mercopress, reported that in an effort to alleviate credit
crunch, the Brazilian Central Bank will offer foreign currency
credit lines in U.S. Dollar, Yen and Euro. Several officials,
including the president, were complaining that funds were
extended to government bond investments rather than to companies
in need of the credit lines.
==========================
C A Y M A N I S L A N D S
==========================
BRIDGE FINANCE: Will Hold Final Shareholders Meeting on Oct. 30
---------------------------------------------------------------
Bridge Finance Inc. will hold its final shareholders meeting on
Oct. 30, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Bridge Finance's shareholder decided on Aug. 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
CR2G INVESTMENT: Holds Final Shareholders Meeting on Oct. 30
------------------------------------------------------------
CR2G Investment Fund Ltd. will hold its final shareholders meeting
on Oct. 30, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.
The accounting of the wind-up process will be taken up during the
meeting.
CR2G Investment's shareholders agreed on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
CR2G MASTER: Holding Final Shareholders Meeting on Oct. 30
----------------------------------------------------------
CR2G Master Fund Ltd. will hold its final shareholders meeting on
Oct. 30, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
CR2G Master Fund's shareholders agreed on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
F&C AMETHYST: To Set Final Shareholders Meeting on Oct. 30
----------------------------------------------------------
F&C Amethyst Fund Ltd. will hold its final shareholders meeting on
Oct. 30, 2008, at 9:00 a.m., at the registered office of the
company.
These matters will be taken up during the meeting:
1) accounting of the wind-up process, and
2) authorizing the liquidators of the company to retain the
records of the company for a period of five years from the
dissolution of the company, after which they may be
destroyed.
F&C Amethyst's shareholder decided on Sept. 19, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
David A.K. Walker
P.O. Box 258
Grand Cayman, Cayman Islands
Contact for inquiries:
Skye Quinn
Tel: (345) 914-8678
Fax: (345) 945-4237
F&C AMETHYST MASTER: Final Shareholders Meeting Is on Oct. 30
-------------------------------------------------------------
F&C Amethyst Master Fund Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at 8:30 a.m., at the registered office
of the
company.
These matters will be taken up during the meeting:
1) accounting of the wind-up process, and
2) authorizing the liquidators of the company to retain the
records of the company for a period of five years from the
dissolution of the company, after which they may be
destroyed.
F&C Amethyst's shareholder decided on Sept. 19, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
David A.K. Walker
P.O. Box 258
Grand Cayman, Cayman Islands
Contact for inquiries:
Skye Quinn
Tel: (345) 914-8678
Fax: (345) 945-4237
GENUS ENERGY: To Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
Genus Energy Fund will hold its final shareholders meeting on
Oct. 30, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Genus Energy's shareholders agreed on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Sarah Kennedy and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
GENUS ENERGY MASTER: Sets Final Shareholders Meeting Oct. 30
------------------------------------------------------------
Genus Energy Master Fund will hold its final shareholders meeting
on Oct. 30, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Genus Energy's shareholders agreed on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Sarah Kennedy and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
KALLISTA ARBITRAGE: Final Shareholders Meeting Set for Oct. 30
--------------------------------------------------------------
Kallista Arbitrage Strategies Fund Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Kallista Arbitrage's shareholders agreed on Aug. 12, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
RADIAN INC: Will Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
Radian Inc. will hold its final shareholders meeting on Oct. 30,
2008, at the offices of Maples Finance Limited, Boundary Hall,
Cricket Square, George Town, Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Radian's shareholder decided on Aug. 8, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
RUBICON QUANTITATIVE: Final Shareholders Meeting Is on Oct. 30
--------------------------------------------------------------
Rubicon Quantitative Strategies Master Fund will hold its final
shareholders meeting on Oct. 30, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Rubicon Quantitative's shareholders agreed on July 31, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Maxine Rawlins and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
SCP ATLANTIC: Holding Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
SCP Atlantic (Cayman-I) Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at 10:00 a.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process, and
2) authorizing the liquidators of the company to retain the
records of the company for a period of five years from the
dissolution of the company, after which they may be
destroyed.
SCP Atlantic's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Shumway Capital Partners LLC
c/o Ogier
Queensgate House, South Church Street
P.O. Box 1234
Grand Cayman, Cayman Islands
Contact for inquiries:
Jonathan McLean
Tel: (345) 949-9876
Fax: (345) 949-1986
SCP OCEAN: Will Hold Final Shareholders Meeting on Oct. 30
----------------------------------------------------------
SCP Ocean (Cayman-I) Ltd. will hold its final shareholders meeting
on Oct. 30, 2008, at 10:15 a.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process, and
2) authorizing the liquidators of the company to retain the
records of the company for a period of five years from the
dissolution of the company, after which they may be
destroyed.
SCP Ocean's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Shumway Capital Partners LLC
c/o Ogier
Queensgate House, South Church Street
P.O. Box 1234
Grand Cayman, Cayman Islands
Contact for inquiries:
Jonathan McLean
Tel: (345) 949-9876
Fax: (345) 949-1986
SCP SAKONNET: To Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
SCP Sakonnet (Cayman-I) Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at 10:30 a.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process, and
2) authorizing the liquidators of the company to retain the
records of the company for a period of five years from the
dissolution of the company, after which they may be
destroyed.
SCP Sakonnet's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Shumway Capital Partners LLC
c/o Ogier
Queensgate House, South Church Street
P.O. Box 1234
Grand Cayman, Cayman Islands
Contact for inquiries:
Jonathan McLean
Tel: (345) 949-9876
Fax: (345) 949-1986
SMOKY RIVER CDO GP: Holds Final Shareholders Meeting on Oct. 30
---------------------------------------------------------------
Smoky River CDO G.P. Co. Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman,
Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Smoky River's shareholders agreed on Sept. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Hugh Thompson and Richard Gordon
c/o Maples Finance Limited
P.O. Box 1093
George Town, Grand Cayman
Cayman Islands
SMOKY RIVER CDO LP: Final Shareholders Meeting Set on Oct. 30
-------------------------------------------------------------
Smoky River CDO L.P. Co. Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman,
Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
Smoky River's shareholders agreed on Sept. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Richard Gordon
c/o Maples Finance Limited
P.O. Box 1093
George Town, Grand Cayman
Cayman Islands
WCM EUROPEAN: Sets Final Shareholders Meeting for Oct. 30
---------------------------------------------------------
WCM European Opportunity Fund will hold its final shareholders
meeting on Oct. 30, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman,
Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
WCM European's shareholders agreed on Aug. 6, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Jan Neveril and Giles Kerley
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
=========
C H I L E
=========
AES CORP: Chilean Unit Raises US$1 Bil. Loan for Angamos Project
----------------------------------------------------------------
The AES Corporation disclosed that AES Gener, S.A., its 80% owned
Chilean subsidiary and the second largest generator of electricity
in Chile, filed a "Material Fact" with the Superintendencia de
Valores y Seguros (Chilean securities regulatory authority). The
Material Fact discloses that one of Gener's wholly-owned
subsidiaries has closed a 17 year, non-recourse financing of
approximately US$1 billion in connection with the development of
the Angamos project, a 518 MW gross coal-fired greenfield facility
located in Mejillones, II Region, Chile.
The non-recourse financing agreement was reached between Empresa
Electrica Angamos S.A. (EEA) and a syndication of international
commercial banks led by BNP Paribas and ABN AMRO N.V. The
financing primarily consists of two tranches, both of which are
payable over 17 years, and interest is accrued at the bank's cost
of funds plus the applicable margin for each tranche. The first
tranche, approximately US US$675 million, is supported by the
Korea Export Insurance Corporation (KEIC) and carries an
applicable margin of 1.5%. The second tranche, approximately
US$233 million, carries an applicable margin of 2.05% to 2.50%.
EEA also raised US$80 million in letter of credit facilities to
support its obligation under various agreements. First funding of
the construction financing facility is expected to occur in
December 2008.
The Project consists of two coal-fired units using advanced
technology to mitigate emissions, and will reduce dependence on
Argentine natural gas, which has become less available in recent
years. The Project will be connected to the Northern
Interconnected Grid (SING) and will include a 140km transmission
line of 220kV. Construction will be provided by South Korea's
Posco Engineering & Construction Co., Ltd. under a turn-key
contract.
EEA has long-term power supply contracts with Minera Escondida
Limitada and Minera Spence S.A., two companies operated by BHP
Billiton, to sell almost all of the output. Supply under these
contracts will start in 2011.
The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia, and the Caribbean. The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.
AES has been in Eastern Europe for more than ten years since it
acquired three power plants in Hungary in 1996. Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary. AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004. The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador, and Panama.
AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka. Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's Investors Service assigned a B1 rating to
The AES Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020. In addition, Moody's has affirmed the
ratings of AES, including the company's Corporate Family Rating
at B1, its Probability of Default Rating at B1, its senior
secured credit facilities at Ba1, its second priority senior
secured notes at Ba3, its senior unsecured notes at B1 and its
trust preferred securities at B3. Moody's said the rating
outlook for AES is stable.
The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.
As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation was in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as stated in the credit agreements. As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007. There are no outstanding borrowings
under the senior unsecured facility.
==================================
D O M I N I C A N R E P U B L I C
==================================
AES DOMINICANA: Lack of Funds Prompts Gas Shipment Cancellation
---------------------------------------------------------------
AES Dominicana Energia Finance S.A. notified the State-owned
electrical companies (CDEEE) that due to lack of funds it canceled
a natural gas shipment slated to arrive December 4, which will
undoubtedly affect December's energy supply, the Dominican Today
reports. Unpaid debts with the power companies will heighten the
electrical sector's crisis, the report adds.
CDEEE executive vice-president Rhadames Segura was notified of the
same situation on the coal supply to power the Itabo plants, as
the lack of money for fuel will also affect the plants Los Mina 5
and 6, the Dominican Today recalls.
In a letter sent to Segura, AES Dominicana warns that if the
current debt (June-July) US$50 million, or at least the one
pending before October 17 isn't paid, they'll be forced to cancel
the fuel shipment, the report notes.
AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP. AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country. Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2. Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency. Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 19, 2008, Standard & Poor's Ratings Services affirmed its
'B-' rating on AES Dominicana Energia Finance S.A.'s
US$160 million notes.
=============
J A M A I C A
=============
* JAMAICA: Halted Orders of Largest Buyers Alarm Coffee Farmers
---------------------------------------------------------------
Producers of Jamaica's world-famous Blue Mountain coffee say
thousands of gourmet beans are piling up after two of their
largest buyers -- government-owned Wallenford Coffee Company and
privately run Coffee Traders -- withdrew without explanation, the
Jamaica Gleaner writes. The buyers stopped ordering more than a
week ago, according to Derrick Simon, spokesman for Jamaica's
Coffee Growers' Association.
Agriculture Minister Christopher Tufton said Wallenford would
resume buying next week, but declined to explain what he says is a
temporary halt in purchases, the report relates. Coffee Traders,
a Kingston-based company, did not immediately return messages
seeking comment.
The withdrawals, the report notes, come amid a global financial
crisis that has driven down prices of raw material exports and
slashed income at exporting companies across Latin America, a
commodity-rich region. The halt in purchases also comes at the
height of harvesting, which runs September through December.
Norman Grant, president of the Jamaica Agricultural Society, said
Wallenford is facing "challenges" but declined to provide
specifics. Mr. Grant, manager of Mavis Bank Central Factory, a
top local purchaser of Blue Mountain coffee, said Mavis has not
reduced purchasing in recent weeks.
Farmers have nothing to fear, the Jamaica Gleaner relates, citing
Christopher Gentles, executive director at the Coffee Industries
Board. He said that there is no crisis and everything will
normalize again.
Jamaica exported some 16,200 tons (15,000 metric tons) of Blue
Mountain coffee last year, the report notes. Mavis Bank and
Wallenford account for 45% of exports, of which 85% is shipped to
Japan. Britain and the United States are the next-biggest markets
for the popular bean, which earns Jamaica US$30 million annually.
An estimated 7,000 farmers sell Blue Mountain coffee to eight
companies, including Wallenford, one of the largest purchasers
along with Mavis Bank, according to the report. Farmers produce
about 3,000 boxes of coffee a day, at a cost of US$46 a box. Blue
Mountain is one of the most expensive coffee beans worldwide,
selling for roughly US$30 a pound.
The report, meanwhile adds that Jamaica's coffee industry is still
recovering from Hurricane Ivan, which devastated coffee fields in
the Blue Mountain region in 2004.
===========
M E X I C O
===========
RADIOSHACK CORP: Earns US$50.2 Million in Quarter Ended Sept. 30
----------------------------------------------------------------
RadioShack Corporation reported net income for the third quarter
ended September 30, 2008, of US$50.2 million, compared with net
income of US$46.3 million, for the same quarter of 2007.
Operating income for the third quarter increased 9.8 percent to
US$84.8 million compared with US$77.2 million last year.
Comparable same-store sales for company-owned stores and kiosks
increased 7.7 percent during the third quarter compared with the
third quarter of 2007. Total net sales and operating revenues
were up 6.4 percent to US$1,021.9 million compared with US$960.3
million for the same period last year.
“We are pleased with the overall outcome of our third quarter,
especially in light of the difficult economic environment,” said
Julian Day, Chairman and Chief Executive Officer of RadioShack
Corporation. “After strong months in July and August, our sales
and earnings trends slowed in September. We anticipate that this
challenging retail environment will continue.”
“Our increase in sales and revenues during the third quarter
reflects our commitment to grow sales that are profitable,”
Mr. Day said. “An example of that commitment is making digital
technology solutions a company-wide priority in advance of the
digital transition that will occur next year. The sales generated
by converter boxes significantly contributed to our
results during the last two quarters and also illustrates
RadioShack's reputation for helping our customers choose the best
personal technology solutions that meet their needs.”
“We believe the progress we are making toward refining our
merchandise strategy, enhancing the visual appeal of our stores
and improving the productivity of store operations will help us
achieve our longer term goals,” Mr. Day said. “However, we are
managing through a difficult economy and that will require an even
greater focus on efficiency and productivity.”
During the third quarter, RadioShack completed the sale of US$375
million of convertible senior notes. As of September 30, 2008,
the company had US$824.1 million in cash and cash equivalents and
an additional US$325 million available under a revolving credit
facility.
Executive Vice President and Chief Financial Officer Jim Gooch
said, “We strengthened our balance sheet and access to capital
during the third quarter. We are pleased to have realigned our
liquidity and debt in advance of the adverse changes in the credit
market.”
RadioShack Corporation repurchased approximately 6.1 million
shares of its common stock during the third quarter for
US$111.4 million, or an average price of US$18.32 per share.
Approximately US$90 million remains under current Board
authorization for stock repurchases.
Capital expenditures for the first nine months of the year totaled
US$45.0 million and RadioShack is estimating capital expenditures
for fiscal 2008 to be in the range of US$80 million to US$100
million.
RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico. Its retail
network include 4,439 retail stores, 721 kiosks, and 1,444
dealer and other outlets throughout the United States, and
generated LTM June 2008 revenues of US$4.27 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 19, 2008, Standard & Poor's Ratings Services revised its
outlook on RadioShack Corp. to stable from negative. At the
same time, S&P affirmed our ratings on the company, including
the 'BB' corporate credit and senior unsecured ratings.
The TCR-LA reported on Aug. 15, 2008, that Moody's Investors
Service affirmed RadioShack Corporation's Ba1 Corporate Family
Rating and SGL-1 Speculative Grade Liquidity rating; the outlook
is stable.
VITRO SAB: Moody's Reviews B2 Debt and Corp. Ratings for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed Vitro, S.A.B. de C.V.'s B2 senior
unsecured debt and corporate family ratings on review for
downgrade.
The review reflects Moody's belief that Vitro's liquidity has
tightened further over the past two weeks because of a drop in the
mark-to-market value of its derivatives portfolio, particularly as
it relates to natural gas hedges, caused by ongoing volatility in
the financial markets and falling natural gas prices.
Moody's review will focus on the extent to which margin calls may
have affected Vitro's liquidity and the feasibility and
effectiveness of the measures the company is undertaking to meet
near term cash requirements and to restore financial flexibility
to levels appropriate for the rating category. The rating agency
expects to conclude the review within the coming weeks.
On Oct. 10, 2008, Vitro announced that the combined mark-to-market
value of its derivates contracts had fallen to a negative US$227
million, noting that interest rate and U.S. dollar related
currency hedges accounted for about US$33 million or around 15% of
that amount. Moody's estimates that natural gas hedges account
for much of the remainder of the company's total derivatives
position.
Moody's estimates that around the time of Vitro's second quarter
2008 earnings call, the company had locked in 85% of its natural
gas needs via derivative contracts for the remainder of 2008 and
70% for 2009, at about US$10.2 per MMBtu and US$9.4 per MMBtu,
respectively. This compares to an estimated US$8.7 per MMBtu
South Texas spot price average during third quarter 2008 and a
US$6.4 per MMBtu average since Oct. 1, 2008. Moody's expects
Vitro to report third quarter 2008 results on Oct. 28, 2008.
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.
====================
P U E R T O R I C O
====================
HORIZON LINES: Earns US$12.5 Million in Qtr. Ended Sept. 21, 2008
-----------------------------------------------------------------
Horizon Lines, Inc. reported results for the third quarter ended
Sept. 21, 2008. On a GAAP basis, net income was US$12.5 million,
on revenue of US$352.6, compared with net income of US$1.6
million, on revenue of US$321.1 million for third quarter of 2007.
Adjusted net income for the third quarter was US$16.2 million,
compared with adjusted net income of US$20.7 million in the 2007
third quarter. Adjusted 2008 results exclude anti-trust related
legal expenses totaling US$4.6 million. Adjusted 2007 results
excluded a loss on extinguishment of debt of US$38 million and a
tonnage tax deferred revaluation benefit of US$4.8 million.
"Our company performed well in the face of increased challenges
during the third-quarter," said Chairman, President and Chief
Executive Officer, Chuck Raymond. "Volumes were negatively
impacted by continued weakness in our Puerto Rico market, which
was exacerbated by five tropical storms including three
hurricanes, and by a sharper-than-anticipated slowdown in Hawaii,
where a steep drop in tourism pressured the economy. Although
fuel prices moderated somewhat during the period, they remained
high; on average, 82% above their levels of a year ago.
"Despite these challenges, we grew revenue 3.1% during the
quarter, excluding the impact of fuel recovery, through a
combination of rate and mix." Mr. Raymond said. "We contained
costs through measures including strict fuel conservation while
preserving our high standards of vessel on-time performance, and
we continued to position our logistics business for long-term
organic growth opportunities."
"Just as importantly, we repaid US$12.5 million of outstanding
debt under our revolving credit facility during the quarter," Mr.
Raymond continued. "We finished the quarter with strong corporate
liquidity and comfortably in compliance with our credit facility
financial covenants."
Third-Quarter 2008 Financial Highlights
-- Operating Revenue: The 9.8% growth in operating revenue for
the quarter to US$352.6 million from US$321.1 million for the
third quarter of 2007 was driven by a combination of rate
improvement, revenue from the Aero Logistics acquisition, and
higher fuel surcharges, which more than offset a 4% volume
decline and lower Hawaii Stevedores revenue resulting from
the Hawaii slowdown. Revenue per container increased by
US$441, or 12%, from the same period a year ago.
-- Operating Income: Operating income for the third quarter of
2008 was US$21.8 million, compared with US$35.3 million for
the third quarter of 2007. The decline in operating income
primarily reflects lower overall container volume, increased
fuel costs, and legal fees related to the antitrust
investigation. The decline was slightly offset by rate
improvements. Adjusted operating income totaled US$26.4
million for the 2008 third quarter.
-- Adjusted EBITDA: Adjusted EBITDA for the 2008 third quarter
was US$42.2 million, compared with US$50.8 million for the
2007 third quarter. Adjusted EBITDA was impacted by the same
factors affecting operating income.
-- Shares Outstanding: As a result of share repurchases
completed in the first quarter of 2008, the company had a
weighted daily average of 30.2 million diluted shares
outstanding for the third quarter of 2008, compared with 33.8
million for the third quarter of 2007.
Outlook
Mr. Raymond added: "In this increasingly uncertain economic
environment, our company remains well positioned to continue
serving our customers and operating from a foundation of financial
strength. We are well capitalized, operating with strong
liquidity, well within our financial covenants, and have no
refinancing needs until mid-2012. That said, as we budget for
2009, we will do so with the intention of conserving cash and
removing costs from our organization wherever possible.
"Looking at our liner markets, we expect Puerto Rico's economy to
remain weak and Hawaii's to soften further in the fourth quarter,
as visitor volumes from the U.S. and Japan continue to contract
sharply. Our Alaska tradelane remains stable, with the economy
there buoyed by still relatively high oil prices. As a Jones Act
carrier, Horizon Lines plays a crucial role delivering basic food,
clothing and shelter to customers and consumers in these three
tradelanes, regardless of economic cycles. As we move forward, we
will remain focused on serving our customers well and operating
our company so that it remains financially strong through this
difficult environment. We also expect our business supplying the
U.S. military in Guam, and to a lesser extent Hawaii and Alaska,
to continue providing stability to earnings and cash flow," Mr.
Raymond noted.
"Regarding logistics, we plan to continue to grow this business
without acquisitions for the foreseeable future. Organic
expansion of our logistics business offers long-term growth
opportunity with minimal capital investment requirements beyond
those that we are making in people," Mr. Raymond concluded.
Based on management's expectations for a continued recession in
Puerto Rico, further weakening in the Hawaii economy, and
continuing volatility in fuel prices, guidance for the full year
2008 has been.
About Horizon Lines
Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries. Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals linking
the continental United States with Alaska, Hawaii, Guam,
Micronesia, Asia and Puerto Rico. Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services has revised its
outlook on Horizon Lines Inc. to negative from stable. S&P
affirmed the 'BB-' long-term corporate credit rating. At the same
time, S&P affirmed the 'BB+' rating on the senior secured debt
while leaving the recovery rating on this debt unchanged at '1',
indicating expectations of a substantial (90%-100%) recovery in
the event of a payment default.
In addition, S&P affirmed the 'B' rating on the senior unsecured
notes while leaving the recovery rating unchanged at '6',
indicating expectations of a negligible (0%-10%) recovery in the
event of a payment default.
=================
V E N E Z U E L A
=================
* VENEZUELA: S&P Affirms Sovereign Credit Rating at BB-/B/Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-/B'
sovereign credit rating on the Bolivarian Republic of Venezuela.
S&P also said that the outlook on Venezuela remains stable.
"We affirmed our rating on Venezuela despite having cut our 2009
projection for Venezuela's average crude oil export price to
US$60/barrel from the 2008 average of US$93/barrel," said S&P's
credit analyst Roberto Sifon Arevalo. "Our affirmation is based
on the government's net external asset position, projected at 25%
of year-end 2008 current account receipts, and on our expectation
that the current account will remain in surplus until at least
2011." Although deficits in the capital and financial account of
the balance of payments could reduce public-sector external ssets,
S&P believes Venezuela's external position will provide a floor to
the rating, assuming no further material declines in oil prices.
"We expect Venezuela's inflation to be high at 30% in 2008 and at
about 26% for 2009," Mr. Sifon Arevalo added. "This and political
factors continue to be the main constraints on the ratings."
Changing and arbitrary laws, price and exchange controls, and oth
er distorting economic measures that have hurt Venezuela's domes
tic economy have deterred foreign direct investment and will
continue to limit the ratings for the foreseeable future.
Political factors have become even more relevant in the run-up to
the Nov. 23 regional elections, in which 23 out of 24 states and
335 municipalities are set to elect their governors and mayors.
After the government defeat in the December 2007 referendum, it
has been hard pressed to increase its popularity among its tradi
tional electorate and is increasingly worried that it could lose
in many key states, especially those where the majority of the
population resides.
Finally, increasing risks are emanating from the rapid growth and
deterioration of credit quality in the financial sector. Domestic
credit has expanded by 70% in 2007, and S&P expects that it will
expand another 50% in 2008. At the same time, nonperforming loans
-- albeit still at low levels -- grew to 2% in 2008 from 1% in
2007.
The stable outlook reflects S&P's expectations that at this level
of oil prices, the government will likely undertake a fiscal ad
justment in 2009 through a devaluation of the bolivar, which will
facilitate a real reduction in public sector wages and transfers.
"If oil prices were to decline below current expectations, the
country's external and fiscal indicators could deteriorate further
and reduce the government's room to maneuver, putting downward
pressures on the ratings," Mr. Sifon Arevalo said. "Alternative
ly, if the government places public finances on a more sustainable
footing and undertakes measures to promote private-sector invest
ment and improve transparency and accountability, upward pressure
on the ratings could emerge."
* China Strengthens LatAm and Caribbean Links Through IDB
---------------------------------------------------------
China will join the Inter-American Development Bank (IDB) as its
22nd donor member, building on its growing links with Latin
America and the Caribbean, the bank said Friday following
discussions with the emerging powerhouse a day earlier, The
Jamaica Gleaner writes.
China has made a funding commitment of US$350 million, putting it
on top of the donor-country list as the "single largest source of
long-term lending" for the region, the report notes. It also
gives it a seat on the IDB board of governors, the top decision-
making body, whose seats are normally held by finance ministers
and central bankers.
But China, based on the report, will also be represented at the
level of the executive directors with other donors, whose job
includes daily oversight of bank operations, loan approvals,
setting policy and interest rates.
China's entrance was approved after a month-long voting process
that ended October 15, the Jamaica Gleaner notes.
China, according to the report, has in the past two years been
reaching out to LAC economies and spreading its influence through
loan agreements, cooperation programs and enhanced trade now
valued at around US$110 billion. In turn, the bank hands out
about US$10 billion of assistance and plans to increase that to
US$12 billion in 2009.
"This is a win-win decision that will serve everyone's interest,"
the report quotes Zhou Wenzhong, China's ambassador to the United
States, as saying.
According to the report, the IDB is essentially owned by its
members. The 26 LAC borrowing nations own 50.01%, the United
States holds just over 30%, and China will own 0.004% on the
purchase of 184 shares. It will also buy 110 shares, or 0.16%, in
the Inter-American Investment Corporation (IIC), an IDB affiliate.
Based on the report, this is the distribution plan of
US$350 million for Caribbean, Lat Am projects:
-- US$125 million to the IDB's und for Special Operations,
which provides soft loans to Bolivia, Guyana, Haiti,
Honduras and Nicaragua.
-- US$75 million to multiple IDB grant funds to strengthen
the institutional capacity of the state, including
municipal governments and private-sector institutions.
-- US$75 million for an equity fund to be administered by
the IIC, a lender to small and mid-size private
businesses.
A total of US$75 million to be administered by the Multilateral
Investment Fund -- the IDB arm that focuses on micro-enterprises,
the Jamaica Gleaner adds.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
NOVA AMERICA SA 1NOVON BZ (214.53) 24.63
NOVA AMERICA-PRF 1NOVPN BZ (214.53) 24.63
IMPSAT FIBER NET 330902Q GR (17.16) 535.01
TELECOMUNICA-ADR 81370Z BZ (113.99) 143.31
ARTHUR LANGE SA ALICON BZ (13.92) 19.52
ARTHUR LANGE-PRF ALICPN BZ (13.92) 19.52
ARTHUR LANG-RT C ARLA1 BZ (13.92) 19.52
ARTHUR LANG-RC P ARLA10 BZ (13.92) 19.52
ARTHUR LAN-DVD C ARLA11 BZ (13.92) 19.52
ARTHUR LAN-DVD P ARLA12 BZ (13.92) 19.52
ARTHUR LANG-RT P ARLA2 BZ (13.92) 19.52
ARTHUR LANGE ARLA3 BZ (13.92) 19.52
ARTHUR LANGE-PRF ARLA4 BZ (13.92) 19.52
ARTHUR LANG-RC C ARLA9 BZ (13.92) 19.52
BOMBRIL BMBBF US (298.16) 278.65
BOMBRIL SA-ADR BMBBY US (298.16) 278.65
BOMBRIL SA-ADR BMBPY US (298.16) 278.65
BOMBRIL-RIGHTS BOBR1 BZ (298.16) 278.65
BOMBRIL-RGTS PRE BOBR2 BZ (298.16) 278.65
BOMBRIL BOBR3 BZ (298.16) 278.65
BOMBRIL-PREF BOBR4 BZ (298.16) 278.65
BOMBRIL CIRIO SA BOBRON BZ (298.16) 278.65
BOMBRIL CIRIO-PF BOBRPN BZ (298.16) 278.65
SOC COMERCIAL PL CAD IX (247.09) 139.57
SOC COMERCIAL PL CADN SW (247.09) 139.57
CAF BRASILIA CAFE3 BZ (543.59) 23.23
CAF BRASILIA-PRF CAFE4 BZ (543.59) 23.23
CONST A LINDEN CALI3 BZ (6.39) 34.39
CONST A LIND-PRF CALI4 BZ (6.39) 34.39
CAMBUCI SA CAMB3 BZ (27.32) 103.40
CAMBUCI SA-PREF CAMB4 BZ (27.32) 103.40
CAMBUCI SA CAMBON BZ (27.32) 103.40
CAMBUCI SA-PREF CAMBPN BZ (27.32) 103.40
COBRASMA CBMA3 BZ (1,686.13) 12.30
COBRASMA-PREF CBMA4 BZ (1,686.13) 12.30
TELEBRAS-PF RCPT CBRZF US (113.99) 143.30
CHIARELLI SA CCHI3 BZ (42.01) 25.67
CHIARELLI SA-PRF CCHI4 BZ (42.01) 25.67
CHIARELLI SA CCHON BZ (42.01) 25.67
CHIARELLI SA-PRF CCHPN BZ (42.01) 25.67
COBRASMA SA COBRON BZ (1,686.13) 12.30
COBRASMA SA-PREF COBRPN BZ (1,686.13) 12.30
SOC COMERCIAL PL COME AR (247.09) 139.57
COMERCIAL PLA-BL COMEB AR (247.09) 139.57
COMERCIAL PL-C/E COMEC AR (247.09) 139.57
COMERCIAL PLAT-$ COMED AR (247.09) 139.57
CAFE BRASILIA SA CSBRON BZ (543.6) 23.23
CAFE BRASILIA-PR CSBRPN BZ (543.6) 23.23
SOC COMERCIAL PL CVVIF US (247.09) 139.57
DOCAS SA-RTS PRF DOCA2 BZ (4.51) 120.81
DOCA INVESTIMENT DOCA3 BZ (4.51) 120.81
DOCA INVESTI-PFD DOCA4 BZ (4.51) 120.81
DOCAS SA DOCAON BZ (4.51) 120.81
DOCAS SA-PREF DOCAPN BZ (4.51) 120.81
ESTRELA SA ESTR3 BZ (49.41) 71.22
ESTRELA SA-PREF ESTR4 BZ (49.41) 71.22
ESTRELA SA ESTRON BZ (49.41) 71.22
ESTRELA SA-PREF ESTRPN BZ (49.41) 71.22
FABRICA RENAUX FRNXON BZ (29.96) 79.56
FABRICA RENAUX-P FRNXPN BZ (29.96) 79.56
FABRICA TECID-RT FTRX1 BZ (29.96) 79.56
FABRICA RENAUX FTRX3 BZ (29.96) 79.56
FABRICA RENAUX-P FTRX4 BZ (29.96) 79.56
TECEL S JOSE FTSJON BZ (22.07) 46.95
TECEL S JOSE-PRF FTSJPN BZ (22.07) 46.95
CIMOB PARTIC SA GAFON BZ (38.35) 58.06
CIMOB PARTIC SA GAFP3 BZ (38.35) 58.06
CIMOB PART-PREF GAFP4 BZ (38.35) 58.06
CIMOB PART-PREF GAFPN BZ (38.35) 58.06
GAZOLA-RCPT PREF GAZO10 BZ (27.59) 9.36
GAZOLA SA-DVD CM GAZO11 BZ (27.59) 9.36
GAZOLA SA-DVD PF GAZO12 BZ (27.59) 9.36
GAZOLA GAZO3 BZ (27.59) 9.36
GAZOLA-PREF GAZO4 BZ (27.59) 9.36
GAZOLA-RCPTS CMN GAZO9 BZ (27.59) 9.36
GAZOLA SA GAZON BZ (27.59) 9.36
GAZOLA SA-PREF GAZPN BZ (27.59) 9.36
HAGA HAGA3 BZ (69.83) 14.18
FER HAGA-PREF HAGA4 BZ (69.83) 14.18
FERRAGENS HAGA HAGAON BZ (69.83) 14.18
FERRAGENS HAGA-P HAGAPN BZ (69.83) 14.18
HERCULES SA HERTON BZ (157.23) 27.94
HERCULES SA-PREF HERTPN BZ (157.23) 27.94
HERCULES HETA3 BZ (157.23) 27.94
HERCULES-PREF HETA4 BZ (157.23) 27.94
DOC IMBITUBA-RTC IMBI1 BZ (15.70) 170.83
DOC IMBITUBA-RTP IMBI2 BZ (15.70) 170.83
DOC IMBITUBA IMBI3 BZ (15.70) 170.83
DOC IMBITUB-PREF IMBI4 BZ (15.70) 170.83
DOCAS IMBITUBA IMBION BZ (15.70) 170.83
DOCAS IMBITUB-PR IMBIPN BZ (15.70) 170.83
IMPSAT FIBER-CED IMPT AR (17.17) 535.01
IMPSAT FIBER-BLK IMPTB AR (17.17) 535.01
IMPSAT FIBER-C/E IMPTC AR (17.17) 535.01
IMPSAT FIBER-$US IMPTD AR (17.17) 535.01
IMPSAT FIBER NET IMPTQ US (17.17) 535.01
CONST A LINDEN LINDON BZ (6.39) 34.39
CONST A LIND-PRF LINDPN BZ (6.39) 34.39
MINUPAR MNPR3 BZ (19.11) 106.54
MINUPAR-PREF MNPR4 BZ (19.11) 106.54
MINUPAR SA MNPRON BZ (19.11) 106.54
MINUPAR SA-PREF MNPRPN BZ (19.11) 106.54
WETZEL SA MWELON BZ (8.62) 88.58
WETZEL SA-PREF MWELPN BZ (8.62) 88.58
WETZEL SA MWET3 BZ (8.62) 88.58
WETZEL SA-PREF MWET4 BZ (8.62) 88.58
NOVA AMERICA SA NOVA3 BZ (214.53) 24.62
NOVA AMERICA-PRF NOVA4 BZ (214.53) 24.62
NOVA AMERICA SA NOVAON BZ (214.53) 24.62
NOVA AMERICA-PRF NOVAPN BZ (214.53) 24.62
TELEBRAS-CEDE BL RCT4B AR (113.99) 143.31
TELEBRAS-CED C/E RCT4C AR (113.99) 143.31
TELEBRAS-CEDEA $ RCT4D AR (113.99) 143.31
TELEBRAS-RTS CMN RCTB1 BZ (113.99) 143.31
TELEBRAS-RTS PRF RCTB2 BZ (113.99) 143.31
TELEBRAS-CM RCPT RCTB30 BZ (113.99) 143.31
TELEBRAS-CM RCPT RCTB31 BZ (113.99) 143.31
TELEBRAS-CM RCPT RCTB32 BZ (113.99) 143.31
TELEBRAS-RCT RCTB33 BZ (113.99) 143.31
TELEBRAS-CEDE PF RCTB4 AR (113.99) 143.31
TELEBRAS-PF RCPT RCTB40 BZ (113.99) 143.31
TELEBRAS-PF RCPT RCTB41 BZ (113.99) 143.31
TELEBRAS-PF RCPT RCTB42 BZ (113.99) 143.31
TEXTEIS RENAUX RENXON BZ (79.9) 53.28
TEXTEIS RENAUX RENXPN BZ (79.9) 53.28
TELEBRAS-ADR RTB US (113.99) 143.31
SOC COMERCIAL PL SCDPF US (247.09) 139.57
SCHLOSSER SA SCHON BZ (55.96) 28.65
SCHLOSSER SA-PRF SCHPN BZ (55.96) 28.65
SCHLOSSER SCLO3 BZ (55.96) 28.65
SCHLOSSER-PREF SCLO4 BZ (55.96) 28.65
COMERCIAL PL-ADR SCPDS LI (247.09) 139.57
TECEL S JOSE SJOS3 BZ (22.07) 46.95
TECEL S JOSE-PRF SJOS4 BZ (22.07) 46.95
SANSUY SNSY3 BZ (35.49) 132.20
SANSUY-PREF A SNSY5 BZ (35.49) 132.20
SANSUY-PREF B SNSY6 BZ (35.49) 132.20
SANSUY SA-PREF A SNSYAN BZ (35.49) 132.20
SANSUY SA-PREF B SNSYBN BZ (35.49) 132.20
SANSUY SA SNSYON BZ (35.49) 132.20
TELEBRAS-PF RCPT TBAPF US (113.99) 143.31
TELEBRAS-ADR TBAPY US (113.99) 143.31
TELEBRAS SA TBASF US (113.99) 143.31
TELEBRAS-ADR TBASY US (113.99) 143.31
TELEBRAS-ADR TBH US (113.99) 143.31
TELEBRAS/W-I-ADR TBH-W US (113.99) 143.31
TELEBRAS-ADR TBRAY GR (113.99) 143.31
TELEBRAS-CM RCPT TBRTF US (113.99) 143.31
TELEBRAS-ADR TBX GR (113.99) 143.31
TELEBRAS-RTS CMN TCLP1 BZ (113.99) 143.31
TEKA TEKA3 BZ (257.44) 332.91
TEKA-PREF TEKA4 BZ (257.44) 332.91
TEKA TEKAON BZ (257.44) 332.91
TEKA-PREF TEKAPN BZ (257.44) 332.91
TEKA-ADR TEKAY US (257.44) 332.91
TELEBRAS-CED C/E TEL4C AR (113.99) 143.31
TELEBRAS-CEDEA $ TEL4D AR (113.99) 143.31
TELEBRAS-COM RTS TELB1 BZ (113.99) 143.31
TELEBRAS-RCT PRF TELB10 BZ (113.99) 143.31
TELEBRAS SA TELB3 BZ (113.99) 143.31
TELEBRAS-BLOCK TELB30 BZ (113.99) 143.31
TELEBRAS-CEDE PF TELB4 AR (113.99) 143.31
TELEBRAS SA-PREF TELB4 BZ (113.99) 143.31
TELEBRAS-PF BLCK TELB40 BZ (113.99) 143.31
TELEBRAS-CM RCPT TELE31 BZ (113.99) 143.31
TELEBRAS-PF RCPT TELE41 BZ (113.99) 143.31
TEKA-PREF TKTPF US (257.44) 332.91
TEKA-ADR TKTPY US (257.44) 332.91
TEKA TKTQF US (257.44) 332.91
TEKA-ADR TKTQY US (257.44) 332.91
TELEBRAS SA TLBRON BZ (113.99) 143.31
TELEBRAS SA-PREF TLBRPN BZ (113.99) 143.31
TELEBRAS-RECEIPT TLBRUO BZ (113.99) 143.31
TELEBRAS-PF RCPT TLBRUP BZ (113.99) 143.31
TELEBRAS-RTS PRF TLCP2 BZ (113.99) 143.31
TECTOY-RTS/3 TOYB1 BZ (3.62) 22.57
TECTOY-RCT PREF TOYB10 BZ (3.62) 22.57
TECTOY-PF-RTS5/6 TOYB11 BZ (3.62) 22.57
TECTOY-RCPT PF B TOYB12 BZ (3.62) 22.57
TECTOY-BONUS RTS TOYB13 BZ (3.62) 22.57
TECTOY TOYB3 BZ (3.62) 22.57
TECTOY-PREF TOYB4 BZ (3.62) 22.57
TEC TOY SA-PREF TOYB5 BZ (3.62) 22.57
TEC TOY SA-PF B TOYB6 BZ (3.62) 22.57
TECTOY-RCT ORD TOYB9 BZ (3.62) 22.57
TECTOY SA TOYBON BZ (3.62) 22.57
TECTOY SA-PREF TOYBPN BZ (3.62) 22.57
TEC TOY SA-PREF TOYDF US (3.62) 22.57
TEXTEIS RENAUX TXRX3 BZ (79.9) 53.28
TEXTEIS RENAU-PF TXRX4 BZ (79.9) 53.28
VARIG SA VAGV3 BZ (4,523.46) 823.49
VARIG SA-PREF VAGV4 BZ (4,523.46) 823.49
VARIG SA VARGON BZ (4,523.46) 823.49
VARIG SA-PREF VARGPN BZ (4,523.46) 823.49
FER C ATL-RCT PF VSPT10 BZ (59.03) 1,284.55
FERROVIA CEN-DVD VSPT11 BZ (59.03) 1,284.55
FERROVIA CEN-DVD VSPT12 BZ (59.03) 1,284.55
FER c ATLANT VSPT3 BZ (59.03) 1,284.55
FER C ATLANT-PRF VSPT4 BZ (59.03) 1,284.55
FER C ATL-RCT CM VSPT9 BZ (59.03) 1,284.55
WIEST WISA3 BZ (66.01) 33.42
WIEST-PREF WISA4 BZ (66.01) 33.42
WIEST SA WISAON BZ (66.01) 33.42
WIEST SA-PREF WISAPN BZ (66.01) 33.42
IMPSAT FIBER NET XIMPT SM (17.16) 535.01
***********
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. Marie Therese V. Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.
Copyright 2008. 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 * * *