/raid1/www/Hosts/bankrupt/TCRLA_Public/090505.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, May 5, 2009, Vol. 10, No. 87
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L BANK: Owner’s Surrender Attempt Fails
STANFORD INT'L BANK: SFG CIO Denies Fraud Allegations
A R G E N T I N A
F.A.D.I.P. FABRICA: Asks for Opening of Preventive Contest
FERIA DE LAS REVISTAS: Proofs of Claim Verification Due on July 1
INTERNATIONAL COLLECTION: Asks for Opening of Preventive Contest
RONDINE SA: Proofs of Claim Verification Due on June 3
B R A Z I L
BANCO DO BRASIL: Posts R$1.723 Billion Net Income in First Quarter
* BRAZIL: Economists See GDP to Shrink Less Than Forecast
B E R M U D A
AURELIA ASIA: Creditors' Proofs of Debt Due on May 15
AURELIA ASIA: Members' Final General Meeting Set for June 3
SCOTTISH RE: Posts US$2.71 Billion Net Loss in 2008
C A Y M A N I S L A N D S
AMBROSIUS HIGH: Final General Meeting Set for May 27
ANNAPURNA I CONVERTIBLE: Final General Meeting Set for May 26
ANNAPURNA CONVERTIBLE: Final General Meeting Set for May 26
MJX MACRO: Shareholders' Final Meeting Set for May 12
SALVEO INSURANCE: Members to Receive Wind-Up Report on May 20
UNIVEST GLOBAL: Members to Receive Wind-Up Report on May 28
D O M I N I C A N R E P U B L I C
CAP CANA: Concludes Exchange Offer Deal
E C U A D O R
* ECUADOR: Bond Holders Reject Government's Buyback Offer
J A M A I C A
JPSCO: OUR Extends Firm's Tariff Public Consultations
OLINT CORP: National Commercial Bank Closes Accounts
M E X I C O
* MEXICO: Economy May Have Shrunk 7% in First Quarter
* MEXICO: Swine Flue Epidemic Hits Economy, Experts Say
T R I N I D A D & T O B A G O
CL FIN'L: Officer Claiming US$5 Million in Termination Benefits
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L BANK: Owner’s Surrender Attempt Fails
----------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford tried unsuccessfully to surrender to U.S. marshals in the
federal courthouse in Houston, Laurel Brubaker Calkins of
Bloomberg News reports. “We said he’s here to surrender, if
you’ve got a warrant,” the report quoted Dick DeGuerin, Mr.
Stanford’s lawyer, as saying. “They said they don’t have a
warrant and couldn’t take him.”
“I wanted to establish beyond a shadow of a doubt that he is not a
flight risk,” Mr. DeGuerin told Bloomberg News in a phone
interview. “He wants to face this. He’s not going to hide, and
there’s no need to come after him. They’re already following him
wherever he goes, so I’m calling them out on it.”
The report relates Mr. DeGuerin said he’s never escorted a client
to the U.S. Marshal’s office to surrender before an indictment was
handed down. The report relates Mr. DeGuerin said he hoped the
gesture would persuade the government to allow Mr. Stanford to
self-surrender if he is criminally charged, rather than be
arrested and led into the courthouse in handcuffs.
The SEC, 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 (SGC), and investment adviser Stanford Capital
Management. As reported in the Troubled Company Reporter-Latin
America on April 8, 2009, Bloomberg News said U.S. District Judge
David Godbey seized all of Mr. Stanford’s corporate and personal
assets and placed them under the control of court-appointed SGC
receiver Ralph Janvey.
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: SFG CIO Denies Fraud Allegations
-----------------------------------------------------
Stanford Financial Group Chief Investment Officer Laura
Pendergest-Holt denied every allegation in the civil fraud suit
filed by the U.S. Securities and Exchange Commission (SEC),
Bloomberg News reports, citing a court filing.
“Laura has filed her answer to the SEC’s claims, and she plans to
aggressively fight back,” Jeffrey Tillotson, Ms. Pendergest-Holt's
lawyer, told Bloomberg News in a phone interview.
The SEC, on Feb. 17, charged Stanford International Bank Limited
(SIBL) owner Robert Allen 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 (SGC),
and investment adviser Stanford CapitalManagement. The SEC also
charged SIBL chief financial officer James Davis as well as Ms.
Pendergest-Holt in the enforcement action.
According to Bloomberg News, Ms. Pendergest-Holt has also been
charged with criminal obstruction of the Stanford investigation,
the only criminal charge yet filed in connection with Stanford
Financial Group. The report relates in denying the SEC’s claims,
Ms. Pendergest-Holt said all her actions were taken in “good faith
reliance” upon the advice of her attorneys.
As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Reuters said Ms. Pendergest-Holt filed a US$20
million lawsuit against former firm attorney Thomas Sjoblom -- a
partner in the Washington law firm Proskauer Rose LLP –- for
malpractice that led to her arrest. In a complaint filed with the
Dallas District Court, Reuters related Ms. Pendergest-Holt said
Mr. Sjoblom's actions are the reason she "has been wrongfully
accused of a crime" and is incurring "hundreds of thousands of
dollars in attorney's fees." According to Reuters, Ms.
Pendergest-Holt accused Mr. Sjoblom, who advised her before her
recorded SEC testimony, of representing the company's interests
rather than her individual interests. The report noted the
lawsuit said that the night before Mr. Sjoblom met Ms. Pendergest-
Holt to prepare her for her SEC testimony, the lawyer solicited a
multimillion dollar retainer from Mr. Stanford to represent him
personally. Reuters noted court documents also show that shortly
after Ms. Pendergest-Holt's testimony, Mr. Sjoblom notified the
SEC that his firm no longer represented Stanford.
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.
=================
A R G E N T I N A
=================
F.A.D.I.P. FABRICA: Asks for Opening of Preventive Contest
----------------------------------------------------------
F.A.D.I.P. Fabrica Argentina de Instrumentos de Precision SA asked
for the opening of its preventive contest before the National
Commercial Court of First Instance No. 6 in Buenos Aires, with the
assistance of Clerk No. 12.
FERIA DE LAS REVISTAS: Proofs of Claim Verification Due on July 1
-----------------------------------------------------------------
Gustavo Milio, the court-appointed trustee for Feria de las
Revistas SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until July 1, 2009.
Mr. Milio will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 27, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.
The Trustee can be reached at:
Gustavo Milio
Echenagucia 925
Buenos Aires, Argentina
INTERNATIONAL COLLECTION: Asks for Opening of Preventive Contest
----------------------------------------------------------------
International Collection Management SA asked for the opening of
its preventive contest before the National Commercial Court of
First Instance No. 25 in Buenos Aires, with the assistance of
Clerk No. 50.
RONDINE SA: Proofs of Claim Verification Due on June 3
------------------------------------------------------
Juan Villoldo, the court-appointed trustee for Rondine SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 3, 2009.
Mr. Villoldo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk No.
51, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Juan Villoldo
Uruguay 651
===========
B R A Z I L
===========
BANCO DO BRASIL: Posts R$1.723 Billion Net Income in First Quarter
-----------------------------------------------------------------
Banco do Brasil SA posted R$1.723 billion net income in the first
quarter 2009, lower by 9.6% from the R$1.907 billion net income in
the same period last year.
The bank's market capitalization as of April 30, 2009 stood at
R$76.389 billion.
Banco do Brasil's total assets reached R$482.141 billion in March
2009, up 35.6% in relation to the same period in 2008, while
annualized return on average assets reached 1.5%, vis-a-vis 2.2%
in the same period of last year.
The Expanded Loan Portfolio of the bank stood at R$214.291
billion, 26.5% higher on a y-o-y analysis, while loans to
individuals totaled R$73.630 billion (up by 18.3%), and loans to
corporations totaled R$140.661 billion (up by 31.2%).
Shareholders' Equity stood at R$35.306 billion in March 2009, a
7.3% y-o-y growth, while the Capital Adequacy Ratio (Basel II)
stood at 16.0% in 1Q09, 13.2% of which are Tier I Capital.
The bank's remuneration to shareholders in the form of Interest on
Shareholders' Capital and Dividends paid and provisioned in 1Q09
amounted to R$2.528 billion, R$ 647 million of which related to
the income generated in the quarter, equivalent to 37.6%, and
R$1.881 billion related to the fiscal period of 2008.
About Banco do Brasil
Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries. In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.
* * *
As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.
* BRAZIL: Economists See GDP to Shrink Less Than Forecast
---------------------------------------------------------
Analysts expect Brazil's economy to shrink 0.30% in 2009, from a
previous forecast of a 0.39% contraction a week earlier, as the
economy shows tentative signs of recovery, Andre Soliani of
Bloomberg News reports citing a median estimate in an April 30
central bank survey of about 100 economists. The report recalls
in the central bank’s April 17 survey, economists forecast a 0.49%
contraction for 2009.
According to the report, the central bank cut interest rates for a
third straight meeting as inflation slows and recession chokes
demand. The report relates slowing the pace of rate cuts to one
point from 1.5 points at the previous meeting may indicate policy
makers see the prospect of Brazil’s economy improving later this
year.
“We’re starting to see some positive news and economists now
probably expect a recovery in the second half,” Zeina Latif, chief
economist at ING Bank in Sao Paulo, told Bloomberg News in a
telephone interview. “The lending figures reinforced my call that
the economy will grow 0.5% to 1% in 2009.”
* * *
The country continues to carry Moody's Rating Agency’s “Ba1” local
and foreign currency ratings.
=============
B E R M U D A
=============
AURELIA ASIA: Creditors' Proofs of Debt Due on May 15
-----------------------------------------------------
The creditors of Aurelia Asia Services Limited are required to
file their proofs of debt by May 15, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 28, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
AURELIA ASIA: Members' Final General Meeting Set for June 3
-----------------------------------------------------------
The members of Aurelia Asia Services Limited will hold their
final general meeting on June 3, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on April 28, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
SCOTTISH RE: Posts US$2.71 Billion Net Loss in 2008
---------------------------------------------------
Scottish Re Limited posted a US$2.71 billion net loss for the year
ended Dec. 31, 2008, from a US$1.02 billion net loss in 2007.
For the year ended 2008, the company posted US$1.65 billion in
revenues, lower compared to the US$1.73 billion in 2007.
As of December 31, 2008, the company's balance sheet showed
total assets of US$8.02 billion, total liabilities of US$9.84
billion,to resulting to a shareholder's deficit of US$2.41
billion.
Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist. Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore. Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.
As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, A.M. Best Co. downgraded the financial strength
rating to D from C- and issuer credit ratings to "c" from "cc" of
the primary operating insurance subsidiaries of Scottish Re Group
Limited (Scottish Re) (Cayman Islands).
Concurrently, A.M. Best downgraded the FSR to E (Under
Regulatory Supervision) from C- and ICR to "rs" from "cc" of
Scottish Re, Inc. A.M. Best also affirmed the ICR of "c" and
all debt ratings of Scottish Re. The outlook for all ratings is
negative, with exception of the FSR and ICR of Scottish Re (U.S.),
Inc and the US$125 million non-cumulative preferred shares of
Scottish Re.
According to a TCRLA report on June 17, Moody's Investors Service
placed on review with direction uncertain Scottish Re Group Ltd.'s
senior unsecured shelf of (P)Caa1, subordinate shelf of (P)Caa2,
junior subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3. Moody's had previously placed
the ratings on review for possible downgrade.
==========================
C A Y M A N I S L A N D S
==========================
AMBROSIUS HIGH: Final General Meeting Set for May 27
----------------------------------------------------
Ambrosius High Yield Fund Ltd. will hold its final general meeting
on May 27, 2009, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Mervin Solas, Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
ANNAPURNA I CONVERTIBLE: Final General Meeting Set for May 26
-------------------------------------------------------------
Annapurna I Convertible Ltd. will hold its final general meeting
on May 26, 2009, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Mervin Solas, Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
ANNAPURNA CONVERTIBLE: Final General Meeting Set for May 26
-----------------------------------------------------------
Annapurna Convertible (USD) Ltd. will hold its final general
meeting on May 26, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Mervin Solas, Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
MJX MACRO: Shareholders' Final Meeting Set for May 12
-----------------------------------------------------
The shareholders of MJX Macro Strategies, Ltd. will hold their
final meeting on May 12, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Maricorp Services Ltd.
31 The Strand, 46 Canal Point Drive
Grand Cayman KY1-1105, Cayman Islands
SALVEO INSURANCE: Members to Receive Wind-Up Report on May 20
-------------------------------------------------------------
The members of Salveo Insurance Company Ltd. will hold their final
meeting on May 20, 2009, at 3:00 p.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.
The company's liquidators are:
Marilyn C. Nevin
John W. Kelly
c/o Marsh Management Services Cayman Ltd.
PO Box 1051, 23 Lime Tree Bay Avenue
Governors Square, Building 4, Floor 2
Grand Cayman KY1-1102, Cayman Islands
UNIVEST GLOBAL: Members to Receive Wind-Up Report on May 28
-----------------------------------------------------------
The members of Univest Global Fund Ltd. will hold their final
meeting on May 28, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Kenneth M. Krys
c/o Stephanie Scott
Krys & Associates
e-mail: Stephanie.scott@krysandassoc.com
P.O. Box 31237, Grand Cayman KY1-1205
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
CAP CANA: Concludes Exchange Offer Deal
---------------------------------------
Cap Cana S.A. concluded the offer to exchange US$$250 million in
9.625% of 2013 bonds issued in 2006 for two new classes of
notes, , LatinFrance reports.
The report relates the offer, which had a 95.46% participation
rate, was completed just in time to avoid a May 3 coupon payment,
which would have dragged the resort into default.
According to the report, investors received US$129.3 million in
10% senior secured 2016 notes, and US$125.9 million in 10% 2016
recovery notes with PIK features in exchange for the old notes.
The report relates coupon payments start in October on senior
notes, and the others only pay cash if there are sufficient funds.
LatinFrance notes New York-based Weston International was hired by
Cap Cana as an advisor, and mediated the process.
About Cap Cana
Cap Cana S.A. is owner and developer of a resort complex (Cap
Cana) on the Dominican easter tip. The resort copmplex is being
developed as a multiuse luxury resort in the Caribbean with world-
class beaches, championship golf courses, yachting facilities and
other leisure amenities. The property consists of over 46 square
miles (119.9 square kilometers) of land, including a five-mile
(eight kilometer) coastline and 2.2 miles (3.5 kilometers) of one
of the most pristine beaches in the region. As of September 30,
2008, Cap Cana S.A. had invested approximately US$485 million in
infrastructure and other improvements.
* * *
As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating was also placed on Rating Watch Negative.
=============
E C U A D O R
=============
* ECUADOR: Bond Holders Reject Government's Buyback Offer
---------------------------------------------------------
The Ecuadorian government was notified by the National Association
of Banks regarding the decisions of creditors holding at least 25%
of Ecuador’s 2012 bonds to reject its recently announced buyback
offer, LatinFrance reports, citing Analytica Securities. The
report relates the creditors also gave notice of acceleration of
payments.
LatinFrance says the government is offering 30% of face value for
the defaulted 2012s and 2030s in a modified Dutch auction set to
close May 15. It is unclear if 2030 bondholders will also
accelerate payments, the report notes.
Finance Minister Maria Elsa Viteri is scheduled to hold a
conference call with 2012 and 2030 bondholders today, May 5,
according to the report.
On March 16, 2009, the Troubled Company Reporter-Latin America,
citing Bloomberg News, reported Ecuador President Rafael Correa
skipped a US$30.6 million payment for the country’s 12% bonds due
in 2012, calling the debt “illegal” and “illegitimate.” The move
also sent its bonds due 2015 and 2030 into default, the same
report said.
* * *
As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds. The short-term foreign currency rating was
downgraded to 'D' from 'C'. The country ceiling remains at 'B-'.
=============
J A M A I C A
=============
JPSCO: OUR Extends Firm's Tariff Public Consultations
-----------------------------------------------------
The Office of Utilities Regulation (OUR) has extended the public
consultations on Jamaica Public Service Company (JPSCO)'s
application for a tariff increase in response to representation
from the business community; which includes Portmore Council, the
St. Catherine Parish Council and the Consumer Advisory Committee
on Utilities, Radio Jamaica News reports.
The report relates OUR said the extension of the consultative
process will still give it time to complete the review in time for
the June 1 implementation of the new tariff.
According to the report, the company asked for a 23% tariff
increase and if approved, customers could see an increase of a low
of 4% and a high of 26% on their electricity bills.
JPSCO Files Five-Year Rate
Review Application
As reported in the Troubled Company Reporter-Latin America on
March 17, 2009, as part of the comprehensive review of the non-
fuel portion of electricity rates application filed by JPSCO with
OUR; JPS asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.
The proposed new tariffs will result in an increase in the total
bill of customers, ranging from 4.3% for a Tier One (100 kWh/month
or less) residential customer to 26.8% for a Tier 4 (more than
2000 kWh/month) business customer, with an overall average
increase of 22.8% for all customer groups. New approved rates
will be reflected in July bills.
The tariff review will set base rates for the period 2009-2014.
It is being conducted against the backdrop of JPS’ poor financial
results over the 2004-2009 tariff period, during which the company
made a loss in three of the five years.
In its submission, JPSCO has proposed that the OUR lowers the heat
rate target and so pass on to customers the benefits of some of
the efficiency gains the company has made over the past five
years.
Simultaneously the company has also requested a revision of the
system losses performance target and penalty as well as approval
for a raft of punitive measures to curb electricity theft, the
major component of losses.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica. The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers. Japanese-based
Marubeni Corporation owns 80 percent of the company. The
Government of Jamaica and a small group of minority shareholders
own the remaining shares. JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.
OLINT CORP: National Commercial Bank Closes Accounts
----------------------------------------------------
National Commercial Bank (NCB) has closed the accounts of the
collapsed investment club OLINT Corporation, Radio Jamaica News
reports. The report relates the bank’s move is aimed to keep with
a Privy Council ruling in January which overturned last year's
Court of Appeal decision which prevented NCB from closing OLINT's
accounts.
According to the report NCB General Legal Counsel Dave Garcia
confirmed that the funds in the accounts had been turned over to
OLINT but declined to say how much money was involved.
"Yes I am able to confirm that we have closed OLINT's accounts
some weeks ago in accordance with the Privy Council's decision in
January and we issued cheques to OLINT and dispatched those
cheques and we believe they were delivered to OLINT's attorneys,"
the report quoted Mr. Garcia as saying.
===========
M E X I C O
===========
* MEXICO: Economy May Have Shrunk 7% in First Quarter
-----------------------------------------------------
Mexico’s economy probably shrank 7% in the first quarter from a
year earlier as exports plunged, Valerie Rota of Bloomberg News
reports, citing Finance Ministry Agustin Carstens. Mexico's gross
domestic product fell for a second straight quarter “due to the
deterioration of global economic conditions,” according to an e-
mailed statement obtained by the news agency. The report relates
the official GDP number is due to be released May 20.
According to Bloomberg News, Mexico's economy is heading for its
first annual contraction in eight years as the slump in the U.S.
dents demand for the nation’s exports. The report relates Mr.
Carstens said the swine flu virus outbreak may cut GDP by an extra
0.3% to 0.5%.
Bloomberg News notes Mexico's exports of manufactured goods fell
23% in the first quarter, while oil exports tumbled 58% and mining
shipments declined 27%. Oil revenue, the report relates, plunged
18% as prices of crude fell 55%.
The report says Mexico, in the statement, posted a budget deficit
of 38.3 billion pesos (US$2.8 billion) in the first quarter.
* MEXICO: Swine Flue Epidemic Hits Economy, Experts Say
-------------------------------------------------------
Experts in Mexico City said the swine flu epidemic has caused a
new financial crisis to emerge, Big News Network reports.
According to the report, restaurants and businesses are now
closed, with street vendors also losing on regular customers. In
addition, the report says public gatherings have been banned,
which is also adding to the absence of tourists, and the hotel
industry has dropped and many reservations have been cancelled.
The report says Mexico City's Chamber of Commerce estimates the
city has lost US$58 million per day since the outbreak began. Big
News relates individual Mexican business operators said their
proceeds have dropped back about 80%. The report notes tourism
generates about US$14 billion annually for Mexico.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Officer Claiming US$5 Million in Termination Benefits
---------------------------------------------------------------
CL Financial Limited former counsel and corporate secretary Gita
Sakal, who resigned from the company on April 21 after 15 years of
sevice, is claiming termination benefits in excess of US$5
million, Oscar Ramjeet of Caribbean Net News reports.
According to the report, sources said the separation was less than
amicable. Group Executive Chairman Lawrence Duprey, Caribbean Net
News recalls, reportedly asked Ms. Sakal to hand over all of the
company-owned assets in her possession including a black BMW car,
laptop and cellphone.
Sunday Express, Caribbean Net News notes, reported that insiders
say that Ms. Sakal made some waves after demanding that the
company meet its contractual obligations and pay out the US$2
million bonus owned to her for last year. "I have a contract and
I have always been paid in accordance with the terms of my
contract. It is not a demand. It's not like I want something
that I am not entitled to," Ms. Sakal told Sunday Express in an
interview, the report notes.
Caribbean Net News relates that when asked by Sunday Express if
she thought it was morally correct, given the company's dire
financial and billion dollar taxpayer bailout, Ms. Sakal
responded, "Do you think it is morally correct for the government
to have a lien on our hard-earned monies invested in the company?"
Ms. Sakal, Caribbean Net News notes, said the Central Bank has put
a freeze on all of the assets -- deposits, amenities, etc. -- of
senior executives and all family parties related to them. "So
they have a lien on all our monies and we cannot get it until
section 44 is dissolved. So you think that is correct? It's not
like we stole the money - so it’s one against the other."
About CL Financial
According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.
Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.
T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PL-ADR SCPDS LI 531491040 -882216960
SNIAFA SA-B SDAGF US 39681268 -2901931
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
COMERCIAL PLA-BL COMEB AR 531491040 -882216960
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
SOC COMERCIAL PL SCDPF US 531491040 -882216960
SOC COMERCIAL PL CADN SW 531491040 -882216960
SNIAFA SA-B SNIA5 AR 39681268 -2901931
SOC COMERCIAL PL COME AR 531491040 -882216960
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
SOC COMERCIAL PL CAD IX 531491040 -882216960
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
SOC COMERCIAL PL CVVIF US 531491040 -882216960
SNIAFA SA SNIA AR 39681268 -2901931
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
COMERCIAL PL-C/E COMEC AR 531491040 -882216960
COMERCIAL PLAT-$ COMED AR 531491040 -882216960
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
BRAZIL
FER C ATLANT-PRF VSPT4 BZ 2083969920 -71092000
STAROUP SA STARON BZ 66833000 -3164000
PARQUE TEM-RT PF PQTM2 BZ 152268000 -388872000
SANSUY SA SNSYON BZ 232096000 -106033000
PARQUE TEM-RT CM PQTM1 BZ 152268000 -388872000
NOVA AMERICA-PRF NOVAPN BZ 40955000 -353104000
SANSUY SA-PREF A SNSYAN BZ 232096000 -106033000
TEXTEIS RENAU-RT TXRX2 BZ 86140000 -135343008
PARQUE TEM-DV CM PQT5 BZ 152268000 -388872000
RIMET-PREF REEMPN BZ 144454000 -232197008
RIMET REEMON BZ 144454000 -232197008
RIMET-PREF REEM4 BZ 144454000 -232197008
KUALA-PREF ARTE4 BZ 11856000 -33570000
PET MANG-RECEIPT RPMG10 BZ 183988992 -66954004
PET MANG-RIGHTS RPMG1 BZ 183988992 -66954004
TEXTEIS RENAUX RENXPN BZ 86140000 -135343008
HOPI HARI-PREF PQTM4 BZ 152268000 -388872000
PROMAN PRMN3 BZ 24221000 -555000
PARQUE TEM-RCT C PQTM9 BZ 152268000 -388872000
SAUIPE PSEG3 BZ 17641202 -16319050
TECTOY TOYB3 BZ 41457000 -10455000
SAUIPE SA-PREF PSEGPN BZ 17641202 -16319050
SAUIPE SA PSEGON BZ 17641202 -16319050
CAF BRASILIA CAFE3 BZ 38244000 -1042639040
DOCAS IMBITUB-PR IMBIPN BZ 205018992 -25437000
WETZEL SA MWET3 BZ 145738992 -8419000
FER C ATL-RCT PF VSPT10 BZ 2083969920 -71092000
DOCAS IMBITUBA IMBION BZ 205018992 -25437000
CONST A LINDEN LINDON BZ 51808000 -13659000
CONST A LIND-PRF LINDPN BZ 51808000 -13659000
HERCULES HETA3 BZ 25126000 -273456000
TEKA-PREF TEKA4 BZ 526557984 -449536992
PET MANG-RIGHTS RPMG2 BZ 183988992 -66954004
FERRAGENS HAGA-P HAGAPN BZ 24512548 -113844104
HERCULES SA HERTON BZ 25126000 -273456000
FER HAGA-PREF HAGA4 BZ 24512548 -113844104
NOVA AMERICA-PRF NOVA4 BZ 40955000 -353104000
DOC IMBITUBA-RTC IMBI1 BZ 205018992 -25437000
DOC IMBITUBA-RTP IMBI2 BZ 205018992 -25437000
HERCULES SA-PREF HERTPN BZ 25126000 -273456000
MMX MINERACA-GDR 3M11 GR 2328652032 -101079000
WETZEL SA-PREF MWELPN BZ 145738992 -8419000
TECEL S JOSE SJOS3 BZ 42233000 -41080000
NORDON MET NORD3 BZ 36317000 -33521000
AZEVEDO-PREF AZEV4 BZ 116398000 -10976000
WETZEL SA-PREF MWET4 BZ 145738992 -8419000
TECEL S JOSE-PRF SJOS4 BZ 42233000 -41080000
MINUPAR MNPR3 BZ 179201008 -34191000
NORDON METAL NORDON BZ 36317000 -33521000
NOVA AMERICA SA NOVA3 BZ 40955000 -353104000
PETRO MANGUINHOS MANGON BZ 183988992 -66954004
MMX MINERACAO MMXM3 BZ 2328652032 -101079000
MMX MINERACA-GDR MMXMY US 2328652032 -101079000
FABRICA RENAUX-P FRNXPN BZ 125797000 -64182000
FERRAGENS HAGA HAGAON BZ 24512548 -113844104
FERREIRA GUIM-PR FGUIPN BZ 24631000 -224564000
TEKA TEKAON BZ 526557984 -449536992
NOVA AMERICA SA NOVAON BZ 40955000 -353104000
MINUPAR-PREF MNPR4 BZ 179201008 -34191000
GAZOLA SA-DVD PF GAZO12 BZ 27266214 -73665296
TEXTEIS RENA-RCT TXRX10 BZ 86140000 -135343008
DTCOM- DIRECT-PR DTCY4 BZ 11902000 -16264999
MMX MINERACAO TRES3 BZ 2328652032 -101079000
NOVA AMERICA SA 1NOVON BZ 40955000 -353104000
TEXTEIS RENA-RCT TXRX9 BZ 86140000 -135343008
CHIARELLI SA-PRF CCHI4 BZ 42853000 -85685000
TEXTIL RENAUXVIE TXRX3 BZ 86140000 -135343008
TEC TOY SA-PF B TOYB6 BZ 41457000 -10455000
TEC TOY SA-PREF TOYB5 BZ 41457000 -10455000
SANSUY SA-PREF B SNSYBN BZ 232096000 -106033000
RIMET REEM3 BZ 144454000 -232197008
TEC TOY SA-PREF TOYDF US 41457000 -10455000
TECTOY SA-PREF TOYBPN BZ 41457000 -10455000
CTM CITRUS-RCT C CTPC9 BZ 79728000 -1381000
TECTOY-RCT ORD TOYB9 BZ 41457000 -10455000
WIEST WISA3 BZ 71372000 -140973008
FER C ATL-RCT CM VSPT9 BZ 2083969920 -71092000
PETRO MANGUINHOS RPMG3 BZ 183988992 -66954004
FER C ATLANT VSPT3 BZ 2083969920 -71092000
MMX MINERACA-GDR XMM CN 2328652032 -101079000
WIEST SA-PREF WISAPN BZ 71372000 -140973008
WIEST SA WISAON BZ 71372000 -140973008
WIEST-PREF WISA4 BZ 71372000 -140973008
VARIG PART EM TR VPTA3 BZ 107416000 -867658048
ALL MALHA PAULIS GASC3 BZ 1586146944 -1048602048
BOMBRIL BOBR3 BZ 460744992 -485765024
VARIG SA-PREF VAGV4 BZ 2094450944 -10176870400
FERROVIA CEN-DVD VSPT12 BZ 2083969920 -71092000
FERROVIA CEN-DVD VSPT11 BZ 2083969920 -71092000
DTC DIRECT CO SA 1DTCON BZ 11902000 -16264999
VARIG PART EM-PR VPTA4 BZ 107416000 -867658048
SANSUY SNSY3 BZ 232096000 -106033000
TEKA-PREF TEKAPN BZ 526557984 -449536992
MMX MINERACAO MMXCF US 2328652032 -101079000
NORDON MET-RTS NORD1 BZ 36317000 -33521000
TECTOY-PREF TOYB4 BZ 41457000 -10455000
DOC IMBITUBA IMBI3 BZ 205018992 -25437000
SANSUY-PREF B SNSY6 BZ 232096000 -106033000
CTM CITRUS SA CTMON BZ 79728000 -1381000
MINUPAR SA MNPRON BZ 179201008 -34191000
PET MANG-RECEIPT RPMG9 BZ 183988992 -66954004
PET MANGUINH-PRF RPMG4 BZ 183988992 -66954004
TEXTEIS RENAUX RENXON BZ 86140000 -135343008
KUALA ARTE3 BZ 11856000 -33570000
CIMOB PARTIC SA GAFON BZ 90471752 -77366408
SCHLOSSER SA-PRF SCHPN BZ 21962000 -118044000
SCHLOSSER SA SCHON BZ 21962000 -118044000
BOMBRIL SA-ADR BMBBY US 460744992 -485765024
TEKA-ADR TKTQY US 526557984 -449536992
CAMBUCI SA CAMBON BZ 177378992 -42495000
TEKA-ADR TKTPY US 526557984 -449536992
TECTOY-BONUS RTS TOYB13 BZ 41457000 -10455000
TECTOY-RCPT PF B TOYB12 BZ 41457000 -10455000
DOC IMBITUB-PREF IMBI4 BZ 205018992 -25437000
TECTOY-RCT PREF TOYB10 BZ 41457000 -10455000
BOTUCATU TEXTIL STRP3 BZ 66833000 -3164000
TEXTEIS RENAU-RT TXRX1 BZ 86140000 -135343008
HOPI HARI SA PQTM3 BZ 152268000 -388872000
PARQUE TEM-RCT P PQTM10 BZ 152268000 -388872000
VARIG SA VARGON BZ 2094450944 -10176870400
TEKA-ADR TEKAY US 526557984 -449536992
WETZEL SA MWELON BZ 145738992 -8419000
TEKA TEKA3 BZ 526557984 -449536992
TECTOY-RTS/3 TOYB1 BZ 41457000 -10455000
BUETTNER-PREF BUET4 BZ 148186992 -54926000
BUETTNER SA-PRF BUETPN BZ 148186992 -54926000
BUETTNER SA-RT P BUET2 BZ 148186992 -54926000
BUETTNER BUET3 BZ 148186992 -54926000
CONST A LINDEN CALI3 BZ 51808000 -13659000
CONST A LIND-PRF CALI4 BZ 51808000 -13659000
SAUIPE-PREF PSEG4 BZ 17641202 -16319050
CAF BRASILIA-PRF CAFE4 BZ 38244000 -1042639040
BOMBRIL-RGTS PRE BOBR2 BZ 460744992 -485765024
TEKA-PREF TKTPF US 526557984 -449536992
BOMBRIL SA-ADR BMBPY US 460744992 -485765024
BOMBRIL-RIGHTS BOBR1 BZ 460744992 -485765024
BOMBRIL CIRIO-PF BOBRPN BZ 460744992 -485765024
DOCAS SA-RTS PRF DOCA2 BZ 428661984 -53866000
BOMBRIL-PREF BOBR4 BZ 460744992 -485765024
CAMBUCI SA-PREF CXDOF US 177378992 -42495000
COARI PART COAR3 BZ 3270861056 -56000
COARI PART-PREF COAR4 BZ 3270861056 -56000
TEKA TKTQF US 526557984 -449536992
CHIARELLI SA-PRF CCHPN BZ 42853000 -85685000
CORREA RIBEIRO CORIPN BZ 10835000 -154000
CORREA RIBEIRO CORR3 BZ 10835000 -154000
BAUMHARDT IRM-PR BAUMPN BZ 20444000 -3589000
PETRO MANGUIN-PF MANGPN BZ 183988992 -66954004
CHIARELLI SA CCHON BZ 42853000 -85685000
CAMBUCI SA-PREF CAMBPN BZ 177378992 -42495000
ARTHUR LANG-RC P ARLA10 BZ 34053000 -26011000
CAMBUCI SA-PREF CAMB4 BZ 177378992 -42495000
EXCELSIOR-RCT BAUH10 BZ 20444000 -3589000
TEXTEIS RENAU-PF TXRX4 BZ 86140000 -135343008
CTM CITRUS- PR R CTPC2 BZ 79728000 -1381000
BOTUCATU-PREF STRP4 BZ 66833000 -3164000
TECTOY-PF-RTS5/6 TOYB11 BZ 41457000 -10455000
ARTHUR LAN-DVD C ARLA11 BZ 34053000 -26011000
ARTHUR LAN-DVD P ARLA12 BZ 34053000 -26011000
EXCELSIOR-RCT BAUH9 BZ 20444000 -3589000
GAZOLA SA GAZON BZ 27266214 -73665296
ARTHUR LANGE-PRF ARLA4 BZ 34053000 -26011000
ARTHUR LANG-RC C ARLA9 BZ 34053000 -26011000
ARTHUR LANG-RT P ARLA2 BZ 34053000 -26011000
FABRICA RENAUX FTRX3 BZ 125797000 -64182000
GASCOIGNE EMP-PF 1GASPN BZ 1586146944 -1048602048
VARIG SA VAGV3 BZ 2094450944 -10176870400
DTC DIRECT CO-RT 1DTCONR BZ 11902000 -16264999
GASCOIGNE EMPREE 1GASON BZ 1586146944 -1048602048
HERCULES-PREF HETA4 BZ 25126000 -273456000
ARTHUR LANGE SA ALICON BZ 34053000 -26011000
NOVA AMERICA-PRF 1NOVPN BZ 40955000 -353104000
TRESSEM PART SA 1TSSON BZ 2328652032 -101079000
EXCELSIOR-RT BAUH2 BZ 20444000 -3589000
EXCELSIOR ALIMEN BAUH3 BZ 20444000 -3589000
EXCELSIOR-RT BAUH1 BZ 20444000 -3589000
CHIARELLI SA CCHI3 BZ 42853000 -85685000
BAUMHARDT IRMAOS BAUMON BZ 20444000 -3589000
BOMBRIL BMBBF US 460744992 -485765024
EXCELSIOR-PREF BAUH4 BZ 20444000 -3589000
ARTHUR LANGE-PRF ALICPN BZ 34053000 -26011000
ARTEX SA ARTXON BZ 11856000 -33570000
ARTEX SA-PREF ARTXPN BZ 11856000 -33570000
DOCAS SA DOCAON BZ 428661984 -53866000
HAGA HAGA3 BZ 24512548 -113844104
AZEVEDO E TRAVAS AZEVON BZ 116398000 -10976000
AZEVEDO E TRA-PR AZEVPN BZ 116398000 -10976000
AZEVEDO AZEV3 BZ 116398000 -10976000
BUETTNER SA BUETON BZ 148186992 -54926000
MARAMBAIA CTPC3 BZ 79728000 -1381000
CTM CITRUS-ADR CTMMY US 79728000 -1381000
FABRICA RENAUX FRNXON BZ 125797000 -64182000
F GUIMARAES-PREF FGUI4 BZ 24631000 -224564000
FERREIRA GUIMARA FGUION BZ 24631000 -224564000
MARAMBAIA-PREF CTPC4 BZ 79728000 -1381000
FABRICA RENAUX-P FTRX4 BZ 125797000 -64182000
CORREA RIBEIRO CORION BZ 10835000 -154000
FABRICA TECID-RT FTRX1 BZ 125797000 -64182000
BOMBRIL CIRIO SA BOBRON BZ 460744992 -485765024
ESTRELA SA ESTR3 BZ 153186000 -80125000
MARAMBAIA-PREF CTMMF US 79728000 -1381000
ACO ALTONA-PREF EALT4 BZ 180308000 -22762000
TECEL S JOSE FTSJON BZ 42233000 -41080000
F GUIMARAES FGUI3 BZ 24631000 -224564000
ESTRELA SA-PREF ESTR4 BZ 153186000 -80125000
ESTRELA SA ESTRON BZ 153186000 -80125000
PARQUE TEM-DV PF PQT6 BZ 152268000 -388872000
GAZOLA GAZO3 BZ 27266214 -73665296
GAZOLA-RCPT PREF GAZO10 BZ 27266214 -73665296
GAZOLA SA-DVD CM GAZO11 BZ 27266214 -73665296
ARTHUR LANG-RT C ARLA1 BZ 34053000 -26011000
GAZOLA SA-PREF GAZPN BZ 27266214 -73665296
GAZOLA-PREF GAZO4 BZ 27266214 -73665296
CTM CITRUS-RCT P CTP6 BZ 79728000 -1381000
SCHLOSSER SCLO3 BZ 21962000 -118044000
CIMOB PARTIC SA GAFP3 BZ 90471752 -77366408
ESTRELA SA-PREF ESTRPN BZ 153186000 -80125000
TECEL S JOSE-PRF FTSJPN BZ 42233000 -41080000
VARIG SA-PREF VARGPN BZ 2094450944 -10176870400
GASCOIGNE EMP-PF GASC4 BZ 1586146944 -1048602048
CIMOB PART-PREF GAFP4 BZ 90471752 -77366408
CORREA RIBEIR-PR CORR4 BZ 10835000 -154000
CTM CITRUS-RCT P CTPC10 BZ 79728000 -1381000
ACO ALTONA-PREF EAAPN BZ 180308000 -22762000
GAZOLA-RCPTS CMN GAZO9 BZ 27266214 -73665296
CTM CITRUS-COM R CTPC1 BZ 79728000 -1381000
CAMBUCI SA CAMB3 BZ 177378992 -42495000
D H B DHBI3 BZ 221336000 -588646016
ARTHUR LANGE ARLA3 BZ 34053000 -26011000
TECTOY SA TOYBON BZ 41457000 -10455000
CENT AMAPA CTAP3 BZ 15000 -11996000
ACO ALTONA EALT3 BZ 180308000 -22762000
DOCA INVESTIMENT DOCA3 BZ 428661984 -53866000
CAFE BRASILIA-PR CSBRPN BZ 38244000 -1042639040
CTM CITRUS-PREF CTMPN BZ 79728000 -1381000
CTM CITRUS-RCT C CTP5 BZ 79728000 -1381000
MINUPAR SA-PREF MNPRPN BZ 179201008 -34191000
SANSUY-PREF A SNSY5 BZ 232096000 -106033000
DHB IND E COM-PR DHBPN BZ 221336000 -588646016
DTCOM-RT DTCY1 BZ 11902000 -16264999
DTCOM- DIR TO CO DTCY3 BZ 11902000 -16264999
SCHLOSSER-PREF SCLO4 BZ 21962000 -118044000
DOCAS SA-PREF DOCAPN BZ 428661984 -53866000
ACO ALTONA SA EAAON BZ 180308000 -22762000
CIMOB PART-PREF GAFPN BZ 90471752 -77366408
STAROUP SA-PREF STARPN BZ 66833000 -3164000
BUETTNER SA-RTS BUET1 BZ 148186992 -54926000
DOCA INVESTI-PFD DOCA4 BZ 428661984 -53866000
DHB IND E COM DHBON BZ 221336000 -588646016
D H B-PREF DHBI4 BZ 221336000 -588646016
N.A. DTCY9 BZ 11902000 -16264999
CAFE BRASILIA SA CSBRON BZ 38244000 -1042639040
COLOMBIA
ENACAR ENACAR CI 2869195008 -36472102912
ENACAR-RT ENACARO CI 2869195008 -36472102912
CARVILE CARVILE CI 1265678976 -34953248768
ENACAR EMPOF US 2869195008 -36472102912
N.A. CARVILEO CI 1265678976 -34953248768
***********
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 * * *