/raid1/www/Hosts/bankrupt/TCRLA_Public/090126.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 26, 2009, Vol. 9, No. 17
Headlines
B E R M U D A
CABLEVISION SA: Bermuda Unit Removes Two Broadcast Channels
MILLENNIUM GLOBAL: Contributories' First Meeting Set for Jan. 30
NOBLE INTERNATIONAL: Creditors' Proofs of Debt Due on February 4
NOBLE INTERNATIONAL: Members' Final Meeting Set for March 4
XL CAPITAL: To Release 4Q & Annual Results on February 10
XL CAPITAL: XL Insurance GAPS Expands Global Team and Services
B R A Z I L
BNDES: Government Injects BRL100 Billion to Boost Lending
CEMEX SAB: Shares Hit One Month Low After S&P Junks Credit Rating
* BRAZIL: Sugar Mills Seek Stake Sale & Mergers Amid Credit Crunch
* BRAZIL: Morgan Stanley Cuts Local Banks' Profit Estimates
C A Y M A N I S L A N D S
ARMITAGE ABS: Commences Liquidation Proceedings
ATLANTIC JADE: Placed Under Voluntary Liquidation
AVENTINE HILL: Commences Liquidation Proceedings
DROGHEDA CONSULTANCY: Placed Under Voluntary Liquidation
GEORGE TOWN: Placed Under Voluntary Liquidation
HIGHGATE HOUSE: Placed Under Voluntary Liquidation
HINDSIGHT EQUITY: Placed Under Voluntary Liquidation
KING LUN: Placed Under Voluntary Liquidation
LIBERTAS PREFERRED: Placed Under Voluntary Liquidation
MIKADO LTD: Appoints Sarah Knutson as Liquidator
MONTGOMERY EQUITY: Placed Under Voluntary Liquidation
OXFORD ALTERNATIVE: Commences Liquidation Proceedings
PERFORMANCE PARTNERS: Placed Under Voluntary Liquidation
PPM RIVIERA: Placed Under Voluntary Liquidation
Q APPRECIATION: Creditors' Proofs of Debt Due on March 1
Q-BLK CHARITABLE: Creditors' Proofs of Debt Due on March 1
QAF III: Creditors' Proofs of Debt Due on April 1
REFLEB INVESTORS: Creditors' Proofs of Debt Due on March 1
SAFIR CAPITAL: Enters Liquidation Proceedings
TORTUGA LTD: Creditors' Proofs of Debt Due on April 1
C O L O M B I A
ECOPETROL: Starts Extensive Production Testing in Quifa-5 Well
J A M A I C A
ALPART: Restructuring Measures to Impact Workers' Fate
M E X I C O
COMERICI: Pending Legal Actions Suspended Until March 2
P U E R T O R I C O
POPULAR INC: Posts US$1.2BB Net Loss for Year Ended December 2008
V I R G I N I S L A N D
AURIGA INT'L: Has US$350 Million Exposure to Madoff Fund
X X X X X X X X
* CARIBBEAN ISLAND: Nevis Premier to Discuss Four Seasons' Future
* Emerging Markets May See Rise in Corporate Loan Defaults
* BOND PRICING: For the Week January 19 - January 23, 2009
- - - - -
=============
B E R M U D A
=============
CABLEVISION SA: Bermuda Unit Removes Two Broadcast Channels
-----------------------------------------------------------
Bermuda CableVision, a unit of Cablevision S.A., said that in
light of Bermuda Broadcasting Corporation's continued demand for
payment to carry its channels over CableVision's network,
CableVision removed its local broadcast channels 7 and 9 from its
system.
CableVision had been continuing to carry channels 7 and 9 while
evaluating how to proceed since the January 9 ruling by the Chief
Justice of Bermuda that CableVision does not need the
Telecommunication Commission's consent in order to drop channels 7
and 9.
Terry Roberson, CableVision's general manager, explained: "From
the beginning, we had been hopeful for a return to the old 'must-
carry' situation, where we carried the local broadcast channels at
no cost to them and no cost to our customers. Unfortunately that
did not transpire. Bermuda Broadcasting has chosen
'retransmission-consent' status under the new law, and is not
willing to let us carry these channels for free. Under these
circumstances, since we are not willing to pay for them, as that
would mean increasing our subscriber rates, we must remove them
from our system immediately. To keep these channels on any longer
would place us in violation of the law.
We sincerely regret the inconvenience this causes for our
customers, to whom we gave notice back in early December that we
would drop these channels from our system since 1) payment was
being demanded and; 2) keeping them on would mean increasing our
fees to subscribers. Our position remains the same: we simply do
not believe our customers should have to pay for a service that is
free to others by using an off-air antenna. All our efforts with
respect to this issue have been designed to protect the interests
of our customers, and that means not raising rates needlessly."
About Cablevision
Headquartered in Buenos Aires, Cablevision S.A. --
http://www.cablevision.com.ar/-- is the largest multiple
systems operator in Argentina serving 3,000,000 pay TV basic
subscribers including a market-leading presence in 4 of the top
5 designated market areas and 160 thousands basic subscribers in
Uruguay and Paraguay (jointly 5% of subscribers). The company
offers Internet services, serving more than 770 thousands
internet subscribers (90% cable modem). For year-end 2007, the
company had revenues of US$838.4 million and EBITDA of US$276.9
million. Cablevision is indirectly controlled by the Argentine
media group Clarin (60%) and 40% by Fintech Advisory Inc.
* * *
As reported by the Troubled Company Reporter - Latin America on
Dec. 23, 2008, Fitch Ratings lowered Cablevision S.A.'s Foreign
currency IDR to 'B' from 'B+'; and Senior unsecured notes due
2012, 2013, 2015 and 2016 to 'B/RR4' from 'B+/RR4'.
MILLENNIUM GLOBAL: Contributories' First Meeting Set for Jan. 30
----------------------------------------------------------------
The contributories of Millennium Global Emerging Credit Master
Fund Limited will meet on January 30, 2009, at 10:15 a.m., at the
offices of Freshfields Bruckhaus Deringer LLP, 28 Tudor Street,
London EC4Y OAY UK,
Mike Morrison, Charles Thresh and Richard Heis are the company's
joint provisional liquidators.
NOBLE INTERNATIONAL: Creditors' Proofs of Debt Due on February 4
----------------------------------------------------------------
The creditors of Noble International Services Ltd. are required to
file their proofs of debt by February 4, 2009, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 20, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House
Church Street, Hamilton
Bermuda
NOBLE INTERNATIONAL: Members' Final Meeting Set for March 4
-----------------------------------------------------------
The members of Noble International Services Ltd. will hold their
final general meeting on March 4, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on Jan. 20, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House
Church Street, Hamilton
Bermuda
XL CAPITAL: To Release 4Q & Annual Results on February 10
---------------------------------------------------------
XL Capital Ltd will release its Fourth Quarter and Year End 2008
results on Tuesday, February 10, 2009. A conference call to
discuss the Company's results will be held at 9:00 a.m. Eastern
Time on Wednesday, February 11, 2009.
The conference call can be accessed through a listen-only dial-in
number or through a live webcast. To listen to the conference
call, dial:
(877) 422-4657 or
(706) 679-0474,
Conference ID#: 79946546.
About XL Capital
Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters. The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate. XL's
coverage includes general and executive liability, property, and
political risk insurance. Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility. The rating is under review with negative
implications. Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.
XL CAPITAL: XL Insurance GAPS Expands Global Team and Services
--------------------------------------------------------------
XL Insurance, a unit of XL Capital Ltd, hired eight new field
engineers for its worldwide property loss prevention services
business, XL Global Asset Protection Services (XL GAPS).
The new risk engineers will meet the global demand for XL GAPS'
loss prevention expertise and local language capabilities. The
new employees are based in France, Germany, Spain, China,
Singapore and the U.S. and all have extensive years of industry
experience.
Tim Heinze, Managing Director of XL GAPS said: "In times like
these companies can't risk a potential major loss and therefore
engineering services are becoming extremely important to them. XL
GAPS' consultancy approach helps identify potential issues,
propose solutions or alternatives as well as offer practical loss
mitigation guidance. Our customers expect a local language
service that also meets internationally-recognized best practice.
With these new hires we have significantly improved our footprint
across various continents, especially Europe, meeting the growing
demand for our loss prevention advice. Having engineers in major
industrial regions enables better and faster customer service."
The new hires are:
* France:
i) Dominique Jaumouille has 10 years loss prevention experience
and joins from FM Global. Dominique's special focus is on
the aeronautic, pharmaceutical and automotive industries.
ii) Dominique Leleu joins from FM Global with 8 years loss
prevention experience in the electronics and food industries.
iii) Robert Walton, who has been a loss prevention engineer with
FM Global for 10 years, has extensive experience in
conducting MFL studies on large complex facilities.
* Spain:
i) Fabio Salgado, who has most recently worked for 6 years as a
loss prevention engineer with Zurich as well as 4 years in
various positions in the fire protection industry.
* Germany:
i) Frank Reiche, who has over 15 years of experience as a loss
prevention engineer with various Highly Protected Risk (HPR)
insurers in Europe giving him an in-depth knowledge of the
loss prevention codes and standards of the major European
countries.
* USA:
i) David Trull, who has a background in the forestry and fire
protection industries and joins from TVA Life Safety. He
has specialist knowledge of a range of sectors including
aviation, healthcare, telecommunications, food processing
and semiconductors.
* China:
i) Guanghui (Sharon) Liu, who has worked for 12 years as an
Environmental Health and Safety Manager for GE Aviation and
Transportation and Vishay in China.
* Singapore:
i) Virginia Shaw's 12 years of experience include being a
property loss prevention consultant at Chubb as well as a
fire protection design engineer in Singapore.
About XL GAPS
XL GAPS provides property loss prevention consulting to XL
Insurance customers as well as other companies on an unbundled
basis. With over 150 engineers in 18 countries, XL GAPS offers
global expertise and local solutions across North and South
America, Europe, Australia and Asia. The average XL GAPS engineer
has 19 years industry experience.
About XL Capital
Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters. The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate. XL's
coverage includes general and executive liability, property, and
political risk insurance. Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility. The rating is under review with negative
implications. Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.
===========
B R A Z I L
===========
BNDES: Government Injects BRL100 Billion to Boost Lending
---------------------------------------------------------
Brazil's government will inject BRL100 billion (US$42.63 billion)
in Banco Nacional de Desenvolvimento Economico e Social SA
("BNDES") this year in a bid to spur corporate investment,
Fernando Exman of Reuters reports, citing Finance Minister Guido
Mantega.
According to the report, the government expects the move should
help provide much needed cash for companies as private banks have
reduced lending because of the global credit crunch.
"This is how we will confront the global economic crisis," Reuters
quoted Minister Mantega as saying. "The answer is to keep
investment levels high," he said.
According to the report, the capital injection will help BNDES
have a record BRL160 billion available for credit this year.
The government, the report relates, expects "zero fiscal impact"
from the BNDES capital injection because the bank will have to pay
back the funds to the treasury at some point in the future.
Reuters notes President Luiz Inacio Lula da Silva met with
executives from five state-run banks including Banco do Brasil,
BNDES and Caixa Economica Federal, urging them to speed up lending
and reduce borrowing costs to prevent a sharp slowdown in the
economy.
About BNDES
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.
CEMEX SAB: Shares Hit One Month Low After S&P Junks Credit Rating
-----------------------------------------------------------------
Cemex S.A.B. de C.V. dropped 30 centavos to 11.84 pesos on January
22, in Mexico City trading, the lowest since Dec. 24., after
Standard & Poor's cut its credit rating to below investment grade
amid a slump in demand in the U.S. and Mexico, Bloomberg News
reports.
"This has to increase their financing costs," the report quoted
Gonzalo Fernandez, head of equity research for Banco Santander
SA's Mexico City unit, as saying. "There are market participants
that can't buy debt that's not investment grade," he said.
According to the report, S&P lowered Cemex's rating one level to
BB+, or junk status, saying the company's earnings will be hurt by
slowing economies in the U.S., Mexico and Spain. The rating may
be cut further following a review, S&P said as cited by the
report.
Cemex, the report recounts, used short-term debt to finance the
US$14.2 billion purchase of concrete maker Rinker Group Ltd. in
July 2007 just as the U.S. construction market faltered, tripling
the company's debt at the time. Cemex had net debt of
US$16.4 billion at the end of September, the report says.
Bloomberg News notes UBS AG lowered its forecast for the company's
2009 EBITDA by 10% because of the prospect of slumping sales. It
also reiterated its "sell" rating on the shares.
Meanwhile, the report recounts Cemex in December announced a
preliminary agreement with banks to refinance US$3.7 billion out
of US$5.7 billion of debt due in 2009. Even with the agreement,
the company will have to sell assets to meet debt maturities this
year, S&P said as cited by Bloomberg News.
About Cemex
Headquartered in Mexico, Cemex S.A.B. de C.V. (NYSE: CX) --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.
* * *
As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s 'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'. The Rating Outlook is Negative.
According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.
* BRAZIL: Sugar Mills Seek Stake Sale & Mergers Amid Credit Crunch
------------------------------------------------------------------
Brazil's sugar mills will likely seek to sell stakes and merge
with other producers as they struggle with debt amid a credit
crunch, Bloomberg News reports, citing Joao Sampaio, agriculture
secretary in Brazil's biggest-producing state for sugar and
ethanol.
Secretary Sampaio told Bloomberg in an interview that mills face a
shortage of credit after boosting debt to finance growth during
recent years. "Mills invested a lot and they are very indebted,"
the report quoted Secretary Sampaio as saying. "They face
difficulties to obtain more funds," he added.
According to the report, the lack of credit will create buying
opportunities for Cosan SA Industria & Comercio, Chief Executive
Officer Rubens Ometto told Bloomberg in an interview.
LatinFinance magazine, the report notes, said sugar and ethanol
maker Santelisa Vale SA may sell an equity stake because of "the
weight of its debt"
* BRAZIL: Morgan Stanley Cuts Local Banks' Profit Estimates
-----------------------------------------------------------
Morgan Stanley has cut Brazil banks' 2009 earnings forecasts,
saying 2009 could be the worst for profits in the last decade as a
drop in the country's benchmark lending rate reduces margins,
Fabio Alves of Bloomberg News reports.
"Banks in Brazil carry asset sensitive balance sheets; hence,
falling Selic should translate into lower margins," Morgan analyst
Jorge Kuri wrote in a note to clients, Bloomberg News relates.
"Banks are likely to face the first year with concurrent margin,
volume, and asset quality pressures in 10 years or so."
According to the report, Brazil's central bank cut its benchmark
overnight rate by a full percentage point to 12.75%. The bank
signaled it's ready to keep lowering borrowing costs to prevent
Latin America's biggest economy from sliding into a recession, the
report says.
Morgan Stanley economists, Bloomberg News relates, now expect the
central bank will cut the benchmark rate to 10.25% by year-end, a
drop of 3.5 percentage points from the end of 2008. They
previously estimated a 2 percentage-point reduction, the report
notes.
Bloomberg news adds the analysts reduced their view on Brazilian
banks to "cautious" from "attractive" to reflect a more
"challenging operating outlook as a result of lower interest
rates."
According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.
==========================
C A Y M A N I S L A N D S
==========================
ARMITAGE ABS: Commences Liquidation Proceedings
-----------------------------------------------
Armitage ABS CDO, Ltd. commenced liquidation proceedings on
December 4, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
ATLANTIC JADE: Placed Under Voluntary Liquidation
-------------------------------------------------
The sole shareholder of Atlantic Jade Investments (Cayman) Ltd.
resolved to voluntarily liquidate the company's business on
Dec. 2, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
AVENTINE HILL: Commences Liquidation Proceedings
------------------------------------------------
Aventine Hill CDO I, Ltd. commenced liquidation proceedings on
December 4, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
DROGHEDA CONSULTANCY: Placed Under Voluntary Liquidation
--------------------------------------------------------
The sole shareholder of Drogheda Consultancy Limited resolved to
voluntarily liquidate the company's business on Dec. 8, 2008.
Only creditors who were able to file their proofs of debt by
January 20, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Shaun T. McCann
Campbells Attorneys
Scotia Centre, 4th Floor
George Town, P O Box 884
Grand Cayman KY1-1103, Cayman Islands
Telephone: +1345 949 2648
Facsimile: +1345 949 8613
GEORGE TOWN: Placed Under Voluntary Liquidation
-----------------------------------------------
The shareholder of George Town Investments Limited resolved to
voluntarily liquidate the company's business on December 9, 2008.
Only creditors who were able to file their proofs of debt by
January 12, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Christopher Issa
c/o Donald M. Miller
Charles Adams, Ritchie & Duckworth
P.O. Box 709, Zephyr House, Mary Street
George Town, Grand Cayman KY1-1107
Tel: 949-4544
Fax: 949-8460
HIGHGATE HOUSE: Placed Under Voluntary Liquidation
--------------------------------------------------
The shareholder of Highgate House Funds, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 15, 2008.
The company's liquidator is:
Troy Rillo
c/o David Marshall
Walkers
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9001, Cayman Islands
Telephone: (345) 814 4582
Facsimile: (345) 949 7886
HINDSIGHT EQUITY: Placed Under Voluntary Liquidation
----------------------------------------------------
The sole shareholder of Hindsight Equity Focus Fund (Cayman)
Limited resolved to voluntarily liquidate the company's business
on Nov. 28, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
KING LUN: Placed Under Voluntary Liquidation
--------------------------------------------
The shareholder of King Lun Asia Fund (I) Limited resolved to
voluntarily liquidate the company's business on December 8, 2008.
Only creditors who were able to file their proofs of debt by
January 12, 2009, will be included in the company's dividend
distribution.
The company's liquidators are:
Rainier Hok Chung Lam
John James Toohey
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
LIBERTAS PREFERRED: Placed Under Voluntary Liquidation
------------------------------------------------------
The sole shareholder of Libertas Preferred Funding III, Ltd.
resolved to voluntarily liquidate the company's business on
Dec. 8, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
MIKADO LTD: Appoints Sarah Knutson as Liquidator
------------------------------------------------
On December 5, 2008, the sole shareholder of Mikado Ltd. appointed
Sarah Knutson as the company's liquidator.
Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Sarah Knutson
555 W 18 Street, New York, NY 10011, USA
Tel: (212) 314-7225
Fax: (212) 314-7476
MONTGOMERY EQUITY: Placed Under Voluntary Liquidation
-----------------------------------------------------
The shareholder of Montgomery Equity Partners, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 15, 2008.
The company's liquidator is:
Troy Rillo
c/o David Marshall
Walkers
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9001, Cayman Islands
Telephone: (345) 814 4582
Facsimile: (345) 949 7886
OXFORD ALTERNATIVE: Commences Liquidation Proceedings
-----------------------------------------------------
Oxford Alternative Strategy Fund commenced liquidation proceedings
on November 26, 2008.
Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.
The company's liquidators are:
Stuart K Sybersma
Ian A. N. Wight
c/o Mervin Solas
Deloitte & Touche
P.O. Box 1787GT, Grand Cayman
Cayman Islands
Telephone: (345) 949 7500
Facsimile: (345) 949 8258
PERFORMANCE PARTNERS: Placed Under Voluntary Liquidation
--------------------------------------------------------
The shareholder of Performance Partners, Ltd. resolved to
voluntarily liquidate the company's business on December 9, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
PPM RIVIERA: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole shareholder of PPM Riviera Loan Fund, Ltd. resolved to
voluntarily liquidate the company's business on Dec. 5, 2008.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
Q APPRECIATION: Creditors' Proofs of Debt Due on March 1
--------------------------------------------------------
The creditors of Q Appreciation Fund A-1, Ltd. are required to
file their proofs of debt by March 1, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 19, 2008.
The company's liquidators are:
Jane Fleming
Melanie Harbron
Queensgate Bank & Trust Company Ltd
PO Box 30464, Harbour Place
Grand Cayman, KY1-1202
Tel: 345 945 2187
Fax: 345 945 2197
Q-BLK CHARITABLE: Creditors' Proofs of Debt Due on March 1
----------------------------------------------------------
The creditors of Q-BLK Charitable Concentrated Portfolio, Ltd. are
required to file their proofs of debt by March 1, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 19, 2008.
The company's liquidators are:
Jane Fleming
Melanie Harbron
Queensgate Bank & Trust Company Ltd
PO Box 30464, Harbour Place
Grand Cayman, KY1-1202
Tel: 345 945 2187
Fax: 345 945 2197
QAF III: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------
The creditors of QAF III Holdings, Ltd. are required to file their
proofs of debt by April 1, 2009, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on December 4, 2008.
The company's liquidators are:
Jane Fleming
Melanie Harbron
Queensgate Bank & Trust Company Ltd
PO Box 30464, Harbour Place
Grand Cayman, KY1-1202
Tel: 345 945 2187
Fax: 345 945 2197
REFLEB INVESTORS: Creditors' Proofs of Debt Due on March 1
----------------------------------------------------------
The creditors of Refleb Investors IIA, Ltd. are required to file
their proofs of debt by March 1, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 19, 2008.
The company's liquidators are:
Jane Fleming
Melanie Harbron
Queensgate Bank & Trust Company Ltd
PO Box 30464, Harbour Place
Grand Cayman, KY1-1202
Tel: 345 945 2187
Fax: 345 945 2197
SAFIR CAPITAL: Enters Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 22, 2008,
the shareholders of Safir Capital Local Merging Markets
International Fund, Ltd resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
November 30, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
RBR Director Services Ltd
Corporate Plaza, 1st Floor
24 Howard Street, George Town
P.O. Box 30349, Grand Cayman KY1-1202
Telephone: (345) 946-0754
Fascimile: (345) 946-0751
TORTUGA LTD: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
The creditors of Tortuga, Ltd. are required to file their proofs
of debt by April 1, 2009, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on December 4, 2008.
The company's liquidators are:
Jane Fleming
Melanie Harbron
Queensgate Bank & Trust Company Ltd
PO Box 30464, Harbour Place
Grand Cayman, KY1-1202
Tel: 345 945 2187
Fax: 345 945 2197
===============
C O L O M B I A
===============
ECOPETROL: Starts Extensive Production Testing in Quifa-5 Well
--------------------------------------------------------------
Ecopetrol S.A. announces Quifa-5 well located in the department of
Meta produced surface hydrocarbons and begun a phase of extensive
production testing on December 6, 2008.
The well was drilled by Meta Petroleum LTD., an operator of the
Quifa joint venture agreement that Meta Petroleum entered into
with Ecopetrol. The well's final depth was reached in November of
2008.
The well is producing heavy oil with 13.4 degrees API at an
average rate of 220 barrels of crude oil per day, according to
initial tests conducted by the operator over the past few weeks.
Ecopetrol is responsible for 30% of the exploration costs being
carried out jointly with Meta Petroleum, and is receiving 40% of
the hydrocarbons production coming from each commercial field,
after deducting royalties.
Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL. The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.
* * *
As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively. The Rating Outlook is Stable.
=============
J A M A I C A
=============
ALPART: Restructuring Measures to Impact Workers' Fate
------------------------------------------------------
Alumina Partners of Jamaica ("Alpart")'s unionised production
workers are to learn how they will be affected by restructuring
measures being implemented in the local aluminium operations,
Radio Jamaica News reports.
Earlier this week, the report recounts, Alpart's management
instituted a new employment regime for non-unionized management
and supervisory staff. The non-unionized management and
supervisory staff were asked to work a shortened work week with
less pay or be placed on layoff without a salary, the report
relates.
According to the report, more than 200 temporary workers have been
sent home as the company struggles to keep its operations afloat
in the wake of a 50% cut in production due to a dramatic fall off
in global demand for aluminium.
Vincent Morrison, president of the National Workers Union, told
the news agency that ALPART is expected to roll out another set of
cost saving measures which will affect unionised employees.
"The company has cut production by 50% and is saying that it
cannot carry all the workers so we will have to find some creative
means to see how we can deal with the matter when we meet with
them on Friday," Radio Jamaica quoted Mr. Morrison as saying.
About Alpart
Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.
===========
M E X I C O
===========
COMERICI: Pending Legal Actions Suspended Until March 2
-------------------------------------------------------
Controladora Comercial Mexicana SAB ("Comerci") reached agreements
with its Mexican and U.S. creditors to suspend pending legal
actions against the company and prevent new ones until March 2,
Bloomberg News reports.
The report relates Idalia Cespedes, Grupo Financiero Interacciones
analyst, said Comerci is debating the value of its obligations
with creditors, estimating obligations at US$1 billion, while
creditors say the retailer owes over US$2 billion. "This
agreement buys Comercial Mexicana some time," Bloomberg quoted Ms.
Cespedes as saying.
According to Reuters, Jose Calvillo, who heads Comerci's
restructuring effort, said creditors have appointed a common
representative to help them iron out differences with the company
and agree on the way and timing of the payments.
As reported in the Troubled Company Reporter - Latin America on
November 28, 2008, Reuters said Comerci's holders of around
MP1.5 billion (US$114 million) want all their money, without a
negotiated reduction, after the company defaulted due to the
global crisis and plummeting peso.
The report related that Comerci failed to make payments on local
notes held by some 1,000 investors, from funds to individuals, and
was expected by analysts to try to negotiate reduced payments.
Reuters noted that the retailer's creditors include six banks that
backed up its trading in derivatives for over US$1 billion, five
banks that extended loans, as well as bond holders.
The company has made two failed attempts in recent weeks to obtain
protection from creditors and is currently fighting in court for a
favorable ruling, the report said.
Mr. Calvillo, in charge of restructuring the company's
US$2 billion total debt, told Reuters earlier in November that
the company was evaluating which assets to sell to meet some of
its obligations.
Meanwhile, Reuters says JP Morgan, Barclays, Merrill Lynch,
Goldman Sachs, Banco Santander and Citigroup were involved in
Comerci's derivative operations. The banks were counterparties to
Comerci's derivatives trades, the report notes.
Reuters adds that the Mexico-based operations of BBVA Bancomer,
Scotiabank, and HSBC Holdings as well as domestic banks Grupo
Financiero Banorte and Ixe Grupo Financiero loaned money to the
retailer.
About Comerici
Controladora Comercial Mexicana SAB de CV (CCM) --
http://www.comerci.com.mx -- is a Mexican holding company that,
through its subsidiaries, operates several chains of retail
stores, as well as a chain of family restaurants under the
Restaurantes California brand name. In addition, CCM owns a 50%
interest in the Costco de Mexico, a joint venture with Costco
Wholesale Corporation, which operates a chain of membership
warehouses in Mexico. The Company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others. As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico. The Company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing. CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.
====================
P U E R T O R I C O
====================
POPULAR INC: Posts US$1.2BB Net Loss for Year Ended December 2008
-----------------------------------------------------------------
Popular Inc. reported a net loss of US$702.9 million for the
quarter ended December 31, 2008, compared with a net loss of
US$294.1 million in the same quarter of 2007 and a net loss of
US$668.5 million for the quarter ended September 30, 2008.
For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year.
During the third quarter of 2008, the corporation said it
discontinued the operations of its U.S.-based subsidiary Popular
Financial Holdings ("PFH").
"Our disappointing results reflect deteriorating economic
conditions both in the U.S. mainland and Puerto Rico, which
resulted in substantial loss for the fourth quarter principally
caused by a significant increase in the allowance for loan losses
and the valuation allowance equal to 100% of the deferred tax
asset related to our U.S mainland operations," indicated Richard
L. Carrion, Chairman of the Board and Chief Executive Officer of
Popular Inc. "The provision for loan losses increased
particularly in the construction sector in Puerto Rico and in the
U.S. mainland and the mortgage related loans in our U.S. mainland
portfolios. Notwithstanding these charges, our Puerto Rico
operation produced over US$200 million in profits. The US$935
million TARP funds provided us with solid regulatory capital
ratios, which will permit us to manage through what we expect to
be another extremely challenging year."
Mr. Carrion added: "The integration of the U.S. mainland franchise
and our Puerto Rico operation is underway to provide a more nimble
organization focused on core banking and achieving the necessary
operational synergies."
These principal items impacted the corporation's continuing
operations financial results for the quarter ended December 31,
2008, when compared to the same quarter in the previous year:
* higher provision for loan losses by US$267.1 million as a
result of higher credit losses and increased specific
reserves for impaired loans;
* valuation allowance on the corporation's deferred tax assets
related to the U.S. operations of US$462.8 million recorded
during the fourth quarter of 2008; and
* lower goodwill and trademark impairment losses by
US$199.3 million due to US$211.8 million in impairment losses
related to E-LOAN's goodwill and trademark recognized in the
fourth quarter of 2007, compared to losses of US$12.5 million
in the fourth quarter of 2008, consisting principally of
US$10.9 million in losses related to E-LOAN's trademark. The
trademark impairment losses recorded in 2008 resulted from E-
LOAN ceasing to operate as a direct lender in the fourth
quarter of 2008.
The corporation's net loss for the quarter and year ended
December 31, 2008 was broken down as follows:
-- Net income for the Banco Popular de Puerto Rico ("BPPR")
reportable segment for the quarter ended December 31, 2008
amounted to US$12.4 million, compared to US$80.2 million in
the same quarter of the previous year. The financial results
were principally impacted by an increase in the provision for
loan losses of US$112.7 million primarily related to the
commercial and construction loan portfolios. During the
fourth quarter of 2008, several commercial and construction
loans in the BPPR reportable segment reported further
deterioration due to current economic conditions requiring
their classification as impaired loans under SFAS No. 114 or
an increase in their specific reserves. As of December 31,
2008, there were US$639 million of SFAS No. 114 impaired
loans in the BPPR reportable segment with a related specific
allowance for loan losses of US$137 million. During this
fourth quarter, the Corporation recorded US$101 million in
provision for loan losses for loans classified as impaired
under SFAS No. 114 in the BPPR reportable segment, of
which US$79 million pertained to residential construction
loans.
BPPR's reportable segment net interest income for the fourth
quarter of 2008 declined US$13.8 million, compared to the
same quarter in the previous year. This decrease was
principally related to lower volume of investment securities
and to lower yields in the loan and investment portfolios,
partially offset by lower cost of funds. Despite the impact
of the unprecedented market conditions and historical
reductions in interest rates by the Federal Reserve ("FED"),
the BPPR reportable segment maintained a healthy net interest
margin that approximated 3.89% for the quarter ended
December 31, 2008, compared to 3.91% in the same quarter of
the previous year. Non-interest income increased for the
quarter by US$10.4 million, or 8%, principally in other
service fees and service charges on deposits accounts.
Operating expenses in this reportable segment decreased
by US$3.4 million when comparing quarterly periods. This
decline was partly the result of successful control
management efforts and reduced compensation tied to financial
performance.
-- Banco Popular North America ("BPNA") reportable segment
reported net losses of US$349.5 million for the quarter ended
December 31, 2008, compared to net losses of US$218.3 million
in the fourth quarter of 2007. The quarterly financial
results were principally impacted by an increase in the
provision for loan losses of US$156.4 million. The increase
in the provision for loan losses considered higher loan net
charge-offs, specific reserves for commercial, construction
and mortgage loans, as well as the impact of the
deterioration in the U.S. residential housing market that has
also affected home equity lines of credit and second lien
mortgage loans which are behaving as unsecured loans due to
devaluation in real estate. This reportable segment also
recognized a valuation allowance on deferred tax assets
of US$200.1 million during the fourth quarter of 2008. These
unfavorable variances were in part offset by the reduction in
impairment losses on intangible assets of E-LOAN which was
previously described.
During the quarter ended December 31, 2008, the BPNA
reportable segment recorded approximately US$33.8 million in
charges such as severance costs, lease cancellations, and
write-downs of intangibles and long-lived assets that were
associated to the restructuring plans of its banking
operations and E-LOAN. As indicated in the Form 10-Q filed
on November 10, 2008, in October 2008, the Corporation's
Board of Directors approved a restructuring plan for BPNA
with the objective of reducing the size of its banking
operations in the U.S. mainland to a level suited to present
economic conditions, improve profitability in the short term,
increase liquidity and lower credit costs and, over time,
achieve a greater integration with corporate functions in
Puerto Rico. Also, the Board of Directors approved a plan
for E-LOAN to cease operating as a direct lender effective in
the fourth quarter of 2008. Refer to the Corporation's Form
10-Q for the quarter ended September 30, 2008 for further
information.
The integration of both banking subsidiaries, BPPR and BPNA,
under one management continues to be implemented, as part of
the previously announced restructuring plan for the U.S.
operations. The business divisions of retail banking and
commercial banking, in addition to administrative and
operational personnel, at Banco Popular North America, are
now reporting to management in Puerto Rico.
-- Losses of US$75.2 million, net of tax, related to the
discontinued operations of Popular Financial Holdings ("PFH")
in the U.S. mainland for the fourth quarter of 2008. The net
losses for the quarter ended December 31, 2008 corresponding
to the discontinued operations included US$37.8 million in
valuation allowances on the Corporation's deferred tax
assets. Also, the net loss included non-interest losses
of US$24.3 million for the quarter ended December 31, 2008
consisting of additional write-downs in loans accounted at
fair value as of year end and the final impact of the sale of
assets to Goldman Sachs announced in the third quarter of
2008 and that closed in November 2008. Operating expenses
for the discontinued operations amounted to US$34.1 million
for the fourth quarter of 2008, which primarily included
charges related to the final settlement on the sale to
Goldman Sachs, personnel costs and other restructuring
charges related to the discontinuance of the operations. As
of December 31, 2008, PFH holds only US$13 million in assets,
of which US$7 million are loans measured at fair value.
Net Loss from Continuing
Operations – Fourth Quarter 2008
compared to Fourth Quarter 2007:
Net Interest Income
===================
Net interest income for the fourth quarter of 2008 was US$288.9
million, compared with US$337.3 million for the fourth quarter of
2007. The decrease was due to a decline of US$1.3 billion in
average earning assets, together with a reduction of 40 basis
points in the net interest margin.
The decline in average earning assets was due mostly to the runoff
of investment securities as part of a strategy of delivering the
balance sheet. The reduction in the average balance of investment
securities was used to repay short-term borrowings, including
repurchase agreements. In the loan portfolio, an increase in
average commercial loans outstanding was offset in part by
declines in mortgage and auto loans.
The decline in the net interest yield was driven by a reduction in
the yield of earning assets. This was caused primarily by the
decline in the yield of commercial loans, which have a significant
amount of floating rate loans whose yield decreased as the Fed cut
the funds rate in 2008. The Fed lowered the federal funds target
rate between 400 and 425 basis points from December 31, 2007 to
December 31, 2008. Also contributing to the reduction in the
yield of commercial loans is the substantial increase in non-
performing loans.
The corporation's average cost of funds decreased driven by a
reduction in the cost of deposits and short-term borrowings.
Offsetting partially the decline in the cost of deposits and
short-term borrowings was an increase in the cost of long-term
borrowings. During 2008, certain medium-term notes matured which
had been issued in previous years at relatively low rates were
some replaced with more expensive term funds whose cost reflects
the current distressed conditions of the credit markets. Also
contributing to the reduction in the net interest yield was the
net loss for the year which reduced available funds obtained
through capital.
Provision for Loan Losses and Credit Quality
============================================
The provision for loan losses in the continuing operations totaled
US$388.8 million, or 174% of net charge-offs, for the quarter
ended December 31, 2008, compared with US$121.7 million or 157%,
respectively, for the same quarter in 2007, and US$252.2 million,
or 148%, respectively, for the quarter ended September 30, 2008.
The provision for loan losses for the quarter ended December 31,
2008, when compared with the same quarter in 2007, reflects higher
net charge-offs by US$146.2 million, mainly in construction loans
by US$63.0 million, consumer loans by US$28.8 million, commercial
loans by US$37.0 million, and mortgage loans by US$15.1 million.
Provision and net charge-off information for prior periods was
retrospectively adjusted to exclude discontinued operations for
comparative purposes.
The higher level of provision for the quarter ended December 31,
2008 was mainly attributable to the continuing deterioration in
the commercial and construction loan portfolios due to current
economic conditions in Puerto Rico and the U.S. mainland. Credit
deterioration trends in the Corporation's commercial loan
portfolio are reflected across all industry sectors. The
allowance for loan losses for commercial and construction credits
has increased, particularly the specific reserves for loans
considered impaired. Also, deteriorating economic conditions in
the U.S. mainland housing market have impacted the mortgage
industry delinquency rates. The Corporation has recorded a higher
provision for loan losses in the fourth quarter of 2008 to cover
for inherent losses in the mortgage portfolio of the Corporation's
U.S. mainland operations as a result of higher delinquencies and
net charge-offs, and consideration of troubled debt restructuring
in the mortgage portfolio, principally from the non-conventional
business of Banco Popular North America. Furthermore, consumer
loans net charge-offs rose principally due to higher losses on
home equity lines of credit and second lien mortgage loans of the
Corporation's U.S. mainland operations, which are categorized by
the Corporation as consumer loans. The deterioration in the
delinquency profile and the declines in property values have
negatively impacted charge-offs.
The allowance for loan losses represented 3.43% of loans held-in-
portfolio at December 31, 2008, compared with 2.76% at
September 30, 2008 and 1.96% at December 31, 2007. As of
December 31, 2008, there were US$898 million of SFAS No. 114
impaired loans in the Corporation's continuing operations with a
related specific allowance for loan losses of US$195 million,
compared with impaired loans of US$291 million and a specific
allowance of US$53 million as of December 31, 2007, excluding PFH.
During the quarter ended December 31, 2008, the Corporation
recorded US$150 million in provision for loan losses for loans
classified as impaired under SFAS No. 114. As of September 30,
2008, there were US$753 million of SFAS No. 114 impaired loans in
the Corporation's continuing operations with a related specific
allowance for loan losses of US$131 million.
Non-performing assets of the continuing operations totaled US$1.3
billion at December 31, 2008. This represented an increase of
US$192 million since September 30, 2008 primarily related to
increases in construction loans by US$84 million, mortgage loans
by US$57 million, commercial loans by US$24 million, consumer
loans by US$10 million and other real estate by US$17 million.
Non-performing assets from continuing operations increased by
US$672 million from December 31, 2007 to the same date in 2008.
The increases were mostly reflected in commercial loans by US$207
million, construction loans by US$230 million, mortgage loans by
US$168 million, consumer loans by US$26 million and other real
estate by US$40 million.
Non-interest Income
===================
Non-interest income from continuing operations totaled US$141.5
million for the quarter ended December 31, 2008, compared with
US$190.6 million for the same quarter in 2007. The unfavorable
variance in non-interest income was principally as a result of an
increase in lower of cost or fair value adjustments in loans
reclassified to held-for-sale, primarily related to a lease
portfolio from the U.S. mainland operations, lower gains on the
sale of SBA commercial loans due to lower volume sold, and higher
impairments on investments accounted under the equity method.
Operating Expenses
==================
Operating expenses for the continuing operations totaled US$360.2
million for the quarter ended December 31, 2008, a decrease of
US$211.9 million, or 37%, compared with US$572.1 million for the
same quarter of 2007.
E-LOAN and BPNA commenced to carry out further restructuring of
its operations during the fourth quarter of 2008. For the quarter
ended December 31, 2008, operating expenses for the continuing
operations included approximately US$33.8 million in costs
associated to the restructuring plans in place at the
subsidiaries, including impairments on E-LOAN's trademark and
other long-lived assets, compared to approximately US$231.9
million in 2007, which also included impairment losses associated
to E-LOAN's goodwill. Isolating the impact of these restructuring
related costs, operating expenses totaled US$326.4 million for the
quarter ended December 31, 2008, compared to US$340.2 million for
the quarter ended December 31, 2007. The decrease was principally
due to lower business promotion expenses and personnel costs,
including the impact of the downsizing of E-LOAN's operations in
early 2008 as well as lower compensation tied to financial
performance.
Income Taxes
============
Income tax expense from continuing operations amounted to US$309.1
million for the quarter ended December 31, 2008, compared with an
income tax benefit of US$15.4 million for the same quarter of
2007. As previously indicated, the variance was primarily due to
the establishment of a full valuation allowance on the deferred
tax assets of the U.S. mainland operations, as well as the impact
of higher operating losses.
The Corporation's net deferred tax assets (prior to deducting the
valuation allowance) amounted to US$1.2 billion as of December 31,
2008, of which US$848 million pertains to the U.S. mainland
operations. As of December 31, 2008, the Corporation recorded a
total valuation allowance of US$861 million on the deferred tax
assets of the Corporation's U.S. operations. This full valuation
allowance was recorded in consideration of the requirements of
SFAS No.109 "Accounting for Income Taxes" ("SFAS No. 109") which
states that a deferred tax asset should be reduced by a valuation
allowance if based on the weight of all available evidence, it is
more likely than not (a likelihood of more than 50%) that some
portion or all of the deferred tax asset will not be realized.
The determination of whether a deferred tax asset is realizable is
based on weighting all available evidence, including both positive
and negative evidence. SFAS No. 109 provides that the realization
of deferred tax assets, including carryforwards and deductible
temporary differences, depends upon the existence of sufficient
taxable income of the same character during the carryback or
carryforward period. SFAS No. 109 requires the consideration of
all sources of taxable income available to realize the deferred
tax asset, including the future reversal of existing temporary
differences, future taxable income exclusive of reversing
temporary differences and carryforwards, taxable income in
carryback years and tax planning strategies.
The Corporation's U.S. mainland operations are in a cumulative
loss position for the three-year period ended December 31, 2008.
For purposes of assessing the realizability of the deferred tax
assets in the U.S. mainland, this cumulative taxable loss
position, along with the evaluation of all sources of taxable
income available to realize the deferred tax asset, as discussed
above, is considered significant negative evidence and has caused
management to conclude that the Corporation will not be able to
fully realize the deferred tax assets in the future, considering
solely the criteria of SFAS No. 109. Management will reassess the
realizability of the deferred tax assets based on the criteria of
SFAS No. 109 each reporting period. If future events differ from
management's year-end 2008 assessment, a partial reversal of the
valuation allowance may be required in future years. An important
consideration, although not sufficient positive evidence to
overcome the negative evidence under SFAS No. 109, is that the net
operating loss carryforwards of the Corporation's U.S. operations
have an expiration term of 20 years. To the extent that the
financial results of the U.S. operations improve and the deferred
tax asset becomes realizable, the Corporation will be able to
reduce the valuation allowance through earnings.
Investment securities
=====================
The Corporation's portfolio of investment securities available-
for-sale and held-to-maturity totaled US$8.2 billion at
December 31, 2008, compared with US$8.3 billion at September 30,
2008 and US$9.0 billion at December 31, 2007. The Corporation
holds investment securities primarily for liquidity, yield
enhancement and interest rate risk management. The portfolio
primarily includes very liquid, high quality debt securities. The
decline in the Corporation's available-for-sale and held-to-
maturity investment portfolios from December 31, 2007 to the same
date in 2008 was mainly associated with the maturities of
securities.
Deposits
========
Brokered certificates of deposit, which are included as part of
time deposits, amounted to US$3.0 billion at December 31, 2008 and
US$3.1 billion at September 30, 2008 and December 31, 2007.
Borrowings and Capital
======================
Stockholders' equity totaled US$3.3 billion at December 31, 2008,
compared with US$3.0 billion at September 30, 2008, and US$3.6
billion at December 31, 2007. The increase in stockholders'
equity from September 30, 2008 to December 31, 2008 was due to the
US$935 million investment in preferred stock of Popular by the
United States Department of the Treasury ("Treasury") under
Treasury's TARP Capital Purchase Program. The transaction closed
on December 5, 2008. Also, the increase in stockholders' equity
reflects unrealized gains on securities available-for-sale of
US$174 million, net of tax, as of December 31, 2008, compared to
unrealized losses of US$22 million as of September 30, 2008.
These favorable variances were partially offset by the net loss of
US$702.9 million recorded during the fourth quarter of 2008.
The reduction in stockholders' equity from the end of 2007 to
December 31, 2008 is principally the result of the net loss of
US$1.2 billion recorded during the period, dividends paid during
the year and the US$262 million negative after-tax adjustment to
beginning retained earnings due to the transitional adjustment for
electing the fair value option, partially offset by the US$400
million preferred stock offering in May 2008 and the US$935
million of preferred stock issued under the TARP.
Other Matters
=============
The Corporation continues, along with its subsidiaries Banco
Popular of Puerto Rico and Banco Popular North America, to
participate in the Federal Deposit Insurance Corporation's
("FDIC") Temporary Liquidity Guarantee Program ("TLG"), which
provides full insurance coverage for non-interest bearing
transaction accounts, regardless of the dollar amount, and
guarantees newly issued senior unsecured debt. The program is
designed to strengthen confidence and encourage liquidity in the
banking system.
Through the TLG Program, the FDIC will provide unlimited deposit
insurance coverage for all non-interest bearing transaction
accounts through December 31, 2009. This includes traditional
non-interest bearing checking accounts, certain types of attorney
trust accounts and negotiable order of withdrawal accounts ("NOW
accounts") with interest rates no higher than 0.50 percent.
In addition, Popular also has the option under the TLG Program to
issue senior unsecured debt fully guaranteed by the FDIC on or
before June 30, 2009 with a maturity of June 30, 2012 or sooner.
About Popular
Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America. With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries. In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.
========================
V I R G I N I S L A N D
========================
AURIGA INT'L: Has US$350 Million Exposure to Madoff Fund
--------------------------------------------------------
British Virgin Islands-registered hedge fund Auriga International
Advisers has lost over CHF400 million (US$350 million) that were
invested in a fund linked to Bernard L. Madoff's alleged Ponzi
scheme, Associated Press reports, citing company's main
shareholder Jacques Rauber.
As reported in the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm. The SEC is
seeking emergency relief for investors, including an asset freeze
and the appointment of a receiver for the firm.
AP relates Mr. Rauber confirmed reports in Swiss weekly
SonntagsZeitung that the company's Auriga International fund was
wholly invested in Fairfield Sentry, which had invested all its
US$7.3 billion in assets with Madoff.
The company, the report notes, said "clients include both
institutional investors and high net worth individuals."
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.
The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.
As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm. The estimated
losses from Madoff's fraud were at least US$50 billion.
Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
District Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970. Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.
About Auriga
Auriga is licensed to provide financial management services by
authorities on the British Virgin Islands, a Caribbean tax haven
known for its corporate and banking secrecy.
===============
X X X X X X X X
===============
* CARIBBEAN ISLAND: Nevis Premier to Discuss Four Seasons' Future
-----------------------------------------------------------------
Nevis Premier Joseph Parry is set to meet with the management team
of Four Seasons Resort to discuss the future of the property on St
Kitts' sister isle, Caribbean360.com reports.
The report recounts that Four Seasons Resort Nevis has been closed
until April 30, as a result of the impact of Hurricane Omar which
hit the island last October.
"The closure has affected the island in so many ways and the
impact can be profound," the report quoted Premier Parry as
saying.
According to the report, Premier Parry said the Nevis Tourism
Authority has reported a loss of 65% in revenue since the
temporary closure.
Four Seasons Hotels Inc. -- http://www.fourseasons.com/ --
manages luxury hotels and resorts. It is engaged in the
management of, and the investment in, hotels, resorts and branded
residential projects worldwide. As of December 31, 2006, it had a
portfolio of 74 luxury hotel and resort properties (containing
approximately 18,090 guest rooms), several of which included a
residential component. These properties are operated primarily
under the Four Seasons brand name in principal cities and resort
destinations in 31 countries in North America, the Caribbean,
Europe, Asia, Australia, the Middle East and South America. It
also licenses and manages Four Seasons-branded residential
projects, including whole ownership and fractional ownership. It
has two segments: management operations and ownership operations.
In April 2007, the Company announced the completion of the plan of
arrangement, pursuant to which Four Seasons will be taken private
by affiliates of Cascade Investment, L.L.C., Kingdom Hotels
International and others.
* Emerging Markets May See Rise in Corporate Loan Defaults
----------------------------------------------------------
Emerging markets may experience increase in company debt defaults
as the global recession curbs export revenue, pushes down local
currencies and makes banks reluctant to refinance, Bloomberg News
reports citing Standard Chartered Plc.
"Corporate debt is going to be one of the biggest issues in
emerging markets in the next two years," Bloomberg News quoted
Mohammed "Mo" Grimeh, New York-based head of trading for Standard
Chartered, as saying. "Some corporates have issued more debt than
they can support."
According to the report, Mr. Grimeh said businesses in Brazil,
India, Mexico, Russia, Kazakhstan and other Eastern European
nations may be most at risk and may "need more support from the
government, central banks and state banks."
Citing data compiled by Commerzbank AG, the report says businesses
across emerging markets have more than US$218 billion of bonds and
syndicated loans coming due in 2009. Russian companies need to
repay US$54 billion of debt, followed by Mexican issuers with
US$29 billion coming due and Brazilian firms with more than US$24
billion, Bloomberg News notes. Currencies from all three nations
have also dropped more than 20 percent against the dollar in the
past year, increasing the cost of servicing foreign-currency
obligations, the report states.
The "extremely high" level of corporate debt sales over the past
several years and approaching maturities are "a source of
concern," Mr. Grimeh told Bloomberg News in an interview.
Bloomberg News relates data compiled by Commerzbank showed
emerging-market companies sold US$119 billion of debt in 2006,
US$95 billion in 2007 and US$38 billion last year.
* BOND PRICING: For the Week January 19 - January 23, 2009
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 7.875 05/11/17 USD 43.50
Argent-DIS 5.830 12/31/33 ARS 58.60
Argent-DIS 7.820 12/31/33 ARS 25.50
Argent-DIS 8.820 12/31/33 ARS 35.14
Argent-DIS 8.820 12/31/33 ARS 30.83
Argent-Par 0.630 12/31/38 ARS 13.33
Argnt-Bocon PRE8 2.000 01/03/10 ARS 56.76
Argnt-Bocon PR11 2.000 12/03/10 ARS 37.53
Argnt-Bocon PRE9 2.000 03/15/24 ARS 61.44
Argnt-Bocon PR12 2.000 01/03/16 ARS 61.43
Argnt-Bocon PR13 2.000 03/15/24 ARS 16.88
Arg Boden 2.000 09/30/14 ARS 37.99
Arg Boden 7.000 09/30/14 ARS 30.02
Argentina - NGB 2.000 01/03/16 ARS 49.49
Autopistas Sel S 11.500 05/23/17 USD 29.93
Banco Hipot SA 9.750 11/16/10 USD 63.26
Banco Hipot SA 9.750 04/27/16 USD 31.50
Banco Hipot SA 9.750 12/18/36 USD 33.11
Banco Hipot SA 9.750 12/18/36 USD 34.10
Bonar X 7.000 04/17/17 USD 37.38
Banco Macro SA 8.500 02/01/17 USD 54.18
Bonar V 7.000 03/28/11 USD 42.45
Bonar VII 7.000 09/12/13 USD 34.32
Bonar ARG $ V 10.500 10/09/17 ARS 43.50
Buenos Aire Prov 9.375 09/14/18 USD 22.57
Buenos Aire Prov 9.625 04/18/28 USD 22.43
Buenos-$DIS 9.250 04/15/17 USD 22.92
Buenos-$DIS 8.500 04/15/17 USD 19.00
Deutsche (Radars) 4.000 12/22/11 USD 63.49
Emp Distrib Nort 10.500 10/09/17 USD 45.00
Hidroelec Piedra 9.000 07/11/17 USD 55.99
Industries Metal 11.250 10/22/14 USD 50.01
Invers Rep Y Soc 8.500 02/02/17 USD 44.38
Mendoza Province 5.500 09/04/18 USD 32.25
Transener 8.875 12/15/16 USD 36.60
Trasport De Gas 7.875 05/14/17 USD 53.00
BRAZIL
------
Banco BMG SA 9.150 01/15/16 USD 73.25
Banco Cruzeiro 10.750 11/24/16 USD 69.42
Bertin Ltda 10.250 10/05/16 USD 51.75
Braskem SA 9.000 04/29/49 USD 72.50
BR Malls Int Fi 8.500 04/15/17 EUR 65.26
Cosan Finance 7.000 02/01/17 USD 68.75
Cosan SA Industr 8.250 02/28/49 USD 60.31
Cosan SA Industr 8.250 02/28/49 USD 51.62
JBS SA 10.500 08/04/16 USD 68.00
Independencia In 9.875 05/15/15 USD 63.00
Independencia In 9.875 01/31/17 USD 62.50
National Steel 9.875 05/29/49 USD 68.70
Rede Empresas 11.12 04/29/49 USD 45.75
RBS-Zero Hora Ed 11.25 06/15/17 BRL 53.17
Soc Gen Accept 0.750 12/21/11 EUR 40.22
Soc Gen Accept 7.000 02/27/13 EUR 13.46
Soc Gen Accept 8.000 12/20/13 EUR 20.90
Vigor 9.250 02/23/17 USD 47.68
CAYMAN ISLANDS
--------------
801 Grand B-2 1.225 09/20/16 USD 74.71
Aes Dominicana 11.000 12/13/15 USD 46.75
Aes Dominicana 11.000 12/13/15 USD 46.75
Agile Property 9.000 09/22/13 USD 56.50
Aig Sunamerica 5.625 02/01/12 GBP 74.24
Aig Sunamerica 6.375 10/05/20 GBP 50.84
Asif II 5.125 01/28/13 GBP 69.94
Bancaja Intl Fin 5.700 06/30/22 EUR 63.59
Banco BPI (CI) 4.150 11/14/35 EUR 65.35
Banco BPI (CI) 4.150 11/14/35 EUR 65.35
Banco Finance Co 4.239 10/29/49 EUR 37.50
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 1.440 12/20/56 GBP 21.51
BBVA Bancomer SA 4.799 05/17/17 EUR 64.50
BBV Intl Fin 7.000 12/01/25 USD 70.34
BCP Finance Company 5.543 06/29/49 EUR 37.50
Bes Finance Limited 4.500 12/29/49 EUR 46.00
Bes Finance Limited 6.625 05/08/49 EUR 55.00
Bes Finance Limited 5.580 07/29/49 EUR 40.00
Bishopsgate Asse 5.107 09/29/37 GBP 70.37
Blue City Co 1.000 11/07/13 USD 69.08
Cam Global Fin 6.080 12/22/30 EUR 52.01
Castle Holdco 4 9.875 11/16/16 GBP 08.38
Castle Holdco 4 9.875 11/16/16 GBP 08.38
China Med Tech 3.500 11/15/11 USD 56.38
China Med Tech 4.000 08/15/13 USD 43.75
China Properties 9.125 05/04/14 USD 44.56
Country Garden 2.500 02/22/13 CNY 48.75
Credit Sail Ltd 8.500 12/22/12 NZD 6.00
DP World Sukuk 6.250 07/02/17 USD 56.97
DP World Sukuk 6.250 07/02/17 USD 61.85
Dubai Holding Comm 4.750 01/30/14 EUR 60.50
Dubai Holding Comm 6.000 02/01/17 GBP 57.50
DWR CYMN FIN 4.473 03/31/57 GBP 60.80
Embraer Overseas 6.375 01/24/17 USD 74.65
Embraer Overseas 6.375 01/24/17 USD 72.36
Embraer Overseas 6.375 01/24/17 USD 72.36
Esfg Internation 5.753 06/29/49 EUR 27.00
Gol Finance 7.500 04/03/17 USD 52.25
Gol Finance 7.500 04/03/17 USD 54.80
Gol Finance 8.750 04/28/49 USD 43.00
Greentown China 9.000 11/08/13 USD 35.00
Investcorp Cap 8.080 03/27/09 USD 74.05
Ja Solar Hold Company 4.500 05/15/13 USD 41.00
Lai Funding Holding 9.125 04/04/14 USD 61.62
Lupatech Finance 9.875 07/29/49 USD 73.25
M-2 SPC 7.770 12/20/12 USD 47.38
Mafrig Overseas 9.635 11/16/16 USD 67.75
Malachite Fdg 0.630 12/21/56 EUR 14.80
Mazarin Fdg Ltd 0.250 09/20/68 EUR 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.630 09/20/68 GBP 9.50
Mazarin Fdg Ltd 1.440 09/20/68 GBP 20.13
Minerva Overse 9.500 02/01/17 USD 57.12
Mizuho Capital I 5.020 06/29/49 EUR 60.00
Mizuho Capital INV I 6.686 03/29/49 EUR 60.50
Mufg Cap Fin1 6.346 07/29/49 EUR 70.20
Mufg Cap Fin2 4.850 07/29/49 EUR 55.79
Mufg Cap Fin4 5.271 01/29/49 EUR 50.70
Mufg Cap Fin5 6.299 01/25/49 GBP 51.20
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
New Asat Finance 9.250 02/01/11 USD 7.00
Pacific Life Fnd 3.650 06/15/15 EUR 72.20
Pacific Life Fnd 3.800 03/15/15 EUR 73.38
Pacific Life Fnd 3.800 12/15/15 EUR 71.95
Pacific Life Fnd 4.000 06/15/17 EUR 68.69
Prince Fin Global 4.500 01/26/17 EUR 71.00
Pubmaster Fin 6.962 06/30/28 GBP 65.62
Pubmaster Fin 6.962 06/30/28 GBP 41.36
Reg Div Funding 5.251 01/25/36 USD 47.11
Reg Div Funding 5.251 01/25/36 USD 47.11
Resona PFD Glob 7.191 12/29/49 USD 45.87
Seagate Tech HDD 6.800 10/01/16 USD 52.03
Seagate Tech HDD 6.375 10/01/11 USD 67.88
Shimao Property 8.000 12/01/16 USD 47.50
Shimao Property 8.000 12/01/16 USD 48.05
SMFG Preferred 6.078 01/29/49 USD 64.93
SMFG Preferred 6.164 01/29/49 USD 51.96
STB Finance 5.834 09/29/49 GBP 68.37
Struct Invest CP 2.000 07/30/16 USD 42.63
Subsea 2.800 06/06/11 USD 66.14
Sunamer Inst Fnd 6.150 10/14/19 EUR 52.94
Suntech Power 3.000 03/15/13 USD 47.75
Tam Capital Inc. 7.375 04/25/17 USD 54.96
Tam Capital Inc. 7.375 04/25/17 USD 52.87
Trina Solar Ltd 4.000 07/15/13 USD 34.75
UOB Cayman Limited 5.796 12/29/49 USD 68.04
Vestel Elec Fin 8.750 05/09/12 USD 59.84
Vontobel Cayman 8.350 03/27/09 USD 71.40
Vontobel Cayman 15.600 01/23/09 USD 11.00
Vontobel Cayman 12.150 02/20/09 USD 32.40
Vontobel Cayman 13.550 01/23/09 USD 55.00
Vontobel Cayman 10.550 03/27/09 USD 58.00
Vontobel Cayman 10.050 02/20/09 USD 21.80
Vontobel Cayman 11.300 04/24/09 USD 59.80
Vontobel Cayman 10.650 02/27/09 USD 35.60
Vontobel Cayman 15.750 01/23/09 USD 40.60
Vontobel Cayman 17.900 01/23/09 USD 40.60
XL Capital Limited 5.250 09/15/14 USD 64.49
XL Capital Limited 6.250 05/15/27 USD 52.77
XL Capital Limited 6.375 11/15/24 USD 54.84
XL Capital Limited 6.500 12/31/49 USD 14.50
CHILE
-----
CAP 7.375 09/15/36 USD 72.71
CAP 7.375 09/15/36 USD 74.16
Codelco 5.625 09/21/35 USD 68.49
Codelco 5.625 09/21/35 USD 69.80
Codelco 6.150 10/24/36 USD 74.76
Codelco 6.150 10/24/36 USD 74.76
COSTA RICA
----------
CAP 7.375 09/15/36 USD 73.80
DOMINICAN REPUBLIC
------------------
Dominican Republic 8.625 04/20/27 USD 57.00
Dominican Republic 9.040 01/23/18 USD 72.15
ECUADOR
-------
Ecuador-Par Strp 4.000 05/28/18 USD 69.05
Ecuador-Par Strp 4.000 02/28/25 USD 74.83
Ecua-Par B RCT 4.000 02/28/25 USD 52.46
EL SALVADOR
-----------
El Salvador Rep 7.650 06/15/35 USD 73.30
El Salvador Rep 7.650 06/15/35 USD 74.13
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 64.92
Jamaica Govt 8.000 06/24/19 USD 74.84
Jamaica Govt 8.000 03/15/39 USD 57.00
Jamaica Govt 8.500 02/28/36 USD 62.75
Jamaica Govt 9.250 10/17/25 USD 72.59
Jamaica Govt LRS 12.750 06/29/22 JMD 56.49
Jamaica Govt LRS 12.750 06/29/22 JMD 56.47
Jamaica Govt LRS 12.850 05/31/22 JMD 56.93
Jamaica Govt LRS 13.375 12/15/21 JMD 59.39
Jamaica Govt LRS 13.375 04/27/32 JMD 56.17
Jamaica Govt LRS 13.575 12/15/26 JMD 57.49
Jamaica Govt LRS 13.625 06/23/14 JMD 74.04
Jamaica Govt 14.000 06/30/21 EUR 62.27
Jamaica Govt 14.250 08/19/15 EUR 72.83
Jamaica Govt 14.375 09/13/14 EUR 65.14
Jamaica Govt LRS 14.400 18/03/27 JMD 62.56
Jamaica Govt LRS 14.500 16/28/17 JMD 70.54
Jamaica Govt LRS 14.500 08/02/17 JMD 69.39
Jamaica Govt LRS 15.000 07/31/16 JMD 73.13
Jamaica Govt LRS 15.000 11/15/21 JMD 66.05
Jamaica Govt LRS 15.000 08/30/32 JMD 64.86
Jamaica Govt LRS 15.000 09/06/32 JMD 50.35
Jamaica Govt LRS 15.500 03/24/28 JMD 65.09
Jamaica Govt LRS 15.750 08/22/19 JMD 70.85
Jamaica Govt LRS 16.000 05/17/17 JMD 74.97
Jamaica Govt 16.000 06/13/22 EUR 69.86
Jamaica Govt 16.000 12/06/32 EUR 67.21
Jamaica Govt LRS 16.250 05/22/27 EUR 73.21
Jamaica Govt LRS 16.250 08/26/32 EUR 70.36
Jamaica Govt LRS 16.250 07/26/32 EUR 68.32
Jamaica Govt LRS 16.250 06/18/27 EUR 70.51
Jamaica Govt LRS 16.150 06/12/22 EUR 70.49
Jamaica Govt LRS 16.150 06/12/22 EUR 72.38
Jamaica Govt LRS 16.250 05/22/22 EUR 70.88
Jamaica Govt LRS 16.250 05/22/27 EUR 68.50
Jamaica Govt LRS 16.500 06/14/27 EUR 69.57
Jamaica Govt LRS 17.000 07/11/23 EUR 73.49
MEXICO
------
Mer Lynch Int CV 8.000 01/30/09 CHF 31.20
Mer Lynch Int CV 10.760 03/16/09 CHF 37.99
Mer Lynch Int CV 11.200 03/16/09 CHF 30.89
Mer Lynch Int CV 11.330 03/16/09 CHF 69.30
Mer Lynch Int CV 11.400 03/16/09 CHF 62.11
Mer Lynch Int CV 11.660 03/16/09 CHF 11.41
Mer Lynch Int CV 11.720 03/16/09 CHF 29.69
Mer Lynch Int CV 11.730 03/16/09 CHF 74.74
Mer Lynch Int CV 12.200 03/16/09 CHF 20.54
Mer Lynch Int CV 12.460 03/16/09 CHF 35.10
Mer Lynch Int CV 12.760 03/16/09 CHF 22.29
Mer Lynch Int CV 13.100 03/16/09 CHF 48.83
Mer Lynch Int CV 13.280 03/16/09 CHF 11.83
Mer Lynch Int CV 13.720 03/16/09 CHF 52.67
Mer Lynch Int CV 14.000 04/09/09 CHF 38.50
Mer Lynch Int CV 14.530 03/16/09 CHF 21.22
Mer Lynch Int CV 14.890 03/16/09 CHF 29.54
Mer Lynch Int CV 15.220 03/16/09 CHF 16.62
Mer Lynch Int CV 15.520 03/16/09 CHF 28.82
Mer Lynch Int CV 16.330 03/16/09 CHF 11.93
Mer Lynch Int CV 16.380 03/16/09 CHF 8.99
Mer Lynch Int CV 16.450 03/16/09 CHF 27.29
Mer Lynch Int CV 16.800 03/16/09 CHF 25.95
Mer Lynch Int CV 17.140 03/16/09 CHF 17.14
Mer Lynch Int CV 18.000 03/27/09 CHF 68.45
Mer Lynch Int CV 18.020 03/27/09 CHF 59.20
Mer Lynch Int CV 19.110 03/16/09 CHF 6.82
Mer Lynch Int CV 19.380 03/16/09 CHF 1.71
PANAMA
------
Carnival Corp 6.650 01/15/28 USD 73.29
Willbros Group 2.750 03/15/24 USD 58.50
PERU
----
CFG Invest Sac 9.250 12/19/13 USD 66.87
PUERTO RICO
-----------
Doral Finl Corp 7.000 04/26/12 USD 54.75
Doral Finl Corp 7.100 04/26/17 USD 71.50
Doral Finl Corp 7.650 03/26/16 USD 66.75
Puerto Rico Cons 6.500 04/01/16 USD 68.80
Puerto Rico GNMA 5.750 04/01/21 USD 61.89
URUGUAY
-------
Uruguay 3.700 06/26/37 UYU 46.12
Uruguay 4.250 04/05/27 UYU 55.25
Uruguay 5.000 09/14/18 UYU 69.87
Uruguay Gov Bond 7.500 03/23/11 USD 69.98
Uruguay Gov Bond 7.500 03/23/11 USD 60.94
Uruguay Gov Bond 7.500 03/23/11 USD 60.94
Uruguay Gov Bond 7.500 03/23/11 USD 72.45
Uruguay Gov Bond 7.625 03/05/12 USD 53.70
Uruguay Gov Bond 8.000 02/25/10 USD 51.21
Uruguay Gov Bond 9.750 02/28/12 USD 57.21
Uruguay Gov Bond 9.750 02/28/12 USD 57.21
Uruguay Gov Bond 9.750 02/28/20 USD 57.41
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 37.45
Petroleos de Ven 5.375 04/12/27 USD 32.00
Petroleos de Ven 5.500 04/12/37 USD 32.00
Venezuela 5.750 12/09/20 EUR 43.49
Venezuela 6.000 12/09/20 EUR 39.19
Venezuela 7.000 03/16/15 EUR 47.99
Venezuela 7.000 03/16/15 EUR 50.28
Venezuela 7.000 12/01/18 USD 44.64
Venezuela 7.000 03/31/38 USD 37.28
Venezuela 7.650 04/21/25 USD 44.00
Venezuela 8.500 10/08/14 USD 54.00
Venezuela 9.000 05/07/23 USD 45.50
Venezuela 9.250 09/15/27 USD 54.50
Venezuela 9.250 05/07/28 USD 46.50
Venzod - 189000 9.375 01/13/34 USD 47.00
Venzod - 189000 10.750 09/19/13 USD 67.00
Venezuela 10.750 09/19/13 USD 66.74
Venezuela 10.750 09/19/13 USD 67.43
Venezuela 13.625 08/15/13 USD 66.00
Venezuela 13.625 08/15/13 USD 66.37
Venezuela 13.625 08/15/13 USD 66.37
***********
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 * * *