/raid1/www/Hosts/bankrupt/TCRLA_Public/090507.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
Thursday, May 7, 2009, Vol. 10, No. 89
Headlines
A R G E N T I N A
COMFRIX SRL: Trustee Verifying Proofs of Claim Until June 3
MI CIELO: Trustee Verifying Proofs of Claim Until August 13
NORPAPEL SAIC: Verifies Proofs of Claim
PETROBRAS ENERGIA: Posts ARS205 Million First Quarter Net Loss
PRODUCTOS AGROINDUSTRIALES: Verefies Proofs of Debt
TECNO LIMPIEZA: Trustee Verifying Proofs of Claim Until May 29
TGS: Posts ARS11.7 Million Net Loss in First Quarter
UNICOLOR SRL: Trustee Verifies Proofs of Claim
B E R M U D A
SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
TRIOMPHE RE: S&P Withdraws 'BB+' Rating on $40 Mil. Term B Loan
B R A Z I L
BANCO DO BRASIL: No Gov't Interference in Ops, President Says
BANCO PINE: Fitch Affirms Issuer Default Rating at 'B+'
BRASKEM SA: Records R$3.2 Billion of Net Revenue in First Quarter
GERDUA SA: Board Approves US$140 Million Budget for Peru Unit
GOL LINHAS: Offers New Routes From Santos Dumont Airport
REGULAMENTO OF OURINVEST: Amendment Won't Affect Moody's Ratings
E C U A D O R
PETROECUADOR: Posts US$281 Million Export Income in March
* ECUADOR: May Pay Defaulted Bonds More Than 30Cents on the Dollar
G R E N A D A
ABITIBIBOWATER INC: To Temporarily Shut Grenada Newsprint Mill
J A M A I C A
* JAMAICA: Gov't Estimates 96% Reduction in Bauxite Earnings
M E X I C O
CEMEX SAB: Makes Changes in Management Structure
GRUPO PAPELERO: S&P Affirms 'BB-' Corporate Credit Rating
P U E R T O R I C O
MARCOS DEVARIE DIAZ: Section 341(a) Meeting Scheduled for June 1
WILSON IRIZARRY: Case Summary & 5 Largest Unsecured Creditors
V E N E Z U E L A
PDVSA: To Assume Control of Some Oil Field Services
X X X X X X X X
GENERAL MOTORS: Fiat Seeks to Acquire Firm's Latin America Ops.
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
COMFRIX SRL: Trustee Verifying Proofs of Claim Until June 3
-----------------------------------------------------------
The court-appointed trustee for Comfrix S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 3, 2009.
The trustee will present the validated claims in court as
individual reports on August 21, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 2, 2009.
MI CIELO: Trustee Verifying Proofs of Claim Until August 13
-----------------------------------------------------------
The court-appointed trustee for Mi Cielo Azul S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 13, 2009.
The trustee will present the validated claims in court as
individual reports on September 25, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 9, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 9, 2010.
NORPAPEL SAIC: Verifies Proofs of Claim
---------------------------------------
The court-appointed trustee for Norpapel S.A.I.C.'s reorganization
proceedings verified the creditors' proofs of claim on April 1,
2009.
The trustee will present the validated claims in court as
individual reports on May 19, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 1, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on December 1, 2009.
PETROBRAS ENERGIA: Posts ARS205 Million First Quarter Net Loss
--------------------------------------------------------------
Petrobras Energia Participaciones S.A., a unit of Brazil-based
Petroleo Brasileiro SA, posted a ARS205 million (US$55.4 million)
net loss in the first-quarter from a ARS261 million profit a year
earlier, Taos Turner of Dow Jones Newswires reports. The report
relates the company attributed the results on lower sales of oil,
refined oil and petrochemicals as well as lower sales prices for
the decline.
The report relates the company's net sales fell to ARS2.666
billion from ARS3.206 billion a year earlier.
According to the report, administrative costs also rose slightly
on the year, to ARS383 million from ARS365 million.
About Petrobras Energia
Argentina-based Petrobras Energia Participaciones S.A. (Buenos
Aires: PBE, NYSE:PZE) a holding company that operates through
its subsidiaries. The company's principal assets is 75.8% of
the equity interest of Petrobras Energia S.A., an integrated
energy company, focused in oil and gas exploration and
production, refining, petrochemical activities, generation,
transmission and distribution of electricity and sale and
transmission of hydrocarbons.
* * *
Petrobras Energia Participaciones S.A. continues to carry Fitch
Ratings 'B' Long-Term Issuer Default Rating.
PRODUCTOS AGROINDUSTRIALES: Verefies Proofs of Debt
---------------------------------------------------
The court-appointed trustee for Productos Agroindustriales
S.R.L.'s bankruptcy proceedings verified creditors' proofs on
March 25, 2009.
The trustee will present the validated claims in court as
individual reports on May 12, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
TECNO LIMPIEZA: Trustee Verifying Proofs of Claim Until May 29
--------------------------------------------------------------
The court-appointed trustee for Tecno Limpieza S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 29, 2009.
The trustee will present the validated claims in court as
individual reports on July 14, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 10, 2009.
TGS: Posts ARS11.7 Million Net Loss in First Quarter
----------------------------------------------------
Transportadora de Gas del Sur SA (TGS) posted ARS11.7 million
(US$3.17 million) net loss in the first quarter of 2009, from a
ARS80.7 million net profit in the same period last year, Taos
Turner of Dow Jones Newswires reports.
"The negative variation is mainly attributable to a decline in
revenues associated with the sharp fall of propane, butane and
natural gasoline international prices. In addition, the Argentine
peso devalued against U.S. dollar during the first quarter of
2009, generating an exchange rate loss of ARS52.3 million," TGS
said in a statement obtained by DJ Newswires.
About TGS
Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower. Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts. Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina. The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province where natural gas liquids
are separated from gas transported through the Company's
pipeline system and stored for delivery. Transportadora de Gas
is engaged in midstream activities and the provision of
telecommunication services in Argentina. The company operates
the largest pipeline transmission system in Argentina, which
accounts for roughly 60% of the country's total natural gas
consumption.
* * *
As reported in the Troubled Company Reporter-latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered
Transportadora de Gas del Sur S.A's currency ratings to BB- from
B+.
UNICOLOR SRL: Trustee Verifies Proofs of Claim
----------------------------------------------
The court-appointed trustee for Unicolor S.R.L.'s reorganization
proceedings verified creditors' proofs of claim on April 13, 2009.
The trustee will present the validated claims in court as
individual reports on May 26, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
Sept. 27, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on December 21, 2009.
=============
B E R M U D A
=============
SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP in Charlotte, North Carolina, in its audit
report dated April 28, 2009, raised substantial doubt about the
ability of Scottish Re Group Limited to continue as a going
concern.
The auditor explained that Scottish Re Group Limited's primary
operating subsidiary -- Scottish Re (U.S.), Inc. -- is operating
its business in run-off under an Order of Supervision with the
Delaware Department of Insurance and Scottish Re has reported a
net loss for the year ended December 31, 2008, and has a
shareholders’ deficit at December 31, 2008.
For the year ended December 31, 2008, Scottish Re reported a net
loss attributable to ordinary shareholders of $2.7 billion as
compared to a net loss attributable to ordinary shareholders of
$1.02 billion for the prior year period. The net loss
attributable to ordinary shareholders was driven by $1.89 billion
in net realized and unrealized losses on investments and a $216.0
million net change in the value of embedded derivatives. The
majority of these investment losses were contained in the
Company’s non-recourse securitization structures.
For the year ended 2008, the Company posted $1.65 billion in
revenues, lower compared to the $1.73 billion in 2007.
As of December 31, 2008, the Company's balance sheet showed total
assets of $8.02 billion, total liabilities of $9.84 billion,to
resulting to a shareholder's deficit of $2.41 billion.
In February 2008, Scottish Re announced the pursuit of these key
strategies:
* Dispose of non-core assets or lines of business, including
the Life Reinsurance International Segment and the Wealth
Management business;
* Develop, through strategic alliances or other means,
opportunities to maximize the value of core competitive
capabilities within the Life Reinsurance North America
Segment, including mortality assessment and treaty
administration; and
* Rationalize cost structure to preserve capital and liquidity.
The strategies materially impacted the conduct of Scottish Re's
business going forward. In particular, Scottish Re ceased writing
new business, notified existing clients that it would not be
accepting any new reinsurance risks under existing treaties and
placed remaining treaties into run-off.
SRUS consented to the issuance by the Delaware Department of
Insurance on January 5, 2009, of an Order of Supervision against
SRUS. The Order of Supervision requires, among other things, the
Department’s consent to any transaction by SRUS outside the
ordinary course of business or with its affiliates, and in large
part formalizes certain reporting and processes already informally
implemented between SRUS and the Department during 2008. The
Order of Supervision, which was set to lapse on April 5, 2009 --
and every 90 days thereafter pursuant to Delaware regulation --
subsequently was amended and replaced with a Continued and Amended
Order of Supervision, dated April 3, 2009, which amends and
clarifies certain matters contained within the original Order of
Supervision.
to further preserve liquidity, Scottish Re began deferring
interest payments as of March 4, 2009, on floating rate capital
securities and trust preferred securities issued and sold through
certain statutory trusts that Scottish Re previously established.
Under the terms of the securities, Scottish Re is entitled to
defer interest payments for up to 20 consecutive quarterly
periods.
About Scottish Re
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.
TRIOMPHE RE: S&P Withdraws 'BB+' Rating on $40 Mil. Term B Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
'BBB-' senior secured bank loan rating on Triomphe Re Ltd.'s
$24 million Term A loan, and its 'BB+' subordinated bank loan
rating on Triomphe Re's $40 million Term B loan. The withdrawal
follows repayment of the obligations in full.
Ratings List
Ratings Withdrawn
Triomphe Re Ltd.
To From
-- ----
$24 million Term A loan
Senior secured bank loan rating NR BBB-
$40 million Term B loan
Subordinated bank loan rating NR BB+
===========
B R A Z I L
===========
BANCO DO BRASIL: No Gov't Interference in Ops, President Says
-------------------------------------------------------------
Newly-appointed Banco do Brasil President Aldemir Bendine insisted
that there is no interference from the government on the bank's
operations amid his weekly meetings with Brazil Finance Minister
Guido Mantega, Bloomberg News' Iuri Dantas reports.
“I meet Mr. Mantega once a week, which is natural as the
government has a majority stake in the bank,” the report quoted
Mr. Bendine as saying. “There’s no political interference in the
bank. No employee has an active political role.”
According to the report, since Mr. Bendine's appointment in April,
the bank announced these consumer-friendly lending programs:
-- lending BRL20 million (US$9.09 million) to
Cyrela Brazil Realty SA Empreendimentos e
Participacoes to build 500 homes in Sao Paulo;
-- playing a stronger role in home financing for
low-income families; and
-- offering a new monthly 1.99% rate credit line
for durable goods included in recent government
tax cuts.
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'.
BANCO PINE: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Banco Pine S.A.'s ratings:
-- Foreign and local currency Long-term Issuer Default Rating at
'B+'
-- Foreign and local currency Short-term IDR at 'B'
-- Individual Rating at 'D'
-- Support Rating at '5'
-- Support Rating Floor at 'No Floor'
-- National Long-term Rating at 'A-(bra)'
-- National Short-term Rating at 'F2(bra)'
The Outlooks for the Long-term IDRs and National Long-term rating
are Stable.
The ratings of Pine reflect its ability in adapting to economic
volatility, conservative risk management and balance sheet
adjustments. It is a medium-sized bank focused on the middle
market and business opportunities in certain niche areas, such as
payroll-deductible loans. The bank's concentrations in assets and
liabilities are mitigated by its prudent credit management and
sound liquidity. Among its challenges are maintaining its
performance in a more volatile and competitive operating
environment and maintaining a flexible and diversified financial
structure.
Pine was one of the first medium-sized banks in Brazil during the
ongoing global financial crisis to rein in loan growth and cut
costs. Since 2007, tightening spreads and adverse developments in
payroll deductible loans have led the bank to scale back its
business in that sector. This process was then extended to the
auto loan and small- and medium-sized company segments due to a
scarcity of liquidity and funding. The bank has sought to
strengthen its loan loss reserves since Q408 ahead of an expected
increase in delinquencies, resulting in modest profitability.
Although Pine's tighter lending criteria, lower leverage, and
lower-risk assets are considered by Fitch as prudent, they could
hinder the bank's development and competitiveness in the medium
term.
Pine is dependent on institutional funding. However, it has
sought to diversify its funding and has had some success in
raising funding from multilateral financial institutions, which
Fitch considers important for its development. The objective is
to expand its funding base in order to increase foreign currency
trade-related lines to corporate customers, yielding a more
selective risk profile. In terms of capital, the bank is in a
comfortable position, since its leverage is low relative to
domestic peers and given its modest asset growth relative to
capitalization. On the other hand, Fitch highlights that expected
increases in provisioning could boost the volume of deferred tax
assets in Pine's equity, impairing the quality of its capital
base.
Consistent earnings, coupled with diversification in revenue and
funding while maintaining satisfactory asset quality and moderate
leverage would put upward pressure on the bank's ratings.
However, deterioration in earnings and asset quality could have a
negative impact on its ratings.
Pine is controlled by Noberto Nogueira Pinheiro and has been
listed since 2007 on the Sao Paulo Stock Exchange.
BRASKEM SA: Records R$3.2 Billion of Net Revenue in First Quarter
-----------------------------------------------------------------
Braskem S.A. posted R$3.2 billion net revenue in the first quarter
2009.
The company said with the recovery in demand, especially in the
export market, it gradually increased its capacity utilization
during first quarter, with production returning to full capacity
in March.
Braskem’s resin export volume in first quarter increased to
252,000 tons, mainly to China, representing growth of 106% over
the same quarter in 2008 and of 116% against the previous quarter.
The company reported an EBITDA of R$458 million in first quarter,
with an EBITDA margin of 14.5%.
Braskem S.A., in March, raised R$600 million from Caixa Economica
Federal, with cost of 117.5% of the CDI overnight rate.
Braskem laid the cornerstone for its green ethylene plant (under
the Green PE project) installed at the Triunfo Petrochemical
Complex on April 22, 2009.
On May 5, Braskem incorporated Petroquimica Triunfo and its Board
of Directors approved the new naphtha supply agreement with
Petrobras. The new agreement has a duration of five years,
renewable for another five and represents an important step
forward in terms of reducing raw material price volatility.
About Braskem S.A.
Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies. The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products. The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.
* * *
As reported by the Troubled Company Teporter-Latin America on
Jan. 23, 2009, Fitch Ratings affirmed Braskem S.A.'s ratings:
-- Foreign currency long-term Issuer Default Rating (IDR) at
'BB+';
-- Local currency long-term IDR at 'BB+';
-- National long-term rating at 'AA(bra)';
-- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';
-- Unsecured senior perpetual bonds at 'BB+';
-- 13th debenture issue,at 'AA(bra)'.
GERDUA SA: Board Approves US$140 Million Budget for Peru Unit
-------------------------------------------------------------
Gerdau S.A.'s board approved a plan to invest US$140 million to
expand Peruvian subsidiary Siderperu, Peru's largest steelmaker,
Business News Americas reports.
The report recalls last year Gerdau SA said it aimed to increase
Siderperu's steel output to 3Mt/y by 2013. The company, the
report relates, is in the midst of an expansion to 700,000t/y from
400,000t/y and aims to finish in 2010.
Antonio Carlos Goes, analyst with Brazilian brokerage SLW, told
BNamericas he thought Gerdau was being ambitious in taking
advantage of the crisis to find ways to expand in areas outside
Brazil. "If Gerdau is doing this it is because there is an
interesting opportunity there," the report quoted Mr. Goes as
saying.
About Gerdau S.A.
Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products. In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).
GOL LINHAS: Offers New Routes From Santos Dumont Airport
--------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A
has received approval from Anac, the Brazilian civil aviation
authority, to operate regular flights from Santos Dumont airport
(Rio de Janeiro) to Belo Horizonte (Confins airport), Brasilia and
Vitoria.
Flights to Vitoria have begun with five daily frequencies, three
of which operate Monday through Saturday, two other frequencies
operate daily. One of the daily flights connects Santos Dumont
airport and Manaus, after stopovers in Vitoria and Brasilia. This
is the only daytime, nonstop flight between Vitoria and Manaus.
The second daily flight connects Santos Dumont and Manaus via
Brasilia, bringing the total connections between Rio de Janeiro
and the Amazonas state capital to two in addition to existing
daily connections between the Rio de Janeiro's Galeao airport and
Manaus.
Beginning May 4, 2009, GOL will launch direct flights from Santos
Dumont airport to Belo Horizonte (Confins) and Brasilia, two of
the Company's principal distribution hubs in Brazil, which will
permit quick connections to cities across the country, including
Salvador, Cuiaba, Goiania, Palmas, Belem, Recife, Macapa, Boa
Vista, Sao Luis and Maraba.
In addition to the new flights from Santos Dumont, GOL also offers
several flight options between Galeao and Belo Horizonte, Brasilia
and Vitoria. The Company offers six daily flights to Brasilia,
four daily flights to Confins (Belo Horizonte) and two daily
flights to Vitoria, though a third frequency will be available
beginning May 15, 2009.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay. The company's
services include passenger, cargo, and charter services. As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft. The
company was founded in 2001.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 6, 2009, Fitch Ratings downgraded and placed on Rating Watch
Negative Gol Linhas Aereas Inteligentes S.A.'s ratings:
-- Foreign and Local Currency long-term Issuer Default Ratings
to 'B+' from 'BB';
-- Long-term National Rating to 'BBB(bra)' from 'A+(bra);
-- US$200 million perpetual notes to 'B/RR5' from 'BB;
-- US$200 million senior notes due 2017 to 'B/RR5' from 'BB.
REGULAMENTO OF OURINVEST: Amendment Won't Affect Moody's Ratings
----------------------------------------------------------------
After analysis of the credit impact of a proposed amendment dated
April 15, 2009, to the Regulamento of Ourinvest Fundo De
Investimento Em Direitos Creditorios Financeiros Suppliercard
transaction, Moody's stated that the amendment, in and of itself
and at this time, would not result in the downgrade or withdrawal
of the ratings on the Moody's-rated senior shares issued in this
transaction.
The proposed amendment consists of an extension for six months,
which will take place from May 4, 2009 to November 4, 2009, of the
period during which the target return of the senior shares is
equivalent to 115% of the CDI rate instead of 111%. After
November 4, 2009, the target return of the senior shares will go
back to 111% of the CDI rate. The increase in the target return
of the senior shares to 115% of the CDI rate was approved by a
shareholders' meeting dated October 31, 2008 for the period from
November 4, 2008 to May 4, 2009.
Oliveira Trust requested that Moody's provide its opinion as to
whether its ratings on the senior shares issued by Ourinvest Fundo
De Investimento Em Direitos Creditorios Financeiros Suppliercard
would be downgraded or withdrawn as a result of the execution of
the proposed amendment. Moody's believes that the proposed
amendment would not have an adverse effect on the credit quality
of the securities currently rated Aa2.br (National Scale Rating)
and Ba2 (Global Scale, Local Currency). Moody's did not express
an opinion as to whether the amendment could have other, non
credit-related effects.
Since this transaction must maintain a minimum excess spread of
5%, Moody's believes that any increase in the coupon of senior
shares will immediately be correlated with an increase in the
discount rate used to purchase the underlying receivables.
Therefore, the credit impact on the senior shares is mitigated.
=============
E C U A D O R
=============
PETROECUADOR: Posts US$281 Million Export Income in March
---------------------------------------------------------
Ecuador state oil company Petroecuador posted a US$281 million
export income in March from US$563 million during the same month a
year ago, Alexandra Valencia of Reuters reports, citing the
central bank.
According to the report, Petroecuador's export income was US$199
million in February.
Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government. It produces crude
petroleum and natural gas.
* * *
In previous years, Petroecuador, according to published reports,
was faced with cash-problems. The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors. The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings. In 2008, a new management team was
appointed to turn around the company's operations.
* ECUADOR: May Pay Defaulted Bonds More Than 30Cents on the Dollar
------------------------------------------------------------------
Ecuador could pay holders of its defaulted 2012 and 2030 bonds
more than the 30-cent floor price in its buyback tender,
LatinFrance News reports, citing Finance Minister Maria Elsa
Viteri. The report relates Ms. Viteri said such a payment would
put great stain on resources, and that the government could have
opted for a cheaper means to resolve the issue of the 2 bond
series.
According to the report, Ms. Viteri acknowledged that a group of
2012 holders have accelerated payments, and adds that the republic
reserves the right to transfer repurchased bonds to a voting
holder – as a means to deal with aggressive holdouts – but has no
plans to do so.
LatinFrance relates Ms. Viteri said the price to be established at
auction is based on face value only, and payments will not include
past due interest.
The government, the report states, is offering 30% of face value
for the defaulted 2012s and 2030s in a modified Dutch auction set
to close May 15, with results due May 26. Lazard is advising
Ecuador, the report says.
“It is reasonable to assume that the clearing price could be
slightly higher than the 30 minimum price with the market prices
of 31.5-32.5 an efficient barometer,” Latin France quoted Siobhan
Morden, LatAm debt strategist at RBS, as saying. “Whether or not
the clearing price comes out slightly higher will depend on the
participation threshold and whether authorities can maximize
participation,” she added.
=============
G R E N A D A
=============
ABITIBIBOWATER INC: To Temporarily Shut Grenada Newsprint Mill
--------------------------------------------------------------
The Associated Press reports that AbitibiBowater Inc. will shut
down its newsprint mill in Grenada for a month, from May 11 to
June 11.
The plant was temporarily shut down in April, The AP says, citing
AbitibiBowater General Manager Wade Taylor. The AP states that
the Company reopened the plant on Friday to fill 10 days of
orders.
According to The AP, the AbitibiBowater facility employs about 200
people. Citing Mr. Taylor, the report says that each employee
will be working one week throughout the month, with the rest of
the time on temporary layoff status, but a maintenance crew will
remain on the job.
About AbitibiBowater Inc.
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.
Out-of-Court Restructuring Effort
AbitibiBowater tried to renegotiate about $2.9 billion in the
debts of its Canadian unit, Abitibi-Consolidated, and $1.8 billion
of its U.S. unit, Bowater Inc. On March 13, AbitibiBowater and
Abitibi-Consolidated commenced a recapitalization proposal which
was intended to reduce the Company's net debt by roughly $2.4
billion, lower its annual interest expense by roughly $162 million
and raise roughly $350 million through the issuance of new notes
of ACI and common stock and warrants of the Company.
On February 9, Bowater Finance II LLC, an indirect wholly owned
subsidiary of AbitibiBowater, commenced private offers with
respect to six series of outstanding debt securities issued by
either Bowater Incorporated or Bowater Canada Finance Corporation,
a wholly owned subsidiary of Bowater, to exchange the old notes
for new notes. BowFin also intended for a concurrent private
offering of new 15.5% First Lien Notes due November 15, 2011, to
holders of Bowater Notes who tender notes in the exchange offers.
The Company moved the exchange offer deadlines several times after
failing to garner enough support from bondholders. It ultimately
abandoned the exchange offer on March 31.
Bankruptcy Filing
The Company and several affiliates filed for protection under
Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr.
D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey presides
over the case. The Company and its Canadian affiliates commenced
parallel restructuring proceedings under the Companies' Creditors
Arrangement Act before the Quebec Superior Court Commercial
Division the next day. Alex F. Morrison at Ernst & Young, Inc.,
was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel. The Debtors' financial advisors are Advisory Services
LP, and their noticing and claims agent is Epiq Bankruptcy
Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout &
Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles
the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of September 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Abitibibowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
=============
J A M A I C A
=============
* JAMAICA: Gov't Estimates 96% Reduction in Bauxite Earnings
------------------------------------------------------------
The Jamaican government is estimating that the downturn in the
bauxite/alumina industry will cost the country $4 billion this
financial year, Radio Jamaica News reports.
According to the report, the government sees inflows from the
bauxite levy to drop 96% to $139 million from $4.4 billion
collected during the 2008/2009 financial year. The report relates
a report from the Ministry of Finance said the downturn during the
last financial year was due largely to the fallout in global
demand and prices as well as higher input costs.
The report says the government is projecting that the fallout will
accelerate during the current financial year.
Jamaica's bauxite/alumina sector, the report recalls, has come to
a screeching halt in recent months with major players -- Alumina
Partners of Jamaica, ALPART, and West Indies Alumina Company,
WINDALCO -- either curtailing or suspending operations.
* * *
According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.
===========
M E X I C O
===========
CEMEX SAB: Makes Changes in Management Structure
------------------------------------------------
Cemex S.A.B. de C.V. restructured the roles of top management that
report to the CEO, in an effort to make the organization more
effective and efficient, in these capacities:
* Armando J. Garcia as Executive Vice President,
Technology, Energy & Sustainability;
* Francisco Garza as President, Americas;
* Fernando A. Gonzalez as Executive Vice President,
Planning & Development;
* Hector Medina as Executive Vice President,
Finance & Legal;
* Juan Romero as President, Europe, Middle East,
Africa, Asia & Australia; and
* Victor M. Romo as Executive Vice President,
Administration.
Cemex said the re-organization, which will be effective on May 15,
2009, reflects the company's commitment to further develop its
management team, and brings fresh perspectives that will reinforce
its operational and financial performance.
Anthony Harrup of Dow Jones Newswires relates the changes come as
Cemex is negotiating the refinancing of US$14.5 billion in short-
term bank debt, and also taking measures to cut costs.
As reported in the Troubled Company Reporter-latin America on
May 1, 2009, The Dominican Today said Cemex expects additional
savings of US$200 million as a result of extended measures to
reduce costs which began before 2008 and to be completed by year-
end 2009. The Dominican Today related the additional savings is
part of the company's efforts to cut costs globally by US$900
million, including the US$700 million it previously identified.
About Cemex S.A.B
Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries. The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons. In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.
* * *
As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009. At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.
GRUPO PAPELERO: S&P Affirms 'BB-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
corporate credit rating on Grupo Papelero Scribe S.A. de C.V.
Standard & Poor's also said that it removed this rating from
CreditWatch, where it was placed on February 26, 2009, with
negative implications.
The outlook on Scribe is negative.
"The rating action reflects the agreement that Scribe has reached
with its bank counterparties to waive and modify certain terms and
conditions of some of its syndicated term-loan covenants," noted
Standard & Poor's credit analyst Marcela Duenas. The affirmation
is based on S&P's expectation of continued free operating cash-
flow generation in 2009. Stemming from the weakness in the
Mexican peso because of lower imports, this has allowed the
company to increase prices. S&P also affirmed the rating because
of the decline in energy and pulp costs and an expense-reduction
program that Scribe will implement this year. Nevertheless, the
negative outlook indicates S&P's concerns regarding the negative
impact of a more challenging economic environment on Scribe's
volumes and the deterioration of its leverage ratios as a result
of the Mexican peso volatility.
The rating on Scribe reflects the company's high debt leverage
relative to operating cash flow, a cyclical and somewhat mature
industry, its exposure to raw material and energy price
volatility, and its limited product diversification. The
company's strong brand recognition, leadership in the notebook
market, solid position in the paper and office markets, and above-
average operating efficiency mitigate these factors. Currently,
Standard & Poor's does not rate any specific debt instrument from
this company.
The outlook is negative. Although Scribe was able to increase its
prices in the fourth quarter of 2008 and the first quarter of
2009, S&P believes the weakness of the Mexican economy could hurt
Scribe's volumes and thus its free operating cash flow. In
addition, the volatility of the Mexican peso could also affect the
company's financial ratios because the bulk of the company's debt
is denominated in U.S. dollars. Weaker-than-expected performance
-- in particular, a failure to bring total debt (including a KCM
call option) to EBITDA to 4.0x by year-end 2009 -- could result in
a downgrade. On the other hand, if this ratio winds up being
lower, S&P could revise the outlook to stable.
====================
P U E R T O R I C O
====================
MARCOS DEVARIE DIAZ: Section 341(a) Meeting Scheduled for June 1
----------------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of creditors
in Marcos Devarie Diaz' Chapter 11 case on June 1, 2009, at
9:00 a.m., at 341 Meeting Room, Ochoa Building, 500 Tanca Street,
First Floor, San Juan, Puerto Rico.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
Caguas, Puerto Rico-based Marcos Devarie Diaz aka Marcos Devarie,
dba Centro Cardiovascular Integral, and Aixa Morales Fontanez aka
Aixa Morales filed for Chapter 11 on April 23, 2009 (Bankr. D.
P.R. Case No. 09-03181). Juan Manuel Suarez Cobo, Esq., at Legal
Partners PSC represents the Debtors in their restructuring
efforts. The Debtors' assets range from $10 million to
$50 million and their debts from $1 million to $10 million.
WILSON IRIZARRY: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Wilson Irizarry Santiago
Gladys Mirta Castro Velez
PO Box 2063
San Sebastian, PR 00685
Bankruptcy Case No.: 09-03611
Chapter 11 Petition Date: May 4, 2009
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Bankruptcy Judge Enrique S. Lamoutte Inclan
Debtors' Counsel: Salvador Tio Fernandez, Esq.
Calle Acosta 97 Altos
Caguas, PR 00726
Tel: (787) 390-7880
Fax: (787) 746-3895
Email: salvadorelias@yahoo.com
Total Assets: $1,970,541
Total Debts: $1,264,099
According to its schedules of assets and liabilities, $1,245,462
of the debt is owing to secured creditors and the remaining debt
to creditors holding unsecured nonpriority claims.
A full-text copy of the Debtors petition, including their list of
5 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/prb09-03611.pdf
The petition was signed by the Joint Debtors.
=================
V E N E Z U E L A
=================
PDVSA: To Assume Control of Some Oil Field Services
---------------------------------------------------
Petroleos de Venezuela SA (PDVSA) will take over some oil field
services being carried out by private companies after lawmakers
approved a bill to increase government control, Bloomberg News
reports.
The National Assembly gave preliminary approval to allow the
government to take over activities including water injection into
oil wells, compressing natural gas and management of docks and
boats in Lake Maracaibo, Energy and Mines Commission Head Angel
Rodriguez said in an e-mailed statement obtained by the news
agency.
The report relates the statement said that if the state took
control from a company, the government would assess payment at so-
called book value and deduct labor and environmental costs.
Payment would be in cash, or securities, it added.
According to the report, Venezuela has called on services
companies to lower fees by as much as 40% this year as PDVSA faces
increased debt after oil prices plunged. The report relates U.S.-
based services companies Helmerich & Payne Inc. and Ensco
International Inc. halted work on oil rigs this year after not
receiving full payment.
About PDVSA
Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of the
petroleum, petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
Petroleos de Venezuela continues to carry a 'BB-' local currency
issuer rating from Moody's Ratings.
The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.
===============
X X X X X X X X
===============
GENERAL MOTORS: Fiat Seeks to Acquire Firm's Latin America Ops.
---------------------------------------------------------------
Fiat is eyeing General Motors Corp.'s Latin America operations as
well as those in Europe and discussions on a possible deal are
under way, Agence France-Presse News (AFP) reports, citing an
industry source.
"Fiat is also interested in GM's operations in Latin America," the
source told AFP.
According to the report, Fiat boss Sergio Marchionne unveiled a
grand plan to create a new global auto giant by grabbing General
Motors' European arm and merging it with Chrysler, the ailing GM
rival with which Fiat has finalised an alliance.
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.
For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of US$16.8 billion. This compares to an
adjusted net loss of US$279 million. Including special items, the
company reported a loss of US$30.9 billion, compared to a reported
loss of US$43.3 billion in 2007, which included a non-cash special
charge of US$38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.
As of December 31, 2008, GM reported US$91,047,000,000 in total
assets, US$176,387,000,000 in total liabilities, and
US$86,154,000,000 in stockholders' deficit.
GM admitted in its viability plan submitted to the U.S. Treasury
on February 17 that it considered bankruptcy scenarios, but ruled
out the idea, citing that a Chapter 11 filing would result to
plummeting sales, more loans required from the U.S. government,
and the collapse of dealers and suppliers.
Going Concern Doubt
Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report. Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations. It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters. If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.
Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit facility to 'CCC-' (one notch above the 'CC' corporate
credit rating on the company) from 'CCC'. It revised the recovery
rating on this facility to '2' from '1', indicating its view that
lenders can expect substantial (70% to 90%) recovery in the event
of a payment default. The corporate credit rating remains
unchanged, at 'CC', reflecting its view of the likelihood that GM
will default -- through either a bankruptcy or a distressed debt
exchange.
Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high. The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
6th Annual Conference on
Distressted Investing - Europe
The Le Meridien Piccadilly Hotel, London, U.K.
Contact: 1-903-595-3800 or
http://www.renaissanceamerican.com/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
***********
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 * * *