/raid1/www/Hosts/bankrupt/TCRLA_Public/090210.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, February 10, 2009, Vol. 9, No. 28
Headlines
A R G E N T I N A
CALEMBEL SA: Trustee Verifying Proofs of Claim Until March 23
CAMINOS DE LAS: Trustee Verifying Proofs of Claim Until April 1
CASA REICH: Trustee Verifying Proofs of Claim Until March 27
IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
ISOLDI HNOS: Trustee Verifying Proofs of Claim Until May 4
METALES DEL: Trustee Verifying Proofs of Claim Until March 30
VALUST SOCIEDAD: Trustee Verifying Proofs of Claim Until April 16
YLANA SA: Trustee Verifying Proofs of Claim Until March 10
B E R M U D A
KOREA BORDEAUX: Creditors' Proofs of Debt Due on February 19
KOREA BORDEAUX: Members' General Meeting Set for March 9
UNITED EQUINE: Creditors' Proofs of Debt Due on February 23
UNITED EQUINE: Sole Member's General Meeting Set for March 10
B R A Z I L
BANCO DO BRASIL: Regulator Probes Banestes Share Trading
COMPANY SA: Fitch Hikes Currency IDRs to 'BB-' on Brascan Merger
C A Y M A N I S L A N D S
ALEXANDER LINKPERMAL: Members Receive Wind-Up Report
ARMITAGE ABS: Shareholders Receive Wind-Up Report
AVENTINE HILL: Shareholders Receive Wind-Up Report
CAYMAN ISLANDS: Shareholders Receive Wind-Up Report
CHINA WALDEN: Members Receive Wind-Up Report
CHINAPLUS LIMITED: Members Receive Wind-Up Report
CUMULUS CLIMATE: Members Receive Wind-Up Report
DARREN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
DROGHEDA CONSULTANCY: Shareholder Receives Wind-Up Report
HINDSIGHT EQUITY: Shareholders Receive Wind-Up Report
JACOBI ACTIVE: Members Receive Wind-Up Report
JNT ACTIVE: Members Receive Wind-Up Report
MESTASTASIO: Members to Hear Wind-Up Report on March 4
NESTOR CORP: Shareholders Receive Wind-Up Report
PACIFIC COAST: Members to Hold Meeting on October 27
PPM RIVIERA: Shareholders Receive Wind-Up Report
QUINTUS GRANDWAY: Shareholders Receive Wind-Up Report
ROCKBOUND CDO: Shareholders Receive Wind-Up Report
TASMAN CDO: Shareholders Receive Wind-Up Report
WALDEN CHINA: Members Receive Wind-Up Report
* CAYMAN ISLANDS: Updated Insolvency Law to Take Effect March 1
C H I L E
COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'BB-'
SOCOVESA SA: May Lay Off 3,000 Employees on Weak Demand
C O L O M B I A
TRANSTEL INTERMEDIA: Extends Offer for 12% Sr. Notes Due 2016
TRANSTEL INTERMEDIA: S&P Withdraws 'D' Corporate Credit Rating
E C U A D O R
ECOPETROL: Reschedules Release of 2008 Results to Feb. 17
ECOPETROL: Acquires Offshore Int'l with KNOC for US$900 Million
PETROECUADOR: December Export Revenues Drop 60% to US$159 Million
G U Y A N A
* GUYANA: Striking Air Traffic Controllers Risk Losing Jobs
J A M A I C A
AIR JAMAICA: Could Liquidate if No Buyer Emerges
AIR JAMAICA: Offers New Flights as Part of Business Plan
M E X I C O
PANAMA CANAL RAILWAY: S&P Affirms 'BB' Corporate Credit Rating
VITRO SAB: Credit Suisse Files Suit Seeking US$85 Million
T R I N I D A D & T O B A G O
CL FINANCIAL: President OKs Bail-Out; Govt. to Take Control
V E N E Z U E L A
BANCO OCCIDENTAL: Fitch Puts 'B-' on Neg. Watch on Merger Costs
* VENEZUELA: January Car Sales Hit 4-Year Low Due to Import Ban
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
CALEMBEL SA: Trustee Verifying Proofs of Claim Until March 23
-------------------------------------------------------------
The court-appointed trustee for Calembel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 23, 2009.
The trustee will present the validated claims in court as
individual reports on May 6, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 18, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on November 27, 2009.
CAMINOS DE LAS: Trustee Verifying Proofs of Claim Until April 1
---------------------------------------------------------------
The court-appointed trustee for Caminos de las Sierras S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 1, 2009.
The trustee will present the validated claims in court as
individual reports on May 27, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 20, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on February 26, 2010.
CASA REICH: Trustee Verifying Proofs of Claim Until March 27
------------------------------------------------------------
Ricardo Bertoglio, the court-appointed trustee for Casa Reich
Sociedad Responsabilidad Limitada's bankruptcy proceedings will be
verifying creditors' proofs of claim until March 27, 2009.
Mr. Bertoglio will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ricardo Bertoglio
Lavalle 1537
Buenos Aires, Argentina
IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
------------------------------------------------------------------
Ruth Alfici, the court-appointed trustee for Importadora Soft Hard
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until April 23, 2009.
Ms. Alfici will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ruth Alfici
Rodriguez Pena 565
Buenos Aires, Argentina
ISOLDI HNOS: Trustee Verifying Proofs of Claim Until May 4
----------------------------------------------------------
The court-appointed trustee for Isoldi Hnos. y Cia. S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 4, 2009.
METALES DEL: Trustee Verifying Proofs of Claim Until March 30
-------------------------------------------------------------
The court-appointed trustee for Metales del Talar Sociedad
Anonima's reorganization proceedings will be verifying creditors'
proofs of claim until March 30, 2009.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 22, 2009.
VALUST SOCIEDAD: Trustee Verifying Proofs of Claim Until April 16
-----------------------------------------------------------------
Mauricio Maudric, the court-appointed trustee for Valust Sociedad
Responsabilidad Limitada's bankruptcy proceedings will be
verifying creditors' proofs of claim until April 16, 2009.
Mr. Maudric will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Mauricio Maudric
Tucuman 893
Buenos Aires, Argentina
YLANA SA: Trustee Verifying Proofs of Claim Until March 10
----------------------------------------------------------
The court-appointed trustee for Ylana S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 10, 2009.
The trustee will present the validated claims in court as
individual reports on April 27, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 6, 2009.
=============
B E R M U D A
=============
KOREA BORDEAUX: Creditors' Proofs of Debt Due on February 19
------------------------------------------------------------
The creditors of Korea Bordeaux Wine 2 Ltd. are required to file
their proofs of debt by February 19, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 3, 2009.
The company's liquidator is:
Steven J. Trumper
Sofia House, 1st Floor
48 Church Street
Hamilton Bermuda
KOREA BORDEAUX: Members' General Meeting Set for March 9
--------------------------------------------------------
The members of Korea Bordeaux Wine 2 Ltd. will hold their final
general meeting on March 9, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on Feb. 3, 2009.
The company's liquidator is:
Steven J. Trumper
Sofia House, 1st Floor
48 Church Street
Hamilton Bermuda
UNITED EQUINE: Creditors' Proofs of Debt Due on February 23
-----------------------------------------------------------
The creditors of United Equine Investments 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 Dec. 15, 2008.
The company's liquidator is:
Ernest A. Morrison
Milner House, 18 Parliament Street
Hamilton, Bermuda
UNITED EQUINE: Sole Member's General Meeting Set for March 10
-------------------------------------------------------------
The sole member of United Equine Investments Ltd. will hold the
final general meeting on March 10, 2009, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings Dec. 15, 2008.
The company's liquidator is:
Ernest A. Morrison
Milner House, 18 Parliament Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BANCO DO BRASIL: Regulator Probes Banestes Share Trading
--------------------------------------------------------
Brazilian regulator Comissao de Valores Mobiliarios ("CVM") began
investigation on trading of Banestes SA - Banco do Estado do
Espirito Santo SA's shares before Banco do Brasil SA said Feb. 5
it's in acquisition talks, Bloomberg News reports.
As reported yesterday in the Troubled Company Report-Latin
America, Banco do Brasil started negotiations to buy regional bank
Banestes from Bazil's southeastern state of Espirito Santo.
According to Bloomberg News, Banestes, surged 36 percent in four
days prior to Banco do Brasil's announcement, and trading levels
were about six times the average over the past six months.
CVM will ask Banestes and Banco do Brasil to provide the names of
people involved in the negotiations, Bloomberg News says citing
the regulator in an e-mailed statement.
CVM "is analyzing the oscillations in price and the authority will
send letters to Banestes and BB to check all the people that were
involved in the operation," the regulator said in the statement
obtained by Bloomberg News.
Spokesmen for Banestes and Banco do Brasil declined to comment,
the report notes.
Bloomberg News relates Banco do Brasil has stepped up acquisitions
in recent months after losing its position as Brazil's biggest
bank.
The report recalls Banco do Brasil:
-- agreed in January to pay BRL4.2 billion
(US$1.87 billion) for a 50 percent
stake in Banco Votorantim SA in a
bid to boost its car-loan operations;
-- in the past seven months, acquired
Sao Paulo state-owned Nossa Caixa
for BRL5.39 billion;
-- paid BRL685 million for Banco do Estado
de Santa Catarina; and
-- agreed to take over Banco do Estado
do Piaui SA for BRL81.7 million.
Banco do Brasil is also holding negotiations to buy Banco de
Brasilia, which transaction may top BRL800 million, Bloomberg News
adds citing a Jan. 6 O Estado de S. Paulo report.
About Banco do Brasil
Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries. In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.
* * *
As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:
-- Long-term foreign and local currency Issuer Default Rating at
'BBB-'
-- Short-term foreign and local currency IDR at 'F3'
-- Support Rating at '2'
-- Individual Rating at 'C/D'
-- Support Rating Floor at 'BBB-'
-- National Long-term rating at 'AA+(bra)'
-- National Short-term rating at 'F1+(bra)'
COMPANY SA: Fitch Hikes Currency IDRs to 'BB-' on Brascan Merger
----------------------------------------------------------------
Fitch Ratings has upgraded Company S.A.'s Issuer Default Rating
and other ratings:
-- Foreign Currency IDR to 'BB-' from 'B+';
-- Local Currency IDR to 'BB-' from 'B+';
-- Long-term National Rating to 'A+(bra)' from 'A-(bra)';
-- BRL75 million debentures maturing 2012 to 'A+(bra)' from 'A-
(bra)'.
The upgrade follows the completion of Company's merger and
integration by Brascan Residential Properties S.A. Following
completion of the acquisition, Company is a full subsidiary of
BRP. Fitch placed the ratings of Company and its debentures on
Rating Watch Positive following the announcement of the merger
agreement on Sept. 12, 2008. Fitch has removed Company from
Rating Watch Positive. The Rating Outlook for Company is
Negative.
The Negative Outlook reflects Fitch's expectation that
homebuilders in Brazil will face a challenging operating
environment and financial pressure in 2009 and 2010, and is in
line with the rating action taken by Fitch on the homebuilding
sector on Jan. 21, 2009.
Company's merger with BRP has led to an improved financial profile
of the combined entity in comparison to Company on a stand-alone
basis. BRP integrates a globally diversified real estate group
and has enhanced its operating and financial performance over the
past three years. For the last 12 months ending Sept. 30, 2008,
the combined entity showed a proforma EBITDA margin of 32.9%
following the merger. This is higher than the EBITDA margin of
20.1% presented by Company on a stand-alone basis and is also
higher than the industry average. Proforma total debt/EBITDA of
2.3 times (x) and net debt/EBITDA of 1.3x is also healthier than
the sector's average peer ratios. On a stand-alone basis,
Company's total debt/EBITDA is 4.5x and net debt/EBITDA is 2.6x
for the same period. Consolidated leverage should increase during
the next three years, mainly as a result of increased utilization
of Housing Financial System loans, which does not impact cash flow
for principal repayment. With more than half of the future debt
estimated to be funded with SFH loans, total debt/EBITDA is
expected not to exceed 3.5 times by 2011, with a minimum total
combined cash balance of around BRL200 million. The combined land
bank of Company and BRP results in a robust BRL16.4 billion of
potential sales value.
Combined BRP and Company figures reveal adequate liquidity and
debt structure. The merger financially benefited Company,
positioning it well for the challenging environment ahead. On
Sept. 30, 2008, the proforma combined BRP and Company cash
position showed a balance of BRL336 million, equivalent to 111% of
the combined short-term debt and 44% of total debt. The combined
total receivables of concluded units, not linked to debt, amounted
to BRL449 million, thus representing a relevant liquidity reserve.
In the last quarter of 2008, BRP paid BRL200 million to Company's
former shareholders as part of the merger terms. The
BRL200 million new capital subscription announced on Jan. 15, 2009
by BRP should replace such disbursement and reinforces combined
liquidity.
Company became a BRP business unit following its merger in October
2008, which included the incorporation of its former controlling
shareholders and directors managers into BRP's operating
structure. BRP is a real estate holding company specialized in
residential projects from high- to low-middle income and is also
specialized in office buildings. BRP has geographically
diversified operations and revenue streams. The combined group is
indirectly controlled by Brookfield Asset Management through
intermediate holding companies. BAM is an international manager
of assets amounting to around US$90 billion, including
US$38 billion of real estate assets. BAM is rated 'BBB+' by Fitch
with a Stable Outlook.
==========================
C A Y M A N I S L A N D S
==========================
ALEXANDER LINKPERMAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Alexander Linkpermal Fund met on January 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard L. Finlay
c/o Krysten Lumsden
P.O. Box 2681 GT, Grand Cayman
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
ARMITAGE ABS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Armitage ABS CDO, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
AVENTINE HILL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Aventine Hill CDO I, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CAYMAN ISLANDS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cayman Islands Zetes Corp. met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Hugh Dickson
c/o Peter Bigwood
P.O. Box 1370, Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 815 8242
Facsimile: (345) 949 7120
CHINA WALDEN: Members Receive Wind-Up Report
--------------------------------------------
On January 5, 2008, Timothy James Reid presented the companies'
wind-up report and property disposal to the members of:
-- China Walden Venture Investments Ltd; and
-- China Walden Management Ltd.
The Liquidator can be reached at:
Timothy James Reid
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
CHINAPLUS LIMITED: Members Receive Wind-Up Report
--------------------------------------------------
The members of Chinaplus Limited met on January 21, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Wong Hong Kit
c/o Michelle R. Bodden-Moxam
Bridge Street Services Limited
Marquee Place, Suite 300, 430 West Bay Road
P.O. Box 30691, Grand Cayman KY1-1203
Cayman Islands
Tel: 345-946-6145
Fax: 344-946-6146
CUMULUS CLIMATE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Cumulus Climate Master Fund met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor, P.O. Box 1344
Grand Cayman KY1-1108
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
DARREN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Darren Multi-Strategy Fund, Ltd. met on
January 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
DROGHEDA CONSULTANCY: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Drogheda Consultancy Limited met on
January 27, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
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
HINDSIGHT EQUITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Hindsight Equity Focus Fund (Cayman) Limited
met on January 23, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
JACOBI ACTIVE: Members Receive Wind-Up Report
---------------------------------------------
The members of Jacobi Active Leveraged Home Equity Loan Fund met
on January 22, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor, P.O. Box 1344
Grand Cayman KY1-1108
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
JNT ACTIVE: Members Receive Wind-Up Report
------------------------------------------
The members of JNT Active Leveraged Home Equity Loan Fund met on
January 22, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor, P.O. Box 1344
Grand Cayman KY1-1108
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
MESTASTASIO: Members to Hear Wind-Up Report on March 4
------------------------------------------------------
The members of Mestastasio International Holding will meet on
March 4, 2009, at 12:00 noon to hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
P.O. Box 30622, Grand Cayman KY1-1203
Telephone: 945-8859
Facsimile: 949-9793/4
NESTOR CORP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Nestor Corp. met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Hugh Dickson
c/o Peter Bigwood
P.O. Box 1370, Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 815 8242
Facsimile: (345) 949 7120
PACIFIC COAST: Members to Hold Meeting on October 27
----------------------------------------------------
The members of Pacific Coast Financial Inc will meet on Oct. 27,
2009, at 9:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ramon R. Arnaiz
2401-B General Ferreira St.
Tijuana, Baja California
Mexico
PPM RIVIERA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of PPM Riviera Loan Fund, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
QUINTUS GRANDWAY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Quintus Grandway Multistrategy Fund Limited
met on January 23, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ROCKBOUND CDO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Rockbound CDO I, Ltd. met on January 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TASMAN CDO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Tasman CDO, Ltd. met on January 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
WALDEN CHINA: Members Receive Wind-Up Report
--------------------------------------------
The members of Walden China Ltd. met on January 5, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The Liquidator can be reached at:
Timothy James Reid
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
* CAYMAN ISLANDS: Updated Insolvency Law to Take Effect March 1
---------------------------------------------------------------
The updated insolvency legislation in the Cayman Islands together
with the other sections of the Companies (Amendment) Law 2007 will
take effect on March 1, 2009, Cayman Net News reports.
The updated insolvency litigation was drafted by Cayman Islands'
Insolvency Rules Committee.
The report relates that the Cayman Islands Society of Professional
Accountants ("CISPA") is welcoming the enactment of the new law.
According to the report, the new legislation has taken together
the significantly updated Part V of the Companies Law, which deals
with insolvency generally and the introduction of Part XVI, which
deals with international co-operation.
Cayman Net News discloses some of the more significant aspects of
the legislative changes include:
* Standing to file a winding up petition has been extended, to
include contingent and prospective creditors;
* Giving power to the court to dismiss a winding-up petition
filed by someone who is contractually bound not to present
one;
* A new section relating to Fraudulent Trading, adopting a
similar concept from the English Insolvency law;
* Voluntary liquidations – where a newly created Declaration
of Solvency is now required from the directors. If such
Declaration of Solvency is not given, the liquidation must
be brought under the supervision of the Court;
* The introduction of a new concept - that of Doubtful
Solvency - which allows for shareholders as well as
creditors to have representation on the liquidation
committee;
* The ability of the liquidation committee to appoint its own
legal counsel, and have those legal fees and expenses paid
out of the estate as an expense of the liquidation;
* Voluntary liquidations – where a newly created Declaration
of Solvency is now required from the directors. If such
Declaration of Solvency is not given, the liquidation must
be brought under the supervision of the Court;
* The introduction of a new concept - that of Doubtful
Solvency - which allows for shareholders as well as
creditors to have representation on the liquidation
committee;
* Introducing some specific criteria for the eligibility of
liquidators; and
* Establish rules relating to liquidators' remuneration.
Cayman Net News says the new Part XVI of the Companies Law sets
out the way in which the Cayman Court has the power to make orders
in aid of foreign insolvency proceedings. It allows discretion on
the part of the Court, rather than being mandatory, the report
notes.
=========
C H I L E
=========
COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered its long-
term counterparty credit rating on Compania Sud Americana de
Vapores to 'BB-' from 'BB+'. The rating remains on CreditWatch
with negative implications.
"The rating action follows a significant deterioration in the
company's operating and financial performance, both of which have
severely weakened CSAV's liquidity position. This is a
consequence of very challenging industry conditions that will
continue to affect the company's financial position in the coming
years. Although CSAV is taking immediate actions to restructure
its operations and is looking to strengthen its capital base
through an equity infusion from its shareholders, S&P believes the
difficult market environment will continue to pressure CSAV's
credit profile," said Standard & Poor's credit analyst Diego
Ocampo.
The ratings on CSAV reflect its weak business risk profile. The
company's modest business position in the volatile container
shipping market is the result of its weak operating efficiency,
particularly in the most competitive long-haul routes such as the
east-west trades. It also has an aggressive ship-management
strategy (involving heavy use of a chartered fleet) in a
higher-than-average risk industry. These negatives lead to very
volatile profits and cash-flow generation. In addition, CSAV's
aggressive use of off-balance-sheet financing, and to a lesser
extent, its active investment program are likely to reduce the
company's financial flexibility. The company's strong positioning
in the South American west-coast routes (that stems form its
longstanding relationships with major Chilean exporters) and
its port services operations in major key Chilean ports, which
provide CSAV with a relatively predictable stream of profits,
partially mitigate the negative factors.
Despite some expected improvements, S&P expects CSAV's operations
to remain unprofitable and consume significant amounts of cash in
2009 and 2010. In this context, S&P's assessment of CSAV's
financial profile is focused on available liquidity and other
financial resources that could help the company weather these
challenging times.
CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the containership industry. With total
revenues of US$4.9 billion for fiscal 2008 and worldwide
operations, CSAV covers the routes that link the east and west
coasts of South America with North America and Europe and the
competitive east-west routes, with traffic among North Europe, the
Mediterranean, the Persian Gulf, Asia, and North America. The
Claro Group, a
diversified business group in Chile, controls CSAV.
"The CreditWatch listing reflects our views on imminent challenges
that could lead the company to further disappointing operating
performance that could deepen cash-flow shortfalls. In this
context, liquidity and the actions the company is taking to
strengthen its liquidity position remain key. S&P could further
downgrade the company if it does not reduce operational cash
losses. To avoid a downgrade, an increase in the liquidity
position should accompany operational improvement. This could
materialize with the planned increase in capital. S&P expects to
resolve the CreditWatch within the next 90 days, probably after
the release of the first-quarter results when S&P also expects to
have more details on the evolution of the equity infusions," Mr.
Ocampo added.
SOCOVESA SA: May Lay Off 3,000 Employees on Weak Demand
-------------------------------------------------------
Socovesa SA may reduce its workforce of 6,000 into half this year
after shelving new projects amid slumping demand, James Attwood of
Bloomberg News reports, citing Chief Executive Officer Cristian
Hartwig.
According to the report, CEO Hartwig said Chile's home sales
shrank about 20% last year as the country's economic growth slowed
in the worst global financial crisis since the great depression of
1929 in the United States. The company, the report relates, gets
about 80% of its business from housing.
Bloomberg News notes CEO Hartwig said Socovesa SA is delaying
plans for new projects. "Almost no one is doing new projects --
everyone's very cautious about debt levels and buying land," the
report quoted CEO Hatwig as saying. "The majority of the industry
is well prepared for this year," he said.
CEO Hartwig, the report notes, said Chile's housing market will
probably stabilize in 2009, as the central bank cuts interest
rates and the government increases spending to shield the economy
from a recession.
About Socovesa S.A.
Socovesa S.A. (Socovesa) -- http://www.socovesa.cl -- is a
Chile-based real estate company. The company is focused in the
prospecting, development, sales and management of residential
property (buildings and houses). Additionally, the company
provides interior decoration, landscape design services and
financing support. Socovesa serves a highly diversified
geographical area and socioeconomic population strata. As of
December 31, 2007, the company had invested 33% of its portfolio
in real estate construction and 67% in private and public
infrastructure development. During the fiscal year ended 2007,
Socovesa fully acquired Almargo S.A., a real estate company.
===============
C O L O M B I A
===============
TRANSTEL INTERMEDIA: Extends Offer for 12% Sr. Notes Due 2016
-------------------------------------------------------------
Transtel Intermedia S.A. has extended the expiration of its
(i) private offer to exchange, for each US$100,000 of principal
amount of its outstanding 12% Senior Notes due 2016, one of
its units, each New Unit consisting of US$100,000 principal
amount of its unissued Senior Secured Amortizing Step-up
Notes due 2016 and 100 warrants to purchase shares of its
common stock, and
(ii) solicitation of consents to:
(a) delist the Existing Notes from the Euro MTF, the
alternative market of the Luxembourg Stock Exchange, and
(b) make certain amendments to the indenture governing the
Existing Notes, the security documents related to the
Existing Notes, certain other documentation related to
the Existing Notes and the warrant agreement governing
the company's warrants issued on May 17, 2006.
The Exchange Offer and Consent Solicitation are now scheduled to
expire at 5:00 p.m., New York City time, on February 13, 2009,
unless extended by the company in its sole discretion.
The Exchange Offer and Consent Solicitation are conditioned upon
at least 95% of the outstanding aggregate amount of the Existing
Notes being validly tendered and not withdrawn, which condition
may be waived by the Company in its sole discretion. As of 5:00
p.m., New York City time, on February 6, 2009, the company was
advised by HSBC Bank USA, National Association, the exchange
agent, that an aggregate principal amount of US$56.3 million of
the Existing Notes had been validly tendered.
Any questions on the Exchange Offer and Consent Solicitation may
be addressed to:
Morgan Stanley & Co. Incorporated
+1-800-624-1808 or
+1-212-761-1864.
About Transtel
Transtel is one of the largest private telephone entities in
Colombia. As a holding company, it owns a majority equity stake
in seven fixed-line local telephone operating companies and one
cable TV company.
TRANSTEL INTERMEDIA: S&P Withdraws 'D' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services said that it has withdrawn its
'D' corporate credit rating on Transtel Intermedia S.A., because
there is insufficient information available to support a rating
opinion at this time.
"Following the company's default on its coupon payment due Dec. 1,
2008, S&P no longer have access to sufficient information to
continue surveillance on the company's ratings and debt
restructuring process," said Standard & Poor's credit analyst
Fabiola Ortiz.
Transtel is one of the largest private telephone entities in
Colombia. As a holding company, it owns a majority equity stake
in seven fixed-line local telephone operating companies and one
cable TV company.
=============
E C U A D O R
=============
ECOPETROL: Reschedules Release of 2008 Results to Feb. 17
---------------------------------------------------------
Ecopetrol S.A. has rescheduled its fourth quarter and full year
2008 earnings release to after the close of markets on Tuesday,
February 17.
The postponement is due to a delay in the final reconciliation of
some non operating expense items, which at the end the Company
does not expect to have a significant impact on its financial
results.
The company will host conference calls on Wednesday, February 18
in Spanish at 8:00 a.m. and in English at 10:00 a.m. These calls
can be accessed through a live webcast that will be available on
the Company's website http://www.ecopetrol.com.co/
About Ecopetrol S.A.
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.
ECOPETROL: Acquires Offshore Int'l with KNOC for US$900 Million
---------------------------------------------------------------
Ecopetrol S.A. and Korea National Oil Corporation ("KNOC")
completed the deal to acquire U.S.-based Offshore International
Group Inc. for US$900 million (50% Ecopetrol and 50% Knoc).
The main asset of Offshore International Group is Petro-Tech
Peruana S.A., engaged in exploration, development, hydrocarbon
production and gas processing activities in Peru. It began to
operate in January 1994 in the North coast of Peru, in block Z2B,
and its current crude average production is close to 12,000
barrels per day, with estimated 2P reserves of over 100 million
barrels.
In recent years, Offshore International has strongly positioned
itself in offshore hydrocarbon exploration and production in Peru.
Offshore International has 11 blocks in Peru (1 production and 10
exploration), which altogether add up to one of the largest
offshore areas in South America (9.5 million hectares). As of
November 2008, the revenues and net profit of the company amounted
to US$359 million and US$134 million respectively.
Offshore International Group Inc also has a holding in other
companies that provide essential services in the exploration and
production activities of Petro-Tech Peruana S.A., particularly
related to marine operations (drilling, diving and maritime
transport services).
This acquisition is an evidence of the confidence that Ecopetrol
and KNOC have in the Peruvian economy, its institutions, and its
potential in the petroleum industry. Both companies intend to
make further investments in coming years to thus increase
hydrocarbon production and reserves. One of the main goals is to
more than double the production volume within the next three
years.
About KNOC
Korea National Oil Corporation (KNOC), founded by the Korean
government in 1979, is tasked with the exploration and storage of
the nation's petroleum resources and the improvement of its
petroleum distribution infrastructure. KNOC participates in a
broad array of overseas oil development projects to achieve its
new plans for growth and enlargement. As of December 2008, KNOC is
operating a total of 44 blocks in 17 nations. KNOC has been
entrusted with the nation's petroleum stockpile projects and it
has a total capacity of 138 million barrels. KNOC strives to
guarantee the security of the nation's energy stockpile through
its efficient and advanced storage management system.
About Ecopetrol S.A.
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.
PETROECUADOR: December Export Revenues Drop 60% to US$159 Million
-----------------------------------------------------------------
Petroecuador's crude export revenues fell 60% to US$159 million in
December 2008, from US$396 million during the same period in 2007.
The declined was due to falling oil prices, Alonso Soto of Reuters
reports, citing the central bank.
Reuters relates that the average price of Oriente crude in
December 2008 dropped to US$24 per barrel from US$80.30 in the
same period a year ago, while Napo crude dropped US$28 per barrel
to US$73.70.
According to the report, crashing oil prices have forced President
Rafael Correa to slash government investment.
As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2009, Ecuador's Oil Minister Derlis Palacios, as cited by
Reuters, said Petroecuador could invest around US$1.2 billion in
2009, less than the initial investment budget for 2008 as falling
oil prices start to pinch.
Reuters recalled, for 2008, Petroecuador's board approved
investment for around US$1.7 billion to boost dwindling
production.
Minister Palacios told Reuters in an interview that the decrease
in world oil prices have prompted the government to tame early
investment in the key sector that is one of its main sources of
revenue.
About Petroecuador
Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government. It produces crude
petroleum and natural gas.
* * *
In previous years, Petroecuador, according to published reports,
was faced with cash-problems. The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors. The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings. In 2008, a new management team was
appointed to turn around the company's operations.
===========
G U Y A N A
===========
* GUYANA: Striking Air Traffic Controllers Risk Losing Jobs
-----------------------------------------------------------
Transport Minister Robeson Benn threatened to terminate the
employment of Air traffic controllers ("ATC") if they will not
halt their staged strike against the Guyana Civil Aviation
Authority ("GCAA"), Caribbean News reports. The report relates
that the workers demand payment of retroactive overtime and salary
increases for 2008, and want other concerns related to their
working conditions addressed.
According to Caribbean News, Minister Benn said GCAA could not
meet the payment demands of the ATCs. "I want to call on the
employees of the GCAA to turn out to work, if they do not do so we
will deem them as having walked off the job. We will write
letters... we cannot have a situation where we are being squeezed
by our pendulums," the report quoted Minister Ben as saying.
Meanwhile, the report notes that the Guyana Public Service union
("GPSU"), which is representing the workers, said its entire
membership is on standby for industrial action, should the
striking air traffic controllers be fired.
President of the GPSU Patrick Yarde, as cited by the report, said
the union is preparing a "communication to the International Labor
Organization (ILO) and to other international partners and
aircraft insurance providers should something happen because of
human error from tired and overworked air traffic controllers."
Mr. Yarde also said the matter will be brought to President
Bharrat Jagdeo's attention, the Caribbean News relates.
Caribbean Net News discloses that while the aspect of increases in
salaries in keeping with the circular referred to earlier was
addressed, the payment of retroactive overtime was not honored.
=============
J A M A I C A
=============
AIR JAMAICA: Could Liquidate if No Buyer Emerges
------------------------------------------------
Senator Don Wehby, head of Air Jamaica Privatisation Committee, is
giving the Jamaican government an option to liquidate Air Jamaica
if no viable investor was found by the divestment deadline on
March 31, The Jamaica Gleaner reports.
According to The Gleaner, Senator Wehby said liquidation is a
better option than rolling out a new round of subsidies for the
struggling flagship airline in the fiscal year ahead.
"Trying to keep it could result in a forced closure because of the
lack of funds to carry the airline, especially in the context of
the present world economic downturn and the hard demands that are
being made on the budget," Senator Wehby was quoted by the Gleaner
as saying.
As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2009, The Jamaica Gleaner said the Air Jamaica
Privatization Committee has confirmed that it's now in serious
discussions with three prospective investors regarding the
divestment of the national airline.
Union Asks Gov't to Reconsider
Divestment Extension
A TCR-LA report on January 7, 2008, citing 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 said that 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.
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.
AIR JAMAICA: Offers New Flights as Part of Business Plan
--------------------------------------------------------
Air Jamaica said that as part of its 2009 business plan, it will
launch new flights on February 26, 2009, which will include four
daily flights from Fort Lauderdale to Jamaica, Travelvideo.tv News
reports.
According to the report, the new schedule will also offer the only
daily non-stop flights from New York to Jamaica, with two flights
to Kingston and one to Montego Bay each day.
The report relates that Air Jamaica's new schedule has 218 weekly
flights to 13 destinations:
* between Jamaica and Toronto,
* New York (JFK),
* Chicago (O'Hare),
* Baltimore
* Philadelphia,
* Orlando,
* Fort Lauderdale,
* Curacao and Nassau, and
* services between New York and Barbados and New York and
Grenada.
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
===========
PANAMA CANAL RAILWAY: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
corporate credit rating on the Panama Canal Railway Co. and its
US$100 million senior secured notes due 2026. The outlook is
stable.
"The ratings reflect PCRC's aggressive financial profile,
particularly its leveraged capital structure," said Standard &
Poor's credit analyst Enrique Gomez Tagle.
The ratings are also limited by PCRC's business profile, which
considers the company's highly concentrated customer base mix;
strong dependence on Panamanian ports' operating performance and
berth-space expansion plans; and exposure to customers' ongoing
adjustments to their logistics strategies. However, PCRC's
adequate sources of liquidity, strategic geographic location,
and favorable concession terms support the ratings.
PCRC is the concession holder and operator of a 47-mile railway
system running parallel to the Panama Canal, linking Panama City
and Colon on the Pacific and Atlantic coasts, respectively. PCRC
started operations in 2001 upon completion of two intermodal
terminals, with its core business focused on the transshipment of
containers across Panama. PCRC is equally owned by Kansas
City Southern (B+/Stable/--) and Mi-Jack Products (not rated).
VITRO SAB: Credit Suisse Files Suit Seeking US$85 Million
---------------------------------------------------------
Credit Suisse International (CSIN) has filed a lawsuit against one
of Vitro, S.A.B. de C.V.'s subsidiaries in the Supreme Court of
the State of New York demanding payment of approximately US$85
million, the company said in a Feb. 5 statement.
The complaint arises out of a derivative financial instrument, the
company said, noting it is analyzing alternatives.
Vitro also said an accounts receivable credit facility with The
Royal Bank of Scotland, which provides funds to one of Vitro's
subsidiaries, with a balance of approximately US$19 million, which
was scheduled to end April 2009, was concluded. The company
expects to finish the settlement process within the next three
weeks.
Not Paying on 2003 Loans
In order to preserve the necessary cash to continue its operations
and consistent with its Senior Notes interest payments to
bondholders announcement, Vitro elected not to make a scheduled
payment of "$150 million pesos, plus accrued interest, due
February 5, 2009 on its Certificados Bursátiles issued in 2003."
Although the documents governing the loan, called CEBURES 03,
granted the company a 3-day grace period, Vitro said it does not
intend to make the payment in such term; instead it intends to
hold discussions with the holders of the CEBURES 03 loan in an
effort to reach a mutually acceptable agreement to restructure
this financial obligation along with the rest of the financial
creditors.
Vitro said it is continuing its discussions with the
counterparties of the derivative financial instruments, its
bondholders and its creditors to achieve an organized financial
restructuring to improve its balance sheet.
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 R I N I D A D & T O B A G O
===============================
CL FINANCIAL: President OKs Bail-Out; Govt. to Take Control
-----------------------------------------------------------
Trinidad and Tobago President George Maxwell Richards has signed
the bailout bills for CL Financial Limited, giving the government
the authority to control the company's unit, CLICO (as the
provisions of the Memorandum of Understanding came into effect)
and giving the central bank extensive powers to treat with CL
Financial's collapse and the consequent systemic crisis, Ria Taitt
of Trinidad and Tobago Express reports.
As reported by Reuters on January 30, 2009, Trinidad and Tobago
seized control of Clico Investment Bank as part of a bid to bail
out a number of cash-strapped companies belonging to CL Financial.
According to Reuters, the central bank said all third party assets
and liabilities on the books of Clico and its Caribbean Money
Market Brokers unit would be transferred to state-owned First
Citizens Bank. Central Bank Governor Ewart Williams, the same
report related, said the move is aimed to ensuring resources are
available to meet withdrawals by bank depositors and by
policyholders of the Clico Insurance company.
Reuters disclosed that Mr. Williams said the government's move was
prompted by liquidity concerns stemming from the impact of
methanol and real estate prices on the CL Financial's finances.
Gov't Won't Intervene in
Republic Bank's Operations
CIB/Clico has a 55% stake in Republic Bank.
The Express notes that in the midst of speculations that the
government will interfere in Republic Bank's operations, Minister
of Finance Karen Nunez-Tesheira said: "We assert that the
Government has no intention of taking over Republic Bank, or
getting involved in the operations of the Republic Bank."
Ms. Nunez-Tesheira, The Express recounts, met with Republic Bank
officials-chairman Ronald Harford, managing director David Dulal-
Whiteway, group corporate secretary Jacqueline Quamina and deputy
managing director Gregory Thompson and discussed the impact of the
current CIB/Clico situation on the banking system and possible
options for the eventual liquidation of CIB/Clico's 55%
shareholding in Republic Bank.
According to the Express, a joint statement by the Ministry of
Finance and Republic Bank Ltd, stated: "The Minister of Finance
reiterated that the Government does not intend to request a change
in the board of directors, management or governance structure of
Republic Bank. Work has already begun on the share divestment
proposal and decisions will be made public in due course."
It also added: "All available options for the ownership of the
shares are being examined and a solution that is in the best
interests of all stakeholders and the country as a whole will be
arrived at. In the interim, the shares will remain the property
of the CL Financial Group, held in trust by the Central Bank of
Trinidad and Tobago," The Express adds.
Lawrence Duprey to Remain as CL Chairman
Trinidad and Tobago Central Bank Governor Ewart Williams confirmed
that CL Financial Chairman Lawrence Duprey will remain in his
position amid rumors that Mr. Duprey would be asked to step down
as chairman, Oscar Ramjeet of Caribbean Net News reports.
As reported in the Troubled Company Reporter-Latin America on
February 6, 2009, Trinidad & Tobago Express said Top United
Kingdom attorneys representing Lawrence Duprey's CL Financial
Group have written to Finance Minister Karen Nunez-Tesheira and
Central Bank Governor Ewart Williams to settle unresolved issues
in Government's bailout package for the distressed conglomerate.
According to Trinidad & Tobago Express, one of the issues to be
hammered out would be if Mr. Duprey stayed on as chairman of CL
Financial.
Mr. Duprey told the Express in an interview that he would step
down as CLICO chairman, but had no reason to remove himself as
chairman of the CL Financial Group.
Caribbean Net News relates, citing Trinidad Express, a new board
of directors at CL Financial subsidiary, CLICO, has however been
installed and is moving to start funding customer liabilities by
next week.
The new CLICO board is chaired by former Central Bank Governor
Euric Bobb, who was installed on February 6.
About CL Financial
According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean. Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey. CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.
=================
V E N E Z U E L A
=================
BANCO OCCIDENTAL: Fitch Puts 'B-' on Neg. Watch on Merger Costs
---------------------------------------------------------------
Fitch Ratings has placed Banco Occidental de Descuento's Issuer
Default Rating and Individual Rating on Rating Watch Negative
after BOD acquired from its shareholder (Cartera de Inversiones de
Venezuela) Corp Banca C.A. for VEB2,400 billon in January 2009.
The bank is in the process of obtaining shareholder and regulatory
approvals in order to merge Corp Banca into BOD.
Fitch's ratings are:
-- Long-term Foreign and Local Currency IDRs at 'B-'; Rating
Watch Negative;
-- Short-term Foreign and Local Currency IDRs at 'B'; Rating
Watch Negative;
-- Individual at 'D/E'; Rating Watch Negative;
-- Support at '5';
-- Long-term National rating at 'BBB-(ven)';
-- Short-term National rating at 'F-3(ven)'.
The Support Floor rating is affirmed at NF.
Fitch expects to downgrade BOD's IDR and Individual ratings if BOD
is not able to replenish its capital base in order to compensate
for the burden imposed by the aforementioned transaction, and also
to comply with the capital regulatory guidelines imposed by the
Banking Superintendence.
BOD's ratings reflect its strong regional presence and thorough
knowledge in its area of influence. BOD's ratings are limited by
a weak capital base, volatile asset quality ratios, low
profitability and the negative effects of government intervention
over the bank business.
Corp Banca is a mid-sized bank acquired by CIV in 2007 from the
Chilean-based Corp Group. At the end of June 2008, Corp Banca
managed assets of around US$3.2 billion and equity of
US$237 million. Corp Banca is a meaningful player in the local
credit card market, especially through the commercialization of
American Express cards; Corp Banca also enjoys a good market share
in the middle market (individuals and small- and medium-sized
companies). Under CIV management, the bank has achieved
considerable growth taking advantage of the strong franchise of
BOD and the expansion plan of its parent. Also, both banks have
been working on integrating operating platforms since 2008.
On Jan. 23, 2009, BOD completed the acquisition of 98% of the
shares of Corp Banca, paying around VEB2,400 billion to CIV. This
price represents more than two times BOD equity and also would
result in a sizable goodwill (estimated around VEB1,500 billion,
or more than 1 times (x) BOD's equity) that will impose further
pressures to the already thin capital base of BOD. In addition,
integration costs are still pending evaluation, but BOD expects to
leverage itself on its previous merger experiences of smaller
banks and saving and loans entities in order to minimize those
expenses and possible implementation issues. In turn, the merger
will help BOD to enhance its position as the fifth-largest bank in
the country and expand its footprint in the central and eastern
areas of the country, while the different profile of its customer
base will help to boost further diversification.
Although the current transaction imposed further pressures to the
already thin capital base of BOD (given that the Free Capital
Ratio will plunge to negative levels due the size of the expected
goodwill) and also reduced its liquidity levels, Fitch believes
that BOD's strong franchise (especially in the Zulia region, the
second-largest economic hub in the country) and the experience of
its management team will offset some how those limitations and
move forward to a less encumbered capital base. A future capital
infusion or the realization of some non-recurring gains due the
possible sale of some fixed assets could help to recover capital
levels, but those are still contingent on happening. BOD was
Venezuela's fifth-largest bank in terms of funds under management
(assets + ceded investments) at year-end June 2008, with a 6.9%
market share. It has a privileged market position in Venezuela's
leading oil-producing region, Zulia. BOD is controlled by Cartera
de Inversiones de Venezuela, which is controlled by BOD's
president.
* VENEZUELA: January Car Sales Hit 4-Year Low Due to Import Ban
---------------------------------------------------------------
Venezuela's January car sales plunged 43% to 15,916 vehicle, the
lowest in almost four years, from the same period last year as
government restrictions on automobile imports reduced supply,
Matthew Walter of Bloomberg News reports, citing the Venezuelan
Automotive Chamber of Commerce.
The report relates that sales of imported cars also dropped 65% in
January from the same month in 2008.
According to the report, the drop in car sales has contributed to
a slowdown in the country's economic growth.
The chamber of commerce, the report notes, said sales of
domestically produced cars in Venezuela rose 34% in January from a
year earlier to 8,328 units, while total sales in January fell 17%
from December 2008.
* * *
According to Moody's Rating Agency, Venezuela continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PLAT-$ COMED AR -747305024 422118016
COMERCIAL PL-C/E COMEC AR -747305024 422118016
COMERCIAL PLAT-$ COMED AR -747305024 422118016
SOC COMERCIAL PL CVVIF US -747305024 422118016
IMPSAT FIBER NET IMPTQ US -17165000 535007008
IMPSAT FIBER-CED IMPT AR -17165000 535007008
SOC COMERCIAL PL CAD IX -747305024 422118016
SOC COMERCIAL PL CADN SW -747305024 422118016
SOC COMERCIAL PL COME AR -747305024 422118016
COMERCIAL PLA-BL COMEB AR -747305024 422118016
SOC COMERCIAL PL SCDPF US -747305024 422118016
IMPSAT FIBER NET XIMPT SM -17165000 535007008
COMERCIAL PL-ADR SCPDS LI -747305024 422118016
IMPSAT FIBER-BLK IMPTB AR -17165000 535007008
IMPSAT FIBER-C/E IMPTC AR -17165000 535007008
IMPSAT FIBER-$US IMPTD AR -17165000 535007008
IMPSAT FIBER NET 330902Q GR -17165000 535007008
BRAZIL
TELEBRAS-ADR TBASY US -187984000 226080000
CIMOB PARTIC SA GAFP3 BZ -77366408 90471752
RIMET-PREF REEMPN BZ -232197008 144454000
CHIARELLI SA-PRF CCHPN BZ -85685000 42853000
TEXTEIS RENAUX RENXPN BZ -135343008 86140000
PARQUE TEM-RCT P PQTM10 BZ -388872000 152268000
TEKA-PREF TEKA4 BZ -449536992 526557984
TELEBRAS-ADR RTB US -187984000 226080000
TELEBRAS-PF BLCK TELB40 BZ -187984000 226080000
TELEBRAS-RCT RCTB33 BZ -187984000 226080000
TELEBRAS-RTS CMN TCLP1 BZ -187984000 226080000
TELEBRAS-CM RCPT RCTB31 BZ -187984000 226080000
TELEBRAS-CM RCPT RCTB32 BZ -187984000 226080000
TELEBRAS-PF RCPT RCTB40 BZ -187984000 226080000
COARI PART COAR3 BZ -56000 3270861056
BUETTNER SA BUETON BZ -54926000 148186992
TELEBRAS-PF RCPT RCTB41 BZ -187984000 226080000
TELEBRAS-PF RCPT RCTB42 BZ -187984000 226080000
SCHLOSSER SCLO3 BZ -95113000 45358000
STAROUP SA-PREF STARPN BZ -3164000 66833000
BOTUCATU TEXTIL STRP3 BZ -3164000 66833000
TELEBRAS-CM RCPT TELE31 BZ -187984000 226080000
STAROUP SA STARON BZ -3164000 66833000
DOCA INVESTIMENT DOCA3 BZ -23571000 206494000
TELEBRAS SA TBASF US -187984000 226080000
TECTOY-RCPT PF B TOYB12 BZ -2539000 41684000
TELEBRAS-PF RCPT TBAPF US -187984000 226080000
TELEBRAS-ADR TBAPY US -187984000 226080000
GAZOLA SA GAZON BZ -73665296 27266214
TECEL S JOSE-PRF SJOS4 BZ -37557000 79567000
SCHLOSSER-PREF SCLO4 BZ -95113000 45358000
GAZOLA SA-DVD CM GAZO11 BZ -73665296 27266214
SANSUY SNSY3 BZ -63134000 235182000
SANSUY SA-PREF A SNSYAN BZ -63134000 235182000
SANSUY SA-PREF B SNSYBN BZ -63134000 235182000
SAUIPE PSEG3 BZ -16319050 17641202
CYRELA COMME-ADR 1049834Z LI -4282000 695033024
HERCULES-PREF HETA4 BZ -273456000 25126000
NORDON MET-RTS NORD1 BZ -33521000 36317000
TELEBRAS-CED C/E TEL4C AR -187984000 226080000
WETZEL SA MWET3 BZ -8903000 150210992
WETZEL SA-PREF MWET4 BZ -8903000 150210992
NORDON METAL NORDON BZ -33521000 36317000
PARQUE TEM-RCT C PQTM9 BZ -388872000 152268000
NOVA AMERICA-PRF NOVAPN BZ -353104000 40955000
NOVA AMERICA SA NOVA3 BZ -353104000 40955000
NOVA AMERICA-PRF NOVA4 BZ -353104000 40955000
CONST A LIND-PRF LINDPN BZ -13659000 51808000
MINUPAR MNPR3 BZ -34191000 179201008
SANSUY-PREF A SNSY5 BZ -63134000 235182000
CONST A LINDEN LINDON BZ -13659000 51808000
SAUIPE SA-PREF PSEGPN BZ -16319050 17641202
DOC IMBITUBA IMBI3 BZ -25164000 202283008
SAUIPE SA PSEGON BZ -16319050 17641202
MINUPAR SA MNPRON BZ -34191000 179201008
MINUPAR SA-PREF MNPRPN BZ -34191000 179201008
WETZEL SA-PREF MWELPN BZ -8903000 150210992
MINUPAR-PREF MNPR4 BZ -34191000 179201008
GASCOIGNE EMPREE 1GASON BZ -1048602048 1586146944
NOVA AMERICA SA NOVAON BZ -353104000 40955000
TELEBRAS-CEDE BL RCT4B AR -187984000 226080000
TELEBRAS-RTS CMN RCTB1 BZ -187984000 226080000
TELEBRAS-RTS PRFRCTB2 BZ -187984000 226080000
ARTHUR LANGE-PRF ALICPN BZ -26011000 34053000
DTC DIRECT CO-RT 1DTCONR BZ -16264999 11902000
SCHLOSSER SA SCHON BZ -95113000 45358000
PARQUE TEM-RT CM PQTM1 BZ -388872000 152268000
PARQUE TEM-DV CM PQT5 BZ -388872000 152268000
PARQUE TEM-DV PF PQT6 BZ -388872000 152268000
PARQUE TEM-RT PF PQTM2 BZ -388872000 152268000
TEC TOY SA-PREF TOYB5 BZ -2539000 41684000
PROMAN PRMN3 BZ -591000 24461000
HOPI HARI SA PQTM3 BZ -388872000 152268000
FABRICA RENAUX-P FRNXPN BZ -55261000 126672000
TECTOY TOYB3 BZ -2539000 41684000
TECTOY-PREF TOYB4 BZ -2539000 41684000
CAF BRASILIA CAFE3 BZ -1042639040 38244000
KUALA-PREF ARTE4 BZ -33570000 11856000
SAUIPE-PREF PSEG4 BZ -16319050 17641202
ARTHUR LANG-RC P ARLA10 BZ -26011000 34053000
WETZEL SA MWELON BZ -8903000 150210992
TEC TOY SA-PF B TOYB6 BZ -2539000 41684000
HERCULES HETA3 BZ -273456000 25126000
HOPI HARI-PREF PQTM4 BZ -388872000 152268000
TELEBRAS SA-PREF TLBRPN BZ -187984000 226080000
TEKA TKTQF US -449536992 526557984
TEKA-ADR TKTQY US -449536992 526557984
EXCELSIOR-RCT BAUH10 BZ -3589000 20444000
TECTOY-RCT PREF TOYB10 BZ -2539000 41684000
TECTOY-PF-RTS5/6 TOYB11 BZ -2539000 41684000
TELEBRAS-PF RCPT TLBRUP BZ -187984000 226080000
TECTOY-RTS/3 TOYB1 BZ -2539000 41684000
TEC TOY SA-PREF TOYDF US -2539000 41684000
FER C ATLANT VSPT3 BZ -85429000 2074043008
FER C ATLANT-PRF VSPT4 BZ -85429000 2074043008
FERROVIA CEN-DVD VSPT11 BZ -85429000 2074043008
TELEBRAS-RTS PRF TLCP2 BZ -187984000 226080000
TELEBRAS SA-PREF TELB4 BZ -187984000 226080000
WIEST SA-PREF WISAPN BZ -140973008 71372000
SANSUY-PREF B SNSY6 BZ -63134000 235182000
WIEST-PREF WISA4 BZ -140973008 71372000
WIEST SA WISAON BZ -140973008 71372000
TELEBRAS-RECEIPT TLBRUO BZ -187984000 226080000
VARIG SA-PREF VAGV4 BZ -10176870400 2094450944
TEXTIL RENAUXVIE TXRX3 BZ -135343008 86140000
TEXTEIS RENAU-PF TXRX4 BZ -135343008 86140000
TELEBRAS-CM RCPT TBRTF US -187984000 226080000
VARIG PART EM-PR VPTA4 BZ -867658048 107416000
FER C ATL-RCT PF VSPT10 BZ -85429000 2074043008
VARIG SA-PREF VARGPN BZ -10176870400 2094450944
DTC DIRECT CO SA 1DTCON BZ -16264999 11902000
SCHLOSSER SA-PRF SCHPN BZ -95113000 45358000
TEKA TEKAON BZ -449536992 526557984
TELEBRAS-CEDE PF RCTB4 AR -187984000 226080000
TEKA TEKA3 BZ -449536992 526557984
TEKA-PREF TEKAPN BZ -449536992 526557984
TELEBRAS-CEDEA $ TEL4D AR -187984000 226080000
TELEBRAS-COM RTS TELB1 BZ -187984000 226080000
TEKA-ADR TEKAY US -449536992 526557984
TECBLU-PREF A TENE5 BZ -13127000 14637000
TECBLU-PREF A TBLUAN BZ -13127000 14637000
ESTRELA SA ESTRON BZ -80125000 153186000
TELEBRAS-ADR TBH US -187984000 226080000
TELEBRAS/W-I-ADR TBH-W US -187984000 226080000
MARAMBAIA-PREF CTPC4 BZ -1381000 79728000
CAFE BRASILIA-PR CSBRPN BZ -1042639040 38244000
TELEBRAS-ADR TBX GR -187984000 226080000
TECBLU TBLUON BZ -13127000 14637000
TELEBRAS-ADR TBRAY GR -187984000 226080000
TELEBRAS-RCT PRF TELB10 BZ -187984000 226080000
CTM CITRUS-COM R CTPC1 BZ -1381000 79728000
ACO ALTONA-PREF EAAPN BZ -31429000 170270992
TECBLU -RTS TENE1 BZ -13127000 14637000
TECBLU-PR A RC TENE11 BZ -13127000 14637000
TECBLU-PREF B TENE6 BZ -13127000 14637000
CYRELA COMME-ADR CCPEL US -4282000 695033024
TEKA-ADR TKTPY US -449536992 526557984
TECBLU-PREF C TENE7 BZ -13127000 14637000
TECBLU-COM RCT TENE9 BZ -13127000 14637000
TELEBRAS-CEDE PF TELB4 AR -187984000 226080000
WIEST WISA3 BZ -140973008 71372000
TELEBRAS-CM RCPT RCTB30 BZ -187984000 226080000
TELEBRAS-BLOCK TELB30 BZ -187984000 226080000
VARIG PART EM TR VPTA3 BZ -867658048 107416000
TECBLU-RCPT CMN TEN8 BZ -13127000 14637000
CHIARELLI SA CCHI3 BZ -85685000 42853000
SANSUY SA SNSYON BZ -63134000 235182000
VARIG SA VAGV3 BZ -10176870400 2094450944
TECBLU-RCPT PREF TEN9 BZ -13127000 14637000
CHIARELLI SA-PRF CCHI4 BZ -85685000 42853000
COBRASMA-PREF CBMA4 BZ -2764018944 19346000
CENT AMAPA CTAP3 BZ -11996000 15000
CHIARELLI SA CCHON BZ -85685000 42853000
CYRELA COMMERCIA CCPR3 BZ -4282000 695033024
RIMET REEM3 BZ -232197008 144454000
RIMET REEMON BZ -232197008 144454000
TEKA-PREF TKTPF US -449536992 526557984
CONST A LIND-PRF CALI4 BZ -13659000 51808000
GAZOLA SA-DVD PF GAZO12 BZ -73665296 27266214
CAF BRASILIA-PRF CAFE4 BZ -1042639040 38244000
CTM CITRUS SA CTMON BZ -1381000 79728000
CAMBUCI SA-PREF CAMB4 BZ -42495000 177378992
FERRAGENS HAGA-P HAGAPN BZ -110814000 25668954
COBRASMA CBMA3 BZ -2764018944 19346000
CAMBUCI SA CAMBON BZ -42495000 177378992
ALL MALHA PAULIS GASC3 BZ -1048602048 1586146944
CTM CITRUS-ADR CTMMY US -1381000 79728000
CONST A LINDEN CALI3 BZ -13659000 51808000
TELEBRAS-PF RCPT CBRZF US -187984000 226080000
MARAMBAIA-PREF CTMMF US -1381000 79728000
CTM CITRUS-PREF CTMPN BZ -1381000 79728000
CAMBUCI SA CAMB3 BZ -42495000 177378992
CTM CITRUS-RCT P CTPC10 BZ -1381000 79728000
CTM CITRUS-RCT C CTP5 BZ -1381000 79728000
CTM CITRUS-RCT P CTP6 BZ -1381000 79728000
DHB IND E COM-PR DHBPN BZ -588646016 221336000
ARTHUR LANG-RT C ARLA1 BZ -26011000 34053000
DOCAS SA-PREF DOCAPN BZ -23571000 206494000
COBRASMA SA COBRON BZ -2764018944 19346000
DOCAS SA DOCAON BZ -23571000 206494000
BOMBRIL BOBR3 BZ -485678016 442846016
VARIG SA VARGON BZ -10176870400 2094450944
TELEBRAS-CED C/E RCT4C AR -187984000 226080000
ARTHUR LANGE SA ALICON BZ -26011000 34053000
ARTHUR LANG-RT P ARLA2 BZ -26011000 34053000
EXCELSIOR-RT BAUH1 BZ -3589000 20444000
FERRAGENS HAGA HAGAON BZ -110814000 25668954
AZEVEDO E TRAVAS AZEVON BZ -10976000 116398000
AZEVEDO E TRA-PR AZEVPN BZ -10976000 116398000
EXCELSIOR-RT BAUH2 BZ -3589000 20444000
BUETTNER-PREF BUET4 BZ -54926000 148186992
BAUMHARDT IRMAOS BAUMON BZ -3589000 20444000
EXCELSIOR ALIMEN BAUH3 BZ -3589000 20444000
EXCELSIOR-PREF BAUH4 BZ -3589000 20444000
ARTHUR LANG-RC C ARLA9 BZ -26011000 34053000
KUALA ARTE3 BZ -33570000 11856000
ARTHUR LANGE-PRF ARLA4 BZ -26011000 34053000
ARTHUR LANGE ARLA3 BZ -26011000 34053000
TECTOY-BONUS RTS TOYB13 BZ -2539000 41684000
AZEVEDO AZEV3 BZ -10976000 116398000
BUETTNER SA-RTS BUET1 BZ -54926000 148186992
ARTEX SA ARTXON BZ -33570000 11856000
ARTEX SA-PREF ARTXPN BZ -33570000 11856000
BUETTNER SA-RT P BUET2 BZ -54926000 148186992
CYRELA COMME-ADR CYRLY US -4282000 695033024
BOMBRIL CIRIO-PF BOBRPN BZ -485678016 442846016
ESTRELA SA-PREF ESTRPN BZ -80125000 153186000
EXCELSIOR-RCT BAUH9 BZ -3589000 20444000
ARTHUR LAN-DVD C ARLA11 BZ -26011000 34053000
BOMBRIL SA-ADR BMBBY US -485678016 442846016
ARTHUR LAN-DVD P ARLA12 BZ -26011000 34053000
BUETTNER SA-PRF BUETPN BZ -54926000 148186992
FABRICA RENAUX FTRX3 BZ -55261000 126672000
BOMBRIL SA-ADR BMBPY US -485678016 442846016
BAUMHARDT IRM-PR BAUMPN BZ -3589000 20444000
BOMBRIL BMBBF US -485678016 442846016
BOMBRIL-RIGHTS BOBR1 BZ -485678016 442846016
BOMBRIL-PREF BOBR4 BZ -485678016 442846016
BOMBRIL CIRIO SA BOBRON BZ -485678016 442846016
BOMBRIL-RGTS PRE BOBR2 BZ -485678016 442846016
FABRICA RENAUX FRNXON BZ -55261000 126672000
GASCOIGNE EMP-PF GASC4 BZ -1048602048 1586146944
GAZOLA-RCPT PREF GAZO10 BZ -73665296 27266214
CIMOB PART-PREF GAFPN BZ -77366408 90471752
CAMBUCI SA-PREF CAMBPN BZ -42495000 177378992
AZEVEDO-PREF AZEV4 BZ -10976000 116398000
GAZOLA-RCPTS CMN GAZO9 BZ -73665296 27266214
TECEL S JOSE SJOS3 BZ -37557000 79567000
GAZOLA GAZO3 BZ -73665296 27266214
GAZOLA-PREF GAZO4 BZ -73665296 27266214
TECTOY SA TOYBON BZ -2539000 41684000
FABRICA RENAUX-P FTRX4 BZ -55261000 126672000
TELEBRAS SA TLBRON BZ -187984000 226080000
FABRICA TECID-RT FTRX1 BZ -55261000 126672000
TECEL S JOSE FTSJON BZ -37557000 79567000
TEXTEIS RENAUX RENXON BZ -135343008 86140000
CIMOB PART-PREF GAFP4 BZ -77366408 90471752
TECEL S JOSE-PRF FTSJPN BZ -37557000 79567000
COBRASMA SA-PREF COBRPN BZ -2764018944 19346000
GAZOLA SA-PREF GAZPN BZ -73665296 27266214
DOC IMBITUB-PREF IMBI4 BZ -25164000 202283008
DOCAS IMBITUBA IMBION BZ -25164000 202283008
DOC IMBITUBA-RTP IMBI2 BZ -25164000 202283008
TECTOY SA-PREF TOYBPN BZ -2539000 41684000
DOCAS IMBITUB-PR IMBIPN BZ -25164000 202283008
NOVA AMERICA SA 1NOVON BZ -353104000 40955000
TELEBRAS-PF RCPT TELE41 BZ -187984000 226080000
RIMET-PREF REEM4 BZ -232197008 144454000
NOVA AMERICA-PRF 1NOVPN BZ -353104000 40955000
TELEBRAS SA TELB3 BZ -187984000 226080000
FERROVIA CEN-DVD VSPT12 BZ -85429000 2074043008
HAGA HAGA3 BZ -110814000 25668954
FER HAGA-PREF HAGA4 BZ -110814000 25668954
HERCULES SA HERTON BZ -273456000 25126000
GASCOIGNE EMP-PF 1GASPN BZ -1048602048 1586146944
DOC IMBITUBA-RTC IMBI1 BZ -25164000 202283008
HERCULES SA-PREF HERTPN BZ -273456000 25126000
DHB IND E COM DHBON BZ -588646016 221336000
BOTUCATU-PREF STRP4 BZ -3164000 66833000
DOCA INVESTI-PFD DOCA4 BZ -23571000 206494000
FERREIRA GUIM-PR FGUIPN BZ -224564000 24631000
DOCAS SA-RTS PRF DOCA2 BZ -23571000 206494000
TELEBRAS-CEDEA $ RCT4D AR -187984000 226080000
DTCOM- DIR TO CO DTCY3 BZ -16264999 11902000
COARI PART-PREF COAR4 BZ -56000 3270861056
DTCOM- DIRECT-PR DTCY4 BZ -16264999 11902000
DTCOM-RT DTCY1 BZ -16264999 11902000
CAFE BRASILIA SA CSBRON BZ -1042639040 38244000
TECBLU-PREF C TBLUCN BZ -13127000 14637000
CTM CITRUS-RCT C CTPC9 BZ -1381000 79728000
CTM CITRUS- PR R CTPC2 BZ -1381000 79728000
MARAMBAIA CTPC3 BZ -1381000 79728000
D H B DHBI3 BZ -588646016 221336000
TELECOMUNICA-ADR 81370Z BZ -187984000 226080000
D H B-PREF DHBI4 BZ -588646016 221336000
CAMBUCI SA-PREF CXDOF US -42495000 177378992
ESTRELA SA ESTR3 BZ -80125000 153186000
TECBLU TENE3 BZ -13127000 14637000
ACO ALTONA EALT3 BZ -31429000 170270992
ESTRELA SA-PREF ESTR4 BZ -80125000 153186000
FERREIRA GUIMARA FGUION BZ -224564000 24631000
CIMOB PARTIC SA GAFON BZ -77366408 90471752
TECBLU-PREF B TBLUBN BZ -13127000 14637000
TECTOY-RCT ORD TOYB9 BZ -2539000 41684000
F GUIMARAES-PREF FGUI4 BZ -224564000 24631000
BUETTNER BUET3 BZ -54926000 148186992
NORDON MET NORD3 BZ -33521000 36317000
F GUIMARAES FGUI3 BZ -224564000 24631000
N.A. DTCY9 BZ -16264999 11902000
ACO ALTONA SA EAAON BZ -31429000 170270992
ACO ALTONA-PREF EALT4 BZ -31429000 170270992
FER C ATL-RCT CM VSPT9 BZ -85429000 2074043008
***********
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 * * *