/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090330.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, March 30, 2009, Vol. 9, No. 62 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Joint Receivers Disclose Proceedings Update STANFORD INT'L BANK: Owner Denies Running Ponzi Scheme B E R M U D A BURGAN MAN: Commences Wind-Up Proceedings BURGAN MAN: Members Receive Wind-Up Report XL CAPITAL: Stops UK and Irish Reinsurance Policy Sales XL CAPITAL: Unit Names Tony Cabot as Director of Global Programs B R A Z I L BANCO SOFISA: Sees 5% Loan Increase This Year CAMARGO CORREA: Petrobras Suspends Payments to Firm ENERGISA SA: Moody's Confirms 'Ba3' Corporate Family Rating C A Y M A N I S L A N D S APEX SILVER: Placed Under Voluntary Wind-Up ARIANE CAYMAN: Creditors’ Proofs of Debt Due on April 2 CLIFFWOOD ABSOLUTE: Creditors’ Proofs of Debt Due on April 2 COLONIAL ADVISORY: Creditors’ Proofs of Debt Due on April 2 CONNEMARA LEASING: Creditors’ Proofs of Debt Due on April 2 CRESCENT BAY: Creditors’ Proofs of Debt Due on April 2 GREYWOLF SPC 1: Creditors’ Proofs of Debt Due on April 2 GREYWOLF SPC 2: Creditors’ Proofs of Debt Due on April 2 GREYWOLF SPC 3: Creditors’ Proofs of Debt Due on April 2 L-JAC ONE: Creditors’ Proofs of Debt Due on April 2 LION SYNTHETIC: Creditors’ Proofs of Debt Due on April 2 NC PROPERTY: Placed Under Voluntary Wind-Up OLEARIUS LTD: Commences Wind-Up Proceedings PENDRAGON (CONVERTIBLES): Creditors’ Proofs of Debt Due on April 3 POLARIS CAYMAN: Placed Under Voluntary Wind-Up PORTUS LTD: Creditors’ Proofs of Debt Due on April 2 SPI CAPITAL: Commences Wind-Up Proceedings TAURUSTWO CDS: Creditors’ Proofs of Debt Due on April 3 UBB DIVERSIFIED: Placed Under Voluntary Wind-Up ZS-SAY LEASING: Creditors’ Proofs of Debt Due on April 2 C O L O M B I A ECOPETROL SA: To Increase Output to 531,000 Barrels/Day E C U A D O R * ECUADOR: May Offer to Buy Back Defaulted Debts, Barclays Says G U A T E M A L A * GUATEMALA: Inks US$950 Million Financing Pact With IMF J A M A I C A SCJ: Minister Firm Can't Disburse Redundancy Payments to Workers M E X I C O INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'SD' S T V I N C E N T & T H E G R E N A D I N E S MILLENNIUM BANK: Involved in US$68 Million Ponzi Scheme, SEC Says X X X X X X X X * BOND PRICING: For the Week March 23 – March 27, 2009 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Joint Receivers Disclose Proceedings Update ---------------------------------------------------------------- Stanford International Bank Ltd (“SIBL”) and Stanford Trust Company Limited's receiver-managers, Nigel Hamilton-Smith and Peter Wastell, client partners at Vantis Business Recovery Services, provided updates on the companies' proceedings. Mr. Hamilton-Smith said: “We have now issued statements to all investors who would normally receive them and we have received more than 3,000 change of address and mail instructions, which are being processed on a daily basis. Together with our IT team, we are also putting in place a web-based claims management process to assist the efficient administration of claims from investors around the world. “We continue in our work to identify SIB assets. This is increasingly a forensic exercise to trace funds that have flowed through other Stanford entities and, due to the scale of this project, is likely to take many months to complete. We are seeking further co-operation with the US Receiver to ensure that all possible assets are located to secure a fair distribution of those assets recovered to investors. It is worth clarifying again, that though the US Receiver has released some brokerage accounts held with Stanford Group Company, Stanford Group Company is a separate entity to SIBL. Where there is any connection between a Stanford Group Company brokerage account and SIBL Certificate of Deposits, these accounts remain frozen along with all other SIB accounts. “While our investigations continue, we are unable to advise of the value of assets we expect to recover, though at this time there does appear to be a significant shortfall of assets again.” 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. Mr. Stanford's companies include SIBL, Stanford Group Company, and investment adviser Stanford Capital Management. About Stanford International 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: Owner Denies Running Ponzi Scheme ------------------------------------------------------ Stanford International Bank Limited owner Robert Allen Stanford denied running a Ponzi scheme and claims US regulators caused investors to panic, creating a fatal run on his financial empire, Laurel Brubaker Calkins of Bloomberg News reports, citing lawyer Dick DeGuerin. “He’s not a swindler,” Mr. DeGuerin told Bloomberg News in an interview. “This isn’t a Ponzi scheme. He was able to pay back every investor until the regulators came in like storm troopers, caused a panic, and his banks got nationalized in Venezuela and Antigua.” 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. Mr. Stanford's companies include SIBL, Stanford Group Company, and investment adviser Stanford Capital Management. Mr. Stanford's companies include Stanford International Bank Limited, Stanford Group Company, 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. According to Bloomberg News, Mr. DeGuerin, denying the Ponzi allegation, said: “There were hard assets behind every dollar invested in his bank. Sure, the stock market crash hit him, but it didn’t hit him any harder than anybody else. His returns were in line with what the stock market indexes lost.” Mr. DeGuerin, the report relates, said Stanford Groups’s almost US$8 billion investment portfolio was held in cash and investments. About Stanford International 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. ============= B E R M U D A ============= BURGAN MAN: Commences Wind-Up Proceedings ----------------------------------------- Burgan Man Strategic Trading Ltd commenced wind-up proceedings on February 19, 2009. Only creditors who were able to file their proofs of debt by March 6, 2009, will be included in the company’s dividend distribution. The company’s liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda BURGAN MAN: Members Receive Wind-Up Report ------------------------------------------ On March 27, 2009, the members of Burgan Man Strategic Trading Ltd received the liquidator’s report on the company’s wind-up proceedings and property disposal. The company commenced wind-up proceedings on February 19, 2009. The company’s liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda XL CAPITAL: Stops UK and Irish Reinsurance Policy Sales ------------------------------------------------------- XL Capital Limited halted policy sales at its UK and Irish life reinsurance businesses as the company focuses on property-casualty coverage, The Royal Gazette News reports. According to the report, the company said it continues to explore options for its US life reinsurance business. Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's “Ba1” preferred stock rating. XL CAPITAL: Unit Names Tony Cabot as Director of Global Programs ---------------------------------------------------------------- XL Insurance, the global insurance operations of XL Capital Ltd, has appointed Tony Cabot as Director of Global Programs. Based in Zurich, in his role as Director of Global Programs Mr. Cabot is responsible for leading the unit that provides multinational clients with compliant and relevant solutions to manage their complex risk management and risk transfer needs across all territories. By leveraging its underwriting expertise across the Property, Casualty, Professional and Specialty lines, and its global network, XL Insurance participates in approximately 1,400 global programs for many of the world's multinational companies. Mr. Cabot brings over 25 years of experience in the insurance industry to this role, having held various management positions within XL Insurance over the past ten years including Country Manager for Italy and management roles in Sales, Marketing and Client Relations. He takes on this role in addition to his current responsibility as Product Development Manager for Continental Europe and Asia. Commenting on Mr. Cabot's appointment, David Duclos, Chief Executive Officer of XL Insurance, said: "I am delighted that we can count on Tony Cabot's multinational experience, innovative thinking and effective management skills to further strengthen XL Insurance's well recognised position as one of the leading Global Program providers." Mr. Duclos further added: "Mr. Cabot's responsibility to accelerate delivery of innovative products and services that better respond to customers' needs complements our key Global Program capabilities, such as the ability to deliver to clients consolidated program information from our single IT platform." About XL Insurance XL Insurance –- http://www.xlinsurance.com.–- is the global brand used by member insurers of the XL Capital Ltd group of companies. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's “Ba1” preferred stock rating. =========== B R A Z I L =========== BANCO SOFISA: Sees 5% Loan Increase This Year --------------------------------------------- Banco Sofisa SA expects to increase loans by 5% this year from BRL2.6 billion (US$1.16 billion) last year, after reporting no growth in 2008 because of the credit crisis, Heloiza Canassa of Bloomberg News reports. Chief Financial Officer Ricardo Simone Pereira told Bloomberg News in an interview that the bank will increase credit to small- and medium-size companies to achieve its forecasts. According to the report, Banco Sofisa missed its goal of expanding credit by 62% in 2008 as companies reduced investments to cope with slowing consumption and loan demand dropped because of an increase in interest rates. “There was a global decline in industrial sales in Brazil in the first quarter, but we expect there will be a recovery beginning in the second quarter,” the news agency quoted Mr. Pereira as saying. “The mere recovery of sales growth will allow for the increase” in its credit portfolio, he added. The report notes Mr. Pereira said loans to corporate clients, which make up 50% of the bank’s operations, are expected to increase 10% this year, while credit for vehicle purchases and payroll deductible loans should be stable. Banco Sofisa, Bloomberg News notes, raised US$32.5 million through a 6-year loan with the Netherlands Development Finance Co. and France’s development- finance agency Proparco. The bank, the report says, received the loan under the terms that it will lend all the money to producers of ethanol and biodiesel, as well as to “social and environmentally responsible” companies. About Banco Sofisa Established in 1961, Banco Sofisa SA -- http://www.sofisa.com.br/ir-- is headquartered in Sao Paulo, Brazil. The bank offers commercial and retail banking products primarily to small and medium-size companies. As of June 2007, the bank had total assets of approximately BRL3.44 billion (US$1.79 billion) and equity of BRL821.5 million (US$427 million). * * * As reported by the Troubled Company Reporter-Latin America on July 1, 2008, Moody's Investors Service assigned long-term foreign currency rating of Ba1 to Banco Sofisa S.A.'s US$1,000,000,000 Global Medium Term Note Programme. Moody's also assigned a Ba1 long-term foreign currency debt rating to the senior unsecured notes due in 2011 issued under the program in the amount of US$125,000,000. Moody's said the outlook on the ratings is stable. CAMARGO CORREA: Petrobras Suspends Payments to Firm --------------------------------------------------- Petroleo Brasileiro SA (Petrobras) suspended its payments to Construtora Camargo Correa SA after a court ruled the builder may be overcharging for work at the Abreu e Lima refinery project in Pernambuco state, Laura Price of Bloomberg News reports. The report says Petrobras was ordered by the court to partially halt payments to Camargo Correa. According to the report, Petrobras said while it doesn’t believe the company overpriced the contract, it will respect the court’s decision. Petrobras, the report relates, will contest the tribunal’s claim of irregularities. Camargo Correa said it was “perplexed” by an investigation by Brazil’s federal police and hasn’t been notified of the reason search and arrest warrants were issued, according to an e-mailed statement obtained by the news agency. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp- - was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 17, 2009, Fitch Ratings affirmed the Issuer Default Rating and outstanding debt ratings of Camargo Correa and its special- purpose vehicle CCSA Finance Limited: -- Foreign currency IDR at 'BB'; -- Local currency IDR at 'BB'; ENERGISA SA: Moody's Confirms 'Ba3' Corporate Family Rating ----------------------------------------------------------- Moody's confirmed the Ba3 local currency corporate family rating for Energisa S.A. and the Ba3 rating for the US$250 million unsecured notes units jointly but not severally issued by Energisa Sergipe - Distribuidora de Energia S.A. and Energisa Paraiba -- Distribuidora de Energia S.A. due 2013 and guaranteed by Energisa. At the same time, Moody's confirmed Energisa's A3.br corporate family rating on the Brazilian national scale. The outlook is now stable. This concludes the review initiated on August 11, 2008. Energisa's Ba3 corporate family rating reflects its strong credit metrics for the rating category, adequate liquidity and its stable and predictable cash flow from its monopoly electricity distribution business. The ratings are constrained by the utility's lack of an effective financial policy to control risks associated with its foreign currency debt obligations, relatively large capital expenditures in 2009 and Moody's expectations that operating margins will be lower in the near term due to tariff revisions. Together with its relatively strong credit metrics, Moody's upgrade of the level of supportiveness of Brazil's regulatory environment caused us to place Energisa's ratings under review for upgrade in August 2008. However, the upgrade in the regulatory environment has been offset by Moody's opinion that the utility needs to improve its financial policy to control risks associated with its foreign currency debt obligations, In addition, although still strong for the rating category, the utility's credit metrics have deteriorated in 2008 vs. 2007 and there are uncertainties surrounding the current negative economic environment and upcoming tariff revision, which may further impact metrics in 2009. The A3.br national scale issuer rating reflects the standing of the company's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issuances and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Brazil are designated by the ".br" suffix. Issuers or issues rated A3.br demonstrate strong 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. In 2008, Energisa posted an EBITDA margin of 35% (calculated according to Moody's standard adjustments), above the average for its peer group but down from 37% in 2007. The fall in operating margin stemmed from non-recurring BRL 58 million in expenses related to a fourth quarter 2008 labor claim settlement at Energisa Paraíba. Lower tariffs also impacted margins due to the result of the second periodic tariff review at Energisa Sergipe and Energisa Minas Gerais. The impact of the non-recurring costs and lower tariffs was somewhat mitigated by consolidated 7.3% electricity volume growth. Higher than expected financial expenses have further impaired Energisa's profitability. These stem mainly from the impact of the devaluation of the Real on the utility's foreign currency liabilities and derivative contracts, which generated non-cash losses of BRL 145 million in 2008. The company has entered into certain derivative transactions to reduce the cost of its dollar- denominated debt. These derivatives did not effectively protect the company's balance sheet against the extreme and rapid currency devaluation that occurred in the second half of 2008. Thus, leverage has increased as a result of the currency devaluation and the company maintains open currency derivatives contracts that could result in additional losses. However, Moody's believe that the current Ba3 rating could be maintained even if the company experiences further losses on these contracts, due to the company's low leverage for its rating category and adequate liquidity. Moody's expects that Energisa will post negative free cash flow in 2009, which will likely result in increased leverage. However, Moody's do not expect a deterioration in Energisa's liquidity profile, since the bulk of the projected capital expenditures will be financed with long term, low cost financing provided by Banco do Nordeste and BNDES development bank. Higher capital expenditures of around BRL 400 million in 2009 reflect the company's need to reduce energy losses mainly at Energisa Paraíba, comply with regulatory service quality requirements, expand its distribution facilities to meet the forecasted growth in consumption and BRL 175 million associated with new generation assets. The latter relates to investments in small generation power assets with total installed capacity of 31 MW, starting in 2009 with completion scheduled by the end of 2010, which Moody's estimates will generate annual EBITDA of around BRL 20 million.. Energisa's liquidity is adequate. Energisa has a consolidated cash position of BRL561 million vis-à-vis short term debt of BRL of BRl 175 million as of December 31, 2008. This along with contracted long-term funding from BNB and BNDES provide sufficient resources to comfortably meet maturing short-term debt and forecasted negative free cash flow in 2009. Energisa's corporate governance has improved over time. There has been an enhancement in the quality of information, including the publication of quarterly cash flow statements since 2008 and greater disclosure regarding the breakdown of net financial expenses and detailed information on its derivative positions. However, there are still areas in which the company could improve, such as in its corporate-wide financial risk control policies and board independence and oversight. Moody's understands that the company is reviewing its risk management guidelines to address corporate governance issues. The stable outlook reflects Moody's expectation that Energisa will prudently manage capital expenditures to maintain near break-even free cash flow and adequate liquidity. The stable outlook also reflects Moody's expectation that, even in a stress scenario with major further devaluation of the Real, Energisa's currency derivatives losses would not be sufficient to increase leverage to a level weaker than what is appropriate for the Ba3 rating category. The rating or the outlook could be upgraded if the company's financial policies become more effective in controlling its exposure to foreign currency liabilities, liquidity remains adequate, retained cash flow to total debt is above 15% (11% in 2008) on a sustainable basis and interest coverage (3.3x in 2008) continues to be above 3.0x. A downgrade could be triggered by a significant deterioration in the company's liquidity or greater than expected losses related to foreign currency liabilities. Quantitatively, a downgrade could result from retained cash flow to debt of below 10% or interest coverage of below 2.5x. The last rating action for Energisa was on August 11, 2008, when the ratings were put on review for possible upgrade after the upgrade of the level of supportiveness of Brazil's regulatory environment for regulated electric utilities. Energisa, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states (Paraíba, Sergipe, Minas Gerais and Rio de Janeiro), serving approximately 2.2 million consumers. In 2008, Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all electricity distributed in Brazil. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. ========================== C A Y M A N I S L A N D S ========================== APEX SILVER: Placed Under Voluntary Wind-Up ------------------------------------------- On Feb. 18, 2009, the shareholders of Apex Silver Finance Ltd. passed a resolution that voluntarily winds up the company’s operations. The company’s liquidator is: Jonathan Calley c/o Thomas Williams Telephone: (345) 814 4659 Facsimile: (345) 814 8360 Walkers, Walker House, 87 Mary Street George Town, Grand Cayman KY1-9001 Cayman Islands ARIANE CAYMAN: Creditors’ Proofs of Debt Due on April 2 ------------------------------------------------------ The creditors of Ariane Cayman Limited are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 18, 2009. The company’s liquidators are: Carlos Farjallah Jan Neveril Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands CLIFFWOOD ABSOLUTE: Creditors’ Proofs of Debt Due on April 2 ------------------------------------------------------------ The creditors of Cliffwood Absolute Return Strategy Ltd. are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 10, 2009. The company’s liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman COLONIAL ADVISORY: Creditors’ Proofs of Debt Due on April 2 ----------------------------------------------------------- The creditors of Colonial Advisory Services CBO I Ltd. are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 19, 2009. The company’s liquidators are: Christopher Bryan Onson Mukwedeya Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands CONNEMARA LEASING: Creditors’ Proofs of Debt Due on April 2 ----------------------------------------------------------- The creditors of Connemara Leasing Limited are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 10, 2009. The company’s liquidators are: Scott Aitken Connan Hill P.O. Box 1109GT, Grand Cayman Telephone: (345) 949-7755 Facsimile: (345) 949-7634 CRESCENT BAY: Creditors’ Proofs of Debt Due on April 2 ------------------------------------------------------ The creditors of Crescent Bay CLO, Ltd are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 6, 2009. The company’s liquidators are: Phillipa White Emile Small Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands GREYWOLF SPC 1: Creditors’ Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Greywolf SPC 1 are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 20, 2009. The company’s liquidators are: Liezel Kleynhans Onson Mukwedeya Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands GREYWOLF SPC 2: Creditors’ Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Greywolf SPC 2 are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 20, 2009. The company’s liquidators are: Liezel Kleynhans Onson Mukwedeya Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands GREYWOLF SPC 3: Creditors’ Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Greywolf SPC 3 are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 20, 2009. The company’s liquidators are: Liezel Kleynhans Onson Mukwedeya Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands L-JAC ONE: Creditors’ Proofs of Debt Due on April 2 --------------------------------------------------- The creditors of L-JAC One Holdings are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 19, 2009. The company’s liquidator is: Ellen J. Christian c/o BNP Paribas Bank & Trust Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 LION SYNTHETIC: Creditors’ Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Lion Synthetic No. 1 Limited are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 17, 2009. The company’s liquidators are: Bronwynne R. Arch Scott Aitken P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 NC PROPERTY: Placed Under Voluntary Wind-Up ------------------------------------------- On February 18, 2009, the sole shareholder of NC Property Investment Cayman passed a resolution that voluntarily winds up the company’s operations. The company’s liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 OLEARIUS LTD: Commences Wind-Up Proceedings ------------------------------------------- Olearius, Ltd. commenced wind-up proceedings on Jan. 29, 2009. Only creditors who were able to file their proofs of debt by March 24, 2009, will be included in the company’s dividend distribution. The company’s liquidator is: Ian Stokoe c/o Prue Lawson PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8662 Facsimile: (345) 945 4237 PENDRAGON (CONVERTIBLES): Creditors’ Proofs of Debt Due on April 3 ------------------------------------------------------------------ The creditors of Pendragon (Convertibles) Fund Limited are required to file their proofs of debt by April 3, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 18, 2009. The company’s liquidator is: Avalon Ltd. Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Zephyr House, 3rd Floor, 122 Mary Street George Town, Grand Cayman KY1-1107 Cayman Islands POLARIS CAYMAN: Placed Under Voluntary Wind-Up ---------------------------------------------- On February 18, 2009, the sole shareholder of Polaris Cayman Limited passed a resolution that voluntarily winds up the company’s operations. The company’s liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 PORTUS LTD: Creditors’ Proofs of Debt Due on April 2 ---------------------------------------------------- The creditors of Portus Ltd. are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on November 25, 2008. The company’s liquidator is: Jeanette Rosalie Jamieson c/o Stuarts Walker Hersant P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 SPI CAPITAL: Commences Wind-Up Proceedings ------------------------------------------ SPI Capital Preservation Offshore Ltd. commenced wind-up proceedings on Feb. 16, 2009. Only creditors who were able to file their proofs of debt by March 16, 2009, will be included in the company’s dividend distribution. The company’s liquidator is: Ogier Shameer Jasani c/o Ogier, Queensgate House South Church Street, PO Box 1234 Grand Cayman KY1-1108, Cayman Islands Telephone: (345) 815 1802 Facsimile: (345) 949 9877 TAURUSTWO CDS: Creditors’ Proofs of Debt Due on April 3 ------------------------------------------------------- The creditors of Taurustwo CDS are required to file their proofs of debt by April 3, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 19, 2009. The company’s liquidator is: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall, Cricket Square 171 Elgin Avenue, George Town Grand Cayman KY1-1104, Cayman Islands UBB DIVERSIFIED: Placed Under Voluntary Wind-Up ----------------------------------------------- On February 18, 2009, the sole shareholder of UBB Diversified Payment Rights Finance Company passed a resolution that voluntarily winds up the company’s operations. The company’s liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 ZS-SAY LEASING: Creditors’ Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of ZS-Say Leasing Limited are required to file their proofs of debt by April 2, 2009, to be included in the company’s dividend distribution. The company commenced wind-up proceedings on February 10, 2009. The company’s liquidators are: Scott Aitken Connan Hill P.O. Box 1109GT, Grand Cayman Telephone: (345) 949-7755 Facsimile: (345) 949-7634 =============== C O L O M B I A =============== ECOPETROL SA: To Increase Output to 531,000 Barrels/Day ------------------------------------------------------- Ecopetrol S.A. will boost production to 531,000 barrels of oil per day by the end of 2009, Dow Jones Newswires reports, citing Company Chief Executive Javier Gutierrez. Ecopetrol, the report relates, is expected to produce an average of 457,000 barrels of oil equivalent a day this year, up from the average 447,000 barrels of oil equivalent a day in 2008. According to the report, Mr. Gutierrez said the company will manage to boost production due to the increase in its existing fields and the acquisition of producing operations in Colombia and Peru in the past months. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the symbol ECOPETROL. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined-products. * * * As reported by the Troubled Company Reporter-Latin America on November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. The Rating Outlook is Stable. ============= E C U A D O R ============= * ECUADOR: May Offer to Buy Back Defaulted Debts, Barclays Says --------------------------------------------------------------- Ecuador might pay holders of the country’s 12% bonds due in 2012 and 10% notes maturing in 2030 as much as 30 cents on the dollar, plus accrued interest, Lester Pimentel of Bloomberg News reports, citing Barclays Plc analyst Alejandro Grisanti. The report relates Mr. Grisanti said Ecuador may have already bought back as much as US$1.9 billion of its defaulted bonds. The government may tap its international reserves or social security funds to repurchase the remaining US$1.3 billon, he said. “Ecuador may need US$490 million to buy the outstanding bonds if they have already bought 60%,” the report quoted Mr. Grisanti as saying. As reported in the Troubled Company Reporter-Latin America on March 26, 2009, Bloomberg News recalled that in December, Ecuador President Rafael Correa skipped a US$30.6 million interest payment for Ecuador’s US$510 million 12% bonds due in 2012, and defaulted on a US$135 million payment for its US$2.7 billion 10% notes maturing in 2030 earlier in March. Bloomberg News said Ecuador halt bond payments after its debt audit commission uncovered "illegality and illegitimacy" in the country's foreign obligations. The commission said the government's global bonds due in 2012 and 2030 "show serious signs of illegality," such as a lack of government authorization for their issuance, the same report related. Finance Minister Maria Elsa Viteri, as cited by Bloomberg News, said Ecuador will provide details of its debt plan at an Inter- America Development Bank meeting this month. ================= G U A T E M A L A ================= * GUATEMALA: Inks US$950 Million Financing Pact With IMF -------------------------------------------------------- Guatemala has signed an 18-month SDR630.6 million (US$950 million) stand-by arrangement with the International Monetary Fund (IMF). Mr. Gabriel Lopetegui, IMF mission chief for Guatemala, said: “During the past two weeks, an IMF staff mission visited Guatemala for discussions on possible IMF financial support for the government's economic program for 2009 and 2010. Agreement with the authorities has been reached at staff-level on a program that could be supported by a 18-month Stand-By Arrangement in the amount of SDR 630.6 million (about US$950 million). The Guatemalan authorities intend to treat the arrangement as precautionary. Guatemala has no immediate balance of payments need, and this program is part of a comprehensive preventive strategy to strengthen the country’s liquidity cushion in the face of an uncertain global environment, thereby enhancing the confidence of investors and market participants. As part of this strategy, an additional US$1 billion of resources from other IFIs, including the World Bank and the IDB, have already been committed for 2009-2010. “The agreement reached with the authorities is subject to approval by the IMF management and Executive Board, which could consider the request for a Stand-By Arrangement in the second half of April. “Guatemala’s long standing record of prudent economic policies has helped to consolidate macroeconomic stability, while progress has been made in implementing important structural reforms. However, as in the rest of the region, the global economic and financial crisis is having a negative impact on the Guatemalan economy, including through a deceleration of economic activity and tightening of domestic financial conditions. “The Guatemalan economy is well positioned to face the adverse external outlook. As the global slowdown is likely to be protracted and significant downside risks still remain, the authorities have designed a program to preserve macroeconomic and financial stability, strengthen social policies, and continue working on improving medium-term growth. “The authorities’ short-term strategy is based on three pillars: a sustainable fiscal stimulus, with a fiscal deficit of the consolidated public sector that could reach 2.4% of GDP in 2009, a monetary policy focused on anchoring inflation at low levels combined with a flexible exchange rate system, and financial policies oriented to continue strengthening the banking sector. “The authorities have moved quickly in implementing this strategy. Public spending is being refocused on social spending and labor- intensive infrastructure investment. Monetary policy has been supportive and additional liquidity provision has been made available to banks to confront credit risks. In the banking sector, provisioning requirements are set to increase gradually, to avoid undue procyclical effects while strengthening banks’ capital buffers, and enhanced on-site supervision has been put in place. “The mission wishes to express its gratitude to the authorities and technical staff of the Ministry of Finance, the Bank of Guatemala, and the Superintendency of Banks, for their warm reception and close collaboration.” ============= J A M A I C A ============= SCJ: Minister Firm Can't Disburse Redundancy Payments to Workers ---------------------------------------------------------------- State-owned Sugar Company of Jamaica ("SCJ") cannot disburse redundancy benefits to more than 7,000 workers at the end of this month, Radio Jamaica News reports. The report relates that in a meeting involving Agriculture Minister Dr. Christopher Tufton and trade union officials, President of the National Workers Union, Vincent Morrison, said Dr. Tufton asked for another week to consult with the Prime Minister on the matter. According to the report, union officials will be meeting with the workers to advise them of the delay. "I will be going to Frome in Westmoreland to inform the workers of the new development. They were expecting to hear some sweeter news in terms of the payment but we're working on the matter and I'm sure that after (Dr. Tufton) consults with the Prime Minister and the Ministry of Finance, he'll get back to us within a week to inform us exactly when the payment will be made," the report quoted Mr. Morrison as saying. As reported in the Troubled Company Reporter-Latin America on March 23, 2009, Reuters said the Jamaican government received 14 bids for the purchase of SCJ's five sugar factories. Caribbean Net News recalled Jamaica's Sugar Industry Authority is seeking interested buyers for the sugar assets in the SCJ after a failed purchase bid by Brazilian-company Infinity Bio-Energy. According to The Jamaica Gleaner, Agriculture Minister Christopher Tufton said if a new deal is not inked soon, the public will be called on again to plug a projected US$4.2 billion hole, representing a US$2 billion operational loss, and bank penalties, apparently from continuous hefty overdrafts, incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner said the enterprise has a US$21-billion debt and losses totalling more than US$14 billion since 2005. Caribbean Net News disclosed the government had decided to continue with milling operations at the factories for the present harvest, which is expected to end in July. However, the same report notes officials said the state cannot continue to run the loss-making factories for longer than this year. =========== M E X I C O =========== INDUSTRIAS UNIDAS: S&P Downgrades Corporate Credit Rating to 'SD' ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its global scale corporate credit rating on Industrias Unidas S.A. de C.V. to 'SD' from 'CC'. At the same time, S&P lowered the national scale corporate credit rating to 'SD' from 'mxCCC'. The senior unsecured rating on IUSA's notes due 2016 remains at 'CC'. According to Standard & Poor's definition, a selective default represents an issuer defaulting selectively, that is, defaulting on one issue or class of issues but honoring others in a timely fashion. S&P's default definitions include payment defaults on both rated and unrated financial obligations. S&P has lowered the issuer credit rating on IUSA to 'SD' because the company made a partial payment of $10.5 million and extended the term on the balance of $20 million in notes due March 26, 2009, issued under its euro short-term notes program, until March 2010; however, the payments on its rated $200 million senior unsecured notes remain current, which is why S&P considers this default as selective. "If investors consent to the extension of maturity of the short- term notes, S&P would reassess the company's financial profile and assign new ratings," said Standard & Poor's credit analyst Marcela Dueñas. "If, on the other hand, investors don't give their consent, the 'SD' rating will remain in place until the company pays the short-term notes in full." IUSA is one of Mexico's largest and most diversified industrial companies, with operations in copper tubing, wire and cable, copper alloys, electrical products, watt-hour meters, valves and controls, and diversified assets. ================================================= S T V I N C E N T & T H E G R E N A D I N E S ================================================= MILLENNIUM BANK: Involved in US$68 Million Ponzi Scheme, SEC Says ----------------------------------------------------------------- The United States Securities and Exchange Commission (SEC) has obtained an emergency court order halting a US$68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit (CDs) by Caribbean-based Millennium Bank. The SEC alleges that the scheme targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly offered returns that were up to 321% higher than legitimate bank-issued CDs. The SEC's complaint alleges that William J. Wise of Raleigh, N.C., and Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through Millennium Bank, its Geneva, Switzerland-based parent United Trust of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and Millennium Financial Group. In addition, the SEC has charged Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh Chopra, and Philippe Angeloni for their roles in the scheme. "As alleged in our complaint, the defendants disguised their Ponzi scheme as a legitimate offshore investment and made promises about exuberant returns that were just too good to be true," said Rose Romero, Director of the SEC's Fort Worth Regional Office. "This case demonstrates that investors need to be especially cautious when placing money with entities that may be outside the reach of U.S. regulators." According to the SEC's complaint, at least US$68 million was raised from more than 375 investors since July 2004. Millennium Bank, a licensed St. Vincent and the Grenadines bank, solicited new investors for its CD program through blatant misrepresentations and glaring omissions in its online solicitations and in advertising campaigns targeting high net- worth individuals. For example, in offering materials, Millennium Bank claimed tha its parent, United Trust of Switzerland S.A., provides Millennium Bank with "over 75 years of banking experience, correspondent banking relationships, decades of knowledge in privacy and confidentiality as well as extensive training for our customer services professionals." In fact, the SEC alleges, United Trust of Switzerland S.A. is not a Swiss- licensed bank or securities dealer. Potential investors visiting Millennium Bank's web site also were falsely informed that Millennium Bank is not affected by the global financial crisis and has a 100% client satisfaction record going back close to 10 years, and has its own affiliate asset management company with highly seasoned professionals who invest meticulously. The SEC alleges that investor funds were not used for legitimate banking or investment activities. Instead, to create the appearance of a legitimate offshore investment, investors purchasing the CDs were instructed to deliver their investment checks to the offshore bank. The SEC alleges that the checks were then packaged and delivered to UT of S LLC's office in Napa, Calif., where the checks were electronically deposited by a remote deposit machine into a UT of S, LLC account. The account, which is held at a U.S. financial institution, also received millions of dollars of investor funds via wire transfer. From that account, the SEC alleges, the defendants misappropriated a vast majority of the investor funds to enrich themselves and pay personal expenses, while making relatively small Ponzi payments to investors. Judge Reed O'Connor, in the U.S. District Court for the Northern District of Texas, granted the SEC's request for an asset freeze and emergency relief for investors. The SEC charges that the defendants violated the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC's complaint also alleges that the defendants violated the registration provisions of the Securities Act. The complaint seeks permanent injunctions, disgorgement together with prejudgment interest, and financial penalties. Additionally, the SEC's complaint names four individuals and four entities as relief defendants: Lynn P. Wise of Raleigh, N.C. (the wife of William J. Wise); Ryan D. Hoegel of Lincoln, Calif. (the brother of Kristi Hoegel); Daryl C. Hoegel of American Canyon, Calif. (the husband of Jacqueline Hoegel), Laurie H. Walton of Raleigh; and United T of S, LLC, Sterling I.S., LLC, Matrix Administration, LLC, and Jasmine Administration, LLC. All four entities are based in Las Vegas. The SEC's enforcement action seeks an order compelling them to return funds and assets traceable to the Millennium Bank fraud. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 23 – March 27, 2009 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- Alto Palermo SA 7.875 05/11/17 USD 48.75 Argent-DIS 5.830 12/31/33 ARS 39.49 Argent-CDIS 7.820 12/31/33 ARS 20.00 Argent-$DIS 8.820 12/31/33 ARS 21.84 Argent-$DIS 8.820 12/31/33 ARS 26.50 Argent-Par 0.630 12/31/38 ARS 10.85 Argnt-Bocon PRE8 2.000 01/03/10 ARS 45.89 Argnt-Bocon PR11 2.000 12/03/10 ARS 29.99 Argnt-Bocon PRE9 2.000 03/15/24 ARS 47.29 Argnt-Bocon PR12 2.000 01/03/16 ARS 47.88 Argnt-Bocon PR13 2.000 03/15/24 ARS 14.01 Arg Boden 2.000 09/30/14 ARS 41.45 Arg Boden 7.000 10/03/15 ARS 25.50 Argentina - NGB 2.000 01/03/16 ARS 36.55 Autopistas Del S 11.500 05/23/17 USD 32.81 Banco Hipot SA 9.750 11/16/10 USD 58.46 Banco Hipot SA 9.750 04/27/16 USD 31.29 Banco Macro SA 8.500 02/01/17 USD 53.95 Banco Macro SA 9.750 12/18/36 USD 33.36 Bonar ARG $ V 10.500 06/12/12 USD 32.55 Bonar V 7.000 03/28/11 USD 40.75 Bonar X 7.000 04/17/17 USD 41.15 Bonar VII 7.000 09/12/13 USD 33.40 Buenos Aire Prov 9.625 04/18/28 USD 23.68 Buenos Aire Prov 9.375 09/14/18 USD 22.50 Buenos-$DIS 9.250 04/15/17 USD 23.25 Buenos-$DIS 8.500 04/15/17 USD 23.50 Hidroelec Piedra 9.000 07/11/17 USD 62.00 Industries Metal 11.250 10/22/14 USD 40.85 Invers Rep Y Soc 8.500 02/02/17 USD 59.00 Mendoza Province 5.500 09/04/18 USD 33.75 Transener 8.875 12/15/16 USD 38.50 Trasport De Gas 7.875 05/14/17 USD 52.37 YPF SA 10.000 11/02/28 USD 75.00 BRAZIL ------ Banco BMG SA 9.150 01/15/16 USD 68.25 Banco Ind E Com 9.750 03/03/16 USD 69.01 Bertin Ltda 10.250 10/05/16 USD 43.25 Braskem SA 9.000 04/29/49 USD 66.62 BR Malls Int Fi 8.500 04/15/17 EUR 68.50 Cosan Finance 7.000 02/01/17 USD 62.00 Cosan SA Industr 8.250 02/28/49 USD 42.25 JBS SA 10.500 08/04/16 USD 65.75 Independencia In 9.875 05/15/15 USD 13.97 Independencia In 9.875 01/31/17 USD 13.97 National Steel 9.875 05/29/49 USD 68.80 Rede Empresas 11.120 04/29/49 USD 38.56 RBS-Zero Hora Ed 11.250 06/15/17 BRL 61.47 Sadia Overseas 6.875 05/24/17 USD 74.00 Vigor 9.250 02/23/17 USD 30.50 CAYMAN ISLANDS -------------- Aes Dominicana 11.000 12/13/15 USD 48.87 Aes Dominicana 11.000 12/13/15 USD 60.25 Aig Sunamerica 5.625 02/01/12 GBP 47.51 Aig Sunamerica 5.375 10/05/20 GBP 56.38 Agile Property 9.000 02/22/13 USD 70.50 Asif II 5.125 01/28/13 GBP 47.51 Barion Funding 0.100 12/20/56 USD 4.77 Barion Funding 0.250 12/20/56 USD 4.74 Barion Funding 0.250 12/20/56 USD 4.69 Barion Funding 0.250 12/20/56 USD 4.69 Barion Funding 0.250 12/20/56 USD 4.69 Barion Funding 0.250 12/20/56 USD 4.69 Barion Funding 0.250 12/20/56 USD 4.69 Barion Funding 0.630 12/20/56 USD 12.28 BBVA Bancomer SA 4.799 05/17/17 EUR 36.50 BCP Finance Company 5.543 06/29/49 EUR 40.48 BCP Finance Company 4.239 10/29/49 EUR 40.49 Bes Finance Limited 4.500 12/29/49 EUR 52.50 Bes Finance Limited 6.625 05/08/49 EUR 63.50 Bes Finance Limited 5.580 07/29/49 EUR 47.50 Bishopgate Asse 5.107 09/28/37 GBP 71.56 Braskem Fin Limited 7.250 06/06/18 USD 72.70 Cam Global Fin 6.080 12/22/30 EUR 56.74 Castle Holdco 4 9.875 05/15/15 GBP 05.37 Castle Holdco 4 9.875 05/15/15 GBP 05.37 China Med Tech 3.500 11/15/11 USD 64.56 China Med Tech 4.000 08/15/13 USD 48.94 China Properties 9.125 05/04/14 USD 37.00 Citadel Finance 6.250 12/15/11 USD 70.47 CKWH-UT2 LTD 9.125 05/29/49 USD 64.81 Country Garden 2.500 02/22/13 CNY 70.64 Credit Sail Ltd 8.500 12/22/12 NZD 5.00 DP World Sukuk 6.250 07/02/17 USD 57.78 DP World Sukuk 6.250 07/02/17 USD 56.50 Dubai Holding Comm 4.750 01/30/14 EUR 57.50 Dubai Holding Comm 6.000 02/01/17 GBP 54.03 DWR CYMN FIN 4.473 03/31/57 GBP 62.92 Esfg Internation 5.753 06/29/49 EUR 42.00 Gol Finance 7.500 04/03/17 USD 49.56 Gol Finance 8.750 04/28/49 USD 42.50 Greentown China 9.000 11/08/13 USD 47.50 Ja Solar Hold Company 4.500 05/15/13 USD 48.06 Lai Funding Holding 9.125 04/04/14 USD 71.67 Ldk Solar Co Ltd 4.750 04/15/13 USD 44.50 Lupatech Finance 9.875 07/29/49 USD 62.00 Mafrig Overseas 9.635 11/16/16 USD 58.00 Malachite Fdg 0.630 12/21/56 EUR 15.23 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.68 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.72 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.68 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.68 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.68 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.60 Mazarin Fdg Ltd 0.630 09/20/68 USD 10.50 Mazarin Fdg Ltd 1.440 09/20/68 USD 23.61 Mazarin Fdg Ltd 1.440 09/20/68 USD 22.06 Minerva Overse 9.500 02/01/17 USD 37.50 Mizuho Capital I 5.020 06/29/49 EUR 58.50 Mizuho Capital INV I 6.686 03/29/49 EUR 40.50 Monument Global 5.405 11/17/31 EUR 71.60 Mufg Cap Fin1 6.346 07/29/49 EUR 67.47 Mufg Cap Fin2 4.850 07/29/49 EUR 47.46 Mufg Cap Fin4 5.271 01/29/49 EUR 49.45 Mufg Cap Fin5 6.299 01/25/49 GBP 40.00 Prince Fin Global 4.500 01/26/17 EUR 47.54 Pubmaster Fin 5.943 12/30/24 GBP 65.91 Reg Div Funding 5.251 01/25/36 USD 67.83 Resona PFD Glob 7.191 12/29/49 USD 41.53 Santander 7.250 12/29/49 GBP 55.75 Seagate Tech HDD 6.800 10/01/16 USD 57.98 Seagate Tech HDD 6.375 10/01/11 USD 68.50 Shimao Property 8.000 12/01/16 USD 54.00 Shinsei Fin Caym 7.160 07/29/49 USD 17.43 SMFG Preferred 6.078 01/29/49 USD 61.63 SMFG Preferred 6.164 01/29/49 USD 42.52 SMFG Preferred 2 10.231 07/18/49 USD 53.50 STB Finance 5.834 09/29/49 GBP 48.00 Subsea 2.800 06/06/11 USD 70.93 Suntech Power 3.000 03/15/13 USD 45.12 Tam Capital Inc. 7.375 04/25/17 USD 56.40 Tam Capital Inc. 7.375 04/25/17 USD 55.12 Trina Solar Ltd 4.000 07/15/13 USD 43.50 US Cap Fdg VI 6.775 07/10/43 USD 72.55 Vestel Elec Fin 8.750 05/09/12 USD 56.50 Vontobel Cayman 8.350 03/27/09 USD 65.40 Vontobel Cayman 11.300 04/24/09 USD 71.00 Vontobel Cayman 10.550 03/27/09 USD 51.10 XL Capital Limited 5.250 09/15/14 USD 65.54 XL Capital Limited 6.250 05/15/27 USD 49.91 XL Capital Limited 6.375 11/15/24 USD 56.95 XL Capital Limited 6.500 12/31/49 USD 19.00 DOMINICAN REPUBLIC ------------------ Dominican Republ 8.625 04/20/27 USD 60.25 DOM REP CBN 13.000 02/22/13 DOP 73.29 Edge Haina Finance 9.500 04/26/17 USD 52.70 ECUADOR ------- Rep of Ecuador 9.375 12/15/15 USD 45.50 Rep of Ecuador 9.375 12/15/15 USD 43.96 EL SALVADOR ----------- El Salvador Rep 7.650 06/15/35 USD 73.38 El Salvador Rep 7.650 06/15/35 USD 71.87 JAMAICA ------- Jamaica Govt LRS 7.500 10/06/12 JMD 58.19 Jamaica Govt 8.000 06/24/19 USD 75.00 Jamaica Govt 8.000 03/15/39 USD 56.00 Jamaica Govt 8.500 02/28/36 USD 62.70 Jamaica Govt 9.250 10/17/25 USD 67.25 Jamaica Govt LRS 12.750 06/29/22 JMD 45.80 Jamaica Govt LRS 12.750 04/27/12 JMD 72.46 Jamaica Govt LRS 12.750 06/29/22 JMD 45.82 Jamaica Govt LRS 12.250 07/13/12 JMD 70.05 Jamaica Govt LRS 12.850 05/31/22 JMD 46.22 Jamaica Govt LRS 13.625 06/23/14 JMD 64.02 Jamaica Govt LRS 13.375 04/27/32 JMD 46.57 Jamaica Govt LRS 13.575 12/15/26 JMD 47.24 Jamaica Govt LRS 13.375 12/15/21 JMD 48.26 Jamaica Govt LRS 13.875 05/17/13 JMD 69.30 Jamaica Govt 14.000 06/30/21 EUR 70.40 Jamaica Govt 14.000 06/21/13 EUR 70.21 Jamaica Govt 14.000 06/21/13 EUR 50.68 Jamaica Govt 14.125 07/08/13 EUR 74.41 Jamaica Govt 14.125 08/31/12 EUR 69.26 Jamaica Govt 14.250 03/15/13 EUR 71.11 Jamaica Govt 14.250 08/19/15 EUR 60.46 Jamaica Govt 14.250 05/31/13 EUR 71.26 Jamaica Govt 14.375 11/29/12 EUR 72.82 Jamaica Govt 14.375 11/15/12 EUR 72.62 Jamaica Govt 14.375 05/03/14 EUR 67.97 Jamaica Govt 14.375 06/28/14 EUR 67.70 Jamaica Govt 14.375 09/06/14 EUR 66.03 Jamaica Govt 14.375 09/13/14 EUR 65.36 Jamaica Govt 14.375 05/30/14 EUR 64.48 Jamaica Govt 14.400 08/03/27 EUR 51.90 Jamaica Govt 14.500 11/13/13 EUR 68.79 Jamaica Govt LRS 14.500 05/17/13 JMD 72.00 Jamaica Govt LRS 14.500 06/28/17 JMD 58.57 Jamaica Govt LRS 14.500 08/02/17 JMD 55.69 Jamaica Govt LRS 14.750 03/21/14 JMD 72.90 Jamaica Govt LRS 14.750 03/21/14 JMD 69.56 Jamaica Govt LRS 14.625 04/19/14 JMD 68.86 Jamaica Govt LRS 15.000 07/31/13 JMD 71.20 Jamaica Govt LRS 15.000 11/15/21 JMD 53.91 Jamaica Govt LRS 15.000 09/06/32 JMD 54.08 Jamaica Govt LRS 15.000 07/31/14 JMD 67.39 Jamaica Govt LRS 15.000 07/31/16 JMD 60.76 Jamaica Govt LRS 15.125 04/24/14 JMD 68.86 Jamaica Govt LRS 15.000 08/30/32 JMD 54.08 Jamaica Govt LRS 15.500 03/24/28 JMD 54.06 Jamaica Govt LRS 15.750 08/22/19 JMD 58.07 Jamaica Govt LRS 15.800 06/26/17 JMD 62.93 Jamaica Govt LRS 16.000 08/24/13 JMD 73.49 Jamaica Govt LRS 16.000 06/13/22 JMD 57.05 Jamaica Govt 16.500 06/14/27 EUR 57.41 Jamaica Govt 16.000 12/06/32 EUR 55.66 Jamaica Govt LRS 16.000 05/17/17 JMD 61.97 Jamaica Govt LRS 16.250 05/22/27 EUR 56.53 Jamaica Govt LRS 16.125 08/21/32 EUR 58.09 Jamaica Govt LRS 16.250 06/18/27 EUR 58.62 Jamaica Govt LRS 16.250 05/22/22 EUR 57.94 Jamaica Govt LRS 16.150 06/12/22 EUR 57.57 Jamaica Govt LRS 16.150 06/21/22 EUR 59.59 Jamaica Govt LRS 16.250 07/26/32 EUR 56.51 Jamaica Govt LRS 16.250 08/26/32 EUR 58.55 Jamaica Govt LRS 17.000 07/11/23 EUR 60.00 NETHERLANDS ANTILLES --------------------- KBC Intl Fin 5.000 05/29/49 EUR 49.00 KBC Intl Fin 5.050 01/15/20 EUR 73.04 Mer Lynch Int Cv 22.000 03/30/09 USD 9.42 Mer Lynch Int Cv 18.000 03/27/09 USD 75.00 Mer Lynch Int Cv 16.800 04/24/09 USD 31.05 Soc Gen Accept 0.750 12/21/11 EUR 40.68 Soc Gen Accept 9.000 03/21/14 EUR 69.04 Soc Gen Accept 7.000 02/27/13 EUR 13.32 Soc Gen Accept 14.000 04/09/09 EUR 20.10 Soc Gen Accept 8.000 12/20/13 EUR 25.13 PUERTO RICO ----------- Doral Fin Corp 7.000 04/26/12 USD 32.25 Doral Fin Corp 7.100 04/26/17 USD 34.75 Doral Fin Corp 7.150 04/26/22 USD 28.75 Doral Fin Corp 7.650 03/26/16 USD 35.37 URUGUAY ------- Uruguay 3.700 06/26/37 UYU 43.16 Uruguay 4.250 04/05/27 UYU 54.00 Uruguay 5.000 09/14/18 UYU 66.12 VENEZUELA --------- Petroleos de Ven 5.250 04/12/17 USD 41.82 Petroleos de Ven 5.375 04/12/27 USD 33.50 Petroleos de Ven 5.500 04/12/37 USD 33.50 TCCIC 6.250 04/06/17 USD 48.12 Venezuela 7.000 03/31/38 EUR 41.17 Venezuela 6.000 12/09/20 EUR 42.50 Venezuela 7.650 04/21/25 EUR 44.00 Venezuela 5.750 02/26/16 EUR 46.75 Venezuela 13.625 08/15/18 USD 73.11 Venezuela 13.625 08/15/18 USD 73.11 Venezuela 13.625 08/15/18 USD 70.50 Venezuela 7.000 03/16/15 USD 52.49 Venezuela 7.000 03/16/15 USD 50.74 Venezuela 7.000 12/01/18 USD 48.00 Venezuela 9.000 05/07/23 USD 50.50 Venezuela 9.000 05/07/23 USD 50.50 Venezuela 9.250 09/15/27 USD 57.00 Venezuela 9.250 05/07/28 USD 49.62 Venezuela 8.500 10/08/14 USD 61.00 Venezuela 10.750 09/19/13 USD 70.67 Venzod - 189000 9.375 01/13/34 USD 51.00 Venzod - 189000 10.750 09/19/13 USD 69.50 Venezuela 10.750 09/19/13 USD 70.67 *********** 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 2009. 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 * * *