/raid1/www/Hosts/bankrupt/TCRLA_Public/090223.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, February 23, 2009, Vol. 9, No. 37
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L BANK: ECCB Assures Bank of Antigua is Safe
STANFORD INT'L BANK: Auditor Firm Denies Ties With Allen Stanford
STANFORD INT'L BANK: Case May Take Receiver a Decade to Finish
A R G E N T I N A
ARIES SALUD: Proofs of Claim Verification Due on April 14
LOGISTICA Y SERVICIOS: Verifying Proofs of Claim Until May 12
MGR SA: Proofs of Claim Verification Due on April 15
SUPERMERCADOS JAZZ: Proofs of Claim Verification Due on April 6
B R A Z I L
BANCO DAYCOVAL: Signs Investment Deal to Raise R$400 Million
EMBRAER: To Cut Workforce by 20%, Sees 13% Drop in Revenue
USIMINAS: Sees Recovery of Steel Demand on Gov't Intervention
C A Y M A N I S L A N D S
ABRIAS SOLO: Members Receive Wind-Up Report
ACA ABS: Members Receive Wind-Up Report
ACA CDO: Members Receive Wind-Up Report
ACA CLO: Members Receive Wind-Up Report
ADELPHI EUROPEAN: Members Receive Wind-Up Report
AMERICAN MASTERS ET AL: Liquidators Present Wind-Up Report
ARCAS INTERNATIONAL ET AL: Liquidators Present Wind-Up Report
ASTERI FUNDS: Members Receive Wind-Up Report
BATTALION CLO: Members Receive Wind-Up Report
BEACON (CAYMAN): Members Receive Wind-Up Report
BICHUMI GLOBAL: Members Receive Wind-Up Report
BILTMORE ET AL: Liquidators Present Wind-Up Report
BRIDGNORTH GLOBAL ET AL: Liquidators Present Wind-Up Report
C-BASS CBO: Members Receive Wind-Up Report
CAI EVENT: Members Receive Wind-Up Report
CHANCELLOR/TRITON: Members Receive Wind-Up Report
COLUMBUSNOVA CLO: Members Receive Wind-Up Report
HEURISTIC OFFSHORE: Members Receive Wind-Up Report
MISTLION LTD: Shareholder Receives Wind-Up Report
SEDNA OFFSHORE: Sole Shareholder Receives Wind-Up Report
E C U A D O R
* ECUADOR: Gov't to Seize 2 Local Stanford Financial Group Units
P E R U
DORAL FINANCIAL: Two New Members Join Board of Directors
POPULAR INC: Cuts Quarterly Cash Dividend to US$0.02/ Common Share
V E N E Z U E L A
PDVSA: Wants JV Plan With Petrobras to Push Through Amid Dispute
X X X X X X X X
* BOND PRICING: For the Week February 16 – February 20, 2009
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L BANK: ECCB Assures Bank of Antigua is Safe
---------------------------------------------------------
The Eastern Caribbean Central Bank ("ECCB") has assured the public
that Stanford Group-owned Bank of Antigua ("BOA")'s liquidity
position is sound amid the fraud charge againts its owner, Robert
Allen Stanford, Caribbean Net News reports.
Mr. Venner however warned the situation could become the worse if
depositors in Antigua and Barbuda continue to withdraw their funds
in panic, Caribbean360.com relates.
"The Bank of Antigua is not an offshore institution. It is a
domestic bank licensed under the Banking Act of Antigua and
Barbuda and regulated by the Eastern Caribbean Central Bank,"
Caribbean360.com quoted ECCB Governor Dwight Venner as saying.
According to Caribbean Net News, ECCB pointed out:
–- The Bank of Antigua has sufficient liquidity at its offices
and reserves at the Central Bank to meet the requirements of
the public and its customers under normal circumstances.
–- The Eastern Caribbean Central Bank and the Government of
Antigua and Barbuda have a responsibility to preserve the
safety and soundness of the banking system in Antigua and
Barbuda in order to protect depositors.
As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. Securities and Exchange Commission
charged Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.
Mr. Stanford's companies include Antiguan-based Stanford
International Bank Limited (SIBL), Houston-based broker-dealer and
investment adviser Stanford Group Company (SGC), and investment
adviser Stanford Capital Management. The SEC also charged SIBL
chief financial officer James Davis as well as Laura Pendergest-
Holt, chief investment officer of Stanford Financial Group (SFG),
in the enforcement action.
About Bank of Antigua
The Bank of Antigua (BOA) –- http://www.bankofantigua.com/–- was
incorporated on February 10, 1981 in St. John's, and opened its
doors for business in November of that year.
The bank is a member of Stanford Financial Group, after the group
acquired the bank in December 1990.
About SIBL
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
STANFORD INT'L BANK: Auditor Firm Denies Ties With Allen Stanford
-----------------------------------------------------------------
Antigua-based auditor firm CAS Hewlett & Co said it has no
information about ties to Texas billionaire Allen Stanford,
following Mr. Stanford's statement that the small firm audits his
offshore bank, Stanford International Bank Limited ("SIBL"), Jason
Szep of Reuters reports.
CAS Hewlet Manager Eugene Perry, the report notes, said the firm's
former CEO Charlesworth "Shelley" Hewlett, who died last Jan. 1,
was the only person with possible knowledge of a relationship to
Mr. Stanford.
According to Reuters, Mr. Perry said he never met Mr. Stanford in
his 10 years working at the firm.
A company principal identified as Celia told Reuters in a
telephone interview: "We are not privy to any information about
any relationship with Stanford." Asked if she was aware of any
files at the firm associated with Mr. Stanford, she told the news
agency she was not.
The report relates SIBL'S midyear report, released in June,
identified CAS Hewlett as its auditors, and the U.S. Securities
and Exchange Commission also listed the firm as Stanford's
auditor.
As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. SEC charged Mr. Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.
Mr. Stanford's companies include Antiguan-based Stanford
International Bank Limited (SIBL), Houston-based broker-dealer and
investment adviser Stanford Group Company (SGC), and investment
adviser Stanford Capital Management. The SEC also charged SIBL
chief financial officer James Davis as well as Laura Pendergest-
Holt, chief investment officer of Stanford Financial Group (SFG),
in the enforcement action.
About SIBL
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
STANFORD INT'L BANK: Case May Take Receiver a Decade to Finish
--------------------------------------------------------------
The Honorable Reed O'Connor of the U.S. District Court for the
Northern District of Texas has appointed a receiver for
businessman Robert Allen Stanford's Antigua-based bank.
According to Bloomberg News, Ralph Janvey, a securities lawyer
with Krage & Janvey LLP in Dallas and a former assistant director
of securities for the U.S. Comptroller of the Currency in
Washington, was appointed receiver for Stanford International Bank
Limited.
Bloomberg News says based on court records, Mr. Janvey was given
broad authority to seize SIBL's computer records, demand documents
and summon witnesses.
As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission, on Feb. 17, charged Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program. The SEC also charged
SIBL chief financial officer James Davis as well as Laura
Pendergest- Holt, chief investment
officer of Stanford Financial Group (SFG), in the enforcement
action.
SIBL's case will take at least three years and could take Mr.
Janvey as long as a decade to finish repaying SIBL's victims as he
takes on the most difficult receivership job in history, experts
cited by Bloomberg News said.
SIBL's is one of the largest cases in complexity and sheer size
hence making it
more difficult for a receiver to administer, Michael Goldberg, a
lawyer with Miami-based law firm Akerman Senterfitt and is not
involved with the Stanford litigation,
said as cited by Bloomberg News.
SBIL owner Mr. Stanford has been located in the Fredericksburg,
Va., area by the special agents of the Federal Bureau of
Investigation's Richmond Division, the SEC said in a Feb. 19
statement.
The agents served Mr. Stanford with court orders and documents
related to the SEC's civil filing against him and three of his
companies, the regulator said in the statement.
In addition to SIBL, Mr. Stanford owns Houston-based broker-dealer
and investment adviser Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.
The case is Securities and Exchange Commission v. Stanford
International Bank Ltd., 3:09-cv-00298, U.S. District Court,
Northern District of Texas (Dallas).
About SIBL
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
=================
A R G E N T I N A
=================
ARIES SALUD: Proofs of Claim Verification Due on April 14
---------------------------------------------------------
The court-appointed trustee for Aries Salud S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
April 14, 2009.
LOGISTICA Y SERVICIOS: Verifying Proofs of Claim Until May 12
-------------------------------------------------------------
The court-appointed trustee for Logistica y Servicios Cerealeros
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until May 12, 2009.
The trustee will present the validated claims in court as
individual reports on June 25, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 24, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on February 23, 2010.
MGR SA: Proofs of Claim Verification Due on April 15
----------------------------------------------------
The court-appointed trustee for M.G.R. S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 15, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 14, 2009.
SUPERMERCADOS JAZZ: Proofs of Claim Verification Due on April 6
---------------------------------------------------------------
The court-appointed trustee for Supermercados Jazz S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 6, 2009.
The trustee will present the validated claims in court as
individual reports on May 21, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 6, 2009.
===========
B R A Z I L
===========
BANCO DAYCOVAL: Signs Investment Deal to Raise R$400 Million
------------------------------------------------------------
Banco Daycoval SA has signed an investment agreement designed to
raise approximately R$400 million or more depending on investment
by minority shareholders (excluding US shareholders).
Parties to the Agreement were Cartesian Capital Group, Wolfensohn
Fund Management, International Finance Corporation (IFC), and
Daycoval Holding Financeira S.A. (controlling shareholder).
The agreement consists of a private offer of subscription warrants
of shares, which permits investors to exercise right in a
subsequent date of the referred offer or in a future date, by
investment in Daycoval's CDBs issued up to five years term.
The main aims of this operation are to strengthen the bank's base
of funding in order to expand its credit portfolio in the middle
market segment, diversify and obtain funding sources for the bank,
and allow that global renowned investors acquire subscription
warrants of preferred shares.
As proof of its solidity, Daycoval closed 2008 with a credit
portfolio of R$4.0 billion, representing growth of 14.5% over
2007.
About Banco Daycoval
Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores. Brothers Ibrahim and Sasson Dayan control
the bank. It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables. It also operates with consignment lending for
payroll deduction and consumer financing. Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market. These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services revised the
outlooks on Banco Daycoval S.A. to stable from positive. At the
same time, S&P affirmed the 'BB-' long-term and 'B' short-term
counterparty credit ratings on the bank.
Fitch revised its outlook on Banco Daycoval to Stable from
Positive and affirmed these ratings:
Banco Daycoval S.A.
-- Long-term foreign currency issuer default rating affirmed at
'BB-'/Stable Outlook;
-- Short-term foreign currency issuer default rating affirmed at
'B';
-- Long-term local currency issuer default rating affirmed at
'BB-'/Stable Outlook;
-- Short-term local currency issuer default rating affirmed at
'B';
-- Individual Rating affirmed at 'C/D';
-- Support Rating affirmed at '5';
-- Support Rating Floor 'No Floor' assigned;
-- National Long-term Rating affirmed at 'A(bra)'/Outlook
revised to Stable
-- National Short-term Rating affirmed at 'F1(bra)'.
EMBRAER: To Cut Workforce by 20%, Sees 13% Drop in Revenue
----------------------------------------------------------
Brazil-based Empresa Brasileira de Aeronautica SA ("Embraer") will
lay off around 4,200 workers, which represents 20% of its 21,362
employees, and reduced its 2009 revenue forecast by 13% due to the
global recession, Bloomberg News reports.
The report relates that the job reductions are concentrated in
production and administrative areas and include the elimination of
one layer of management.
According to the report, Embraer forecast a delivery of 242
commercial and business planes this year, from a previous estimate
of 270.
The planemaker, Bloomberg News says, now sees 2009 revenue of
US$5.5 billion, down from its previous outlook of US$6.3 billion.
Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes. The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively. In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.
USIMINAS: Sees Recovery of Steel Demand on Gov't Intervention
-------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A. ("Usiminas") expects
domestic steel demand to rebound after July because of government
initiatives to boost the economy, Laura Price of Bloomberg News
reports.
The company, the report relates, said the government plans to
increase access to credit, reduce taxes on some products and boost
investments in infrastructure. The central bank is also likely to
cut interest rates further, helping to boost demand, the company
added.
According to Bloomberg News, Usiminas said on Feb. 19 that
fourth-quarter net profit fell 14% to BRL837 million after a
plunge in the Brazilian real contributed to a nine-fold increase
in expenses.
Jayme Alves, an analyst at brokerage Spinelli SA, told Bloomberg
News in an interview before Usiminas's financial report was
released, that an 18% plunge in the value of the Brazilian real
against the dollar in the period increased Usiminas's debt.
The company, the report notes, said about 64% of the company's
debt was in foreign currency in the fourth quarter, while net
financial expenses soared to BRL822 million from BRL89 million a
year earlier.
About Usiminas
Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry. The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils. The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries. In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services. The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.
* * *
As of February 20, 2009, the company continues to carry Moody's
Ba1 Suboridate Debt rating.
==========================
C A Y M A N I S L A N D S
==========================
ABRIAS SOLO: Members Receive Wind-Up Report
-------------------------------------------
On January 22, 2009, the members of Abrias Solo Equity, Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Giles Kerley
Jan Neveril
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ACA ABS: Members Receive Wind-Up Report
---------------------------------------
On January 22, 2009, the members of ACA ABS 2007-2, Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Andrew Millar
Prashant Veturkar
Maples Finance Limited
P.O. Box 1093GT Grand Cayman
Cayman Islands
ACA CDO: Members Receive Wind-Up Report
---------------------------------------
On January 22, 2009, the members of ACA CDO 2006-1, Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
ACA CLO: Members Receive Wind-Up Report
---------------------------------------
On January 22, 2009, the members of ACA CLO 2007-2, Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Emile Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
ADELPHI EUROPEAN: Members Receive Wind-Up Report
------------------------------------------------
On January 22, 2009, the members of Adelphi European Small Cap
Fund received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
AMERICAN MASTERS ET AL: Liquidators Present Wind-Up Report
----------------------------------------------------------
On January 22, 2009, Jan Neveril and Giles Kerley presented the
companies' wind-up report and property disposal to the members of:
-- American Masters Market Neutral Protected 2 Limited; and
-- American Masters Market Neutral Protected 3 Limited.
The Liquidators can be reached at:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
ARCAS INTERNATIONAL ET AL: Liquidators Present Wind-Up Report
-------------------------------------------------------------
On January 22, 2009, Jan Neveril and Giles Kerley presented the
companies' wind-up report and property disposal to the members of:
-- Arcas International Fund Ltd; and
-- Arcas International Hub Fund Ltd.
The Liquidators can be reached at:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
ASTERI FUNDS: Members Receive Wind-Up Report
--------------------------------------------
On January 22, 2009, the members of Asteri Funds Investments
General Partner Ltd received the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
BATTALION CLO: Members Receive Wind-Up Report
---------------------------------------------
On January 22, 2009, the members of Battalion CLO 2007-II Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Emile Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
BEACON (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
On January 22, 2009, the members of Beacon (Cayman) Ltd. received
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Jan Neveril
Carl Gosselin
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
BICHUMI GLOBAL: Members Receive Wind-Up Report
----------------------------------------------
On January 22, 2009, the members of Bichumi Global I Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Prashant Veturkar
Jan Neveril
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
BILTMORE ET AL: Liquidators Present Wind-Up Report
--------------------------------------------------
On January 22, 2009, Jan Neveril and Martin Couch presented the
companies' wind-up report and property disposal to the members of:
-- Biltmore 2002-1, Limited; and
-- Biltmore 2002-2, Limited.
The Liquidators can be reached at:
Jan Neveril
Martin Couch
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
BRIDGNORTH GLOBAL ET AL: Liquidators Present Wind-Up Report
-----------------------------------------------------------
On January 22, 2009, Christopher Williams presented the companies'
wind-up report and property disposal to the members of:
-- Bridgnorth Global Banks Master Fund Limited; and
-- Bridgnorth Global Banks Fund Limited.
The Liquidator can be reached at:
Christopher Williams
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
C-BASS CBO: Members Receive Wind-Up Report
-----------------------------------------
On January 22, 2009, the members of C-Bass CBO XX Ltd. received
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Chris Watler
Onson Mukwedeya
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
CAI EVENT: Members Receive Wind-Up Report
-----------------------------------------
On January 22, 2009, the members of CAI Event Driven Ltd received
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Emile Small
Jan Neveril
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
CHANCELLOR/TRITON: Members Receive Wind-Up Report
-------------------------------------------------
On January 22, 2009, the members of Chancellor/Triton CBO, Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Dianne Scott
Carl Gosselin
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
COLUMBUSNOVA CLO: Members Receive Wind-Up Report
------------------------------------------------
On January 22, 2009, the members of Columbusnova CLO V Ltd. 2007-
III received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jan Neveril
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
HEURISTIC OFFSHORE: Members Receive Wind-Up Report
--------------------------------------------------
On January 26, 2009, the members of Heuristic Offshore Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Pergamon Management LLC
590 Madison Avenue
New York, NY 10022 USA
MISTLION LTD: Shareholder Receives Wind-Up Report
-------------------------------------------------
On February 22, 2009, the shareholder of Mistlion Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Lion International Corporate Services Limited
c/o Amanda Bako
P.O. Box 484, Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 949-7755
Facsimile: (345) 949-7634
SEDNA OFFSHORE: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------
On January 23, 2009, the sole shareholder of Sedna Offshore, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Paul Yook
c/o Joel Reid
Telephone: (345) 815 1828
Facsimile: (345) 949 1986
=============
E C U A D O R
=============
* ECUADOR: Gov't to Seize 2 Local Stanford Financial Group Units
----------------------------------------------------------------
Ecuador will seize two local units of Stanford Financial Group
after fraud charges were filed againts its owner, Robert Allen
Stanford, and his companies, Alonso Soto of Reuters reports.
The report relates Santiago Noboa, the state regulator of the
stock exchange in Quito, said authorities have decided to take
control of Stanford's local brokerage house and fiduciary firm.
"We will intervene to protect the interests of investors," Noboa
told Reuters.
As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. Securities and Exchange Commission
charged Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.
Mr. Stanford's companies include Antiguan-based Stanford
International Bank Limited (SIBL), Houston-based broker-dealer and
investment adviser Stanford Group Company (SGC), and investment
adviser Stanford Capital Management. The SEC also charged SIBL
chief financial officer James Davis as well as Laura Pendergest-
Holt, chief investment officer of Stanford Financial Group (SFG),
in the enforcement action.
=======
P E R U
=======
DORAL FINANCIAL: Two New Members Join Board of Directors
--------------------------------------------------------
Doral Financial Corporation appointed Douglas Jacobs and Mark
Kleinman as members of its Board of Directors.
"Both Mr. Jacobs's and Mr. Kleinman's appointments are key
additions to the Company's Board of Directors. Both gentlemen
will contribute valuable treasury and capital market experience
that will strengthen our business," said Glen R. Wakeman,
president and CEO of Doral Financial Corporation.
Mr. Jacobs will serve on the Board's Audit, Dividend, and Risk
Policy Committees, serving as chair of the latter. A self-
employed investor since 2003, Mr. Jacobs also served as executive
vice president and treasurer for FleetBoston Financial Group prior
to joining Doral's Board. Mr. Jacobs has been a director at ACA
Capital Holdings Inc., Fortress Investment Group LLC, and Hanover
Capital Mortgage Holdings Inc. He holds a B.A. from Amherst
College and a Master's from the Wharton School of Business at the
University of Pennsylvania.
Mr. Kleinman will serve as a member of the Audit, Compensation,
and Nomination and Corporate Governance Committees. Mr. Kleinman
has been a senior managing director at Marathon Asset Management
since June 2008. Prior to joining Marathon, Mr. Kleinman served
as a board member of J.P. Morgan Securities Inc. and as treasurer
for J.P. Morgan Chase, undertaking global responsibility for areas
such as funding, liquidity, and capital, among others.
Mr. Kleinman also served as managing director and treasurer of the
Global Corporate and Investment Bank at Citigroup, and held a
position as executive vice president and treasurer of Salomon
Smith Barney, a unit of the Travelers Group.
He holds a Bachelor of Architecture and Bachelor of Science from
City University of New York, a Master's in Architecture from
Harvard University, and an M.B.A. from Columbia University.
Doral Financial Corporation announced the resignations of Ramesh
N. Shah and Michael O'Hanlon from the Company's Board of
Directors.
About Doral Financial
Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations. Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.
Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007. S&P said the outlook is stable.
POPULAR INC: Cuts Quarterly Cash Dividend to US$0.02/ Common Share
------------------------------------------------------------------
Popular Inc.'s Board of Directors reduced the company's quarterly
cash dividend to US$0.02 cent per common share.
The Board believes that increasing the capital base is a prudent
action in face of the prospect of worsening economic conditions.
The reduction in the cash dividend will generate an additional
US$68 million of capital a year.
In addition, Popular also continues to adopt aggressive cost-
reducing measures that are expected to generate savings of
approximately US$34 million annually. A hiring and salary freeze
across the Corporation continues in effect.
Popular had US$3.27 billion in capital, which is US$630 million
above the 'well capitalized' minimum threshold, and more than
US$880 million in loan loss reserves, as of Dec. 31, 2008.
"The economic picture is likely to get worse before it gets
better, but we are equipped to withstand this painful recession,"
said Popular Inc. CEO and Chairman Richard Carrion. "We have
implemented aggressive measures to reduce costs. We will leverage
our franchise in Puerto Rico, which produced net income of $239
million in 2008 amid a rough environment, and continue
restructuring our U.S. operations. Without question, we have some
difficult months ahead. Everyone in this business knows that, but
we are well capitalized and will certainly come out stronger from
this."
About Popular
Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America. With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries. In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.
* * *
As reported by the Troubled Company Reporter-Latin America on
Jan. 26, 2009, Popular Inc. reported a net loss of US$702.9
million for the quarter ended December 31, 2008, compared with a
net loss of US$294.1 million in the same quarter of 2007 and a net
loss of US$668.5 million for the quarter ended September 30, 2008.
For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year
=================
V E N E Z U E L A
=================
PDVSA: Wants JV Plan With Petrobras to Push Through Amid Dispute
----------------------------------------------------------------
Venezuela hopes that its joint venture plan with Petroleo
Brasileiro SA (Petrobras) on a US$4 billion Abreu e Lima
Refinery project in Pernambuco will reach an agreement despite
conflict over pricing and product marketing, Brian Ellsworth of
Reuters reports.
As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, a joint venture between Venezuela-owned Petroleos
de Venezuela ("PDVSA") and Petrobras on a refinery project in
Brazil may not come into fruition.
According to Dow Jones Newswires, citing the Estado News Agency,
Paulo Roberto Costa, Petrobras' Supply and Refining director, said
there was an impasse in the proposed oil refinery joint-venture
due to PdVSA's attempts to impose conditions on its participation
in the project, and this may lead to its being excluded.
Mr. Costa, Reuters related, told reporters that PDVSA's plan was
not acceptable due to the pricing mechanism for the heavy crude
that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.
"We're negotiating, mostly over the supply of 100,000 barrels of
crude that we're going to send to Brazil, we are negotiating the
price scheme," Reuters quoted Energy Minister Rafael Ramirez as
saying. "These problems are normal," he said, adding that product
marketing was also a sticking point.
Reuters notes that Pedro Leon, who heads PDVSA's business
negotiation unit, said Venezuela wants to ensure it has the right
to sell refined products in Brazil, where Petrobras has a virtual
monopoly on fossil fuels.
"They don't want to let us into the Brazilian fuel market," the
news agency quoted Mr. Leon as saying. "PDVSA wants to have a
presence in the Latin American region, and any company that isn't
positioned in Brazil isn't positioned in the region," he added.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook. The rating was affirmed by S&P in April 2008.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 16 – February 20, 2009
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 7.875 05/11/17 USD 43.50
Argent-DIS 5.830 12/31/33 ARS 58.60
Argent-DIS 7.820 12/31/33 ARS 25.50
Argent-DIS 8.820 12/31/33 ARS 35.14
Argent-DIS 8.820 12/31/33 ARS 30.83
Argent-Par 0.630 12/31/38 ARS 13.33
Argnt-Bocon PRE8 2.000 01/03/10 ARS 56.76
Argnt-Bocon PR11 2.000 12/03/10 ARS 37.53
Argnt-Bocon PRE9 2.000 03/15/24 ARS 61.44
Argnt-Bocon PR12 2.000 01/03/16 ARS 61.43
Argnt-Bocon PR13 2.000 03/15/24 ARS 16.88
Arg Boden 2.000 09/30/14 ARS 37.99
Arg Boden 7.000 09/30/14 ARS 30.02
Argentina - NGB 2.000 01/03/16 ARS 49.49
Autopistas Sel S 11.500 05/23/17 USD 29.93
Banco Hipot SA 9.750 11/16/10 USD 63.26
Banco Hipot SA 9.750 04/27/16 USD 31.50
Banco Hipot SA 9.750 12/18/36 USD 33.11
Banco Hipot SA 9.750 12/18/36 USD 34.10
Bonar X 7.000 04/17/17 USD 37.38
Banco Macro SA 8.500 02/01/17 USD 54.18
Bonar V 7.000 03/28/11 USD 42.45
Bonar VII 7.000 09/12/13 USD 34.32
Bonar ARG $ V 10.500 10/09/17 ARS 43.50
Buenos Aire Prov 9.375 09/14/18 USD 22.57
Buenos Aire Prov 9.625 04/18/28 USD 22.43
Buenos-$DIS 9.250 04/15/17 USD 22.92
Buenos-$DIS 8.500 04/15/17 USD 19.00
Deutsche (Radars) 4.000 12/22/11 USD 63.49
Emp Distrib Nort 10.500 10/09/17 USD 45.00
Hidroelec Piedra 9.000 07/11/17 USD 55.99
Industries Metal 11.250 10/22/14 USD 50.01
Invers Rep Y Soc 8.500 02/02/17 USD 44.38
Mendoza Province 5.500 09/04/18 USD 32.25
Transener 8.875 12/15/16 USD 36.60
Trasport De Gas 7.875 05/14/17 USD 53.00
BRAZIL
------
Banco BMG SA 9.150 01/15/16 USD 73.25
Banco Cruzeiro 10.750 11/24/16 USD 69.42
Bertin Ltda 10.250 10/05/16 USD 51.75
Braskem SA 9.000 04/29/49 USD 72.50
BR Malls Int Fi 8.500 04/15/17 EUR 65.26
Cosan Finance 7.000 02/01/17 USD 68.75
Cosan SA Industr 8.250 02/28/49 USD 60.31
Cosan SA Industr 8.250 02/28/49 USD 51.62
JBS SA 10.500 08/04/16 USD 68.00
Independencia In 9.875 05/15/15 USD 63.00
Independencia In 9.875 01/31/17 USD 62.50
National Steel 9.875 05/29/49 USD 68.70
Rede Empresas 11.12 04/29/49 USD 45.75
RBS-Zero Hora Ed 11.25 06/15/17 BRL 53.17
Soc Gen Accept 0.750 12/21/11 EUR 40.22
Soc Gen Accept 7.000 02/27/13 EUR 13.46
Soc Gen Accept 8.000 12/20/13 EUR 20.90
Vigor 9.250 02/23/17 USD 47.68
CAYMAN ISLANDS
--------------
801 Grand B-2 1.225 09/20/16 USD 74.71
Aes Dominicana 11.000 12/13/15 USD 46.75
Aes Dominicana 11.000 12/13/15 USD 46.75
Agile Property 9.000 09/22/13 USD 56.50
Aig Sunamerica 5.625 02/01/12 GBP 74.24
Aig Sunamerica 6.375 10/05/20 GBP 50.84
Asif II 5.125 01/28/13 GBP 69.94
Bancaja Intl Fin 5.700 06/30/22 EUR 63.59
Banco BPI (CI) 4.150 11/14/35 EUR 65.35
Banco BPI (CI) 4.150 11/14/35 EUR 65.35
Banco Finance Co 4.239 10/29/49 EUR 37.50
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 0.250 12/20/56 USD 5.93
Barion Funding 1.440 12/20/56 GBP 21.51
BBVA Bancomer SA 4.799 05/17/17 EUR 64.50
BBV Intl Fin 7.000 12/01/25 USD 70.34
BCP Finance Company 5.543 06/29/49 EUR 37.50
Bes Finance Limited 4.500 12/29/49 EUR 46.00
Bes Finance Limited 6.625 05/08/49 EUR 55.00
Bes Finance Limited 5.580 07/29/49 EUR 40.00
Bishopsgate Asse 5.107 09/29/37 GBP 70.37
Blue City Co 1.000 11/07/13 USD 69.08
Cam Global Fin 6.080 12/22/30 EUR 52.01
Castle Holdco 4 9.875 11/16/16 GBP 08.38
Castle Holdco 4 9.875 11/16/16 GBP 08.38
China Med Tech 3.500 11/15/11 USD 56.38
China Med Tech 4.000 08/15/13 USD 43.75
China Properties 9.125 05/04/14 USD 44.56
Country Garden 2.500 02/22/13 CNY 48.75
Credit Sail Ltd 8.500 12/22/12 NZD 6.00
DP World Sukuk 6.250 07/02/17 USD 56.97
DP World Sukuk 6.250 07/02/17 USD 61.85
Dubai Holding Comm 4.750 01/30/14 EUR 60.50
Dubai Holding Comm 6.000 02/01/17 GBP 57.50
DWR CYMN FIN 4.473 03/31/57 GBP 60.80
Embraer Overseas 6.375 01/24/17 USD 74.65
Embraer Overseas 6.375 01/24/17 USD 72.36
Embraer Overseas 6.375 01/24/17 USD 72.36
Esfg Internation 5.753 06/29/49 EUR 27.00
Gol Finance 7.500 04/03/17 USD 52.25
Gol Finance 7.500 04/03/17 USD 54.80
Gol Finance 8.750 04/28/49 USD 43.00
Greentown China 9.000 11/08/13 USD 35.00
Investcorp Cap 8.080 03/27/09 USD 74.05
Ja Solar Hold Company 4.500 05/15/13 USD 41.00
Lai Funding Holding 9.125 04/04/14 USD 61.62
Lupatech Finance 9.875 07/29/49 USD 73.25
M-2 SPC 7.770 12/20/12 USD 47.38
Mafrig Overseas 9.635 11/16/16 USD 67.75
Malachite Fdg 0.630 12/21/56 EUR 14.80
Mazarin Fdg Ltd 0.250 09/20/68 EUR 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.39
Mazarin Fdg Ltd 0.630 09/20/68 GBP 9.50
Mazarin Fdg Ltd 1.440 09/20/68 GBP 20.13
Minerva Overse 9.500 02/01/17 USD 57.12
Mizuho Capital I 5.020 06/29/49 EUR 60.00
Mizuho Capital INV I 6.686 03/29/49 EUR 60.50
Mufg Cap Fin1 6.346 07/29/49 EUR 70.20
Mufg Cap Fin2 4.850 07/29/49 EUR 55.79
Mufg Cap Fin4 5.271 01/29/49 EUR 50.70
Mufg Cap Fin5 6.299 01/25/49 GBP 51.20
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
MMCaps XVIII Ltd 5.950 12/26/39 USD 15.88
New Asat Finance 9.250 02/01/11 USD 7.00
Pacific Life Fnd 3.650 06/15/15 EUR 72.20
Pacific Life Fnd 3.800 03/15/15 EUR 73.38
Pacific Life Fnd 3.800 12/15/15 EUR 71.95
Pacific Life Fnd 4.000 06/15/17 EUR 68.69
Prince Fin Global 4.500 01/26/17 EUR 71.00
Pubmaster Fin 6.962 06/30/28 GBP 65.62
Pubmaster Fin 6.962 06/30/28 GBP 41.36
Reg Div Funding 5.251 01/25/36 USD 47.11
Reg Div Funding 5.251 01/25/36 USD 47.11
Resona PFD Glob 7.191 12/29/49 USD 45.87
Seagate Tech HDD 6.800 10/01/16 USD 52.03
Seagate Tech HDD 6.375 10/01/11 USD 67.88
Shimao Property 8.000 12/01/16 USD 47.50
Shimao Property 8.000 12/01/16 USD 48.05
SMFG Preferred 6.078 01/29/49 USD 64.93
SMFG Preferred 6.164 01/29/49 USD 51.96
STB Finance 5.834 09/29/49 GBP 68.37
Struct Invest CP 2.000 07/30/16 USD 42.63
Subsea 2.800 06/06/11 USD 66.14
Sunamer Inst Fnd 6.150 10/14/19 EUR 52.94
Suntech Power 3.000 03/15/13 USD 47.75
Tam Capital Inc. 7.375 04/25/17 USD 54.96
Tam Capital Inc. 7.375 04/25/17 USD 52.87
Trina Solar Ltd 4.000 07/15/13 USD 34.75
UOB Cayman Limited 5.796 12/29/49 USD 68.04
Vestel Elec Fin 8.750 05/09/12 USD 59.84
Vontobel Cayman 8.350 03/27/09 USD 71.40
Vontobel Cayman 15.600 01/23/09 USD 11.00
Vontobel Cayman 12.150 02/20/09 USD 32.40
Vontobel Cayman 13.550 01/23/09 USD 55.00
Vontobel Cayman 10.550 03/27/09 USD 58.00
Vontobel Cayman 10.050 02/20/09 USD 21.80
Vontobel Cayman 11.300 04/24/09 USD 59.80
Vontobel Cayman 10.650 02/27/09 USD 35.60
Vontobel Cayman 15.750 01/23/09 USD 40.60
Vontobel Cayman 17.900 01/23/09 USD 40.60
XL Capital Limited 5.250 09/15/14 USD 64.49
XL Capital Limited 6.250 05/15/27 USD 52.77
XL Capital Limited 6.375 11/15/24 USD 54.84
XL Capital Limited 6.500 12/31/49 USD 14.50
CHILE
-----
CAP 7.375 09/15/36 USD 72.71
CAP 7.375 09/15/36 USD 74.16
Codelco 5.625 09/21/35 USD 68.49
Codelco 5.625 09/21/35 USD 69.80
Codelco 6.150 10/24/36 USD 74.76
Codelco 6.150 10/24/36 USD 74.76
COSTA RICA
----------
CAP 7.375 09/15/36 USD 73.80
DOMINICAN REPUBLIC
------------------
Dominican Republic 8.625 04/20/27 USD 57.00
Dominican Republic 9.040 01/23/18 USD 72.15
ECUADOR
-------
Ecuador-Par Strp 4.000 05/28/18 USD 69.05
Ecuador-Par Strp 4.000 02/28/25 USD 74.83
Ecua-Par B RCT 4.000 02/28/25 USD 52.46
EL SALVADOR
-----------
El Salvador Rep 7.650 06/15/35 USD 73.30
El Salvador Rep 7.650 06/15/35 USD 74.13
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 64.92
Jamaica Govt 8.000 06/24/19 USD 74.84
Jamaica Govt 8.000 03/15/39 USD 57.00
Jamaica Govt 8.500 02/28/36 USD 62.75
Jamaica Govt 9.250 10/17/25 USD 72.59
Jamaica Govt LRS 12.750 06/29/22 JMD 56.49
Jamaica Govt LRS 12.750 06/29/22 JMD 56.47
Jamaica Govt LRS 12.850 05/31/22 JMD 56.93
Jamaica Govt LRS 13.375 12/15/21 JMD 59.39
Jamaica Govt LRS 13.375 04/27/32 JMD 56.17
Jamaica Govt LRS 13.575 12/15/26 JMD 57.49
Jamaica Govt LRS 13.625 06/23/14 JMD 74.04
Jamaica Govt 14.000 06/30/21 EUR 62.27
Jamaica Govt 14.250 08/19/15 EUR 72.83
Jamaica Govt 14.375 09/13/14 EUR 65.14
Jamaica Govt LRS 14.400 18/03/27 JMD 62.56
Jamaica Govt LRS 14.500 16/28/17 JMD 70.54
Jamaica Govt LRS 14.500 08/02/17 JMD 69.39
Jamaica Govt LRS 15.000 07/31/16 JMD 73.13
Jamaica Govt LRS 15.000 11/15/21 JMD 66.05
Jamaica Govt LRS 15.000 08/30/32 JMD 64.86
Jamaica Govt LRS 15.000 09/06/32 JMD 50.35
Jamaica Govt LRS 15.500 03/24/28 JMD 65.09
Jamaica Govt LRS 15.750 08/22/19 JMD 70.85
Jamaica Govt LRS 16.000 05/17/17 JMD 74.97
Jamaica Govt 16.000 06/13/22 EUR 69.86
Jamaica Govt 16.000 12/06/32 EUR 67.21
Jamaica Govt LRS 16.250 05/22/27 EUR 73.21
Jamaica Govt LRS 16.250 08/26/32 EUR 70.36
Jamaica Govt LRS 16.250 07/26/32 EUR 68.32
Jamaica Govt LRS 16.250 06/18/27 EUR 70.51
Jamaica Govt LRS 16.150 06/12/22 EUR 70.49
Jamaica Govt LRS 16.150 06/12/22 EUR 72.38
Jamaica Govt LRS 16.250 05/22/22 EUR 70.88
Jamaica Govt LRS 16.250 05/22/27 EUR 68.50
Jamaica Govt LRS 16.500 06/14/27 EUR 69.57
Jamaica Govt LRS 17.000 07/11/23 EUR 73.49
MEXICO
------
Mer Lynch Int CV 8.000 01/30/09 CHF 31.20
Mer Lynch Int CV 10.760 03/16/09 CHF 37.99
Mer Lynch Int CV 11.200 03/16/09 CHF 30.89
Mer Lynch Int CV 11.330 03/16/09 CHF 69.30
Mer Lynch Int CV 11.400 03/16/09 CHF 62.11
Mer Lynch Int CV 11.660 03/16/09 CHF 11.41
Mer Lynch Int CV 11.720 03/16/09 CHF 29.69
Mer Lynch Int CV 11.730 03/16/09 CHF 74.74
Mer Lynch Int CV 12.200 03/16/09 CHF 20.54
Mer Lynch Int CV 12.460 03/16/09 CHF 35.10
Mer Lynch Int CV 12.760 03/16/09 CHF 22.29
Mer Lynch Int CV 13.100 03/16/09 CHF 48.83
Mer Lynch Int CV 13.280 03/16/09 CHF 11.83
Mer Lynch Int CV 13.720 03/16/09 CHF 52.67
Mer Lynch Int CV 14.000 04/09/09 CHF 38.50
Mer Lynch Int CV 14.530 03/16/09 CHF 21.22
Mer Lynch Int CV 14.890 03/16/09 CHF 29.54
Mer Lynch Int CV 15.220 03/16/09 CHF 16.62
Mer Lynch Int CV 15.520 03/16/09 CHF 28.82
Mer Lynch Int CV 16.330 03/16/09 CHF 11.93
Mer Lynch Int CV 16.380 03/16/09 CHF 8.99
Mer Lynch Int CV 16.450 03/16/09 CHF 27.29
Mer Lynch Int CV 16.800 03/16/09 CHF 25.95
Mer Lynch Int CV 17.140 03/16/09 CHF 17.14
Mer Lynch Int CV 18.000 03/27/09 CHF 68.45
Mer Lynch Int CV 18.020 03/27/09 CHF 59.20
Mer Lynch Int CV 19.110 03/16/09 CHF 6.82
Mer Lynch Int CV 19.380 03/16/09 CHF 1.71
PANAMA
------
Carnival Corp 6.650 01/15/28 USD 73.29
Willbros Group 2.750 03/15/24 USD 58.50
PERU
----
CFG Invest Sac 9.250 12/19/13 USD 66.87
PUERTO RICO
-----------
Doral Finl Corp 7.000 04/26/12 USD 54.75
Doral Finl Corp 7.100 04/26/17 USD 71.50
Doral Finl Corp 7.650 03/26/16 USD 66.75
Puerto Rico Cons 6.500 04/01/16 USD 68.80
Puerto Rico GNMA 5.750 04/01/21 USD 61.89
URUGUAY
-------
Uruguay 3.700 06/26/37 UYU 46.12
Uruguay 4.250 04/05/27 UYU 55.25
Uruguay 5.000 09/14/18 UYU 69.87
Uruguay Gov Bond 7.500 03/23/11 USD 69.98
Uruguay Gov Bond 7.500 03/23/11 USD 60.94
Uruguay Gov Bond 7.500 03/23/11 USD 60.94
Uruguay Gov Bond 7.500 03/23/11 USD 72.45
Uruguay Gov Bond 7.625 03/05/12 USD 53.70
Uruguay Gov Bond 8.000 02/25/10 USD 51.21
Uruguay Gov Bond 9.750 02/28/12 USD 57.21
Uruguay Gov Bond 9.750 02/28/12 USD 57.21
Uruguay Gov Bond 9.750 02/28/20 USD 57.41
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 37.45
Petroleos de Ven 5.375 04/12/27 USD 32.00
Petroleos de Ven 5.500 04/12/37 USD 32.00
Venezuela 5.750 12/09/20 EUR 43.49
Venezuela 6.000 12/09/20 EUR 39.19
Venezuela 7.000 03/16/15 EUR 47.99
Venezuela 7.000 03/16/15 EUR 50.28
Venezuela 7.000 12/01/18 USD 44.64
Venezuela 7.000 03/31/38 USD 37.28
Venezuela 7.650 04/21/25 USD 44.00
Venezuela 8.500 10/08/14 USD 54.00
Venezuela 9.000 05/07/23 USD 45.50
Venezuela 9.250 09/15/27 USD 54.50
Venezuela 9.250 05/07/28 USD 46.50
Venzod - 189000 9.375 01/13/34 USD 47.00
Venzod - 189000 10.750 09/19/13 USD 67.00
Venezuela 10.750 09/19/13 USD 66.74
Venezuela 10.750 09/19/13 USD 67.43
Venezuela 13.625 08/15/13 USD 66.00
Venezuela 13.625 08/15/13 USD 66.37
Venezuela 13.625 08/15/13 USD 66.37
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *