/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090211.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 Wednesday, February 11, 2009, Vol. 9, No. 29 Headlines A R G E N T I N A FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Scale Rating QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3 TALMECA SA: Proofs of Claim Verification Due on April 8 B A H A M A S RENOVA HOLDING: Moody's Downgrades Corp. Family Rating to 'Ba3' B R A Z I L BRASKEM: Begins Work on New Green Polyethylene Plant COMPANY SA: Merger Completion Cues Fitch IDR Upgrade to 'BB-' EMBRATEL: Fixed Corporate Lines Increased 53% by End of 2008 FIDC NAO: Moody's Assigns 'Ba2' Definitive Global Scale Ratings * BRAZIL: January Vehicle Sales Drop 8.1% to 197,500 C A Y M A N I S L A N D S ATLANTIC JADE: Shareholders Receive Wind-Up Report GEORGE TOWN: Members Receive Wind-Up Report HIGHGATE HOUSE: Shareholders Receive Wind-Up Report KING LUN: Members Receive Wind-Up Report LEVERAGED SHORT: Shareholders Receive Wind-Up Report LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report MELLON AHLI: Shareholders Receive Wind-Up Report MIKADO LTD: Members Receive Wind-Up Report MONTGOMERY EQUITY: Shareholders Receive Wind-Up Report OTKRITIE CAPITAL: Shareholders Receive Wind-Up Report PERFORMANCE PARTNERS: Shareholders Receive Wind-Up Report RANCHO PARK: Shareholders Receive Wind-Up Report RICHLAND GLOBAL: Shareholders Receive Wind-Up Report SAFIR CAPITAL: Sole Shareholder Receives Wind-Up Report STEAMBOAT SELECT: Shareholders Receive Wind-Up Report VAUGHAN NELSON: Shareholders Receive Wind-Up Report WIMBLEDON COMMON: Shareholders Receive Wind-Up Report C H I L E AES CORP: Chilean Unit Completes US$248 Million Capital Increase COMPHANIA SUD: Sees "Important" Losses This Year Amid Slow Demand D O M I N I C A N R E P U B L I C CEMEX: Unit's Dec. Sales Fell 25%; Cuts 20% of Fixed Personnel G R E N A D A * GRENADA: Minister Sees 30% Increase in Unployment By Year End G U Y A N A CL FINANCIAL: Guyana Gov't to Keep an Eye on Local CLICO Ops. J A M A I C A AIR JAMAICA: Panel to Review Union Proposal on Job Cut Plans ALPART: Reaches New Work Plan Deal With National Workers Union M E X I C O VITRO SAB: Fitch Cuts IDR to 'D' Due to MXP150-Mil. Missed Payment T R I N I D A D & T O B A G O CL FINANCIAL: CLICO Bailout to Cost $6-$8 Bln, Central Bank Says CL FINANCIAL: Finance Minister Denies Inside Trading Allegations U R U G U A Y BANCO ITAU: Fitch Affirms Issuer Default Rating at 'BB-' FANAPEL SA: Moody's Downgrades Corp. Family Rating to 'B2' - - - - - ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Scale Rating ---------------------------------------------------------------- Moody's Latin America (Moody's) has assigned a rating of A1.ar (Argentine National Scale) and of B2 (Global Scale, Local Currency) to the debt securities of Fideicomiso Financiero Novagro II issued by Rosario Fiduciaria - acting solely in its capacity as Issuer and Trustee. Moody's also assigned a rating of B3.ar (Argentine National Scale) and of Caa2 (Global Scale, Local Currency) to the subordinated Certificates. The A1.ar rating is on review for possible upgrade, as well as the rating of the financial guarantor. The rated securities are backed by a pool of trade receivables originated by Novagro, a company dedicated to the sale of agricultural supplies. The trade receivables are guaranteed by Aval Rural S.G.R., which is a financial guarantor in Argentina. Aval Rural has a rating of A1.ar (Argentine National Scale) and of B2 (Global Scale, Local Currency). The rating assigned to this transaction is primarily based on the rating of Aval Rural. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. Structure Rosario Fiduciaria (Issuer and Trustee) issued one class of debt securities denominated in US dollars. The rated securities will bear a 10.5% annual interest rate. The rated securities will be repaid from cash flow arising from the assets of the Trust, comprised of a pool of trade receivables denominated in US dollars, guaranteed by Aval Rural S.G.R. The trade receivables will be purchased at a 15.5% discount rate in order to pay trust and expenses and interest rate on the rated securities. If, for any reason, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Aval Rural to make payments under the trade receivables. Rating Methodology The rating assigned to this transaction is primarily based on the rating of the guarantor of the underlying assets, Aval Rural S.G.R. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. The rating addresses the payment of interest and principal on the legal final maturity date of the securities. Also, the rating takes into consideration the structure of the transaction, in particular the timing for the payment of the guaranteed assets, in order to comply with investor's expectations for principal and interest payment on the rated securities. Other relevant features reviewed were the sufficiency of the discount rate and currency matching. Although the rated securities (and the trade receivables) are denominated in US dollars, they will be paid in Argentine pesos at the exchange rate published by Banco de la Nación Argentina as of July 24, 2009, which will be the used to pay the rated securities. As a result, the dollar is used as a currency of reference and not as a mean of payment. For that reason, the transaction is considered to be denominated in local currency. Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Rating Action -- US$ 2,060,893 in Fixed Rate Debt Securities of "Fideicomiso Financiero Novagro II", rated A1.ar on Review for Possible Upgrade (Argentine National Scale) and B2 (Global Scale, Local Currency). -- US$ 63,739 in Certificates of "Fideicomiso Financiero Novagro II", rated B3.ar (Argentine National Scale) and Caa2 (Global Scale, Local Currency). QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3 --------------------------------------------------------------- The court-appointed trustee for Quimica Industrial Disur S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until April 3, 2009. The trustee will present the validated claims in court as individual reports on May 29, 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 7, 2009. TALMECA SA: Proofs of Claim Verification Due on April 8 ------------------------------------------------------- The court-appointed trustee for Talmeca S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until April 8, 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 July 8, 2009. ============= B A H A M A S ============= RENOVA HOLDING: Moody's Downgrades Corp. Family Rating to 'Ba3' --------------------------------------------------------------- Moody's Investors Service has downgraded the corporate family rating of Renova Holding Ltd to Ba3 from Ba2 and maintained the ratings under review for downgrade. The rating action follows the increase during 2008 in the investment company's leverage as a result of new debt incurred to finance several acquisitions giving rise to sizable debt service obligations during this fiscal year at a time when the projected cash flow generation of the holding is likely to be reduced by lower dividend flows resulting in the group becoming possibly more reliant upon the timely execution of divestitures to meet those obligations. While Moody's notes that the company maintained substantial cash balances at the end of 2008 and is taking steps to proactively manage its liquidity position and debt service obligations, the rating agency is concerned about a likely substantial decline in the dividend stream from the core holdings over the next 12-24 months with the cash coverage metric under the Investment Holding Companies methodology used to assess Renova's credit profile likely falling towards 2 times in the medium term. Moody's also notes that the group will need to meet sizable debt service payments that, in the absence of new committed lines, raise the group's reliance on a timely execution of disposals in the current difficult credit environment. These considerations, together taking into account its forecast liquidity profile, resulted in Moody's assessment that the probability of default assumption incorporated into the Renova's corporate family rating has increased resulting in the assignment of a B2 Probability of Default rating at this time. Of further consideration is the impact of the decline in the equity markets in the last quarter of 2008 and estimated comparable reduction in the valuations of Renova's sizable unlisted assets on the headroom that had existed under the group's Market Value-based Leverage metrics. At current market valuations of the listed core assets, Moody's estimates that the market value leverage of Renova is weakening towards 50% taking into account scheduled repayments, that, if sustained, would be more in line with a single-B rating category. However, the Ba3 Corporate Family Rating is supported at this time by the expectation of relatively high family recovery rates in the event of a default underpinned by the current market valuations of the core listed assets. The ratings remain under review for downgrade as the rating agency continues to monitor the group's progress with the divestments and provision of back-up facilities to support the medium-term liquidity position. Moody's notes that the ratings may be downgraded should the Market Value-based Leverage ratio increase further undermining expected family recovery rates, or if delays in the implementation of the divestment programme or provision of committed back-up lines result in further increases in Moody's probability of default assumptions. Moody's previous rating action on Renova was on the 22 December 2008 when the rating agency placed the Ba2 corporate family rating under review for downgrade. Renova Holding Ltd is a Bahamas-based investment holding company with principal investments in TNK-BP, UC RUSAL, a number of Russian power generation and distribution companies, as well as chemical, machinery, telecoms and media and real estate companies in Russia and Europe. At the end of the first half of 2008, the fair value of its portfolio was estimated at US$19.3 billion, with the core investments concentrated in Russia. About Renova Holding Renova Holding Ltd is a Bahamas-based investment holding company with principal investments in TNK-BP, UC RUSAL, a number of Russian power generation and distribution companies, =========== B R A Z I L =========== BRASKEM: Begins Work on New Green Polyethylene Plant ---------------------------------------------------- Braskem has begun working on its new green polyethylene plant in Triunfo. In the beginning of January, the Environmental Protection Foundation ("Fepam") granted the Installation License (LI), which authorizes the beginning of the construction process. Braskem is working on engineering project details. The unit will be installed next to Basic Petrochemical Unit Plant 2. Investments will reach R$ 500 million and the plant will have the capacity to produce 200 thousand tons/year. Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As reported by the Troubled Company Teporter-Latin America on Jan. 23, 2009, Fitch Ratings affirmed Braskem S.A.'s ratings: -- Foreign currency long-term Issuer Default Rating (IDR) at 'BB+'; -- Local currency long-term IDR at 'BB+'; -- National long-term rating at 'AA(bra)'; -- Unsecured senior notes due 2014, 2017, 2018 at 'BB+'; -- Unsecured senior perpetual bonds at 'BB+'; -- 13th debenture issue,at 'AA(bra)'. COMPANY SA: Merger Completion Cues Fitch IDR Upgrade to 'BB-' ------------------------------------------------------------- Fitch Ratings has upgraded Company S.A.'s (Company) Issuer Default Rating (IDR) 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 benefitted 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 USD90 billion, including USD38 billion of real estate assets. BAM is rated 'BBB+' by Fitch with a Stable Outlook. EMBRATEL: Fixed Corporate Lines Increased 53% by End of 2008 ------------------------------------------------------------ Embratel, by the end of last year, recorded 2 million fixed coporate lines, a 53% gain from the 1.3 million lines it had in 2007, Telecompaper reports. The report relates that the growth is due to the creation of a specific product aimed at SMEs - the Embratel PME - which was launched at the end of 2007. According the report, Embratel Executive Director Mauricio Vergani said the large enterprise segment (a category which includes companies with more than 15 lines) is still responsible for most of the demand, although the highest growth is registered in the SME segment. The Embratel PME package is made up of four telephone lines and broadband. Currently, Embratel's network covers around 2 million small and medium enterprises, out of a total of 4-5 million SMEs. About Embratel Embratel -- http://www.embratel.com.br-- is a major telecommunications carrier in Brazil. It offers up-to-date telecommunications solutions to the Brazilian market including local, long distance domestic and international calling; data, video and Internet transmission. Embratel can provide services all over the country through its satellite solutions. Embratel has been part of the history of Brazil for 43 years, playing a major role in the country's development. Embratel is part of Telmex Internacional, S.A.B. de C.V., -- http://www.telmexinternacional.com-- a leading telecommunications service operating in Brazil, Colombia, Argentina, Chile, Peru, Uruguay and Ecuador, focused on the provision of a broad range of services including voice, data, satellite and video transmission, cable and satellite TV, access to the Internet and complete telecommunications solutions, in addition to services related to yellow pages directories in Mexico, United States, Argentina and Peru. * * * Embratel Participacoes continues to carry Moody's "B1" local currency issuer rating and "B2" senior unsecured debt rating. FIDC NAO: Moody's Assigns 'Ba2' Definitive Global Scale Ratings --------------------------------------------------------------- Moody's America Latina has assigned definitive ratings of Aa3.br (Brazilian National Scale) and Ba2 (Global Scale, Local Currency) to the senior shares issued by FIDC Nao Padronizados CPTM. FIDC CPTM is a securitization transaction (a closed-ended FIDC) backed by future collections of certain train tickets sold by Companhia Paulista de Trens Metropolitanos in some predefined eligible train stations. The senior and subordinated shares, issued on March 2007, have a legal final maturity of 84 months, are amortized in 72 monthly payments of principal and interest after a 12-month grace period. The transaction is performing according to expectations. As of December 31st, 2008 the DSCR of the transaction was at 4.3x. RATING METHODOLOGY When assigning the final rating, Moody's evaluated the historical flows of ticket collections from eligible train stations that were sold to the fund since the transaction's closing in March 2007. Moody's considered historical volatility of collections and, based on this historical data, stressed the cash flows. The transaction benefits from a Debt Service Coverage Ratio trigger requiring that a minimum ratio between collections in eligible train stations and the next projected principal plus interest debt service payment is maintained throughout the life of the transaction. If the DSCR falls below 1.75x in any given month or 2.0x on average within a six-month period, an early amortization event is automatically triggered and all collections are transferred to senior shares until they are fully paid. Moody's ran a number of cash flow scenarios, stressing both collections of eligible flows and the IPCA inflation index used to calculate interest on the senior shares. In one stress scenario, Moody's considered that the IPCA index was maintained at 3% a month (in December 2008, the monthly IPCA index was 0.28%). If the IPCA index reaches 3% in any given month during the life of the transaction, an early amortization event is automatically triggered. The eligible flows were simulated as the minimum monthly collection since April 2007 reduced by 10%, or R$11.5 million (in December 2008, the eligible collections were R$15.4 million). In this scenario, senior shares were fully paid down in 20 months. Moody's took into account the importance of CPTM's train system as the major means of transportation for more than 1.4 million commuters within Sao Paulo's metropolitan area, and the financial support provided by the firm's parent - the State of São Paulo - on a monthly basis, through subvention payments and capitalization. Moody's also considered other structural protections available for the transaction, including the mitigation of commingling risk through the deposit of collections directly into the Fund's bank account; the ability to apply all collections to pay down the senior shares if certain triggers, including the DSCR, are breached; and the availability of a reserve account, equivalent to two months of projected maximum debt service, which was funded at closing from issuance proceeds. Moody's also analyzed the legal structure of the transaction, including the true sale of future train ticket collections at the eligible train stations. The complete rating action is: -- FIDC Não Padronizados CPTM - Senior Shares - Aa3.br (Brazilian National Scale) & Ba2 (Global Scale, Local Currency). The last rating action occurred on November 14, 2006, when the provisional ratings were assigned. * BRAZIL: January Vehicle Sales Drop 8.1% to 197,500 ---------------------------------------------------- Brazil's vehicle sales in January dropped 8.1% to 197,500 from the same period last year as rising borrowing costs and job cuts prompted by the global economic slowdown damped sales for a fourth month, Heloiza Canassa of Bloomberg News reports, citing Brazil's automakers association Anfavea. The report relates that from December, new registrations rose 1.5% while vehicle production jumped 93%. Output fell 27% in the 12 months through January, Bloomberg News says. Brazil, the report recounts, stalled in the fourth quarter of 2008 as the global financial crisis began to undercut consumer demand and commodity prices fell. Brazilian companies eliminated jobs at a record pace and industrial output declined the most in 17 years in December, the report notes. According to the report, consumers, worried about job and salary cuts, reduced purchases of durable goods such as home appliances, computers, building materials and cars. Bloomberg News recounts that in September, Anfavea forecast automakers would spend about US$18 billion in the 2009-2012 period to add plants, expand production lines and release new models. Anfavea, Bloomberg News relates, said the spending was aimed at boosting output capacity to 6 million units a year by 2013 from less than 4 million units last year. The report notes that vehicle sales and output, rising at record pace last year through September, lost steam in the end of 2008 as the global credit crunch made loans costlier and harder to obtain, damping demand for durable goods such as autos and computers. ========================== C A Y M A N I S L A N D S ========================== ATLANTIC JADE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Atlantic Jade Investments (Cayman) Ltd. met on Jan. 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 GEORGE TOWN: Members Receive Wind-Up Report ------------------------------------------- The members of George Town Investments Limited met on Jan. 19, 2009, and received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Christopher Issa c/o Donald M. Miller Charles Adams, Ritchie & Duckworth P O Box 709, Zephyr House, Mary Street George Town, Grand Cayman KY1-1107 Tel: 949-4544 Fax: 949-8460 HIGHGATE HOUSE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Highgate House Funds, Ltd. met on Jan. 23, 2009, and received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Troy Rillo Yorkville Advisors, LLC 101 Hudson Street, Suite 3700 Jersey City, New Jersey 07302 United States of America KING LUN: Members Receive Wind-Up Report ---------------------------------------- The members of King Lun Asia Fund (I) Limited met on Jan. 23, 2009, and received the liquidators' report on the company's wind- up proceedings and property disposal. The company's liquidators are: Rainier Hok Chung Lam John James Toohey c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands LEVERAGED SHORT: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Leveraged Short Equity Index Hedge Ltd. met on Jan. 23, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Libertas Preferred Funding III, Ltd. met on Jan. 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 MELLON AHLI: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Mellon Ahli Selection Fund Limited met on Jan. 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 MIKADO LTD: Members Receive Wind-Up Report ------------------------------------------ The members of Mikado Ltd. met on Jan. 29, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sarah Knutson 555 W 18 Street, New York, NY 10011, USA Tel: (212) 314-7225 Fax: (212) 314-7476 MONTGOMERY EQUITY: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Montgomery Equity Partners, Ltd. met on Jan. 23, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Troy Rillo Yorkville Advisors, LLC 101 Hudson Street, Suite 3700 Jersey City, New Jersey 07302 United States of America OTKRITIE CAPITAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Otkritie Capital Management, Inc. met on Jan. 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 PERFORMANCE PARTNERS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Performance Partners, Ltd. met on Jan. 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 RANCHO PARK: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Rancho Park met on Jan. 29, 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 RICHLAND GLOBAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Richland Global Elite Fund met on Jan. 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 SAFIR CAPITAL: Sole Shareholder Receives Wind-Up Report ------------------------------------------------------- On January 22, 2009, the sole shareholder of Safir Capital Local Merging Markets International Fund, Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: RBR Director Services Ltd Corporate Plaza, 1st Floor 24 Howard Street, George Town P.O. Box 30349 Grand Cayman KY1-1202 Telephone: (345) 946-0754 Fascimile: (345) 946-0751 STEAMBOAT SELECT: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Steamboat Select International Master Fund, Ltd. met on Jan. 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 VAUGHAN NELSON: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Vaughan Nelson Market Neutral Fund I (Offshore) Ltd. met on Jan. 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 WIMBLEDON COMMON: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Wimbledon Common Ltd. met on Jan. 29, 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 ========= C H I L E ========= AES CORP: Chilean Unit Completes US$248 Million Capital Increase ---------------------------------------------------------------- AES Gener SA, a Chilean unit of The AES Corporation, completed a US$248 million capital increase on February 9, Carolina Pica at Dow Jones Newswires reports. Reuters relates that AES Gener sold 938 million shares of the 945 million approved for the capital increase, at 162.50 pesos each. According to a statement obtained by Dow Jones, AES Gener said its parent AES, through investment vehicle Inversiones Cachagua Ltda., acquired 667 million of the shares, holding its stake at around 71%. The company, Dow Jones relates, will use the funds to partially finance its investment plans, which includes new power plants on the northern SING grid and the central SIC grid. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2008, Moody's affirmed the ratings of AES, including the company's Corporate Family Rating at B1, its Probability of Default Rating at B1, its senior secured credit facilities at Ba1, its second priority senior secured notes at Ba3, its senior unsecured notes at B1 and its trust preferred securities at B3. Moody's said the rating outlook for AES is stable. COMPHANIA SUD: Sees "Important" Losses This Year Amid Slow Demand ----------------------------------------------------------------- Compania Sud Americana De Vapores sees "important" losses this year, significantly in the first quarter primarily on fuel hedges, James Attwood of Bloomberg News reports. "We will probably have important losses in 2009. A significant part of these losses should occur in the first quarter," the company wrote in a statement obtained by Bloomberg. The company, the report relates, also said it will reduce services. Bloomberg News notes that Vapores is implementing cost savings plans and will cut services between Asia and northern Europe this quarter. Vapores, the report recounts, posted a net loss of US$38.6 million last year, compared with profit of US$117 million a year earlier, as the worst global crisis stifles demand at a time of rising shipping supply. About Compania Sud Compania Sud Americana De Vapores (CSAV) -– http://www.csav.cl -- is a Chilean shipping company. The sphere of the Company's activities extends across five continents. Its services feature a comprehensive service for general cargo, bulk cargo, fresh and frozen products and vehicles, using both owned and chartered vessels. CSAV provides permanent sailings from certain ports through its line service, fixed itineraries and operates a fleet of vessels able to convey a large number of containers and a variety of conventional cargoes. CSVA also owns vessels specially designed for frozen cargo, cars, bulk cargo and forest products. In addition to complementary storage areas and pier services, an intermodal service has also been established, which combines different means of carriage. CSAV provides these services in conjunction with its subsidiaries: Sudamericana Agencias Aereas y Maritimas S.A., as a maritime forwarding agency, and COSAN, a container terminal in Santiago. ================================== D O M I N I C A N R E P U B L I C ================================== CEMEX: Unit's Dec. Sales Fell 25%; Cuts 20% of Fixed Personnel -------------------------------------------------------------- Cemex Dominicana, a unit of Cemex S.A.B. de C.V, said sales at its cement plant dropped 25% in the last quarter compared to the first half of the year, The Dominican Today reports. Cemex Dominicana, the report recounts, closed one of its production lines and ceased operations in half of its five concrete plants, as the company aims to save around 16% in its global operations. Around 160 or 20% of the unit's fixed personnel have been laid off since December, the report notes. According to the report, Cemex S.A.B. Planning and Finances Vice President Hector Medina said estimated savings of US$110 million and the remaining 16% will come from the closing of its operations in Mexico and through reduced capacity, personnel cuts and the use of alternative fuels. Mr. Medina, the report relates, said the situation has forced the local industry's members to apply similar efforts to reduce costs and remain competitive during the period. "Cemex Dominicana has adopted these actions without mentioning the impact on indirect jobs that an action such as this generates," the report quoted Mr. Medina as saying. About Cemex Headquartered in Mexico, Cemex S.A.B. de C.V. -- http://www.cemex.com/-- is a growing global building solutions company that provides high quality products and reliable service to customers and communities in more than 50 countries throughout the world, including Argentina, Colombia and Venezuela. Commemorating its 100th anniversary in 2006, Cemex has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. * * * As reported by the Troubled Company Reporter-Latin America on November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de C.V.'s 'BBB-' foreign currency Issuer Default Rating to 'BB+'; 'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured debt obligations to 'BB+'. The Rating Outlook is Negative. According to Fitch, the rating actions reflect weaker than expected operating results and higher leverage levels than previously anticipated due to economic weakness in most of the company's important markets. ============= G R E N A D A ============= * GRENADA: Minister Sees 30% Increase in Unployment By Year End --------------------------------------------------------------- Finance Minister Nazim Burke expects a 30% increase in unemployment by the end of this year due to the global economic crisis, Oscar Ramjeet of Caribbean Net News reports. In recent years, the report recounts, unemployment has risen from around 18% to 24%, with several key sectors from telecommunications to tourism reporting layoffs. "Since the onset of the crisis we have already seen some layoffs in tourism and the telecommunications industry. We are anticipating that by the end of the year we could see unemployment as high as 30%," the report quoted Minister Burke as saying. According to the report, Minister Burke's warning comes as telecommunications giant LIME prepares to cut 40% of its Grenada workforce, and flour-making company Caribbean Agro Industries will send home 10% of its workers by the end of the month. Grenada's construction industry, the report relates, has also been severely affected, as officials report a halt in several major projects amounting to millions of dollars. "There is a halt in the major tourism development projects, putting on hold approximately EC$700 million (US$262 million) in development," the report quoted Minister Burke as saying. =========== G U Y A N A =========== CL FINANCIAL: Guyana Gov't to Keep an Eye on Local CLICO Ops. ------------------------------------------------------------- Guyana President Bharrat Jagdeo said his administration is closely following CL Financial's bailout developments, and will keep an eye on its local operation, Colonial Life Insurance Company (CLICO), Caribbean Net News reports. "CL Financial said the CLICO (Guyana) subsidiary has not been affected, while the local operation continues to assure that it remains solid and that its statutory fund was in good standing. We want to ensure that [people's] interests are protected...," the report quoted President Jagdeo as saying. As reported in the Troubled Company Reporter-Latin America on February 10, 2009, Trinidad and Tobago Express said 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, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. Reuters on January 30, 2009, reported that 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. Mr. 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. According to Caribbean Net News, President Jagdeo noted that CLICO (Guyana) makes up just three percent of the country's total financial assets. He explained that the company holds its assets, while a significant amount of its liabilities are long-term and even if people make a run on it, it would not face a problem of not having enough assets to match the liquidity, the report relates. President Jagdeo, the report adds, also said that the only problem he could envisage in the short-term is a mismatch between liabilities and assets in the event of significant changes of the CLICO (Guyana)'s investments abroad. 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. ============= J A M A I C A ============= AIR JAMAICA: Panel to Review Union Proposal on Job Cut Plans ------------------------------------------------------------ Air Jamaica's plans to decrease its workforce is momentarily put on hold. Caribbean Net News reports the airline is reviewing its job cut plans, following a meeting between the airline's management and trade union officials. According to the report, a committee -- comprising Air Jamaica management and workers -- is to be set up to review proposals presented by the unions on ways for the airline to reduce the national carrier's operating expenses, as it seeks to safeguard jobs. "We have two primary objectives - to ensure that the future of the airline will be sustainable and viable and to protect the jobs of our members," the report quoted Kavan Gayle, president of Bustamante Industrial Trade Union ("BITU"), as saying. "We have placed some recommendations on the table and they are going to review those recommendations," he added. As reported in the Troubled Company Reporter-Latin America on Feb. 2, 2009, Jamaica Information Service News said Air Jamaica is revamping its operations to reduce losses, and has unveiled a three-point business plan, which is aimed at keeping the company operating throughout this year, and to position it on a path towards financial stability. According to the Associated Press, Air Jamaica will eliminate six routes and cut jobs next month due to the global economic crisis. Mr. Nobles, The Press related, said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and the island of Grand Cayman will be cut in late February. CaribWorldNews said the cuts would result in job losses in those areas and the reduction of the airline's fleet to nine aircraft. 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. ALPART: Reaches New Work Plan Deal With National Workers Union -------------------------------------------------------------- St. Elizabeth-based Alumina Partners of Jamaica ("ALPART") and the National Workers Union ("NWU") have struck a new work plan agreement that will allow company workers to keep their jobs for the next four months, RadioJamaica News reports. Under the agreement, the report relates the company instituted a minimum three-day workweek, which have workers working for a minimum three days to a maximum five days. "What the management said is that we have 560 unionized workers and for the next four months, they're going to ensure that nobody is out of job ... albeit, it's less than the normal 40 hour work week but it's a creative way to try and save jobs," the report quoted Vincent Morrison, NWU President, as saying. About Alpart Alumina Partners of Jamaica, also known as Alpart, is a company that owns and operates a bauxite refinery in Nain, Jamaica. Alpart was founded in 1969 as a joint venture by Kaiser Aluminum, Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million tonnes of alumina overseas per year, and earned gross revenues of US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAl and 35% owned by Norsk Hydro. =========== M E X I C O =========== VITRO SAB: Fitch Cuts IDR to 'D' Due to MXP150-Mil. Missed Payment ------------------------------------------------------------------ Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de C.V.: -- Long-term Issuer Default Rating to 'D' from 'C '; -- Long-term foreign currency IDR to 'D' from 'C'. - National scale long-term rating to 'D(mex)' from 'C(mex)'; - Certificados Bursatiles issuances to 'D(mex)' from 'C(mex)'. In addition, Fitch has affirmed these ratings: -- US$300 million senior notes due 2012 at 'CC/RR4'; -- US$225 million senior notes due 2013 at 'CC/RR4'; -- US$700 million senior notes due 2017 at 'CC/RR4'. The rating downgrades follow Vitro's announcement that it will not make the payment of the Certificados Bursatiles 'VITRO 03' for approximately MXP150 million plus accrued interest. The 'CC/RR4' rating on Vitro's senior notes reflects average recovery prospects given default. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: CLICO Bailout to Cost $6-$8 Bln, Central Bank Says ---------------------------------------------------------------- Central Bank Governor Ewart Williams, speaking on a radio program, said that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies to date, showed a deficit between $6 billion and $8 billion, Trinidad & Tobago Express reports. According to the report, the government will have to raise a budget around that amount to fix the companys' financial deficits. As reported in the Troubled Company Reporter-Latin America on February 10, 2009, Trinidad and Tobago Express said 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, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. As reported by Reuters on January 30, 2009, 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. Mr. 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. Caribbean360.com News relates that First Citizens bank is finalising a list of CIB clients and expects to begin repayments of matured deposits shortly. A new board of directors, Caribbean360.com News says, has been installed at CLICO and former CLICO executive Claude Musaib-Ali has been brought in to manage the restructuring exercise at CL Financial. 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. CL FINANCIAL: Finance Minister Denies Inside Trading Allegations ---------------------------------------------------------------- Trinidad and Tobago's Finance Minister Karen Nunez-Tesheira has strongly denied former opposition leader Kamla Persad-Bissessar's allegations of insider trading, Caribbean360.com News reports. The allegations, the report relates, were made after it was found out that the Finance Minister withdrew funds from CLICO Investment Bank (CIB) ahead of the Central Bank takeover of the financial institution. As reported in the Troubled Company Reporter-Latin America on February 10, 2009, Trinidad and Tobago Express said 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, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. As reported by Reuters on January 30, 2009, 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. Mr. 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. Ms. Persad-Bissessar, Caribbean360.com News notes, charged the Finance Minister of acting acted in contravention of the Prevention of Corruption Act and the Integrity in Public Life Act by using information for her own advantage or the advantage of family or friends. "Prior to January 14th of this year, I can truthfully state that I had no personal, formal or informal information about the extent of the liquidity difficulties that CLICO Investment Bank has found itself in, other than the information known to or available to any other citizen of Trinidad and Tobago and those on the other side for that matter," the report quoted Ms. Nunez-Tesheira as saying. Ms. Nunez-Tesheiran added she did not advise anyone to withdraw monies from CIB after learning of the bank's liquidity difficulties, Caribbean360.com News relates. 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. ============= U R U G U A Y ============= BANCO ITAU: Fitch Affirms Issuer Default Rating at 'BB-' -------------------------------------------------------- Fitch Ratings has affirmed and simultaneously withdrawn these ratings assigned to Banco Itau BBA - Uruguay Branch, which was recently closed: -- Long-term foreign and local currency Issuer Default Rating 'BB-', Positive Outlook; -- Support Rating '4'; -- National long-term rating 'AA(uy)', Stable Outlook. FANAPEL SA: Moody's Downgrades Corp. Family Rating to 'B2' ---------------------------------------------------------- Moody's Latin America has downgraded Fanapel's local currency corporate family rating from B1 to B2 and its Uruguay national scale rating from A3.uy to Baa1.uy. At the same time, Moody's downgraded to B2 from B1 and to Baa1.uy from A3.uy Fanapel's US$11 million in outstanding senior unsecured notes due 2012 issued in Uruguay's domestic debt market. The outlook was changed to negative from stable. Fanapel's ratings reflect the consolidated credit profile of its parent company, Celulosa de Argentina S.A., given the operational and financial integration between the two companies, the cross default clauses in CASA's existing debt agreements and Fanapel's ability to transfer cash to CASA through inter-company loans and/or dividend payments. The downgrade to B2 and Baa1.uy was prompted by weak liquidity and higher than expected leverage at CASA. CASA has recently experienced more adverse market demand conditions in Argentina, where it sells 70% of its production, which has led to weak operating margins and a breach of one of its bank loan financial covenants, as of November 2008. The lower ratings reflect the increased likelihood that CASA will continue to face margin pressures in its key markets and that its liquidity profile will remain weak due to continued debt refinancing needs and adverse credit market conditions. The B2 and Baa1.uy ratings reflect Fanapel's leadership and highly recognized brand name in the Uruguayan domestic paper market. The rating incorporates Moody's current expectation that Fanapel, on a stand alone basis, will be able to address its ongoing refinancing needs with cash flow and reliance on uncommitted bank lending for trade finance. Fanapel's B2 local currency corporate family rating reflects its global default and loss expectation, while the Baa1.uy national scale rating reflects the standing of Fanapel's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Uruguay are designated by the ".uy" suffix. Issuers or issues rated Baa.uy represent average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The negative rating outlook reflects CASA's weak liquidity and exposure to debt refinancing risk, in combination with Fanapel's ability to upstream cash to CASA. The negative outlook additionally reflects likely continued margin pressure at both CASA and Fanapel as economic activity continues to slow rapidly in Argentina. The outlook could stabilize if performance trends improve, for example as a result of additional cost initiatives related to chemicals, energy and wood, or if refinancing risk proves lower than currently anticipated. Quantitatively, upward rating pressure could build if CASA's debt to EBITDA, 4.8 times as of the last twelve months ended November 30th., 2008, is sustainable below 3 times and EBITDA to interest above 5 times, which was 3 times as of the last twelve months ended November 30th., 2008. Additionally, a more predictable outlook for economic activity in Argentina would be important for a stabilization of the outlook. A downgrade in the ratings could result from further deterioration in CASA's sales and margins or from a failure address near to medium term debt maturities and reduce overall leverage. In addition, if CASA is unable to amend its bank loan financial covenants, the ratings would likely be downgraded. Quantitatively, a downgrade could result from Debt to EBITDA of above 6.5 times and/or EBITDA to Interest of below 1 times, both at the CASA consolidated level. Based in Montevideo, Uruguay, FANAPEL S.A. is owned by CASA, which is an Argentinean company specialized in kraft pulp and uncoated papers that holds a 31% market share in Argentina and a well-known portfolio of trademarks and products. Fanapel is the leading company in the Uruguayan paper sector. Fanapel services 65% of the domestic paper market and generates 80% of the country's paper exports. For the last twelve months ending November 30 2008, CASA's reported revenues and EBITDA reached ARS 1.2 billion and ARS 151 million, respectively. *********** 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 * * *