/raid1/www/Hosts/bankrupt/TCRLA_Public/090526.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 26, 2009, Vol. 10, No. 102
Headlines
A N T I G U A & B A R B U D A
LIAT LIMITED: Court Grants Order to Prevent Pilot Strike
STANFORD INT'L BANK: Owner Asks Records From U.S. Receiver
STANFORD INT'L BANK: Examiner Calls for Release of Funds
A R G E N T I N A
ASOCIACION MEDICA: Trustee Verifying Proofs of Claim Until June 26
AUTOPISTAS DEL: S&P Corrects Rating; Junks Rating From 'B-'
CADENA PAIS: Asks for Opening of Preventive Contest
CHAATAR CORRAL: Trustee Verifying Proofs of Claim Until June 26
COMPUTACION INTEGRAL: Verifying Proofs of Claim Until June 10
CONES SA: Trustee Verifying Proofs of Claim Until June 26
ELINTON SA: Trustee Verifying Proofs of Claim Until June 19
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba2' Global Scale Rating
GAS ARGENTINO: Asks for Opening of Preventive Contest
PILOT PEN: Proofs of Claim Verification Deadline is August 24
SION EMSANI: Trustee Verifying Proofs of Claim Until August 3
TRANSPORTES AUTOMOTORES: Verifying Proofs of Claim Until June 16
B E R M U D A
AA INVESTMENTS: Court to Hear Wind-Up Petition on June 12
ASIA ALUMINUM: Court to Hear Wind-Up Petition on June 12
B R A Z I L
TELEMAR NORTE: Mulls BRL3.17-Bln Brasil Telecom Share Acquisition
C A Y M A N I S L A N D S
ASTERION (GP): Final Meeting Slated for June 12
BRIGHT PEARL: Members to Hear Wind-Up Report on May 18
CIEF INVESTMENTS: Members to Hear Wind-Up Report on May 18
CRESCENT BAY: Members to Receive Wind-Up Report on June 12
GOLDEN LOTUS: Members to Hear Wind-Up Report on May 18
MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on June 2
MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on June 2
OLDE BASELINE: Members to Hear Wind-Up Report on May 18
OYSTER LIMITED: Members to Hear Wind-Up Report on May 18
PALLAS III: Members to Receive Wind-Up Report on June 12
TPF2 HOLDING: Members to Receive Wind-Up Report on June 12
WARAKU CAPITAL: Members to Receive Wind-Up Report on June 12
YOTSUYA OFFICE: Members to Receive Wind-Up Report on June 12
J A M A I C A
ALPART: Prime Minister Warns Closure May be Permanent
BRITISH AIR: To Operate New Twice-Weekly London-Montega Route
P E R U
PETROPERU: To Close More Operations as Protests Spread
V E N E Z U E L A
* VENEZUELA: Government Nationalizes Banco de Venezuela
* VENEZUELA: To Create Fund With Brazil, President Chavez Says
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A N T I G U A & B A R B U D A
===============================
LIAT LIMITED: Court Grants Order to Prevent Pilot Strike
--------------------------------------------------------
The Industrial Court in Antigua and Barbuda granted LIAT Limited's
request to prevent Rudolph Lowe, Henry Drakes, Eulton Henry, and
the sundry pilots representing Leeward Islands Airlines Pilots
Association from taking industrial action or continuing any
further industrial action whether by strike, go slow, sick out, or
any other related action against the airline, Oscar Ramjeet of
Caribbean Net News reports.
According to the report, the Order also stated, "The
Respondent/Employees (the pilots) be and are hereby granted
liberty to apply upon the filing of any application and in this
regard the Applicant shall be given 14 days notice of such
application."
The Order, the report says, was signed by Philip A. Pilgrim
(President), Samuel A. Aymer and Glendina M. McKay - the members
of the Industrial Court.
About LIAT
Headquartered in Antigua and Barbuda, LIAT Limited--
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft. The carrier transports passengers
to more than 20 destinations in the Caribbean. The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s. Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 30, 2009, Caribbean360.com News said Regional airline LIAT
is cutting routes as the world economic turbulence takes a toll on
their operations. According to the report, the airline said the
current world economic crisis was impacting on travel patterns in
the Caribbean and the carrier would have to reduce the number of
daily flights in and out of Antigua and Barbuda, Barbados, Guyana,
and St Kitts and Nevis.
STANFORD INT'L BANK: Owner Asks Records From U.S. Receiver
----------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford, through his attorneys, asked U.S. District Judge David
Godbey in Dallas to require court-appointed receiver, Ralph
Janvey, to provide at least the same records given government
regulators and prosecutors probing fraud allegations at Stanford
Group Co. and SIBL, Bloomberg News reports. The report relates
Mr. Stanford asked for these records so that he can defend himself
against allegations of his involvement in a Ponzi scheme.
“In any equitable system, Allen Stanford would have at least equal
access to his own documents,” Jacks C. Nickens, Mr. Stanford’s
civil attorney, said in a court filing obtained by the news
agency. “It is inequitable for the receiver to spend millions of
dollars of Stanford’s money dismantling Stanford’s business while
refusing to spend a dime of Mr. Stanford’s money to allow Mr.
Stanford access to the documents he needs to defend himself.”
According to the report, Mr. Nickens said Mr. Janvey’s request
that Mr. Godbey allow at least 60 days to turn over copies of the
same documents to Mr. Stanford is an attempt to “stonewall” and
“substantially impair” his defense.
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.
* * *
The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program. Mr. Stanford's
companies include SIBL, SGC, and investment adviser Stanford
Capital Management. According to a TCR-LA April 8 report, citing
Bloomberg News, Judge Godbey seized all of Mr. Stanford’s
corporate and personal assets and placed them under the control of
court-appointed SGC receiver Mr. Janvey.
STANFORD INT'L BANK: Examiner Calls for Release of Funds
--------------------------------------------------------
Court-appointed Stanford International Bank Limited (SIBL)
Examiner John Little called for the release of more accounts
suspected of holding funds related to an US$8.5 billion fraud,
Anna Driver of Reuters reports. "The law simply does not support
a continuing freeze of customer accounts that belong to third
parties who have done nothing wrong," Mr. Little said in his first
status report filed in federal court in Dallas, the report
The U.S. Securities and Exchange Commission, on Feb. 17, charged
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 Co (SGC), and investment
adviser Stanford Capital Management. According to a TCR-LA
report on April 8, citing Bloomberg News, Judge Godbey seized all
of Mr. Stanford’s corporate and personal assets and placed them
under the control of court-appointed SGC receiver Ralph Janvey.
According to Reuters, Mr. Little said so far, Mr. Janvey, with
court approval, released 92% of Stanford customer brokerage
accounts that were held at Pershing and JPMorgan and contained
US$4.6 billion in assets. However, the report relates more than
1,000 accounts are still frozen, leaving some customers with no
funds to pay for necessities like medical bills.
Reuters recalls on May 24, U.S. District Judge Godbey granted Mr.
Janvey's motion to release accounts that received only "de
minimis" proceeds from SIBL. The report says Mr. Janvey and his
lawyers argued in prior court papers that that would speed up the
process.
Meanwhile, in Mr. Little's report by the news agency, he said Mr.
Janvey has no right to pursue "claw back" claims from customers
who redeemed funds from certain accounts in the year before his
appointment on February 17. "The threat of such claims is adding
significantly to the hardships already being imposed upon Stanford
customers who have lost their CD investments and seen their other
assets frozen for over three months," Mr. Little said in his
report.
Reuters recalls Mr. Janvey said in previous court filings that he
would consider filing claims to "claw back" proceeds received from
the redemption or interest payments from CDs issued by the firm's
offshore bank.
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
=================
ASOCIACION MEDICA: Trustee Verifying Proofs of Claim Until June 26
------------------------------------------------------------------
The court-appointed trustee for Asociacion Medica Lomas de Zamora
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until June 26, 2009.
The trustee will present the validated claims in court as
individual reports on September 4, 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 16, 2009.
AUTOPISTAS DEL: S&P Corrects Rating; Junks Rating From 'B-'
-----------------------------------------------------------
In the article published May 21, 2009, S&P misstated the rating
downgrade in the headline. S&P lowered the rating to 'CC' from
'B-'.
On May 21, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on Ausol to 'CC' from 'B-' following a
cash tender offer that S&P considers distressed under S&P's
criteria. The outlook is negative. At the same time, S&P lowered
the senior unsecured rating on Ausol's $155 million 11.5% notes
due 2017 to 'CC' from 'B-'. The downgrade is based on the
company's recent announcement of a cash tender offer to buy back
the maximum it can purchase for $5 million of its outstanding
$155 million notes at a price that would range between $230 and
$280 per $ 1,000 of principal nominal amount.
The downgrade is based on the offer Ausol has made to retire debt
for less than originally contracted, which S&P consider a de facto
partial restructuring. According to S&P's criteria, S&P would
view the proposed transaction as a distressed offer being
tantamount to a default because: (1) the tender offer represents a
substantial discount to the par amount (or face value), and thus
investors will receive less value than the original obligation;
and (2) other signals that the offer is distressed, including: (a)
the structure of the transaction, being conducted via a public
tender offer; (b) the significant default risk over the short
term, indicated by the previous 'B-' issuer credit rating and weak
trading prices of the company's debt securities. Upon
consummation of the transaction, S&P would lower its issuer credit
rating to 'SD' (for selective default), and the ratings on
affected notes to 'D'. Immediately after, S&P will reassess the
company's credit quality and assign new ratings.
Ausol holds the concession to operate and collect tolls until 2020
on the Autopistas del Sol Highway System, one of the most
important access roads to the city of Buenos Aires. It includes
95 kilometers of Acceso Norte Highway and 24 km of General Paz
Avenue. The toll road provides an important link to the suburbs
on the northwest side of Buenos Aires' downtown.
Ausol's liquidity is weak. As of March 31, 2009, the company had
about $14 million in cash and short-term investments, while short-
term debt was about $13 million (including accrued interests). In
addition, Ausol's financial flexibility is very limited because of
the low cash flow generating ability compared to its debt service
amid high regulatory risk related to the company's contract
concession renegotiation, which is pending a full renegotiation
since 2002.
Although the company has been granted with a sizable toll tariff
increase in early 2009, the continued devaluation of the Argentine
peso (and its impact in the currency mismatch between revenues
denominated in pesos and a dollar-denominated debt), decreasing
traffic levels (about 5% down in the first quarter of 2009), and
certain continued cost pressures (particularly labor) hurt the
company's profitability and cash generation ability.
Assuming flat traffic levels for 2009, Ausol should be able to
generate around ARP140 million in EBITDA (or about $38 million at
an exchange rate of ARP3.7 per $1) while it will face interest
payments for about $20 to $25 million annually. S&P does not
expect the company to generate significant free cash flow. Ausol
would rely on other sources--like further tariff increases that at
this point are unpredictable--while it will face an increasing
debt maturity profile, with principal maturities of $6.7 million
in 2009 and about $20 million in 2010.
The outlook is negative. S&P expects to lower the issuer credit
rating to 'SD' and the rating on $155 million notes to 'D' upon
completion of the tender offer. S&P would then reassess Ausol's
issuer credit rating based on, among other things, the company's
traffic performance and the exchange rate evolution. It is S&P's
preliminary expectation that, in the event the tender succeeds,
S&P would raise the issuer credit rating to 'CCC+' following the
completion of the offers.
Downgraded; CreditWatch/Outlook Action
Autopistas Del Sol S.A.
To From
-- ----
Corporate Credit Rating
Foreign Currency CC/Negative/-- B-/Stable/--
Senior Unsecured (1 issue) CC B-
CADENA PAIS: Asks for Opening of Preventive Contest
---------------------------------------------------
Cadena Pais Producciones Publicitarias SA asked for the opening of
preventive contest.
The company stopped making its payments on March 17.
CHAATAR CORRAL: Trustee Verifying Proofs of Claim Until June 26
---------------------------------------------------------------
The court-appointed trustee for Chaatar Corral S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 26, 2009.
The trustee will present the validated claims in court as
individual reports on August 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
October 7, 2009.
COMPUTACION INTEGRAL: Verifying Proofs of Claim Until June 10
-------------------------------------------------------------
The court-appointed trustee for Computacion Integral y Sistemas
S.R.L.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until June 10, 2009.
The trustee will present the validated claims in court as
individual reports on June 25, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 24, 2009.
CONES SA: Trustee Verifying Proofs of Claim Until June 26
---------------------------------------------------------
The court-appointed trustee for Cones S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 26, 2009.
The trustee will present the validated claims in court as
individual reports on August 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
October 7, 2009.
ELINTON SA: Trustee Verifying Proofs of Claim Until June 19
-----------------------------------------------------------
The court-appointed trustee for Elinton S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 19, 2009.
The trustee will present the validated claims in court as
individual reports on August 20, 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 1, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on March 25, 2010.
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba2' Global Scale Rating
-----------------------------------------------------------------
Moody's Latin America (Moody's) has assigned a rating of Aaa.ar
(Argentine National Scale) and of Ba2 (Global Scale, Local
Currency) to the Class A Fixed Rate Debt Securities of Fideicomiso
Financiero Banco de Cordoba -- Clase 03 issued by Deutsche Bank
S.A. acting solely in its capacity as issuer and trustee.
Moody's also assigned a rating of Aa1.ar (Argentine National
Scale) and of Ba3 (Global Scale, Local Currency) to the Class B
Floating Rate Debt Securities. The certificates were rated Ca.ar
(Argentine National Scale) and Ca (Global Scale, Local Currency)
All Debt Securities and the Certificates were issued by Deutsche
Bank S.A. acting solely in its capacity as issuer and trustee.
This issuance is not an obligation of Deutsche Bank S.A. and
therefore the rating assigned does not reflect the credit quality
of Deutsche Bank S.A.
The assigned ratings are based on these factors:
-- The credit quality of the securitized personal loans;
-- Initial credit enhancement of 50% for the Class A, and of 15%
for the Class B, provided through subordination;
-- The available excess spread in the transaction;
-- The sound origination and servicing standards of Banco de la
Provincia de Cordoba S.A.;
-- The ability of Deutsche Bank S.A. to act as trustee in this
transaction;
-- The legal structure of the transaction.
The Securitized Pool
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of about
10,232 eligible loans denominated in Argentine pesos, bearing
fixed interest rates, originated by Banco de la Provincia de
Cordoba S.A., in an aggregate amount of Ar$ 33,325,086.
At closing, about 60.02% of the pool was constituted by personal
loans granted to employees of the Government of the Province of
Cordoba, and 5.40% to pensioners and retirees of the Province of
Cordoba. Both have the benefit of automatic deduction of the
installment directly from the borrower's paycheck. The remaining
34.58% were loans granted only with automatic deduction from the
borrower's account.
Structure
Deutsche Bank S.A. (Argentina) S.A. (issuer and trustee) issued
two classes of Debt Securities (Class A and Class B) and one class
of certificates, all denominated in Argentine pesos.
The Class A will bear a fixed interest rate of 18%. The Class B
Debt Securities will bear a BADLAR interest rate plus 500 basis
points. The Class B Debt Securities' interest rate has a ceiling
of 27% p.a. and a floor of 18%.
Overall credit enhancement is comprised of a total of 50%
subordination for Class A Debt Securities and 15% for Class B Debt
Securities; various reserve funds; and excess spread.
The Class A Debt Securities are expected to be paid off in 8
months. The payment of principal and interest on Class B Debt
Securities is subordinated to the full repayment of Class A. The
Certificates are entitled to receive any remaining cash flow after
Fixed Rate and Floating Rate Debt Securities are paid in full.
Originator And Servicer
Banco de la Provincia de Cordoba is the originator and servicer in
this transaction.
Banco de Cordoba is a financial institution created in 1873, and
it is one of the oldest financial institutions in Argentina. The
bank is located in the Province of Cordoba, Argentina and it is
the financial agent for Cordoba's Government. The bank is owned
by the Province of Cordoba (99% of the shares) and by Corporacion
Inmobiliaria Cordoba (1% of the shares). Banco de Cordoba was
incorporated on May 14, 2004, as a part of the government plan to
improve the bank's administration.
Banco de Cordoba has a broad coverage within the Province of
Cordoba with more than 140 branches. They also have branches in
the City of Buenos Aires and Rosario.
Rating Action
Originator: Banco de la Provincia de Cordoba S.A.
-- Ar$ 16,662,543 in Series A Debt Securities of "Fideicomiso
Financiero Banco de Cordoba -- Clase 03", rated Aaa.ar
(Nacional Scale Rating) and Ba2 (Global Scale, Local
Currency)
-- Ar$ 11,663,780 in Series B Debt Securities of "Fideicomiso
Financiero Banco de Cordoba -- Clase 03", rated Aa1.ar
(Nacional Scale Rating) and Ba3 (Global Scale, Local
Currency)
-- Ar$ 4,998,763 in Certificates of "Fideicomiso Financiero
Banco de Cordoba -- Clase 03", rated Ca.ar (Argentine
National Scale) and Ca (Global Scale, Local Currency)
GAS ARGENTINO: Asks for Opening of Preventive Contest
-----------------------------------------------------
Gas Argentino SA asked for the opening of preventive contest.
PILOT PEN: Proofs of Claim Verification Deadline is August 24
-------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Pilot
Pen Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until August 24, 2009.
Ms. Nobile will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:
Nelida Grunblatt de Nobile
Felipe Vallese 1195
Buenos Aires, Argentina
SION EMSANI: Trustee Verifying Proofs of Claim Until August 3
-------------------------------------------------------------
The court-appointed trustee for Sion Emsani e Hijos S.A.C.I.F.I.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 3, 2009.
The trustee will present the validated claims in court as
individual reports on September 15, 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 28, 2009.
TRANSPORTES AUTOMOTORES: Verifying Proofs of Claim Until June 16
----------------------------------------------------------------
The court-appointed trustee for Transportes Automotores de
Pasajeros Siglo XXI S.A.'s reorganization proceedings will be
verifying creditors' proofs of claim until June 16, 2009.
The trustee will present the validated claims in court as
individual reports on August 11, 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 22, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 6, 2010.
=============
B E R M U D A
=============
AA INVESTMENTS: Court to Hear Wind-Up Petition on June 12
---------------------------------------------------------
A petition to have AA Investments Company Limited's operations
wound up will be heard before the Supreme Court of Bermuda on
June 12, 2009, at 9:30 a.m.
Mello Jones & Martin filed the petition against the company on
May 6, 2009.
Fok Hei Yu and Roderick Sutton are the company's provisional
liquidators.
ASIA ALUMINUM: Court to Hear Wind-Up Petition on June 12
--------------------------------------------------------
A petition to have Asia Aluminum Holdings Limited's operations
wound up will be heard before the Supreme Court of Bermuda on
June 12, 2009, at 9:30 a.m.
Mello Jones & Martin filed the petition against the company on
May 6, 2009.
Fok Hei Yu and Roderick Sutton are the company's provisional
liquidators.
===========
B R A Z I L
===========
TELEMAR NORTE: Mulls BRL3.17-Bln Brasil Telecom Share Acquisition
-----------------------------------------------------------------
Telemar Norte Leste SA plans to spend as much as BRL3.17 billion
(US$1.56 billion) buying the common shares of Brasil Telecom
Participacoes SA, Reuters reports. The report relates Telemar
offered BRL61.63 apiece for the common shares it doesn’t yet own,
and offered BRL57.76 for each share of the operating unit, Brasil
Telecom SA, equal to as much as BRL131.7 million.
According to the report, Telemar aims to buy as many as 51.5
million shares of Brasil Telecom and 2.28 million shares of the
operating unit.
The report says the price offered for the minority stakes is 20%
lower than the BRL77.04 Telemar paid for each share owned by
Brasil Telecom Participacoes’s controlling shareholders.
Telemar Norte Chief Financial Officer Alex Zornig, the report
notes, said he expects the purchase of minority shares to be
concluded by June 15.
About Telemar Norte
Headquartered in Brazil, Telemar Norte Leste SA is involved in
the telecommunications sector. It operates a fixed-line and
mobile telephone service in Brazil under the name Oi. The company
also offers Internet network, through the service Oi Velox, and
cable television, through Oi TV, to both individual and corporate
customers. Telemar Norte Leste SA operates in the states of Rio
de Janeiro, Minas Gerais, Espirito Santo, Bahia, Sergipe, Alagoas,
Pernambuco, Paraiba, Rio Grande do Norte, Ceara, Piaui, Maranho,
Para, Roraima, Amapa and Amazonas.
Its subsidiaries include TNL PCS (Oi), Telemar Internet Ltda and
Serede Servicos de Rede SA, among others. The Company is owned by
Tele Norte Leste Participacoes SA. In 2008, the Company launched
the third generation (3G) service. As of January 2009, Telemar
Norte Leste SA acquired Brasil Telecom Participacoes SA.
* * *
As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies. S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.
==========================
C A Y M A N I S L A N D S
==========================
ASTERION (GP): Final Meeting Slated for June 12
-----------------------------------------------
The members of Asterion (GP), Ltd. will hold their final meeting
on June 12, 2009, at 9:00 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard L. Finlay
c/o Noel Webb
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
BRIGHT PEARL: Members to Hear Wind-Up Report on May 18
------------------------------------------------------
The members of Bright Pearl Limited will hold a meeting on May 18,
2009, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman
CIEF INVESTMENTS: Members to Hear Wind-Up Report on May 18
----------------------------------------------------------
The members of CIEF Investments Limited will hold a meeting on
May 18, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman
CRESCENT BAY: Members to Receive Wind-Up Report on June 12
----------------------------------------------------------
The members of Crescent Bay CLO, Ltd. will hold their meeting on
June 12, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Emille Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman KY1-1102
Cayman Islands
GOLDEN LOTUS: Members to Hear Wind-Up Report on May 18
------------------------------------------------------
The members of Golden Lotus Limited will hold a meeting on May 18,
2009, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman
MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on June 2
----------------------------------------------------------------
The sole shareholder of Mallet Global Events Fund, Ltd. will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 2, 2009, at 10:30 a.m.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815 1802
Facsimile: (345) 949 1986
MALLET GLOBAL: Sole Shareholder to Hear Wind-Up Report on June 2
----------------------------------------------------------------
The sole shareholder of Mallet Global Events Enhanced, Ltd. will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 2, 2009, at 10:30 a.m.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815 1802
Facsimile: (345) 949 1986
OLDE BASELINE: Members to Hear Wind-Up Report on May 18
-------------------------------------------------------
The members of Olde Baseline Limited will hold a meeting on
May 18, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman
OYSTER LIMITED: Members to Hear Wind-Up Report on May 18
--------------------------------------------------------
The members of Oyster Limited will hold a meeting on May 18, 2009,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman
PALLAS III: Members to Receive Wind-Up Report on June 12
--------------------------------------------------------
The members of Pallas III Limited will hold their meeting on
June 12, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Emille Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman KY1-1102
Cayman Islands
TPF2 HOLDING: Members to Receive Wind-Up Report on June 12
----------------------------------------------------------
The members of TPF2 Holding Inc. will hold their meeting on
June 12, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Emille Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman KY1-1102
Cayman Islands
WARAKU CAPITAL: Members to Receive Wind-Up Report on June 12
------------------------------------------------------------
The members of Waraku Capital Co., Ltd. will hold their meeting on
June 12, 2009, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Emille Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman KY1-1102
Cayman Islands
YOTSUYA OFFICE: Members to Receive Wind-Up Report on June 12
------------------------------------------------------------
The members of Yotsuya Office Corporation will hold their meeting
on June 12, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Emille Small
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman KY1-1102
Cayman Islands
=============
J A M A I C A
=============
ALPART: Prime Minister Warns Closure May be Permanent
-----------------------------------------------------
Jamaica Prime Minister Bruce Golding said Alumina Partners of
Jamaica (Alpart)'s temporary closure may become permanent because
of its owner’s unstable financial status, the Associated Press
reports. The report relates Mr. Golding said the government
cannot afford another economic stimulus plan to help revive the
industry.
According to the report, United Company RUSAL is suspending
operations at Alumina Partners of Jamaica because of a 60 percent
drop in demand amid the global economic crisis.
As reported in the Troubled Company Reporter-Latin America on
Mar. 20, 2009, Radio Jamaica News said Alpart will suspend its
operations for one year by May 15, sending home 900 permanent
employees in the process; amid a 60% decline in alumina product
prices since July 2008. Alpart Managing Director Alberto Fabrini,
as cited by Radio Jamaica News, said the temporary shutdown will
allow the plant to prepare for future developments. Although the
company took steps to maintain the operations even at reduced
capacity, circumstances still left the company with no other
choice but to shutdown, he added. Mr. Fabrini, Radio Jamaica
noted, said the company will continue to meet its obligations to
employees and the surrounding communities in a timely manner.
Mr. Golding, as cited by Associated Press, said he will speak with
officials at Norway–based Hydro, a minority shareholder of Alpart,
next month.
About Alpart
Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.
BRITISH AIR: To Operate New Twice-Weekly London-Montega Route
-------------------------------------------------------------
British Airways Plc will operate a new twice-weekly service from
London Gatwick to Sangster International, Montego Bay, beginning
October 25, 2009, Jamaica Observer reports. The report says the
flights will operate non-stop on Thursdays and Saturdays.
According to the report, this brings British Airways to five
weekly flights to Jamaica. Currently, the airline flies Mondays,
Wednesdays and Fridays to Kingston, the report says.
"We are also pleased to announce a special launch fare of US$399
plus taxes and surcharges from Montego Bay to London Gatwick
return. This fare will go on sale on May 22, 2009 and we hope our
customers in Jamaica will visit ba.com or call their travel agents
to take advantage of this very attractive price," the report
quoted British Airways Commercial Manager Caribbean Diane Corrie
as saying.
The Observer notes Minister of Tourism Edmund Bartlett expressed
great satisfaction at the decision of British Airways to resume
service to Montego Bay in October of this year. The service was
suspended in 2002, the report recalls.
About British Airways
Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) –- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services. The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services. The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008. During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers. It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide. At March 31, 2008, it had 245
aircraft in service. In July 2008, British Airways plc completed
the purchase of French airline L'Avion.
* * *
As reported in the Troubled Company Reporter-Europe on Mar 10,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based British Airways PLC to 'BB+'
from 'BBB-'. At the same time, the rating remains on CreditWatch
with negative implications, where it was originally placed on
Jan. 27, 2009.
=======
P E R U
=======
PETROPERU: To Close More Operations as Protests Spread
------------------------------------------------------
Petroleos del Peru, S.A. (PETROPERU) may halt more operations as
as land-rights demonstrations spread, Alex Emery of Bloomberg News
reports. The report recalls the company shut a 40,000 barrel-a-
day crude oil pipeline after indigenous protesters seized
facilities in a bid to overturn laws that aim to modify land
rights.
According to the report, protests have affected Petroperu’s sales
plants in the northern jungle towns of Yurimaguas and Tarapoto,
and may force the closure of the 10,000 barrel-a-day Iquitos
refinery.
The government, the report relates, on May 9 declared a state of
emergency in four regions, granting the army greater powers to
clamp down on the protests and charged indigenous leaders with
insurgency. Bloomberg News notes Cabinet Chief Yehude Simon said
the government plans talks with indigenous representatives this
week.
About Petroleos del Peru
According to Wikipedia, Petroleos del Peru, S.A. (PETROPERU) is a
Peruvian state-owned petroleum company. Its activities include
transport, refinery and commercialization of fuel and other oil
derivatives. It was created on July 24, 1969, during the
presidency of Juan Velasco Alvarado, using properties expropriated
by Peru from local oil companies and the International Petroleum
Company, a subsidiary of Esso Corporation.
=================
V E N E Z U E L A
=================
* VENEZUELA: Government Nationalizes Banco de Venezuela
-------------------------------------------------------
The Venezuelan government has nationalised Banco de Venezuela,
after agreeing to pay US$1.05 billion (GBP660 million) to Spanish
owner Banco Santander, BBC News reports. The report relates the
move follows months of negotiations between the government and
Santander over how much Caracas would pay.
According to the report, Venezuelan Vice-President Ramon
Carrizalez said the move would allow the government to assert
greater state control over the economy.
Banco de Venezuela President Michel Goguikian, the report notes,
said the deal was "very satisfactory" for both sides.
BBC News says the government will pay Banco Santander an initial
US$630 million, with the remainder to be paid in two installments
in October and December.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
* VENEZUELA: To Create Fund With Brazil, President Chavez Says
-------------------------------------------------------------
Venezuela and Brazil are planning to create a joint fund worth
billions of dollars, Alonso Soto of Reuters reports, citing
Venezuelan President Hugo Chavez.
According to the report, Mr. Chavez gave no further details, but
Venezuela already has infrastructure investment funds with other
countries including China and Ecuador.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total Shareholders
Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PLAT-$ COMED AR 547961024 -940552960
COMERCIAL PL-C/E COMEC AR 547961024 -940552960
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
SNIAFA SA SNIA AR 39681268 -2901931
SNIAFA SA-B SNIA5 AR 39681268 -2901931
SOC COMERCIAL PL SCDPF US 547961024 -940552960
COMERCIAL PLA-BL COMEB AR 547961024 -940552960
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
SOC COMERCIAL PL CVVIF US 547961024 -940552960
SOC COMERCIAL PL CADN SW 547961024 -940552960
SNIAFA SA-B SDAGF US 39681268 -2901931
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
SOC COMERCIAL PL COME AR 547961024 -940552960
COMERCIAL PL-ADR SCPDS LI 547961024 -940552960
SOC COMERCIAL PL CAD IX 547961024 -940552960
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
BRAZIL
HOPI HARI-PREF PQTM4 BZ 142677008 -412668992
PARQUE TEM-RCT C PQTM9 BZ 142677008 -412668992
RIMET-PREF REEM4 BZ 144454000 -232197008
CONST A LIND-PRF LINDPN BZ 51808000 -13659000
SAUIPE SA PSEGON BZ 17641202 -16319050
SAUIPE-PREF PSEG4 BZ 17641202 -16319050
SAUIPE PSEG3 BZ 17641202 -16319050
RIMET REEM3 BZ 144454000 -232197008
DTC DIRECT CO-RT 1DTCONR BZ 11797000 -2671000
WIEST WISA3 BZ 71372000 -140973008
RIMET REEMON BZ 144454000 -232197008
PARQUE TEM-RT PF PQTM2 BZ 142677008 -412668992
MMX MINERACA-GDR MMXMY US 2328652032 -101079000
GAZOLA SA-DVD CM GAZO11 BZ 27266214 -73665296
CIMOB PARTIC SA GAFON BZ 90471752 -77366408
RIOSULENSE SA RSULON BZ 123162000 -5599000
SCHLOSSER SCLO3 BZ 21962000 -118044000
PET MANG-RIGHTS RPMG1 BZ 152032000 -351539008
TEXTEIS RENAUX RENXPN BZ 87429000 -151598992
TEXTEIS RENAUX RENXON BZ 87429000 -151598992
PETRO MANGUINHOS RPMG3 BZ 152032000 -351539008
PET MANG-RIGHTS RPMG2 BZ 152032000 -351539008
TEKA-PREF TEKA4 BZ 438609024 -528801024
MMX MINERACAO MMXCF US 2328652032 -101079000
MMX MINERACAO MMXM3 BZ 2328652032 -101079000
ESTRELA SA-PREF ESTRPN BZ 122917000 -93033000
PETRO MANGUIN-PF MANGPN BZ 152032000 -351539008
MINUPAR-PREF MNPR4 BZ 180171008 -40196000
NOVA AMERICA-PRF NOVA4 BZ 40955000 -353104000
FABRICA RENAUX FTRX3 BZ 125797000 -64182000
MINUPAR MNPR3 BZ 180171008 -40196000
TEXTEIS RENAU-RT TXRX2 BZ 87429000 -151598992
DOC IMBITUBA IMBI3 BZ 207240000 -25727000
DOC IMBITUB-PREF IMBI4 BZ 207240000 -25727000
TECEL S JOSE-PRF FTSJPN BZ 42233000 -41080000
ARTEX SA-PREF ARTXPN BZ 11856000 -33570000
TEC TOY SA-PREF TOYDF US 41457000 -10455000
CONST A LINDEN LINDON BZ 51808000 -13659000
DOCAS IMBITUBA IMBION BZ 207240000 -25727000
DOCAS SA DOCAON BZ 204272000 -41722000
VARIG PART EM SE VPSC3 BZ 219302992 -690223040
ARTHUR LANGE ARLA3 BZ 34053000 -26011000
NOVA AMERICA SA NOVAON BZ 40955000 -353104000
NOVA AMERICA-PRF NOVAPN BZ 40955000 -353104000
RIOSULENSE SA RSUL3 BZ 123162000 -5599000
HOPI HARI SA PQTM3 BZ 142677008 -412668992
PARQUE TEM-RT CM PQTM1 BZ 142677008 -412668992
PARQUE TEM-RCT P PQTM10 BZ 142677008 -412668992
VARIG SA VAGV3 BZ 2094450944 -10176870400
WETZEL SA-PREF MWELPN BZ 143358000 -9963000
FER C ATLANT-PRF VSPT4 BZ 2083969920 -71092000
TECEL S JOSE FTSJON BZ 42233000 -41080000
WETZEL SA MWELON BZ 143358000 -9963000
BOTUCATU TEXTIL STRP3 BZ 62175000 -12000000
BOMBRIL CIRIO-PF BOBRPN BZ 467603008 -475305984
NORDON MET-RTS NORD1 BZ 36341000 -32125000
NORDON MET NORD3 BZ 36341000 -32125000
CONST A LINDEN CALI3 BZ 51808000 -13659000
TEXTEIS RENA-RCT TXRX10 BZ 87429000 -151598992
TEXTEIS RENAU-RT TXRX1 BZ 87429000 -151598992
MMX MINERACAO TRES3 BZ 2328652032 -101079000
VARIG SA-PREF VAGV4 BZ 2094450944 -10176870400
MINUPAR SA MNPRON BZ 180171008 -40196000
BOMBRIL BOBR3 BZ 467603008 -475305984
RENAUXVIEW SA TXRX3 BZ 87429000 -151598992
TEC TOY SA-PREF TOYB5 BZ 41457000 -10455000
TECTOY-PREF TOYB4 BZ 41457000 -10455000
PARQUE TEM-DV CM PQT5 BZ 142677008 -412668992
SANSUY SA SNSYON BZ 232096000 -106033000
TECTOY SA-PREF TOYBPN BZ 41457000 -10455000
TECTOY SA TOYBON BZ 41457000 -10455000
TECTOY-RCT ORD TOYB9 BZ 41457000 -10455000
HERCULES HETA3 BZ 21956000 -281780000
CAF BRASILIA CAFE3 BZ 91264000 -1143923968
FER C ATL-RCT CM VSPT9 BZ 2083969920 -71092000
TECTOY-RCT PREF TOYB10 BZ 41457000 -10455000
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-PR VPSC4 BZ 219302992 -690223040
DTCOM- DIR TO CO DTCY3 BZ 11797000 -2671000
VARIG SA-PREF VARGPN BZ 2094450944 -10176870400
VARIG SA VARGON BZ 2094450944 -10176870400
FERROVIA CEN-DVD VSPT12 BZ 2083969920 -71092000
FERROVIA CEN-DVD VSPT11 BZ 2083969920 -71092000
MARAMBAIA-PREF CTMMF US 79728000 -1381000
VARIG PART EM TR VPTA3 BZ 107416000 -867658048
SCHLOSSER SA SCHON BZ 21962000 -118044000
SANSUY SA-PREF A SNSYAN BZ 232096000 -106033000
SANSUY-PREF B SNSY6 BZ 232096000 -106033000
BOTUCATU-PREF STRP4 BZ 62175000 -12000000
NORDON METAL NORDON BZ 36341000 -32125000
STAROUP SA-PREF STARPN BZ 62175000 -12000000
STAROUP SA STARON BZ 62175000 -12000000
DTC DIRECT CO SA 1DTCON BZ 11797000 -2671000
CIA DE RECUPERAC CRSC3 BZ 21806000 -43811000
SANSUY SA-PREF B SNSYBN BZ 232096000 -106033000
CORREA RIBEIRO CORION BZ 10301000 -547000
SANSUY-PREF A SNSY5 BZ 232096000 -106033000
TECEL S JOSE-PRF SJOS4 BZ 42233000 -41080000
MARAMBAIA CTPC3 BZ 79728000 -1381000
SCHLOSSER-PREF SCLO4 BZ 21962000 -118044000
SANSUY SNSY3 BZ 232096000 -106033000
TEKA-ADR TKTQY US 438609024 -528801024
DOCA INVESTIMENT DOCA3 BZ 204272000 -41722000
TEKA-ADR TKTPY US 438609024 -528801024
BUETTNER SA-RTS BUET1 BZ 172912000 -59558000
TECTOY-BONUS RTS TOYB13 BZ 41457000 -10455000
TECTOY-RCPT PF B TOYB12 BZ 41457000 -10455000
TECTOY-PF-RTS5/6 TOYB11 BZ 41457000 -10455000
TEKA-PREF TEKAPN BZ 438609024 -528801024
ARTHUR LANG-RT P ARLA2 BZ 34053000 -26011000
NOVA AMERICA SA 1NOVON BZ 40955000 -353104000
TEKA TEKA3 BZ 438609024 -528801024
TEKA-PREF TKTPF US 438609024 -528801024
TEXTEIS RENA-RCT TXRX9 BZ 87429000 -151598992
AZEVEDO-PREF AZEV4 BZ 114608000 -10504000
TEKA-ADR TEKAY US 438609024 -528801024
CAF BRASILIA-PRF CAFE4 BZ 91264000 -1143923968
CTM CITRUS- PR R CTPC2 BZ 79728000 -1381000
CHIARELLI SA CCHON BZ 42853000 -85685000
CAMBUCI SA CAMBON BZ 169194000 -39565000
CAMBUCI SA-PREF CAMB4 BZ 169194000 -39565000
KUALA-PREF ARTE4 BZ 11856000 -33570000
CONST A LIND-PRF CALI4 BZ 51808000 -13659000
BUETTNER SA-RT P BUET2 BZ 172912000 -59558000
CIMOB PART-PREF GAFPN BZ 90471752 -77366408
NOVA AMERICA SA NOVA3 BZ 40955000 -353104000
BOMBRIL CIRIO SA BOBRON BZ 467603008 -475305984
BUETTNER SA-PRF BUETPN BZ 172912000 -59558000
WETZEL SA-PREF MWET4 BZ 143358000 -9963000
BUETTNER-PREF BUET4 BZ 172912000 -59558000
BUETTNER BUET3 BZ 172912000 -59558000
CAFE BRASILIA SA CSBRON BZ 91264000 -1143923968
SCHLOSSER SA-PRF SCHPN BZ 21962000 -118044000
CORREA RIBEIR-PR CORR4 BZ 10301000 -547000
CORREA RIBEIRO CORR3 BZ 10301000 -547000
CTM CITRUS SA CTMON BZ 79728000 -1381000
CTM CITRUS-ADR CTMMY US 79728000 -1381000
VARIG PART EM-PR VPTA4 BZ 107416000 -867658048
CAFE BRASILIA-PR CSBRPN BZ 91264000 -1143923968
CHIARELLI SA-PRF CCHI4 BZ 42853000 -85685000
ESTRELA SA ESTRON BZ 122917000 -93033000
WETZEL SA MWET3 BZ 143358000 -9963000
CAMBUCI SA-PREF CAMBPN BZ 169194000 -39565000
CORREA RIBEIRO CORIPN BZ 10301000 -547000
RIMET-PREF REEMPN BZ 144454000 -232197008
GAZOLA-RCPTS CMN GAZO9 BZ 27266214 -73665296
BUETTNER SA BUETON BZ 172912000 -59558000
ARTHUR LANG-RT C ARLA1 BZ 34053000 -26011000
ARTHUR LANGE-PRF ALICPN BZ 34053000 -26011000
ARTHUR LANGE SA ALICON BZ 34053000 -26011000
DOCAS IMBITUB-PR IMBIPN BZ 207240000 -25727000
TEKA TEKAON BZ 438609024 -528801024
ARTHUR LAN-DVD P ARLA12 BZ 34053000 -26011000
ARTHUR LAN-DVD C ARLA11 BZ 34053000 -26011000
FABRICA RENAUX FRNXON BZ 125797000 -64182000
GASCOIGNE EMP-PF 1GASPN BZ 1408963968 -1025910016
GASCOIGNE EMPREE 1GASON BZ 1408963968 -1025910016
SAUIPE SA-PREF PSEGPN BZ 17641202 -16319050
RIOSULENSE SA-PR RSUL4 BZ 123162000 -5599000
BOMBRIL SA-ADR BMBBY US 467603008 -475305984
TRESSEM PART SA 1TSSON BZ 2328652032 -101079000
NOVA AMERICA-PRF 1NOVPN BZ 40955000 -353104000
MMX MINERACA-GDR 3M11 GR 2328652032 -101079000
BOMBRIL SA-ADR BMBPY US 467603008 -475305984
BOMBRIL BMBBF US 467603008 -475305984
AZEVEDO E TRA-PR AZEVPN BZ 114608000 -10504000
AZEVEDO E TRAVAS AZEVON BZ 114608000 -10504000
BOMBRIL-PREF BOBR4 BZ 467603008 -475305984
RENAUXVIEW SA-PF TXRX4 BZ 87429000 -151598992
BOMBRIL-RGTS PRE BOBR2 BZ 467603008 -475305984
BOMBRIL-RIGHTS BOBR1 BZ 467603008 -475305984
KUALA ARTE3 BZ 11856000 -33570000
ARTHUR LANG-RC C ARLA9 BZ 34053000 -26011000
ARTHUR LANGE-PRF ARLA4 BZ 34053000 -26011000
PARQUE TEM-DV PF PQT6 BZ 142677008 -412668992
AZEVEDO AZEV3 BZ 114608000 -10504000
DOC IMBITUBA-RTP IMBI2 BZ 207240000 -25727000
ARTEX SA ARTXON BZ 11856000 -33570000
GAZOLA SA GAZON BZ 27266214 -73665296
GAZOLA-PREF GAZO4 BZ 27266214 -73665296
DOC IMBITUBA-RTC IMBI1 BZ 207240000 -25727000
CTM CITRUS-RCT C CTP5 BZ 79728000 -1381000
FABRICA RENAUX-P FTRX4 BZ 125797000 -64182000
MINUPAR SA-PREF MNPRPN BZ 180171008 -40196000
FERRAGENS HAGA HAGAON BZ 24512548 -113844104
ALL MALHA PAULIS GASC3 BZ 1408963968 -1025910016
DHB IND E COM DHBON BZ 221336000 -588646016
CIMOB PART-PREF GAFP4 BZ 90471752 -77366408
CHIARELLI SA CCHI3 BZ 42853000 -85685000
PETRO MANGUINHOS MANGON BZ 152032000 -351539008
ESTRELA SA ESTR3 BZ 122917000 -93033000
ESTRELA SA-PREF ESTR4 BZ 122917000 -93033000
TEC TOY SA-PF B TOYB6 BZ 41457000 -10455000
PET MANG-RECEIPT RPMG9 BZ 152032000 -351539008
ARTHUR LANG-RC P ARLA10 BZ 34053000 -26011000
FABRICA RENAUX-P FRNXPN BZ 125797000 -64182000
N.A. TOYB2 BZ 41457000 -10455000
FERRAGENS HAGA-P HAGAPN BZ 24512548 -113844104
HAGA HAGA3 BZ 24512548 -113844104
GAZOLA SA-PREF GAZPN BZ 27266214 -73665296
FABRICA TECID-RT FTRX1 BZ 125797000 -64182000
HERCULES-PREF HETA4 BZ 21956000 -281780000
HERCULES SA HERTON BZ 21956000 -281780000
CTM CITRUS-RCT P CTPC10 BZ 79728000 -1381000
PET MANGUINH-PRF RPMG4 BZ 152032000 -351539008
GAZOLA SA-DVD PF GAZO12 BZ 27266214 -73665296
GASCOIGNE EMP-PF GASC4 BZ 1408963968 -1025910016
GAZOLA-RCPT PREF GAZO10 BZ 27266214 -73665296
CAMBUCI SA CAMB3 BZ 169194000 -39565000
FER HAGA-PREF HAGA4 BZ 24512548 -113844104
GAZOLA GAZO3 BZ 27266214 -73665296
PET MANG-RECEIPT RPMG10 BZ 152032000 -351539008
CTM CITRUS-PREF CTMPN BZ 79728000 -1381000
D H B DHBI3 BZ 221336000 -588646016
D H B-PREF DHBI4 BZ 221336000 -588646016
CHIARELLI SA-PRF CCHPN BZ 42853000 -85685000
CAMBUCI SA-PREF CXDOF US 169194000 -39565000
DOCAS SA-RTS PRF DOCA2 BZ 204272000 -41722000
TEKA TKTQF US 438609024 -528801024
CIMOB PARTIC SA GAFP3 BZ 90471752 -77366408
DHB IND E COM-PR DHBPN BZ 221336000 -588646016
CTM CITRUS-COM R CTPC1 BZ 79728000 -1381000
HERCULES SA-PREF HERTPN BZ 21956000 -281780000
RIOSULENSE SA-PR RSULPN BZ 123162000 -5599000
CTM CITRUS-RCT P CTP6 BZ 79728000 -1381000
MARAMBAIA-PREF CTPC4 BZ 79728000 -1381000
CTM CITRUS-RCT C CTPC9 BZ 79728000 -1381000
PROMAN PRMN3 BZ 24221000 -555000
DOCA INVESTI-PFD DOCA4 BZ 204272000 -41722000
FER C ATL-RCT PF VSPT10 BZ 2083969920 -71092000
ACO ALTONA-PREF EAAPN BZ 167764992 -20478000
DTCOM- DIRECT-PR DTCY4 BZ 11797000 -2671000
TECTOY TOYB3 BZ 41457000 -10455000
ACO ALTONA-PREF EALT4 BZ 167764992 -20478000
ACO ALTONA EALT3 BZ 167764992 -20478000
ACO ALTONA SA EAAON BZ 167764992 -20478000
DOCAS SA-PREF DOCAPN BZ 204272000 -41722000
DTCOM-RT DTCY1 BZ 11797000 -2671000
TECEL S JOSE SJOS3 BZ 42233000 -41080000
COLOMBIA
TELEX-A TELEXA CI 219760902144 -15259209728
TELEX-RTS TELEXO CI 219760902144 -15259209728
TELMEX CORP SACHILESAT CI 219760902144 -15259209728
ENACAR-RT ENACARO CI 2551085824 -36098428928
TELMEX CORP-ADR CSAOY US 219760902144 -15259209728
ENACAR ENACAR CI 2551085824 -36098428928
CARVILE CARVILE CI 940892992 -34319321088
CHILESAT CO-RTS CHISATOS CI 219760902144 -15259209728
ENACAR EMPOF US 2551085824 -36098428928
CHILESAT CO-ADR TL US 219760902144 -15259209728
***********
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 * * *