/raid1/www/Hosts/bankrupt/TCRLA_Public/090119.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, January 19, 2009, Vol. 9, No. 12
Headlines
A R G E N T I N A
AEROPUERTOS ARGENTINA: Moody's Assigns First-Time 'B2' Rating
NACION SEGUROS: Moody's Affirms 'B1' Global Currency Rating
BBVA CONSOLIDAR: Moody's Affirms 'Ba3' Insurance Strength Rating
GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
GENERAL MOTORS: Bondholders Form Committee to Negotiate Debt Swap
GENERAL MOTORS: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
GENERAL MOTORS: Posts All-Time Sales Record in LatAm, Africa & ME
GENERAL MOTORS: Says It Is on Track on Meeting Viability Plan
B E R M U D A
ANCHOR REINSURANCE: Creditors' Proofs of Debt Due on Feb. 13
ASSOCIATED INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 13
FOOD PROCESSORS: Creditors' Proofs of Debt Due on Feb. 13
B R A Z I L
BANCO INDUSTRIAL: Shares Up on Possible Buyout by Banco Bradesco
BANCO VOTORANTIM: Moody's Reviews Deposit Rating for Likely Lift
C A Y M A N I S L A N D S
ALADDIN CDO: Shareholders Hear Wind-Up Report
AMERIQUEST NIM: Shareholders Hear Wind-Up Report
ANSLEY PARK: Shareholders Hear Wind-Up Report
APEX SILVER: Wants to Access US$35 Million Sumitomo DIP Facility
APEX SILVER: Wants More Time to File Schedules and Statements
ARCA FUNDING: Shareholders Receive Wind-Up Report
ATAMI BEACH: Members Hear Wind-Up Report
ATTENTUS CDO: Members Receive Wind-Up Report
AZABU HOLDING: Members Receive Wind-Up Report
BLACKBIRD LEASING: Members Receive Wind-Up Report
CARSS FINANCE: Members Receive Wind-Up Report
CARSS FINANCE: Members Receive Wind-Up Report
CENTEX HOME: Members Receive Wind-Up Report
CERTEGRA FUND: Shareholder To Hear Wind-Up Report Today
COMMAND CORPORATION: Members Receive Wind-Up Report
CPORTS 2004-2: Members Receive Wind-Up Report
CPORTS 2004-3: Members Receive Wind-Up Report
CRP VI: Members Receive Wind-Up Report
DEL MAR: Members Receive Wind-Up Report
DIOGENES CDO: Members Receive Wind-Up Report
EATON VANCE: Members Receive Wind-Up Report
ETERNA FUNDING: Members to Hear Wind-Up Report on January 22
POND POINT: Shareholder Receives Wind-Up Report
G U Y A N A
GUYSUCO: To Make Changes in Organizational Structure
J A M A I C A
ALUMINA PARTNERS: Cuts Production by 50% Amid Global Slowdown
M E X I C O
MANITOWOC CO: Bank Loan Trades Higher in Secondary Market
MERCANTIL CA: Moody's Confirms Currency Deposit Rating at 'B3'
P U E R T O R I C O
* PUERTO RICO: Legislature OKs Funding for Stimulus Package
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: To Tap Local Debt Market as Revenues Fall
V E N E Z U E L A
* Moody's Confirms Bond Rating on Venezuela's Government at 'B2'
X X X X X X X X
* BOND PRICING: For the Week January 12 - January 16, 2009
- - - - -
=================
A R G E N T I N A
=================
AEROPUERTOS ARGENTINA: Moody's Assigns First-Time 'B2' Rating
-------------------------------------------------------------
Moody's Latin America has assigned a first-time B2 global local
currency corporate family rating and an Aa3.ar Argentina national
scale rating to Aeropuertos Argentina 2000 S.A. At the same time,
Moody's assigned a B2 global local currency rating and an Aa3.ar
National Scale Rating to AA2000's bank credit line with Banco de
la Nacion Argentina. The outlook for all ratings is stable.
AA2000's B2 ratings reflect a number of credit factors including
the company's virtual monopoly position, the structure and length
of the 1998 concession agreement under which the company operates,
and recent improvements in credit quality and overall credit
metrics due to passenger growth since the last economic crisis in
2002. The downturn in passenger traffic in 2001 and 2002
resulting from the convergence of various economic crises and the
impact of the events of 9/11, SARs and the wars in the Middle East
has been largely abated. These key strengths are partially offset
by the limited geographical diversification where 94% of AA2000's
revenues are generated from two main airports. In addition,
Ezeiza is the only airport that is currently equipped to service
the current level of international flight traffic. Moody's
acknowledges that any event affecting EZE airport's capacity to
service international flights could adversely affect the company's
business and financial condition overall.
Key challenges facing AA2000 include the current run-up in costs
and some fundamental issues such as the political risks inherent
in operating in Argentina, along with the country's shrinking and
volatile economy. In addition, Moody's will be closely monitoring
the evolving global macroeconomic situation which could lead to a
softening passenger growth rate that could negatively impact the
company's financial performance.
AA2000's B2 global local currency rating reflects its global
default and loss expectation, while the Aa3.ar national scale
rating reflects the standing of AA2000's credit quality relative
to its domestic peers. Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs in Argentina are
designated by the ".ar" suffix. Issuers or issues rated Aa3.ar
present below-average creditworthiness relative to other domestic
issuers. NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country Headquartered in Buenos Aires, Argentina, AA2000 was
incorporated in 1998 after winning the national and international
bid for the concession rights related to the "Group A" airports of
the Argentine National Airport System. The concession agreement
expires in 2028. AA2000's shareholders are Società per Azioni
Esercizi Aeroportuali S.E.A (10%), Corporacion América
Sudamericana S.A (35%), Corporacion America S.A (54%) and Riva
SAICFyA (1%).
NACION SEGUROS: Moody's Affirms 'B1' Global Currency Rating
-----------------------------------------------------------
Moody´s Latin America affirmed the B1 global local-currency and
Aa3.ar Argentine national scale insurance financial strength
ratings of Nacion Seguros S.A. and Nacion Seguros de Retiro S.A.
This action follows the enactment of Law 26,425 in December, 2008
related to the Argentina government's reform of the Private
Pension Funds System, which has resulted in the placement of the
private pension-related annuity business into run-off. The
outlook of Nacion Seguros' was changed to stable from positive,
whereas the outlook of Nacion Retiro remains stable.
Nacion Seguros and Nacion Retiro are, respectively, the
general/life and annuity insurance subsidiaries of the state-owned
Banco de la Nacion Argentina, the largest bank in the country.
The strong and deepening integration among both insurance
companies and with the bank is seen by the common senior
management, brand sharing, common members of the Board of
Directors, and the overarching bancassurance distribution strategy
of Nacion.
Regarding Nacion Retiro, Moody´s said that the rating affirmation
reflects that, although it has suddenly lost a very significant
portion of its future annuity business because of the recent
regulatory changes to the private pension system in Argentina,
along with the company's high product risk profile were already
incorporated in Moody's assessment of the company's credit profile
before this reform. Furthermore, despite these negative
developments, the rating agency said that Nacion Retiro continues
to benefit from the company's ownership, integration and support
provided by its principal shareholder, Banco de la Nacion
Argentina. The rating agency also noted that although the
company's private pension retirement business is now in run-off,
the company does not need to significantly downsize its employee
base and expense structure given its loss of future business,
because much of the sales force belonged to Banco de la Nacion's
pension fund rather than to Nacion Retiro. Moody's commented that
the uncertainty with respect to the company's initiatives to
strengthen its other retirement business not affected by the
pension reform represents an important challenge for Nacion
Retiro.
With regards to Nacion Seguros, Moody's said that the change of
its outlook to stable from positive reflects that the company
faces important challenges and uncertainties related to its change
in strategy and business focus towards new general insurance
products. Beginning in 2008, Nacion Seguros started to expand and
diversify its operations into general insurances business
segments, in response to the decline in business volume from
regulatory changes that eliminated the previsional life segment--
formerly the company's core business. As part of its new
strategy, Nacion Seguros also changed its name, which previously
was Nacion Compañia de Seguros de Vida. Moody's will closely
follow the developments on the company's strategic plan, focusing
on the impact that the underwriting and distribution of new
general insurance products will have on the company's credit
profile.
Finally, Moody's added that both companies' credit profiles are
considerably constrained by their relatively poor quality
investment portfolio, and by the significant systemic country-
specific risk of doing business in Argentina.
Based in Buenos Aires, Argentina, during the first quarter of the
2008/09 fiscal year ended September 30th 2008, Nacion Retiro and
Nacion Seguros reported a net profit of AR$ 3.6 million and AR$
6.1 million, respectively. Total assets for Nacion Retiro and
Nacion Seguros rose to AR$ 1.36 billion and AR$ 327.1 million as
of that date, respectively. Nacion Retiro's shareholders' equity
was AR$ 74.1 million as of September 30, 2008, 5% higher than the
AR$ 70.5 million reported as of June 2008, whereas Nacion Seguros'
shareholders' equity grew 4.5% to AR$ 140.9 million during the
first quarter.
BBVA CONSOLIDAR: Moody's Affirms 'Ba3' Insurance Strength Rating
----------------------------------------------------------------
Moody´s Latin America has affirmed the Ba3 global local-currency
insurance financial strength ratings and Aa2.ar IFS ratings on
Argentina's national scale of BBVA Consolidar Seguros S.A.,
Consolidar Seguros de Retiro S.A., and Consolidar Seguros de Vida
S.A. This action follows the announcement in November, 2008 of
the Argentina government's reform of the Private Pension Funds
System, which has resulted in the placement of the private
pension-related annuity business into run-off. The outlook for
all three companies is stable.
Consolidar Retiro, Consolidar Vida, and BBVA Seguros are wholly
owned by Banco Bilbao Vizcaya Argentaria S.A. They are engaged,
respectively, in the annuities, life and general insurance
business in Argentina, and they are integrated with Banco Francés
— a leading Argentine bank that is owned by BBVA Group, of Spain.
Following the reform and the elimination of the lifetime annuity
segment, the credit profiles of these three insurers are still
comparable with other Ba3-rated groups, according to Moody's.
Notwithstanding a stand-alone credit profile in the single-B
rating range, the rating affirmations mainly reflect Moody's
assessment of implied support from the principal shareholder,
BBVA, given the group's well-established bancassurance franchise
in the country.
Expanding on the ratings affirmation, Moody's said that although
BBVA Consolidar Group's loss of substantial core businesses --
first the previsional life segment, and now the private pensions
segment -- will sharply reduce its business diversification
relative to other insurance groups in the Argentina insurance
sector for whom pension-related business was not so important, the
BBVA Consolidar Group continues to compare well with other Ba3-
rated insurers in terms of both profitability and capitalization
as measured by both the size of its equity base as well as its
operational leverage.
Regarding Consolidar Retiro, Moody's notes the insurer's
diminished position in the overall life/retirement market
following the sudden loss of its prospective pension retirement
business. Nevertheless, the rating agency pointed to the fact
that the company should sustain its leading position in the
relatively small individual annuity segment. Moreover, Moody's
noted that the expected increased capitalization of Consolidar
Retiro arising from the transfer of significant assets from
Consolidar Vida (following final authorization of the local
regulator to merge the two companies) should further strengthen
its balance sheet. Furthermore, Moody's noted that other
important aspects of the company's financial profile, such as its
favorable profitability and its investment portfolio, are not
expected to change significantly near-term as a result of the
November 2008 reform.
Moody's affirmation of BBVA Seguros is based primarily on the
stability the company has shown in both its financial and
fundamental business profiles over the last several fiscal
periods. Finally, the rating agency added that the affirmation of
Consolidar Vida, which lost its prospective previsional life
business in 2008, was also influenced by the company's improved
financial profile, especially in profitability, capitalization,
and asset quality.
BBVA Seguros, based in Buenos Aires, reported a net profit of
AR$10 million in the first quarter of the 2009 fiscal year, ended
September 30 2008. The company's shareholders' equity rose to
AR$72.7 million, an increase of 16% relative to June 30 2008, and
an increase of 38% since September 30, 2007. Consolidar Seguros
de Retiro, also headquartered in Buenos Aires, reported net income
of AR$7.5 million in the first quarter of 2009 fiscal year, ended
September 30 2008. Shareholders' equity rose to AR$118 million,
representing a 7% increase since June 30, 2008 and a 44% increase
since September 30, 2007. Consolidar Seguros de Vida reported net
income of AR$3.5 million during the first quarter of the 2009
fiscal year, ended September 30, 2008, at which date the company
also reported total assets of AR$227.5 million and shareholders'
equity of AR$210 million.
GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 51.56 cents-
on-the-dollar during the week ended January 9, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 5.78 percentage
points from the previous week, the Journal relates, General Motors
Corp. pays interest at 275.00 points above LIBOR. The bank loan
matures on November 27, 2013. The bank loan carries Moody's B3
rating and Standard & Poor's CCC rating.
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
GENERAL MOTORS: Bondholders Form Committee to Negotiate Debt Swap
-----------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that General
Motors Corp. executives said on Thursday that bondholders have
created a committee to negotiate the terms of a debt-for-equity
swap.
A Paul, Weiss, Rifkind, Wharton & Garrison LLP spokesperson said
that the firm was representing GM's bondholders, WSJ relates.
Paul, Weiss also represents bondholders of General Growth
Properties Inc., the report states. Citing the spokesperson, WSJ
says that the committee represents 10 institutions holding GM debt
and that it has held its first meeting by telephone.
GM must also convince individual bondholders to sign off on the
debt swap, WSJ says, citing Daryl Robertson, who has represented
bondholders at Hunton & Williams LLP, which isn't involved in the
talks.
According to WSJ, the debt swap is a requirement of the government
loan. The report says that under the terms of the government's
$13.4 billion loan program, GM must:
-- have a plan in place that would cut its US$27.5 billion in
unsecured debt by two-thirds by Feb. 17; and
-- reach a cost-cutting agreement with its union workers.
WSJ relates that GM lowered on Thursday its forecast for this
year's industry sales of cars and light trucks. GM, according to
the report, expects global sales to drop 15% to 57.5 million
vehicles in 2009, from 67.1 million cars and trucks in 2008. The
report says that GM expects industry sales of 10.5 million
vehicles in the U.S. this year, down 22% from 13.5 million last
year.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
GENERAL MOTORS: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
----------------------------------------------------------------
In light of the ongoing uncertainty of global market conditions,
General Motors said it is adopting more conservative industry
volume assumptions than those presented to Congress. For
liquidity and viability planning purposes, GM will assume 2009
U.S. total vehicle sales of 10.5 million units and global sales of
57.5 million units. The initial plan included a downside scenario
of 10.5 million U.S. sales in 2009, with a baseline scenario of 12
million sales. GM also said it revised downwards its assessment
of global industry volume assumptions for 2010-2012 for liquidity
planning purposes.
In its statement regarding its viability plan in Dec. 2, 2008, GM
said that after it has completed the restructuring actions laid
out in the plan, the company will be able to operate profitably at
industry volumes between 12.5 and 13 million vehicles. It noted
at that time that those assumptions were reasonably conservative
for gauging liquidity needs, as the figures were substantially
below the 17 million industry levels averaged over the last nine
years.
Bloomberg News says that the 10.5 million units projected by GM
would be the lowest in 27 years, as a worsening economy crimps
demand.
Chrysler CEO Bob Nardelli, in an interview with Bloomberg News
early this week, said that they have pegged total 2009 production
by U.S to 11.1 million units. Ford Motor Chief Financial Officer
Lewis Booth said Ford has lowered its prediction from a range of
12.2 million to 12.5 million, to 12 million to 12.5 million.
Other firms, however, have given lower forecasts. "The market
will not reach 12.2 million units this year, no way, no how," said
John Wolkonowicz, an IHS Global Insight analyst. IHS, according
to Bloomberg, has trimmed its 2009 sales estimate last week to
between 10 million and 10.5 million.
Standard & Poor's Ratings Services said it expects sales in 2009
to be 10 million units, 24% below 2008 actual sales. It notes
that for the last three months of 2008, the seasonally adjusted
annual rate of light-vehicle sales in the U.S. was below 11
million units. The ratings agency noted that GM's production in
the first quarter of 2009 is expected to be down more than 50%
year over year. S&P expects production to also be down for other
customers in North America and for Europe as well in 2009
In cutting auto supplier Dana Holdings' credit rating to B from
B+, Standard & Poor's credit analyst, Nancy Messer, said, "We
expect revenues to be reduced by weak auto sales and production in
North America, weak auto sales in Europe, and the U.S. recession,
which has stalled the recovery of commercial truck sales. S&P has
also made ratings cuts for other auto suppliers, including
American Axle Inc., Visteon Corp. and ArvinMeritor Inc. for the
same reasons.
In mid-December 2008, Johnson Controls Inc. said it was cutting
its projections for total auto sales to 9.3 million units in North
America and 16.2 million units in Europe. JCI, which sales to
Ford, GM, Chrysler and Toyota accounts to 10% of revenues in the
U.S., had projected North American production of 12.3 million
vehicles and European production of 21.2 million vehicles.
According to data from the International Organization of Motor
Vehicle Manufacturers, production of cars and commercial vehicles
in the U.S. in 2007 was 10,780,729, down 4.5% from the previous
year. Bloomberg has said 2008 U.S. sales of cars and light trucks
have tumbled 16% through November.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
GENERAL MOTORS: Posts All-Time Sales Record in LatAm, Africa & ME
-----------------------------------------------------------------
General Motors Latin America, Africa and Middle East region posted
an all-time sales record in 2008, selling over 1.276 million
vehicles, up 40,000 units over 2007, representing a 3.2 percent
growth rate. In addition, LAAM's market share increased to 17.1
percent for the year.
Maureen Kempston Darkes, GM group vice president and president of
GM LAAM said, "We are pleased to post our fifth consecutive record
sales year, with the Chevrolet brand continuing to lead the growth
throughout the region."
All-time yearly GM sales records were set in Argentina, Brazil,
Chile, Ecuador, Paraguay, Peru, Uruguay, Egypt, Kenya, North
Africa and Middle East markets in 2008. And, for the 2008
calendar
year, market share gains were recorded in Ecuador, Paraguay, Peru,
Uruguay, Egypt, Kenya, Israel, Middle East, North Africa, South
Africa and Venezuela.
The North African market and Egypt were GM's highest market
gainers in 2008, growing 57 percent and 52 percent, respectively,
both of which significantly out-paced the industry growth rate.
Despite a slowdown in the fourth quarter throughout the region due
to the global economic crisis, the North African market posted
all-time quarterly GM sales and market share records in Q4 2008.
In addition, Ecuador, Peru and Egypt set fourth quarter sales
records.
Chevrolet Corsa, Celta and Aveo remained as the top three sellers
across the region in 2008, representing 41 percent of GM's sales
volume. Chevrolet represents 90 percent of GM sales in LAAM.
Brazil represents the second largest market for Chevrolet outside
the U.S., with sales of 549,000 in 2008.
In 2009, the Chevrolet brand will continue to play a key role as
several new products, such as the Camaro, Cruze, Malibu, Traverse
will be launched in the region.
General Motors Latin America, Africa and Middle East Region (GM
LAAM), with headquarters in Miramar, Florida, is one of GM's four
regional business units. GM LAAM employs approximately 35,000
people throughout the region in 18 countries and has manufacturing
facilities in Argentina, Brazil, Colombia, Ecuador, Egypt, Kenya,
South Africa and Venezuela. In 2008, GM LAAM had a record year,
selling over 1.27 million vehicles. GM LAAM markets vehicles
under the Buick, Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel,
Saab and Suzuki brands.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
GENERAL MOTORS: Says It Is on Track on Meeting Viability Plan
-------------------------------------------------------------
General Motors Corp. on Jan. 16 provided an update on its
restructuring efforts included in the viability plan submitted to
the federal government last month, and announced more conservative
industry volume planning assumptions to ensure the viability plan
is successful even in the most challenging of markets.
The updates were part of a comprehensive review of GM's global
business by Rick Wagoner, chairman and CEO; Fritz Henderson,
president and COO; and Ray Young, executive vice president and
CFO; at the Deutsche Bank 2009 Auto Analysts Conference in
Detroit.
Their remarks focused on the global financial, operational and
product portfolio actions GM is taking to restructure its business
for greater competitiveness and long-term viability. View
presentation slides
"We are on track to accomplish the requirements of the viability
plan," Mr. Wagoner stated. "We know we have a lot of work in front
of us, but we are already working closely with many key
stakeholders. The GM team is 100 percent dedicated to achieving
the goals of our plan."
In light of the ongoing uncertainty of global market conditions,
GM is adopting more conservative industry volume assumptions than
those presented to Congress. F or liquidity and viability planning
purposes, GM will assume 2009 U.S. total vehicle sales of 10.5
million units and global sales of 57.5 million units. The initial
plan included a downside scenario of 10.5 million U.S. sales in
2009, with a baseline scenario of 12 million sales. GM also
revised downwards its assessment of global industry volume
assumptions for 2010-2012 for liquidity planning purposes.
GM said that lowering the assumptions on U.S. and global industry
volumes will drive tougher operational decisions that will result
in a more robust viability plan, one that better positions the
company for long-term growth as the auto market recovers. GM said
it would continue to refine its plan in response to changing
market conditions.
GM's detailed Restructuring Plan for Long-Term Viability was
presented to Congress on December 2, 2008, and it formed the
basis for the loan agreement with the U.S. Treasury signed on
December 19. An updated plan is due to the U.S. President's
designee on February 17, 2009.
GM and Chrysler LLC have obtained loans from the treasury in order
to avert collapse. On Dec. 31, 2008, the U.S. Treasury completed
a transaction with General Motors Corp., under which the Treasury
will provide GM with up to a total of US$13.4 billion in a three-
year loan from the Troubled Assets Relief Program. On Jan. 2,
2009, the Treasury provided a three-year US$4 billion loan to
Chrysler. The Treasury has required each of the two to submit a
plan that would prove the automaker's long-term viability. The
loan agreement provides for acceleration of the loan if those
goals under the plan, which are subject to review by a designee of
the U.S. President, are not met.
GM Viability Plan
GM's viability, submitted in response to Congressional hearings in
November, includes a detailed blueprint for a successful,
sustainable General Motors. Building on a product renaissance and
comprehensive restructuring that has been under way for several
years, the plan calls for:
* Increased production of fuel-efficient vehicles and energy-
saving technologies;
* Rationalization of brands, models and retail outlets;
* Reduced wage and benefit costs, including further reductions
in executive compensation;
* Significant capital structure restructuring;
* Further consolidation in manufacturing operations.
The plan calls for shared sacrifice, including further reduction
in the number of executives and total compensation paid to senior
leadership. GM cited that the chairman and CEO Rick Wagoner will
reduce his salary to US$1 per year.
A full-text copy of GM's viability plan is available at:
http://researcharchives.com/t/s?3815
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
=============
B E R M U D A
=============
ANCHOR REINSURANCE: Creditors' Proofs of Debt Due on Feb. 13
------------------------------------------------------------
The creditors of Anchor Reinsurance Company Limited I are required
to file their proofs of debt by Feb. 13, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Mark W.R. Smith
Deloitte & Touche
Corner House, Church & Parliament Streets
PO Box HM 1556, Hamilton HM FX
Bermuda
ASSOCIATED INTERNATIONAL: Creditors' Proofs of Debt Due on Feb. 13
------------------------------------------------------------------
The creditors of Associated International Insurance (Bermuda)
Limited I are required to file their proofs of debt by Feb. 13,
2009, to be included in the company's dividend distribution.
The company's liquidator is:
Mark W.R. Smith
Deloitte & Touche
Corner House, Church & Parliament Streets
PO Box HM 1556, Hamilton HM FX
Bermuda
FOOD PROCESSORS: Creditors' Proofs of Debt Due on Feb. 13
---------------------------------------------------------
The creditors of Food Processors Assurance Limited I are required
to file their proofs of debt by Feb. 13, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Mark W.R. Smith
Deloitte & Touche
Corner House, Church & Parliament Streets
PO Box HM 1556, Hamilton HM FX
Bermuda
===========
B R A Z I L
===========
BANCO INDUSTRIAL: Shares Up on Possible Buyout by Banco Bradesco
----------------------------------------------------------------
Banco Industrial e Comercial SA's ("BicBanco") shares gained 7.3%
to BRL4.29 on January 15, the first in four days in Sao Paulo
trading, on a report that Banco Bradesco SA is in talks to acquire
the smaller bank's stake, Telma Marotto of Bloomberg News reports.
The bank's shares, the report relates, jumped as much as 18%, the
most since Oct. 30.
The report, citing Sao Paulo-based Broadcast, said BicBanco's
controlling shareholders turned down Bradesco's offer to pay
market value for the bank. BicBanco had a market value of BRL1.2
billion (US$510 million) as of January 14's closing price, the
report relates.
"The speculation about the acquisition is growing strong in the
market and it makes sense that Bradesco would try to regain its
lost leadership," Bloomberg News quoted Julio Martins, who
oversees about US$123 million as investment director at Banco
Prosper in Rio de Janeiro, as saying. "The shares are moving on
the rumors."
The report notes BicBanco said in a statement to the Brazilian
securities regulator that there are no talks or proposals or any
event related to the possible sale of the bank.
Bradesco would add about BRL13 billion in assets through a
BicBanco acquisition, with total assets reaching BRL435.9 billion,
Blomberg News states.
About Banco Industrial
Banco Industrial e Comercial S.A. is headquartered in Sao Paulo,
Brazil, with BRL10,937 million in total assets and
BRL1,630 million in equity as of March 31, 2008.
* * *
In February 2008, Moody's Investor Service assigned a Ba2
foreign currency deposit rating for Banco Industrial e Comercial
S.A.
As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Standard & Poor's Ratings Services assigned its
'B+' counter party credit rating to Banco Industrial e Comercial
SA. S&P said the outlook is stable.
BANCO VOTORANTIM: Moody's Reviews Deposit Rating for Likely Lift
----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
Banco Votorantim S.A.'s Baa1 local currency deposit rating. All
other ratings were affirmed, including the bank's C- minus bank
financial strength rating.
Moody's also affirmed all ratings for Banco do Brasil S.A. (BB).
These rating actions are in response to the announcement of BB's
acquisition of 49.9% of BV's common shares.
Moody's noted that the review for possible upgrade of the deposit
rating is triggered by BB's meaningful funding and capital
contribution to Banco Votorantim -- a support that should enhance
the creditworthiness of its deposits. The partnership with BB
should grant Banco Votorantim access to alternative funding that
would sustain the origination of car loans amid tight and
expensive funding conditions in the market. In affirming the C-
bank financial strength rating for BV, Moody's noted, however,
that the rating appears to be less robust relative to that of
other similarly rated banks, and it has therefore lowered its
baseline risk assessment to Baa2.
Moody's said the upgrade for BV's deposits is contingent upon the
completion of its deal with BB, and warned that in the event the
transaction is not closed, Banco Votorantim's BFSR and baseline
credit assessment, and hence its deposit rating, could be at risk.
This would reflect the challenges related to maintaining adequate
funding for its predominantly wholesale-funded consumer finance
operation and preserving earnings generation.
The deal will be paid in cash and is valued at R$4.2 billion, of
which R$3.0 billion will be used to purchase 45% of BV's shares
and another R$1.2 billion will be added to BV's capital base. The
banks estimate the deal to close by mid April, subject to
regulatory approval.
The transaction should add substantial scope to Banco do Brasil's
consumer finance operation as it benefits from BV's well
established presence in the segment of auto loans. BV ranks as
the fourth largest car finance business in Brazil. Moreover, BB
will be able to leverage the alternative non-branch banking
distribution channels that have been developed by Banco Votorantim
over the past several years for additional cross selling.
BB is headquartered in Brasilia and had total assets of
R$458.9 billion in September 2008. BV is headquartered in São
Paulo and had total assets of R$81.9 billion.
Moody's last rating action on Banco do Brasil was on December 14,
2008, when Moody's affirmed its ratings following its announced
acquisition of Banco Nossa Caixa. Moody's last rating action on
Banco Votorantim was on August, 23, 2007, when Moody's upgraded
the bank's long-term foreign currency deposits and bonds, in
connection with Moody's upgrade of Brazil's country ratings.
These actions have been taken:
Banco Votorantim S.A:
-- Baa1 long-term local currency deposit rating: on review for
possible upgrade
These ratings have been affirmed:
Banco do Brasil S.A.:
-- C bank financial strength rating, stable outlook
-- A1/P-1 local currency deposit rating, stable outlook
-- Baa3 foreign currency debt rating, stable outlook
-- Ba2/ Not Prime foreign currency deposit rating, stable --
outlook
-- Aaa.br/ BR-1 national scale rating, stable outlook
Banco Votorantim S.A.:
-- C- bank financial strength rating, stable outlook
-- Prime 2 short term local currency deposit, stable outlook
-- Baa3 foreign currency debt rating, stable outlook
-- Ba2/ Not Prime foreign currency deposit rating, stable
outlook
-- Aaa.br/ BR-1 national scale rating, stable outlook
==========================
C A Y M A N I S L A N D S
==========================
ALADDIN CDO: Shareholders Hear Wind-Up Report
---------------------------------------------
On January 8, 2009, the shareholders of Aladdin CDO I, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Emile Small
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
AMERIQUEST NIM: Shareholders Hear Wind-Up Report
------------------------------------------------
On January 8, 2009, the shareholders of Ameriquest NIM 2004-RN9
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Martin Couch
Emile Small
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ANSLEY PARK: Shareholders Hear Wind-Up Report
---------------------------------------------
On January 8, 2009, the shareholders of Ansley Park ABS CDO, Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Chris Marett
Prashant Veturkar
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
APEX SILVER: Wants to Access US$35 Million Sumitomo DIP Facility
----------------------------------------------------------------
Apex Silver Mines Limited and affiliate Apex Silver Mines
Corporation ask the United States Bankruptcy Court for the
Southern District of New York for authority to obtain at least
$35 million in postpetition financing under the debtor-in-
possession credit and security agreement with Somitomo
Corporation.
As reported in yesterday's Troubled Company Reporter, Apex and its
wholly owned subsidiaries entered on Jan. 12, 2009, into a
purchase and sale agreement with Sumitomo and one of its wholly-
owned subsidiaries under which Sumitomo has agreed to purchase all
of the company's direct and indirect interests in the San
Cristobal mine in Positi, Bolivia, for US$27.5 million in cash.
The sale is subject to approval by the Bankruptcy Court.
The DIP facility will be used to fund working capital at the San
Cristobal Mine, to preserve value for the Debtors' estates, and to
enable them to sell their Bolivia mine facility and certain
related assets to Sumitomo. As part of the deal, if the Debtors
consummate the Sumitomo purchase transaction, the Debtors will
neither repay the obligations under the DIP facility nor pay a
break-up fee and reimbursement amount.
The Debtors tell the Court that they need to access at least
$15 million in financing on the interim. Under the DIP agreement,
the facility will terminate on the earliest of:
i) March 31, 2009;
ii) the date of a termination in case of an event of default;
iii) 30 days after the Debtors' bankruptcy filing if the final
order has not been entered by the Court;
iv) the date of entry of an order of the Court confirming a
plan of reorganization consented to by the DIP Lender
consistent with the plan support agreement under which the
DIP Lender consummates the purchase of the purchased
properties in accordance with the purchase agreement; or
v) the Debtors' entry into definitive documentation to
consummate an alternative transaction.
The facility will accrue interest at 15% per annum.
All obligations will constitute administrative expenses of the
Debtors in the Chapter 11 case, with administrative priority and
senior secured status under sections 364(c) and 364(d)(1) of the
United States Bankruptcy Code. In addition, the DIP lender will
be granted security interests and liens on the collateral which
will have the priority and senior secured status, as security for
the Debtors' obligations.
The DIP facility is subject to a US$1 million carve-out to pay any
unpaid fees to the bankruptcy clerk and the actual fees and
expenses incurred by professionals retained by the Debtors. The
Debtors are allowed to use up to US$250,000 carve-out to pursue
any rights or remedies under the purchase agreement.
The DIP agreement contains customary and appropriate events of
default. The Debtors wants to present the request before the
Court on Jan. 27, 2009, for final approval.
A full-text copy of the debtor-in-possession credit and security
agreement with the Debtors and Sumitomo is available for free at:
http://ResearchArchives.com/t/s?3806
A full-text copy of Asset Purchase Agreement between the company
and Sumitomo is available for free at
http://ResearchArchives.com/t/s?37f3
Headquartered in Denver, Colorado, Apex Silver Mines Limited --
http://www.apexsilver.com-- explores and develops silver and
other mineral properties in Central and South America. The company
is based in George Town, Cayman Islands. The company and its
affiliate, Apex Silver Mines Corporation, filed for Chapter 11
protection on January 12, 2009 (Bankr. S.D. N.Y. Lead Case No.
09-10182). James L. Bromley, Esq., and Sean A. O'Neal, Esq., at
Cleary Gottlieb Steen & Hamilton LLP, represent the Debtors in
their restructuring efforts. The proposed Davis Graham & Stubbs
LLP as special purpose counsel; Jefferies & Co, Inc. as financial
advisor; and Epiq Bankruptcy Solutions LLC as claims agent. When
the Debtors filed for protection from their creditors, they listed
assets and debts between US$500 million to US$1 billion each.
APEX SILVER: Wants More Time to File Schedules and Statements
-------------------------------------------------------------
Apex Silver Mines Limited and Apex Silver Mines Corporation ask
the United States Bankruptcy Court for the Southern District of
New York to extend the time for filing their schedules of assets
and debts, and statement of financial affairs until 30 days after
their bankruptcy filing.
The Debtors say that they were unable to fully gather the
necessary information to prepare the requirements.
Headquartered in Denver, Colorado, Apex Silver Mines Limited --
http://www.apexsilver.com-- explores and develops silver and
other mineral properties in Central and South America. The company
is based in George Town, Cayman Islands. The company and its
affiliate, Apex Silver Mines Corporation, filed for Chapter 11
protection on January 12, 2009 (Bankr. S.D. N.Y. Lead Case No.
09-10182). James L. Bromley, Esq., and Sean A. O'Neal, Esq., at
Cleary Gottlieb Steen & Hamilton LLP, represent the Debtors in
their restructuring efforts. The proposed Davis Graham & Stubbs
LLP as special purpose counsel; Jefferies & Co, Inc. as financial
advisor; and Epiq Bankruptcy Solutions LLC as claims agent. When
the Debtors filed for protection from their creditors, they listed
assets and debts between US$500 million to US$1 billion each.
ARCA FUNDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 8, 2009, the shareholders of Arca Funding 2006-II, Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Chris Marett
Bobby Toor
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ATAMI BEACH: Members Hear Wind-Up Report
----------------------------------------
The members of Atami Beach Line Funding Limited met on Jan. 8,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Giles Kerley
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ATTENTUS CDO: Members Receive Wind-Up Report
--------------------------------------------
The members of Attentus CDO V, Ltd. met on Jan. 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Onson Mukwedeya
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
AZABU HOLDING: Members Receive Wind-Up Report
---------------------------------------------
The members of Azabu Holding Corporation met on Jan. 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Martin Couch
Giles Kerley
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
BLACKBIRD LEASING: Members Receive Wind-Up Report
-------------------------------------------------
The members of Blackbird Leasing Limited met on Jan. 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Melanie Whittaker
Carl Gosselin
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CARSS FINANCE: Members Receive Wind-Up Report
---------------------------------------------
The members of CARSS Finance CI 2004-A Limited met on Jan. 8,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.
The company's liquidators are:
Andrew Dean
Bobby Toor
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CARSS FINANCE: Members Receive Wind-Up Report
---------------------------------------------
The members of CARSSX Finance Limited met on Jan. 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Andrew Dean
Bobby Toor
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CENTEX HOME: Members Receive Wind-Up Report
-------------------------------------------
The members of Centex Home Equity Advance Receivables Company Ltd.
met on Jan. 8, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
George Bashforth
Jan Neveril
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CERTEGRA FUND: Shareholder To Hear Wind-Up Report Today
-------------------------------------------------------
The shareholder of Certegra Fund Limited will hear today, Jan. 19,
2009, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Stephane Ribordy
Les Rives du Rhone
12 Quai Du Seujet, 1201 Geneva
Switzerland
COMMAND CORPORATION: Members Receive Wind-Up Report
---------------------------------------------------
The members of Command Corporation met on Jan. 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Onson Mukwedeya
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CPORTS 2004-2: Members Receive Wind-Up Report
---------------------------------------------
The members of CPORTS 2004-2 Ltd met on Jan. 8, 2009, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Martin Couch
Jan Neveril
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CPORTS 2004-3: Members Receive Wind-Up Report
---------------------------------------------
The members of CPORTS 2004-3 Ltd met on Jan. 8, 2009, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Martin Couch
Jan Neveril
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CRP VI: Members Receive Wind-Up Report
--------------------------------------
The members of CRP VI met on Jan. 8, 2009, and received the
liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Carlos Farjallah
Prashant Veturkar
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
DEL MAR: Members Receive Wind-Up Report
--------------------------------------
The members of Del Mar CLO II, Ltd. met on Jan. 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Guy Major
Jan Neveril
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
DIOGENES CDO: Members Receive Wind-Up Report
--------------------------------------
The members of Diogenes CDO III Ltd. met on Jan. 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Emile Small
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
EATON VANCE: Members Receive Wind-Up Report
-------------------------------------------
The members of Eaton Vance CDO III, Ltd. met on Jan. 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Chris Marett
Prashant Veturkar
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ETERNA FUNDING: Members to Hear Wind-Up Report on January 22
------------------------------------------------------------
The members of Eterna Funding Corporation will meet on January 22,
2009, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Giles Kerley
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
POND POINT: Shareholder Receives Wind-Up Report
-----------------------------------------------
On January 9, 2009, the shareholder of Pond Point Offshore
Partners Fund Ltd received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Kenneth M. Krys
c/o Simone Tomkins, PO Box 31237
Grand Cayman KY1-1205, Cayman Islands
Telephone: (345) 947-4700
Facsimile: (345) 946-6728
===========
G U Y A N A
===========
GUYSUCO: To Make Changes in Organizational Structure
----------------------------------------------------
Guyana Sugar Corporation ("GuySuCo") will make changes in its
organizational structure as to prepare for challenges ahead,
Caribbean360 News reports, citing Agriculture Minister Robert
Persaud.
According to the report, the restructuring will start at the
senior management level. President Bharrat Jagdeo and his Cabinet
have approved a new interim Board which is scheduled to start
working on February 14th, the report relates.
"The restructuring is about shaping the organization into the most
effective structure to enable management and employees to deliver
the best possible results for the Corporation in the future," the
report quoted Minister Persaud as saying.
The report notes the interim board, led by new Chief Executive
Officer Errol Hanoman, has been mandated to develop and present a
'Blueprint for Success', which will detail a set of strategies, to
be implemented over the next two to three years. The blueprint is
aimed to help turn around the company, which has seen a steady
decline in production since 2004, the report says.
"This process will require interactions with the new management
and stakeholders, including the unions. Specialised skills will
be sourced to carry out this effort," Minister Persaud said as
quoted by Caribbean360 News.
Minister Persaud, the report adds, said the activities related to
the development of the blueprint include:
-- reviewing cost saving initiatives such as reduction of cost
per hectare;
-- improved cane production performance;
-- tackling wastage and corruption;
-- effective implementation of the management re-organization;
-- mechanization of operations; and
-- increased production and sale of packaged sugar.
=============
J A M A I C A
=============
ALUMINA PARTNERS: Cuts Production by 50% Amid Global Slowdown
-------------------------------------------------------------
Alumina Partners of Jamaica ("Alpart") decided to cut production
by 50 percent and lay off staff due to the global economic
slowdown, Reuters reported citing a company official. The
cutbacks took effect on January 15.
According to Caribbean360 News, the company will lay off 250
temporary workers over the next six months, which brings the total
laid off workers to 400.
The company, Caribbean360 News relates, employs more than 920
permanent workers and while no job cuts were announced from that
group, Alpart said that a further assessment of the required
workforce reduction will be announced at a later stage.
The company did not say how long the production cut will last,
Reuters notes.
"The workers are not in agreement with this move, but they
understand that the global crisis has impacted on this situation,"
Reuters quoted Vincent Morrison, president of the National Workers
Union, which represents some of the workers, as saying.
About Alumina Partners
Alumina Partners of Jamaica is an operating smelter/refinery in
Jamaica. It is controlled/owned by United Company Rusal and Norsk
Hydro ASA.
===========
M E X I C O
===========
MANITOWOC CO: Bank Loan Trades Higher in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Manitowoc Co Inc.
is a borrower traded in the secondary market at 78.63 cents-on-
the-dollar during the week ended January 9, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 8.72 percentage
points from the previous week, the Journal relates. Manitowoc Co
Inc. pays interest at 350 points above LIBOR. The bank loan
matures on April 14, 2014. The bank loan carries Moody's Ba2
rating and Standard & Poor's BB+ rating.
The Troubled Company Reporter on January 2, 2009, said
participations in the syndicated loan traded in the secondary
market at 66.42 cents-on-the-dollar during the week ended
December 26, 2008.
Headquartered in Maniwotoc, Wisconsin, The Manitowoc company
Inc. (NYSE: MTW) -- http://www.manitowoc.com/-- provides
lifting equipment for the global construction industry,
including lattice-boom cranes, tower cranes, mobile telescopic
cranes, and boom trucks. As a leading manufacturer of ice-cube
machines, ice/beverage dispensers, and commercial refrigeration
equipment, the company offers the broadest line of cold-focused
equipment in the foodservice industry. In addition, the company
is a provider of shipbuilding, ship repair, and conversion
services for government, military, and commercial customers
throughout the maritime industry. The company has regional
offices in Mexico and Brazil. Revenues for the twelve months
ended March 31, 2008 totaled about US$4.2 billion.
* * *
On July 31, TCR reported that Moody's Investors Service affirmed
the Ba2 Corporate Family and Probability of Default ratings of
Manitowoc following its announced syndication of a new credit
facility to fund its acquisitions of Enodis plc. Moody's also
assigned a Ba2 rating to the proposed US$2.925 billion senior
secured bank credit facility and lowered the senior unsecured
notes to B1 from Ba3. The outlook remains stable.
MERCANTIL CA: Moody's Confirms Currency Deposit Rating at 'B3'
--------------------------------------------------------------
Moody's Investors Service confirmed the B3 foreign currency
deposit rating assigned to Mercantil C.A., Banco Universal and
Banco de Venezuela, S.A. Grupo Santander, respectively. The
outlook is stable. These actions are the direct result of Moody's
decision to confirm Venezuela's country ceiling for foreign
currency deposits at B3, and conclude the review for possible
upgrade that was initiated on September 19, 2008.
The bank financial strength ratings and global local currency
deposit ratings of Mercantil and Banco de Venezuela are not
affected by the rating actions.
The last rating action on Mercantil and Banco de Venezuela was on
September 19, 2008 when Moody's placed on review for possible
upgrade the foreign currency deposit rating of these banks.
These actions were taken:
Mercantil C.A., Banco Universal
-- Foreign currency deposit rating of B3: Confirmed, with stable
outlook
Banco de Venezuela, S.A.
-- Foreign currency deposit rating of B3: Confirmed, with stable
outlook
====================
P U E R T O R I C O
====================
* PUERTO RICO: Legislature OKs Funding for Stimulus Package
-----------------------------------------------------------
Puerto Rico's legislature has approved four bills, including a
US$4 billion loan, to pay for public expenses, such as government
worker's payroll and to finance an economic stimulus package,
Maria Miranda Sierra of Caribbean Net News reports.
According to the report, House Speaker Jennifer Gonzalez said that
the four legislative measures were immediately sent to Governor
Luis Fortuno so he could sign them into law.
As reported in the Troubled Company Reporter - Latin America on
January 16, 2009, The Associated Press said Governor Fortuno
planned to borrow US$1.2 billion from Banco Gubernamental de Fomen
to pay overdue debts and finance an economic stimulus package.
According to the AP, Mr. Fortuno said he will use the fund to pay
government suppliers US$700 million for everything from school
supplies to social workers.
Mr. Fortuno, the report related, is also seeking US$500 million to
build roads, hotels and schools to help boost the island's
negative growth rate.
The U.S. territory has a US$3.2 billion budget deficit, the AP
added.
===============================
T R I N I D A D & T O B A G O
===============================
* TRINIDAD & TOBAGO: To Tap Local Debt Market as Revenues Fall
--------------------------------------------------------------
Trinidad and Tobago's government will tap into the local debt
market to offset declining revenues from oil and natural gas
sales, Linda Hutchinson-Jafar of Reuters reports, citing Prime
Minister Patrick Manning.
According to the report, Minister Manning said the government sees
oil and gas revenues totaling about US$7 billion this year, down
from its original forecast of US$8 billion.
"The government will issue bonds in order to finance the deficit
without compromising our economic fundamentals," the report quoted
Minister Manning as saying.
"We are able to do this because over the years, we have realized a
significant build-up of savings as well as growth in our foreign
reserve position, which could more than adequately meet the
necessary repayments on our sovereign debt. Given the existing
high liquidity environment, we are certain that this can be done
exclusively on the domestic market," Minister Manning added.
Reuters says Trinidad and Tobago currently has US$9.2 billion in
official reserves, the equivalent of 11 months of imports, to help
moderate any exchange rate fluctuations.
=================
V E N E Z U E L A
=================
* Moody's Confirms Bond Rating on Venezuela's Government at 'B2'
----------------------------------------------------------------
Moody's Investors Service has confirmed the foreign-currency bond
rating of the government of Venezuela at B2 and removed the rating
from review for possible upgrade as a result of the worsening
international crisis and the dramatic drop in oil prices since
last September when the rating was placed on Watchlist.
Also confirmed and removed from review for possible upgrade were
the B1 foreign-currency country ceiling for bonds and notes and
the B3 country's ceiling for foreign-currency bank deposits. All
ratings and foreign currency ceilings have stable outlooks.
"Despite low and improved debt metrics and an increased
willingness by Venezuela's political actors to use the ballot box
as a means to solve their differences, the heightened
uncertainties surrounding the worsening international crisis and
the accompanying dramatic drop in oil prices do not support an
upgrade of the country's foreign-currency ratings," said Moody's
Vice President Gabriel Torres.
Oil represents 50% of government revenues and over 90% of
Venezuela's export earnings. The dramatic drop in oil prices will
pose significant challenges for Venezuela in 2009. Torres noted
that Venezuela has a history of boom-bust cycles, but this time it
enters the down phase better positioned than in the past, with
financial assets of over 20% of GDP.
"A new referendum on eliminating presidential term limits,
expected for early 2009, will put further pressure on the
government's ability to manage fiscal pressures even as a low debt
burden and ample financial reserves provide a significant
cushion," said Torres.
The B1 local-currency bond rating of the government and the A3
local-currency country ceiling for bonds and notes and Baa1
country ceiling for local-currency bank deposits remain unchanged.
The last rating action for Venezuela was made on September 19
2008, when Moody's placed the foreign currency government bond
ratings on review for a possible upgrade.
Any other ratings affected by this rating action will be announced
separately.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 12 - January 16, 2009
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 7.875 05/11/17 USD 43.01
Argent-DIS 5.830 12/31/33 ARS 60.33
Argent-DIS 7.820 12/31/33 ARS 26.75
Argent-DIS 8.820 12/31/33 ARS 29.00
Argent-DIS 8.820 12/31/33 ARS 33.00
Argent-Par 0.630 12/31/38 ARS 14.56
Argnt-Bocon PRE8 2.000 01/03/10 ARS 54.80
Argnt-Bocon PR11 2.000 12/03/10 ARS 35.97
Argnt-Bocon PRE9 2.000 03/15/24 ARS 62.89
Argnt-Bocon PR12 2.000 01/03/16 ARS 55.94
Argnt-Bocon PR13 2.000 03/15/24 ARS 17.82
Arg Boden 2.000 09/30/14 ARS 40.00
Argentina - NGB 2.000 01/03/16 ARS 51.56
Banco Hipot SA 9.750 11/16/10 USD 54.91
Banco Hipot SA 9.750 04/27/16 USD 30.50
Banco Hipot SA 9.750 12/18/36 USD 31.00
Bonar X 7.000 04/17/17 USD 37.50
Banco Macro SA 8.500 02/01/17 USD 51.50
Bonar V 7.000 03/28/11 USD 38.72
Bonar VII 7.000 09/12/13 USD 37.42
Bonar ARG $ V 10.500 10/09/17 ARS 46.15
Buenos Aire Prov 9.375 09/14/18 USD 20.50
Buenos Aire Prov 9.625 04/18/28 USD 22.93
Buenos-$DIS 9.250 04/15/17 USD 22.43
Buenos-$DIS 8.500 04/15/17 USD 23.57
Deutsche (Radars) 4.000 12/22/11 USD 63.49
Emp Distrib Nort 10.500 10/09/17 USD 46.15
Hidroelec Piedra 9.000 07/11/17 USD 52.25
Industries Metal 11.250 10/22/14 USD 45.75
Invers Rep Y Soc 8.500 02/02/17 USD 41.62
Mendoza Province 5.500 09/04/18 USD 30.25
Prov Rio Negro 2.000 02/04/18 ARS 61.85
Transener 8.875 12/15/16 USD 34.35
Trasport De Gas 7.875 05/14/17 USD 48.50
BRAZIL
------
Banco BMG SA 9.150 01/15/16 USD 66.24
Banco Cruzeiro 10.750 11/24/16 USD 64.76
Bertin Ltda 10.250 10/05/16 USD 59.00
Braskem SA 9.000 04/29/49 USD 70.50
BR Malls Int Fi 8.500 04/15/17 EUR 66.01
Cosan Finance 7.000 02/01/17 USD 67.50
JBS SA 10.500 08/04/16 USD 73.50
Independencia In 9.875 05/15/15 USD 62.62
Independencia In 9.875 01/31/17 USD 62.07
Independencia In 9.875 01/31/17 USD 60.25
Lehman Brothers 10.000 03/20/09 EUR 5.00
National Steel 9.875 05/29/49 USD 69.50
Soc Gen Accept 0.750 12/21/11 EUR 44.31
Soc Gen Accept 8.000 12/20/13 EUR 25.71
Soc Gen Accept 14.000 04/09/09 EUR 19.01
CAYMAN ISLANDS
--------------
801 Grand B-2 1.225 09/20/16 USD 69.47
801 Grand F-2 6.000 09/20/16 USD 71.75
Aes Dominicana 11.000 12/13/15 USD 37.25
Aes Dominicana 11.000 12/13/15 USD 37.25
Agile Property 9.000 09/22/13 USD 61.46
Agile Property 9.000 09/22/13 USD 61.02
Aig Sunamerica 5.625 02/01/12 GBP 74.16
Aig Sunamerica 6.375 10/05/20 GBP 52.14
Ambev Intl Finan 9.500 07/24/17 BRL 73.37
Apex Silver 2.875 03/15/24 USD 6.02
Apex Silver 4.000 09/15/24 USD 03.25
Asif II 5.125 01/28/13 GBP 71.57
Banco Safra CI 10.875 04/03/17 BRL 75.00
Barion Funding 0.100 12/20/56 EUR 4.51
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 0.250 12/20/56 USD 7.05
Barion Funding 1.440 12/20/56 GBP 24.11
BBVA Bancomer SA 4.799 05/17/17 EUR 64.50
BBV Intl Fin 7.000 12/01/25 USD 63.39
BCP Finance Company 4.239 10/29/49 EUR 49.94
BCP Finance Company 5.543 06/29/49 EUR 52.49
Bes Finance Limited 4.500 12/29/49 EUR 50.00
Bes Finance Limited 6.625 05/08/49 EUR 61.24
Bes Finance Limited 5.580 07/29/49 EUR 50.00
Blue City Co 1.000 11/07/13 USD 65.99
Castle Holdco 4 9.875 11/16/16 GBP 09.63
Castle Holdco 4 9.875 11/16/16 GBP 09.63
China Med Tech 3.500 11/15/11 USD 72.53
China Properties 9.125 05/04/14 USD 45.56
Citadel Finance 6.250 12/15/11 USD 68.05
Credit Sail Ltd 8.500 12/22/12 NZD 8.00
Dasa Finance 8.750 05/29/18 USD 74.30
DP World Sukuk 6.250 07/02/17 USD 62.50
DP World Sukuk 6.250 07/02/17 USD 63.71
Dubai Holding Comm 4.750 01/30/14 EUR 60.00
Dubai Holding Comm 6.000 02/01/17 GBP 58.50
DWR CYMN FIN 4.473 03/31/57 GBP 68.92
Embraer Overseas 6.375 01/24/17 USD 73.88
Embraer Overseas 6.375 01/24/17 USD 73.88
Embraer Overseas 6.375 01/24/17 USD 73.92
Esfg Internation 5.753 06/29/49 EUR 31.36
Gol Finance 7.500 04/03/17 USD 55.12
Gol Finance 7.500 04/03/17 USD 52.68
Gol Finance 8.750 04/28/49 USD 39.75
Greentown China 9.000 11/08/13 USD 38.00
Holden Fdg Corp 8.460 04/15/30 USD 72.86
Investcorp Cap 8.080 03/27/09 USD 69.47
Ja Solar Hold Company 4.500 05/15/13 USD 41.41
Lupatech Finance 9.875 07/29/49 USD 69.75
M-2 SPC 7.770 12/20/12 USD 53.13
Mafrig Overseas 9.635 11/16/16 USD 64.50
Mazarin Fdg Ltd 0.250 09/20/68 EUR 5.12
Mazarin Fdg Ltd 0.250 09/20/68 USD 5.12
Mazarin Fdg Ltd 0.250 09/20/68 USD 5.12
Mazarin Fdg Ltd 0.250 09/20/68 USD 5.12
Mazarin Fdg Ltd 0.250 09/20/68 USD 5.12
Mazarin Fdg Ltd 0.630 09/20/68 GBP 10.86
Mazarin Fdg Ltd 1.440 09/20/68 GBP 22.33
Minerva Overse 9.500 02/01/17 USD 58.00
Mizuho Capital I 5.020 06/29/49 EUR 60.63
Mizuho Capital INV I 6.686 03/29/49 EUR 60.50
Mufg Cap Fin1 6.346 07/29/49 EUR 71.13
Mufg Cap Fin2 4.850 07/29/49 EUR 58.49
Mufg Cap Fin4 5.271 01/29/49 EUR 57.50
Mufg Cap Fin5 6.299 01/25/49 GBP 55.80
MMCaps XVIII Ltd 5.950 12/26/39 USD 37.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 37.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 37.88
New Asat Finance 9.250 02/01/11 USD 7.000
Prince Fin Global 3.125 06/29/16 EUR 70.69
Pubmaster Fin 6.962 06/30/28 GBP 66.94
RBS-Zero Hora Ed 11.250 06/15/07 BRL 52.67
Rede Empresa 11.125 04/29/49 USD 44.75
Reg Div Funding 5.251 01/25/36 USD 40.18
Reg Div Funding 5.251 01/25/36 USD 40.18
Reg Div Funding 6.227 01/25/36 USD 72.75
Reg Div Funding 6.227 01/25/36 USD 72.63
Resona PFD Glob 7.191 12/29/49 USD 48.52
Seagate Tech HDD 6.800 10/01/16 USD 51.31
Seagate Tech HDD 6.375 10/01/11 USD 69.54
Shimao Property 8.000 12/01/16 USD 51.91
SMFG Preferred 6.078 01/29/49 USD 67.02
SMFG Preferred 6.164 01/29/49 USD 48.75
Struct Invest CP 2.000 07/30/16 USD 52.13
Subsea 2.800 06/06/11 USD 68.44
Sunamer Inst Fnd 6.150 10/14/19 EUR 59.58
Suntech Power 0.250 02/15/12 USD 74.90
Suntech Power 3.000 03/15/13 USD 47.97
Tam Capital Inc. 7.375 04/25/17 USD 52.87
Tam Capital Inc. 7.375 04/25/17 USD 53.94
UOB Cayman Limited 5.796 12/29/49 USD 72.52
Vestel Elec Fin 8.750 05/09/12 USD 47.48
Vontobel Cayman 15.600 01/23/09 USD 16.00
Vontobel Cayman 12.150 02/20/09 USD 51.80
Vontobel Cayman 13.550 01/23/09 USD 58.00
Vontobel Cayman 10.550 03/27/09 USD 67.60
Vontobel Cayman 10.050 02/20/09 USD 29.60
Vontobel Cayman 11.300 04/24/09 USD 65.40
Vontobel Cayman 10.650 02/27/09 USD 45.20
Vontobel Cayman 15.750 01/23/09 USD 47.00
Vontobel Cayman 17.900 01/23/09 USD 46.20
XL Capital Limited 5.250 09/15/14 USD 64.04
XL Capital Limited 6.250 05/15/27 USD 53.47
XL Capital Limited 6.375 11/15/24 USD 55.15
XL Capital Limited 6.500 12/31/49 USD 15.00
CHILE
-----
CAP 7.375 09/15/36 USD 73.32
COSTA RICA
----------
CAP 7.375 09/15/36 USD 73.80
DOMINICAN REPUBLIC
------------------
Dominican Republic 8.625 04/20/27 USD 54.56
Dominican Republic 9.040 01/23/18 USD 65.02
Itabo Finance SA 10.875 10/05/13 USD 37.37
ECUADOR
-------
Ecuador-Par Strp 4.000 05/28/18 USD 51.73
Ecuador-Par Strp 4.000 02/28/25 USD 57.77
Ecua-Par B RCT 4.000 02/28/25 USD 37.12
Ecuador Govt 5.000 12/30/13 USD 72.64
EL SALVADOR
-----------
El Salvador Rep 7.650 06/15/35 USD 71.90
El Salvador Rep 7.650 06/15/35 USD 74.07
Rep El Salvador 5.950 01/20/16 USD 66.34
Rep El Salvador 6.150 01/18/18 USD 61.11
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 67.57
Jamaica Govt 8.000 06/24/19 USD 58.25
Jamaica Govt 8.500 02/28/36 USD 62.75
Jamaica Govt 9.250 10/17/25 USD 71.66
Jamaica Govt LRS 12.750 06/29/22 JMD 60.48
Jamaica Govt LRS 12.750 06/29/22 JMD 60.49
Jamaica Govt LRS 12.850 05/31/22 JMD 60.96
Jamaica Govt LRS 13.375 12/15/21 JMD 63.56
Jamaica Govt LRS 13.375 04/27/32 JMD 59.84
Jamaica Govt LRS 13.575 12/15/26 JMD 61.51
Jamaica Govt 14.000 06/30/21 EUR 66.61
Jamaica Govt LRS 14.400 18/03/27 JMD 66.73
Jamaica Govt LRS 14.500 16/28/17 JMD 74.87
Jamaica Govt LRS 14.500 08/02/17 JMD 74.75
Jamaica Govt LRS 16.000 06/13/22 JMD 74.66
Jamaica Govt 16.000 08/30/32 EUR 70.61
Jamaica Govt 15.000 09/06/32 EUR 68.97
Jamaica Govt LRS 16.000 03/24/28 EUR 69.45
Jamaica Govt LRS 16.125 08/21/32 EUR 74.24
Jamaica Govt LRS 16.250 05/22/27 EUR 73.21
Jamaica Govt LRS 16.250 07/26/32 EUR 72.81
Jamaica Govt LRS 16.250 08/26/32 EUR 74.81
Jamaica Govt LRS 16.500 06/14/27 EUR 74.35
MEXICO
------
Mer Lynch Int CV 8.000 01/30/09 CHF 64.95
Mer Lynch Int CV 10.760 03/16/09 CHF 37.18
Mer Lynch Int CV 11.200 03/16/09 CHF 32.57
Mer Lynch Int CV 11.330 03/16/09 CHF 72.51
Mer Lynch Int CV 11.400 03/16/09 CHF 70.19
Mer Lynch Int CV 11.660 03/16/09 CHF 13.09
Mer Lynch Int CV 11.720 03/16/09 CHF 31.12
Mer Lynch Int CV 12.200 03/16/09 CHF 22.91
Mer Lynch Int CV 12.460 03/16/09 CHF 33.31
Mer Lynch Int CV 12.760 03/16/09 CHF 27.27
Mer Lynch Int CV 13.100 03/16/09 CHF 49.74
Mer Lynch Int CV 13.280 03/16/09 CHF 12.34
Mer Lynch Int CV 13.720 03/16/09 CHF 61.78
Mer Lynch Int CV 14.000 04/09/09 CHF 54.85
Mer Lynch Int CV 14.530 03/16/09 CHF 23.32
Mer Lynch Int CV 14.890 03/16/09 CHF 35.94
Mer Lynch Int CV 15.220 03/16/09 CHF 22.40
Mer Lynch Int CV 15.520 03/16/09 CHF 36.41
Mer Lynch Int CV 16.330 03/16/09 CHF 13.86
Mer Lynch Int CV 16.380 03/16/09 CHF 10.98
Mer Lynch Int CV 16.450 03/16/09 CHF 39.25
Mer Lynch Int CV 16.800 03/16/09 CHF 32.45
Mer Lynch Int CV 17.140 03/16/09 CHF 57.58
Mer Lynch Int CV 18.000 03/27/09 CHF 68.00
Mer Lynch Int CV 18.020 03/27/09 CHF 70.09
Mer Lynch Int CV 19.110 03/16/09 CHF 8.46
Mer Lynch Int CV 19.380 03/16/09 CHF 2.00
Mer Lynch Int CV 22.000 03/16/09 CHF 10.85
Mer Lynch Int CV 22.670 03/16/09 CHF 6.91
PANAMA
------
Carnival Corp 6.650 01/15/28 USD 74.92
MMG (Aes El Sal) 6.750 01/15/28 USD 58.41
Panama Notes 7.000 12/30/15 USD 73.27
Panama Notes 7.000 12/30/15 USD 70.96
Willbros Group 2.750 03/15/24 USD 58.50
PERU
----
CFG Invest Sac 9.250 12/19/13 USD 65.51
PUERTO RICO
-----------
Puerto Rico Cons 6.500 04/01/16 USD 68.80
Puerto Rico GNMA 5.750 04/01/21 USD 54.87
URUGUAY
-------
Uruguay 4.000 04/05/27 UYU 55.75
Uruguay Gov Bond 7.500 03/23/11 USD 69.97
Uruguay Gov Bond 7.500 03/23/11 USD 67.40
Uruguay Gov Bond 7.500 03/23/11 USD 67.40
Uruguay Gov Bond 7.500 03/23/11 USD 72.46
Uruguay Gov Bond 7.625 03/05/12 USD 61.21
Uruguay Gov Bond 8.000 02/25/10 USD 56.81
Uruguay Gov Bond 9.750 02/28/12 USD 65.24
Uruguay Gov Bond 9.750 02/28/12 USD 62.24
Uruguay Gov Bond 9.750 02/28/20 USD 64.42
Uruguay Fixed 7.500 03/23/11 USD 65.89
Uruguay Fixed 8.000 02/25/18 USD 70.29
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 39.95
Petroleos de Ven 5.375 04/12/27 USD 32.51
Petroleos de Ven 5.500 04/12/37 USD 31.08
Venezuela 5.750 12/09/20 EUR 46.48
Venezuela 6.000 12/09/20 EUR 41.50
Venezuela 7.000 03/16/15 EUR 47.99
Venezuela 7.000 03/16/15 EUR 51.43
Venezuela 7.000 12/01/18 USD 46.00
Venezuela 7.000 03/31/38 USD 41.00
Venezuela 7.650 04/21/25 USD 45.25
Venezuela 8.500 10/08/14 USD 57.00
Venezuela 9.000 05/07/23 USD 48.00
Venezuela 9.250 09/15/27 USD 60.00
Venezuela 9.250 05/07/28 USD 48.00
Venzod - 189000 9.375 01/13/34 USD 51.00
Venzod - 189000 10.750 09/19/13 USD 67.50
Venezuela 10.750 09/19/13 USD 69.17
Venezuela 13.625 08/15/13 USD 71.21
Venezuela 13.625 08/15/13 USD 71.21
Venezuela 13.625 08/15/13 USD 70.00
***********
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, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
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 * * *