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/raid1/www/Hosts/bankrupt/TCRLA_Public/090130.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 Friday, January 30, 2009, Vol. 9, No. 21 Headlines A N T I G U A & B A R B U D A LIAT: To Cut Routes as Economic Crisis Affects Operations A R G E N T I N A * ARGENTINA: Argentine Creditors to Swap 15.1BB Pesos of Debt B E R M U D A ABACUS INVESTMENTS: Creditors' Proofs of Debt Due on February 12 ABACUS INVESTMENTS: Members' Final Meeting Set for March 10 ARROWHEAD CAPITAL: Creditors' Proofs of Debt Due on February 23 BUTTERFIELD FULCRUM: Cuts 30 Jobs in Bermuda & 25 in Cayman FOSTER WHEELER: Shareholders OK Change of Domicile to Switzerland INTERNATIONAL MUSIC: Members' Final Meeting Set for March 2 INTERNATIONAL MUSIC: Creditors' Proofs of Debt Due on February 27 B R A Z I L AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says ARACRUZ CELULOSE: Moody's Changes Reviews Direction to Likely Cut CSN: Talks on Kremikovtzi Buyout Yet to Occur C A Y M A N I S L A N D S ABZ ASSETX ET AL: Placed Under Voluntary Liquidation D.B. ZWIRN: Commences Liquidation Proceedings DEUTSCHLAND INVESTMENT: Commences Liquidation Proceedings ENH PARTNERS: Commences Liquidation Proceedings INDIAN CREEK ET AL: Placed Under Voluntary Liquidation KITTONA HOLDINGS: Placed Under Voluntary Liquidation LIBERTYVIEW INCOME: Placed Under Voluntary Liquidation LIFE SCIENCE ET AL: Commences Liquidation Proceedings MURJAN 3: Placed Under Voluntary Liquidation MURJAN LIMITED: Placed Under Voluntary Liquidation PLATINUM CAPITAL ET AL: Placed Under Voluntary Liquidation PRINCETON PHOTONICS: Commences Liquidation Proceedings TATRONICS HOLDINGS: Placed Under Voluntary Liquidation TE ASPECT: Enters Liquidation Proceedings TE BPA ET AL: Enters Liquidation Proceedings TE BLUETREND: Enters Liquidation Proceedings TE CRABEL ET AL: Enters Liquidation Proceedings TE DEFIANCE ET AL: Enters Liquidation Proceedings TE DICKEN ET AL: Enters Liquidation Proceedings WAKELAND INVESTMENTS: Placed Under Voluntary Liquidation J A M A I C A AIR JAMAICA: PNP Says Recent Pull-out May Affect Tourism M E X I C O VITRO SAB: Not Certain on US$45MM Interest Payment Due Feb. 1 T U R K S & C A I C O S I S L A N D S TCI NEW MEDIA: Director Denies Network Shutdown Rumors - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: To Cut Routes as Economic Crisis Affects Operations --------------------------------------------------------- Regional airline LIAT is cutting routes as the world economic turbulence takes a toll on their operations, Caribbean360.com News reports. According to the report, the airline said the current world economic crisis was impacting on travel patterns in the Caribbean and the carrier would have to reduce the number of daily flights in and out of Antigua and Barbuda, Barbados, Guyana, and St Kitts and Nevis. "At present there are some flights that are doing fairly well and there are some days with good loads; but unfortunately our forecast overall load factor for the month of January and the next few months is clearly showing a softening in the markets," the report quoted Director of Schedules and Special Projects Lesroy Browne, as saying. The report relates Director Browne also said: "We will be continuing the process of adjustments throughout this trying time of world economic downturn to ensure that we add capacity where there is a demand and reduce capacity where we see the loads are not holding up." Headquartered in Antigua and Barbuda, LIAT -- http://www.liatairline.com -- is a passenger airline with a fleet of Dash 8 turboprop aircraft. The carrier transports passengers to more than 20 destinations in the Caribbean. The company has expanded by buying key operating assets of former rival Caribbean Star, including additional Dash 8s. Before the acquisition was completed in November 2007, LIAT and Caribbean Star had formed a commercial alliance that integrated many of their operations. Among LIAT's major shareholders are the governments of several Caribbean nations, including Antigua, Barbados, the Grenadines, and St. Vincent. ================= A R G E N T I N A ================= * ARGENTINA: Argentine Creditors to Swap 15.1BB Pesos of Debt ------------------------------------------------------------- Holders of 15.1 billion pesos (US$4.3 billion) of Argentine local debt agreed to swap the securities for longer-term bonds in an exchange the government set up to help cover its growing financing needs, Bloomberg News reports. According to the report, President Cristina Fernandez de Kirchner said 97% of locally based holders of the so-called guaranteed loans accepted the offer to take new five-year bonds. Cabinet Chief Sergio Massa, the report relates, said the new five- year bonds will pay an interest rate of 15.4% the first year and 2.75 percentage points over the Argentine interbank rate after that. Mr. Massa, as cited by the report, said the government will extend the swap offer next month to the 3% of locals who rejected it as well as to international holders of the securities. Bloomberg News says the Argentine bonds rallied ahead of the announcement. Citing JPMorgan Chase & Co, the report notes the yield on Argentina's dollar bonds due in March 2011, fell 4.2 percentage points to 50.94%, while the bond's price rose 3.05 cents to 48.5 cents on the dollar. "They have secured sources of funding," Bloomberg quoted Jonathan Binder, who manages more than $2 billion at INTL Consilium LLC in Fort Lauderdale, Florida, as saying. "Argentina will be solvent for the next year," he said. Mr. Massa, Bloomberg News adds, said the swap is part of an effort to plug a financing gap that has swelled as commodity export revenue slumped. The exchange will reduce the government's debt payments by 5.4 billion pesos this year, he added. * * * As reported by the Troubled Company Reporter - Latin America on December 23, 2008, Fitch Ratings downgraded the Republic of Argentina's ratings: -- Long-term local currency Issuer Default Rating to 'B-' from 'B'; -- Country Ceiling to 'B' from 'B+'; -- Performing bonds in foreign and local currency governed by Argentine law to 'B-/RR4' from 'B/RR4'; The Rating Outlook on the local currency IDR is Stable. In addition, Fitch affirmed these ratings: -- Long-term foreign currency IDR remains in Restricted Default ('RD'); -- Short-term IDR at 'B'; -- Performing bonds in foreign currency governed by foreign law at 'B-/RR4'; -- Defaulted senior unsecured notes at 'CC/RR4'; -- Defaulted collateralized Brady bonds at 'CCC-/RR3'. ============= B E R M U D A ============= ABACUS INVESTMENTS: Creditors' Proofs of Debt Due on February 12 ---------------------------------------------------------------- The creditors of Abacus Investments Limited are required to file their proofs of debt by February 12, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 27, 2009. The company's liquidator is: Nicholas Hoskins Chancery Hall, 52 Reid Street Hamilton, Bermuda ABACUS INVESTMENTS: Members' Final Meeting Set for March 10 ----------------------------------------------------------- The members of Abacus Investments Limited will hold their final meeting on March 10, 2009, at 11:00 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. 27, 2009. The company's liquidator is: Nicholas Hoskins Chancery Hall, 52 Reid Street Hamilton, Bermuda ARROWHEAD CAPITAL: Creditors' Proofs of Debt Due on February 23 --------------------------------------------------------------- The creditors of Arrowhead Capital Finance Ltd are required to file their proofs of debt by February 23, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 13, 2009. The company's liquidator is: W. William Woods c/o Mello Jones & Martin Bermuda BUTTERFIELD FULCRUM: Cuts 30 Jobs in Bermuda & 25 in Cayman ----------------------------------------------------------- Butterfield Fulcrum Group ("BFG") has laid off 30 skilled workers in Bermuda amid the global economic crisis, BermudaSun reports. The report relates that the company announced the job cuts to its accountants and other staff. "They said it was because of tough economic times. They had to look at ways to cut costs," the report quoted a source close to the company as saying. According to the BermudaSun, a spokesperson confirmed that BFG has also laid off approximately 25 staff at its office in the Cayman Islands. Although it is cutting staff, BFG said it would help laid-off employees find alternative employment, the report notes. "Even after this, we will have very substantial operations in Bermuda and Cayman and we remain firmly committed to these jurisdictions," a BFG spokesperson told BermudaSun in an interview. About Butterfield Fulcrum Headquartered in Bermuda, Butterfield Fulcrum Group ("BFG") is a company that specializes in full service fund administration and works closely with hedge funds, fund of funds, private equity funds and institutional investment management clients to provide the highest quality administration solutions. BFG has approximately 400 employees in 10 locations across 9 countries. FOSTER WHEELER: Shareholders OK Change of Domicile to Switzerland ----------------------------------------------------------------- Foster Wheeler Ltd.'s change of domicile from Bermuda to Switzerland is expected to be completed by next Monday, after shareholders approved the move, The Royal Gazette reports. According to the report, completion of the redomestication remains subject to the approval of the Supreme Court of Bermuda, which the company expects to obtain at a hearing to be held today, January 30, and the satisfaction of certain other conditions. The engineering company is one of several to have declared its intention to move its holding company out of Bermuda over the last few weeks, the report says. With operational headquarters in Clinton, New Jersey, Foster Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of engineering, procurement, construction, manufacturing, project development and management, research, and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology, and healthcare industries. * * * As reported by the Troubled Company Reporter on Dec. 15, 2008, Standard & Poor's Ratings Services raised its corporate credit and issue-level ratings on Clinton, New Jersey-headquartered Foster Wheeler Ltd. S&P raised the long-term corporate credit rating to 'BB+' from 'BB'. The outlook is stable. INTERNATIONAL MUSIC: Members' Final Meeting Set for March 2 ----------------------------------------------------------- The members of International Music Ltd. will hold their final meeting on March 2, 2009, at 10:00 a.m., at the offices of Mello Jones & Martin at "Thistle House", 4 Burnaby Street, in Hamilton, Bermuda. At the meeting, Michael Rowles, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. INTERNATIONAL MUSIC: Creditors' Proofs of Debt Due on February 27 ----------------------------------------------------------------- The creditors of International Music Ltd. are required to file their proofs of debt by February 27, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 20, 2009. =========== B R A Z I L =========== AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says ----------------------------------------------------------- American Bankruptcy Institute reports that Bankruptcy Research firm KDP Investment Advisors said American Axle Manufacturing Holdings Inc. is at high risk of filing for bankruptcy in the next 12 months as declining auto production further pressures the supplier's earnings. The analyst's report was released Monday, Bankruptcy Law360 says. American Axle will hold a briefing with institutional investors and security analysts, news media representatives and other interested parties at 10:00 a.m. ET on Friday, January 30, 2009. AAM's Co-Founder, Chairman & CEO Richard E. Dauch and Group Vice President-Finance & CFO Michael K. Simonte will co-host the call. AAM will discuss its fourth quarter and full year 2008 financial results as well as other matters. This briefing may be accessed via conference call or webcast. To participate by phone: (877) 278-1452 from the United States (973) 200-3383 outside the United States According to ABI, struggling auto parts suppliers are gearing up to lobby for federal aid in the coming weeks. As reported by the Troubled Company Reporter on January 14, 2009, Standard & Poor's Ratings Services lowered its corporate credit rating on Detroit-based American Axle Manufacturing & Holdings Inc. to 'CCC+' from 'B' and removed all the ratings from CreditWatch, where they had been placed with negative implications on Oct. 9, 2008. The outlook is negative. At the same time, S&P also lowered its issue-level ratings on the company's debt. The downgrade reflects S&P's view that declining North American auto production by primary customer General Motors Corp. (CC/Negative/--) in 2009 will severely reduce American Axle's profitability and cash flow generation, straining liquidity. American Axle's revenue is heavily dependent on sales of GM's SUVs and pickup trucks, and demand for these products has weakened substantially. Despite government assistance, GM's condition remains precarious. "We expect U.S. light-vehicle sales to fall about 24% in 2009, to about 10.0 million units," said Standard & Poor's credit analyst Lawrence Orlowski. 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. S&P expects 2009 to be another weak year for American Axle's sales and profitability because of a further decline in auto demand and the likelihood of lower production at GM, its major customer. S&P could lower the rating further if American Axle is unable to maintain access to its bank facility, or if its EBITDA drops roughly 10% below S&P's 2009 EBITDA projection of $193 million. This could occur if demand for American Axle's products is lower than S&P currently expect. For example, a gross margin of 9.3% and a 15% decline in 2009 revenue would bring EBITDA down to a level that would be insufficient to cover interest expense and reasonable capital spending. S&P could revise the outlook to positive or raise the rating if GM's financial situation stabilizes and its production of vehicles that American Axle serves appears to also stabilize, and if American Axle stops using cash. The company would also have to demonstrate potential for generating at least breakeven free cash flow and increasing the cushion under its existing covenants. This would likely require U.S. light-vehicle sales to go well above the 10.0 million units S&P expects for 2009. In November, Fitch Ratings placed American Axle's 'B' Issuer Default Rating on Rating Watch Negative, reflecting the uncertainty of General Motor's short-term operating and financial profile. GM accounted for 73% of Axle's total net sales in through the first nine months of 2008. In 2008, American Axle obtained amendments to its bank and term loan agreements. According to Fitch, the amended bank agreement reduces the amount of the facility from US$600 million to US$477 million, while also increasing the pricing (on the majority of the facility) and extending the maturity on US$369 million of the facility to December 2011. The remaining US$108 million will retain the original maturity date of April 2010. Collateral includes U.S. receivables and inventory, U.S. PP&E (subject to indenture restrictions), intracompany notes, and a pledge of 65% of the company's international subsidiaries. Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/ -- is a world leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for trucks, sport utility vehicles, passenger cars and crossover utility vehicles. In addition to locations in the United States (Michigan, New York, Ohio and Indiana), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea, Thailand and the United Kingdom. ARACRUZ CELULOSE: Moody's Changes Reviews Direction to Likely Cut ----------------------------------------------------------------- Moody's Investors Service has changed the direction of the rating review of Aracruz Celulose S.A. to a possible upgrade from a possible downgrade. The rating action affects both the Ba2 global scale and the A1.br Brazilian national scale corporate family ratings of Aracruz, and follows the announcement that Aracruz has successfully concluded negotiations to restructure the US$2.13 billion debt arising from derivative transactions in addition to some US$500 million in pre-existing debt for a total amortization period of nine years. Additionally, the rating action considers the potential acquisition by Votorantim Celulose e Papel S.A. (rated Baa3, on review for possible downgrade) of the 28% voting interest of Arapar S.A. in Aracruz for a total amount of BRL 2.71 billion, which would make VCP the controlling shareholder of Aracruz. The review will focus on the overall liquidity position of Aracruz after the conclusion of its debt restructuring, including cash balance and projected free cash flow generation vis-�-vis short- term debt maturities and headroom under financial covenants of the company's debt. Furthermore, Moody's will focus on the potential for synergies between VCP and Aracruz in addition to the level of financial support that should be expected from VCP in case the acquisition is concluded, considering that the two companies are expected to continue to operate as separate entities. Should the deal be concluded as announced by VCP, Aracruz's global scale corporate family rating would likely be upgraded by one notch to Ba1. Aracruz's rating is supported by its structural cost advantages when compared to global peers, specifically with regards to wood fiber, labor and energy costs. Notwithstanding the substantial concentration of clients, the majority of revenues are generated under long-term supply agreements that support stable sales volume with good geographic diversification. As constraining factors Moody's regards the relative small size of Aracruz, the low operational diversity deriving from the capacity concentration on one single site location, and the execution risk and potential for debt increase associated with planned investments in expansion of capacity. The rating is also constrained by the uncertainties regarding the effectiveness of the ongoing industry consolidation process to improve market discipline and reduce margins volatility. Moody's last rating action on Aracruz was on October 20, 2008, when its ratings were downgraded to Ba2 from Baa3 on the global scale and to A1.br from Aa1.br on the Brazilian national scale, and remained under review for possible further downgrade in light of increased liquidity pressure deriving from its outstanding foreign currency derivative transactions. Aracruz Celulose S.A. is the world's largest and most cost efficient producer of bleached hardwood kraft market pulp, having reported consolidated net revenues of US$2,043 million in the last twelve months ended September 30, 2008, including 50% of Veracel S.A., a joint-venture with Stora Enso (rated Ba1, outlook negative). Votorantim Celulose e Papel S.A. is a vertically integrated low- cost producer of bleached eucalyptus kraft pulp and specialty paper, such as coated, thermal, and carbonless paper. In the last twelve months ended September 30, 2008 VCP reported consolidated net revenues of approximately US$1,428 million. CSN: Talks on Kremikovtzi Buyout Yet to Occur --------------------------------------------- The negotiations with Companhia Siderurgica Nacional S.A. ("CSN") over the purchase of the Bulgarian troubled steel mill "Kremikovtzi" did not take place, Sofia News Agency reports, citing Lyudmil Pavlov, the leader of the Kremikovtzi unit of the Podkrepa Labor Confederation. As reported in the Troubled Company Reporter-Latin America on Jan. 2, 2009, Sofia News Agency said CSN is set to invest almost US$400 million in Bulgaria's steel mill Kremikovtzi in the next four years. According to Sofia News, Mr. Pavlov said the company was going to submit a formal offer for the purchase of the plant, which would be considered by the government. CSN had provided guarantees that no workers would be made redundant, and that all of the steel factory's troubles would be fixed if it was sold to them, Mr. Pavlov said. The trade unions at the Mill, Sofia News notes, further said the deadline when the other possible candidate, the Ukrainian "Smart Group," is to announce their decision was fast approaching. Mr. Pavlov further stated that he had talks with the Bulgarian Economy and Energy Minister Petar Dimitrov and told them that if the Unions had not received information about the Mill's designated strategic investor, they would stage new mass protest rally in Sofia today, January 30. The report recounts the "Kremikovtzi" Trade Unions mandated that the mill strategic investor becomes known by January 21. CSN, however, rescheduled their visit, while the other possible candidate - the Ukrainian "Smart" group asked for a one week extension to announce their final decision, the report says. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 10, 2008, Moody's Investors Service upgraded the senior unsecured long term debt ratings of Companhia Siderurgica Nacional and its backed notes from Ba2 to Ba1. The TCR-LA reported on June 6, 2008, that Standard & Poor's Ratings Services raised its corporate credit rating on Brazil- based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB' and removed it from CreditWatch. S&P had placed the ratings on CreditWatch with positive implications on May 30, 2008, for better cash flow protection measures. The outlook is positive. At the same time, S&P raised the corporate credit rating on subsidiary National Steel SA to 'BB-' from 'B+', with a positive outlook. ========================== C A Y M A N I S L A N D S ========================== ABZ ASSETX ET AL: Placed Under Voluntary Liquidation ---------------------------------------------------- On December 22, 2008, it was resolved by the shareholder to voluntarily wind up the operations of: -- ABZ Assetx Ltd.; and -- ABZ Assetx World Selection Ltd. 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 companies' liquidator is: Ogier c/o Khatidja McLean Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Facsimile: (345) 949 1986 D.B. ZWIRN: Commences Liquidation Proceedings --------------------------------------------- D.B. Zwirn Special Opportunities Fund II, Ltd. commenced liquidation proceedings on November 25, 2008. Only creditors who were able to file their proofs of debt by January 21, 2009, will be included in the company's dividend distribution. The company's liquidator is: Allison Nolan c/o Messrs. Maples and Calder, Attorneys-at-law P.O. Box 309GT, Ugland House South Church Street, George Town Grand Cayman, Cayman Islands DEUTSCHLAND INVESTMENT: Commences Liquidation Proceedings --------------------------------------------------------- Deutschland Investment Corporation Inc. commenced liquidation proceedings on November 21, 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 liquidator is: K.D. Blake c/o Dorra Mohammed PO Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4475 Facsimile: 345-949-7164 ENH PARTNERS: Commences Liquidation Proceedings ----------------------------------------------- On December 11, 2008, the shareholder of ENH Partners Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694GT, Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 INDIAN CREEK ET AL: Placed Under Voluntary Liquidation ------------------------------------------------------ On December 8, 2008, it was resolved by the shareholder to voluntarily wind up the operations of: -- Indian Creek Investors Ltd; and -- Indian Creek Ltd. 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 companies' liquidators are: Glen Trenouth Rodney Graham P.O. Box 31118, Grand Cayman, KY1-1205 Cayman Islands Telephone: (345) 943 8800 Facsimile: (345) 943 8801 KITTONA HOLDINGS: Placed Under Voluntary Liquidation ---------------------------------------------------- At an extraordinary general meeting held on December 1, 2008, the shareholders of Kittona Holdings Limited resolved to voluntarily liquidate the company's business. 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: Kaliwood Corporation Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 c/o Telephone: (345) 949 8455 Facsimile: (345) 949 8499 LIBERTYVIEW INCOME: Placed Under Voluntary Liquidation ------------------------------------------------------ On December 12, 2008, the sole shareholder of Libertyview Income Fund, Ltd. passed a resolution that voluntarily wind up the company's operations. 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 LIFE SCIENCE ET AL: Commences Liquidation Proceedings ----------------------------------------------------- On December 10, 2008, it was resolved by the shareholder to voluntarily liquidate the business of: -- Life Science Capital Fund; -- Life Science Capital Management Limited; and -- Life Science Capital Master Fund. Only creditors who were able to file their proofs of debt by January 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Khatidja McLean Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Facsimile: (345) 949 1986 MURJAN 3: Placed Under Voluntary Liquidation -------------------------------------------- At an extraordinary general meeting held on December 11, 2008, the shareholders of Murjan 3 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square 171 Elgin Avenue, George Town Grand Cayman KY1-1104, Cayman Islands MURJAN LIMITED: Placed Under Voluntary Liquidation -------------------------------------------------- At an extraordinary general meeting held on December 11, 2008, the shareholders of Murjan Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square 171 Elgin Avenue, George Town Grand Cayman KY1-1104, Cayman Islands PLATINUM CAPITAL ET AL: Placed Under Voluntary Liquidation ---------------------------------------------------------- On November 10, 2008, it was resolved by the shareholder to voluntarily wind up the operations of: -- Platinum Capital Protected Income Plus Fund Limited; and -- Platinum Capital Protected Equity Plus Fund Limited. Only creditors who were able to file their proofs of debt by January 5, 2009, will be included in the company's dividend distribution. The companies' liquidator is: Ogier c/o Khatidja McLean Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Facsimile: (345) 949 1986 PRINCETON PHOTONICS: Commences Liquidation Proceedings ------------------------------------------------------ Princeton Photonics (Cayman) Co., Ltd. commenced liquidation proceedings on November 21, 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 liquidator is: Eddie Chen c/o Ms. Kay Hsieh 26th Floor, No. 105, Tun-Hwa S. Road Sec2, Taipei 106, Taiwan Tel: 345 949 2648 Fax: 345 945 2877 TATRONICS HOLDINGS: Placed Under Voluntary Liquidation ------------------------------------------------------ At an extraordinary general meeting held on December 1, 2008, the shareholders of Tatronics Holdings Limited resolved to voluntarily liquidate the company's business. 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: Kaliwood Corporation c/o Neil Gray Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 TE ASPECT: Enters Liquidation Proceedings ----------------------------------------- Te Aspect Investors, Ltd commenced liquidation proceedings on December 1, 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 TE BPA ET AL: Enters Liquidation Proceedings -------------------------------------------- On December 1, 2008, the shareholder resolved to voluntarily wind up the operations of: -- TE BPA Investors, Ltd. -- TE BPA Portfolio, Ltd. The companies' 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 TE BLUETREND: Enters Liquidation Proceedings -------------------------------------------- Te Bluetrend Investors, Ltd. commenced liquidation proceedings on December 1, 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 TE CRABEL ET AL: Enters Liquidation Proceedings ----------------------------------------------- On December 1, 2008, the shareholder resolved to voluntarily wind up the operations of: -- Te Crabel Investors, Ltd.; and -- Te Crabel Portfolio, Ltd. The companies' 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 TE DEFIANCE ET AL: Enters Liquidation Proceedings ------------------------------------------------- On December 1, 2008, the shareholder resolved to voluntarily wind up the operations of: -- Te Defiance Portfolio, Ltd.; -- Te Defiance Investors, ltd. 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 TE DICKEN ET AL: Enters Liquidation Proceedings ----------------------------------------------- On December 5, 2008, the shareholder resolved to voluntarily wind up the operations of: -- Te Dicken Investors, Ltd.; and -- Te Dicken Portfolio, Ltd. The companies' 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 WAKELAND INVESTMENTS: Placed Under Voluntary Liquidation -------------------------------------------------------- At an extraordinary general meeting held on December 11, 2008, the shareholder of Wakeland Investments Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694GT, Grand Cayman Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: PNP Says Recent Pull-out May Affect Tourism -------------------------------------------------------- Opposition People's National Party ("PNP") said it is concerned about the repercussions for the tourist industry because of the elimination of routes and layoffs at Air Jamaica, Radio Jamaica News reports. As reported by the Troubled Company Reporter-Latin America on Jan. 29, 2009, Air Jamaica will eliminate six routes and cut jobs next month due to the global economic crisis. Associated Press related Air Jamaica CEO Bruce Noble said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and the island of Grand Cayman will be cut in late February. The carrier had to "cut routes where we are losing money," he said. According to TCRLA, citing CaribWorldNews, the cuts will result in job losses in those areas and the reduction of the airline's fleet to nine aircraft. Mr. Bruce Noble, CaribWorldNews related, said the cuts are designed to respond to the current global economic downturn, quickly stem the substantial cash losses at the company, and position the airline on a path to financial stability going forward. RadioJamaica notes Opposition Spokesman on Tourism Dr. Wykeham McNeill said while he understands the need for the cuts, he has concerns about the impact the proposed reduction in routes will have on the tourist industry. Dr. McNeill, RadioJamaica relates, said the government has not said what strategies are being put in place to secure seat coverage in areas where flights are being discontinued. RadioJamaica notes Dr. McNeill also wants to know if the necessary discussions are taking place with hoteliers, tour operators and overseas travel agents who have developed a relationship with Jamaica and strong business links with Air Jamaica. Additionally, the Opposition spokesman expressed concern on what will happen to the existing leases for aircraft and what are the predicated costs of discontinuing these leases, RadioJamaica says. RadioJamaica adds Dr. McNeil has also raised the question of what will happen to the planned Air Jamaica divestment programme given these changes. As reported in the Troubled Company Reporter - Latin America on January 7, 2008, Jamaica News said the National Workers Union ("NWU"), one of the union representing Air Jamaica workers, suggested the government should seriously consider delaying the stake sale of Air Jamaica. The union said hope is fading that the March 31 deadline for the divestment will be met, the same report related. Radio Jamaica News earlier reported Air Jamaica still has no clear buyer as the three months divestment deadline expiration approaches. The report said the deepening financial woes in the global economy could put a damper on efforts by the Bruce Golding administration to get the loss-making Air Carrier off its books. Radio Jamaica News, citing Air Jamaica President and Chief Executive Officer, Bruce Nobles, said that while discussions are underway with several interested parties, the impact of the economic crunch could make the sale a difficult one. However, he remains optimistic despite the daunting economic challenges, the same report said. A TCR-LA report on November 20, 2008 said according to the Jamaican Information Service, Mr. Nobles and his team had been in discussion with potential purchasers to ensure the divestment is completed by the deadline. The Government has contracted the services of IFC, the private sector arm of the World Bank, as consultants and advisers in the divestment process, the same report added. On Jan. 8, 2009, the TCR-LA, citing Jamaica Gleaner, said a local group in Jamaica is reportedly considering to become a major player in troubled airline Air Jamaica's future operations. According to the report, vice president of NWU, Granville Valentine, said members of the group have so far approached the union for consultations on the matter. RadioJamica News notes a source said a question mark has been placed beside a local consortium that has presented an offer for Air Jamaica. Checks are being made on its financial backing to determine whether it has the cash to operate Air Jamaica after it's removed from state control, the same report relates. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported by the Troubled Company Reporter-Latin America on Nov. 6, 2008, Moody's Investors Service placed the debt ratings of Air Jamaica Limited, B1 senior unsecured notes guaranteed by the Government of Jamaica, on review for possible downgrade. The review coincides with Moody's action placing the ratings of the Government of Jamaica under review for downgrade on November 4, 2008. =========== M E X I C O =========== VITRO SAB: Not Certain on US$45MM Interest Payment Due Feb. 1 ------------------------------------------------------------- Vitro, S.A.B. de C.V, told bondholders to prepare for restructuring negotiations, Thomas Black of Bloomberg News reports, citing Carlos Legaspy, president of Precise Investment Management, an investment firm in San Diego, and James Harper, an analyst with BCP Securities in New York. According to Moody's Investors Service, Vitro has US$45 million in interest due Feb. 1 on two issues of notes. Another US$20 million of maturities is scheduled for the first quarter. Bloomberg relates that Blackstone Group LP, hired by Vitro in November to help restructure its liabilities, held the call with creditors on January 27, but declined to say on the call if Vitro will make the interest payment by the Feb. 1 due date. "They want the creditors to organize to start talks," President Legaspy told Bloomberg in a telephone interview. Bloomberg News notes Vitro's bonds due in 2012 and 2017, which both have Feb. 1 interest payments, have sunk to below 25 cents on the dollar as the company's profit has been eroded by slumping demand for glass and losses from derivatives on natural gas prices. "Vitro representatives as well as legal and financial advisors have been engaged in discussions with our bondholders and counterparties over the last several weeks in order to enhance the company's financial flexibility," Vitro said in an e-mailed statement in response to Bloomberg questions. "We continue to work with our bondholders to reach a solution that is in our mutual interest," the company said. Bloomberg notes that within the last week, Moody's lowered the corporate credit to Ca while the rating from Standard & Poor's is an essentially equivalent CC. Both noted that Vitro's cash is less than half its short term debt. About Vitro Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. * * * As reported by the Troubled Company Reporter-Latin America on January 28, 2009, Moody's Investors Service downgraded Vitro, S.A.B. de C.V.'s senior unsecured debt and corporate family ratings to Ca from Caa1. The ratings outlook is negative. Fitch Ratings also downgraded these ratings for Vitro, S.A.B. de C.V.: -- Long-term Issuer Default Rating to 'CC' from 'B-'; -- Long-term local currency IDR to 'CC' from 'B-'; -- US$300 million senior notes due 2012 to 'CC/RR4' from 'B- /RR4'; -- US$225 million senior notes due 2013 to 'CC/RR4' from 'B- /RR4'; -- US$700 million senior notes due 2017 to 'CC/RR4' from 'B- /RR4'. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== TCI NEW MEDIA: Director Denies Network Shutdown Rumors ------------------------------------------------------ Unconfirmed reports alleging that TCI New Media Network is expected to close on the advice of Governor Gordon Wetherell are untrue, Turks and Caicos Net News reports, citing Ava-Dayne Kerr, Director General of TCI New Media. As reported in the Troubled Company Reporter-Latin America on Jan. 28, 2009, Turks and Caicos Net News said government television station channel 7, TCI New Media, will be closing down soon, possibly by the end of January due to lack of funding. According to Turks and Caicos Net News, Ms. Kerr denied speculation of the imminent demise of TCI New Media. The report relates Ms. Kerr said she is proud of the accomplishments of the TCI 7 team and the progress of the station. However, Ms. Kerr acknowledges that there are some challenges as a result of the global economic downturn, Turks and Caicos Net News notes. "It's a challenge the entire country is faced with," the report quoted Ms. Kerr as saying. Ms. Kerr, the report adds, said the Government has committed to make funding available for the programming content of the station. *********** 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 * * *