/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090603.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 Wednesday, June 3, 2009, Vol. 10, No. 107 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Owner Used Clients' Funds for "Lavish Life" A R G E N T I N A ARTES GRAFICAS: Verifying Proofs of Claim Until August 10 COMPAATIA ARGENTINA: Verifying Proofs of Claim Until August 10 CONSOLIDAR SEGUROS: Moody's Affirms 'Ba3' Financial Ratings ESTANTERIAS BECA: Verifying Proofs of Claim Until August 10 GENERACION ECONOMICA: Verifying Proofs of Claim Until June 8 LOUCEN INTERNATIONAL: Verifying Proofs of Claim Until August 31 B E R M U D A NEWPAK INTERNATIONAL: Creditors' Proofs of Debt Due on June 12 NEWPAK INTERNATIONAL: Members' Final Meeting Set for June 30 XL CAPITAL: Inks US$2.4-MM Consultancy Deal With Former Chairman B R A Z I L BNDES: To Meet Investors This Week After "Non-Deal" Roadshow BNDES: Gradiente Electronica May Seek Financing Aid BRADESCO: Approves Buyback Program for 35 Million Shares DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings GOL: Shares Jump on Speculation Strong Real May Cut U.S. Debt IMCOPA IMPORTACAO: Coupon Nonpayment Cues S&P's Rating Cut to 'D' REDE ENERGIA: Launches Offer for 11.125% Perpetual Bonds TAM SA: Shares Gain on Speculation Strong Real May Cut U.S. Debt TELEMAR NORTE: Brasil Telecom Acquisition Boosts Customers Base C A Y M A N I S L A N D S A&C CONSTRUCTION: Creditors' Proofs of Debt Due on June 30 APPLETON PROTECTED: Creditors' Proofs of Debt Due on June 29 CASTLEVIEW ASSET: Creditors' Proofs of Debt Due on June 25 CRANE CORPORATION: Placed Under Voluntary Liquidation FORT DENISON: Creditors' Proofs of Debt Due on June 25 GOLDMAN SACHS ALPHA-BETA: Placed Under Voluntary Wind-Up GOLDMAN SACHS LIQUID: Placed Under Voluntary Wind-Up KENSINGTON INVESTORS: Placed Under Voluntary Wind-Up LYDIAN OFFSHORE: Commences Wind-Up Proceedings ORCHID JAPAN: Creditors' Proofs of Debt Due on June 25 PALM BEACH: Creditors' Proofs of Debt Due on June 25 PRISM PARTNERS: Commences Wind-Up Proceedings SL (2003-2): Creditors' Proofs of Debt Due on June 25 START CLO: Creditors' Proofs of Debt Due on June 25 TCM SELECT: Creditors' Proofs of Debt Due on June 29 C H I L E EMPRESAS IANSA: Liquidity Concerns Cue S&P to Junk Ratings EMPRESAS IANSA: Concerns on Liquidity Cues S&P's Junk Rating C O L O M B I A ECOPETROL: Mulls Bond Sale Within "Weeks" P A N A M A * PANAMA: JPMorgan Cuts Panama GDP Growth Forecast to 1.5% T R I N I D A D & T O B A G O CL FINANCIAL: Not Selling Stake in Lascelles de Mercad V E N E Z U E L A PDVSA: To Invest Up to US$13 Billion to Boost Output - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Owner Used Clients' Funds for "Lavish Life" ---------------------------------------------------------------- Court-appointed joint liquidators for Stanford International Bank Limited (SIBL) Nigel Hamilton-Smith and Peter Wastell -- client partners at Vantis Business Recovery Services -- said SIBL owner Robert Allen Stanford used client funds to pay for his jet-set lifestyle, Reuters reports. "I believe that depositor funds in Stanford Bank were moved into other Stanford Group companies to fund the expansion and the running of the Stanford empire," the report quoted Mr. Hamilton-Smith as saying. Mr. Hamilton-Smith told Reuters in an interview that Mr. Stanford used the money to pay for jets, lavish homes and yachts. The U.S. Securities and Exchange Commission, on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include SIBL, Stanford Group 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. 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 ================= ARTES GRAFICAS: Verifying Proofs of Claim Until August 10 --------------------------------------------------------- The court-appointed trustee for Artes Graficas Sifer S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until August 10, 2009. The trustee will present the validated claims in court as individual reports on September 22, 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 4, 2009. COMPAATIA ARGENTINA: Verifying Proofs of Claim Until August 10 -------------------------------------------------------------- The court-appointed trustee for Compaatia Argentina de Semillas S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until August 10, 2009. CONSOLIDAR SEGUROS: Moody's Affirms 'Ba3' Financial Ratings ----------------------------------------------------------- Moody's Latin America has affirmed and withdrawn these two ratings of Consolidar Seguros de Vida S.A.: its Ba3 global local-currency insurance financial strength rating and its Aa2.ar IFS rating on Argentina's national scale. The affirmation and withdrawal of Consolidar Vida's ratings follows its merger into its affiliate, Consolidar Seguros de Retiro S.A., effective April 1, 2009. In the same rating action, Moody's also affirmed the Ba3 global local- currency IFS and Aa2.ar Argentine national scale IFS ratings of Consolidar Retiro and of another affiliate, BBVA Consolidar Seguros. The rating outlooks for Consolidar Retiro and Consolidar Seguros are stable. Consolidar Retiro and Consolidar Seguros (as well as Consolidar Vida prior to the merger) are primary insurers, wholly-owned by the large Spanish bank Banco Bilbao Vizcaya Argentaria S.A., are engaged in the annuities, life insurance, and general insurance business in Argentina. The firms are well integrated with Banco Frances -- the major Argentine bank belonging to the BBVA Group. According to Moody's, its affirmation of these ratings reflects the companies' overall sustained and strong business and financial performance. The rating agency cited their solid profitability, their continuous leadership in several segments of the local market, and the likely support these companies will receive from their ultimate parent, BBVA. Commenting on the specific impact of the merger with Consolidar Vida on Consolidar Retiro's credit profile, Moody's explained that Consolidar Retiro's capitalization would improve as it received a large amount of assets and very few liabilities from Consolidar Vida. In terms of Consolidar Vida's policyholder reserves, the rating agency pointed out that they had previously been transferred to BBVA's other company, Consolidar Seguros. Although weak capitalization was a credit concern for Consolidar Retiro, its capitalization and surplus should be strengthened and lifted significantly above local capital requirements. Consolidar Retiro may also benefit from the additional financial income that the investments transferred from Consolidar Vida will produce, thereby allowing the company to sustain its normal profitability levels, despite the economic pressures recently seen in Argentina. Nevertheless, the expected improvement in Consolidar Retiro's capitalization will not result in an upgrade of its ratings because 1) Moody's believes that policyholder reserves may have to be strengthened considerably given the risk that part of the policyholder reserves are already being dollarized (e.g. converted from local currency liabilities into US dollar liabilities) and 2) the current ratings of the BBVA insurance companies already reflect an uplift from their stand-alone credit profile due to ownership and implied support from BBVA. BBVA Consolidar Seguros, based in Buenos Aires, reported a net profit of AR$30.6 million in the third quarter of the 2008/09 fiscal year, ended March 31, 2009. The company's shareholders' equity rose to AR$93.3 million -- an increase of almost 50% relative to fiscal year-end June 30, 2008. Consolidar Seguros de Retiro, also headquartered in Buenos Aires, reported net income of AR$4.9 million in the third quarter of 2008/09 fiscal year. Shareholders' equity rose to AR$115.4 million, representing a 5% increase since June 30, 2008. Finally, Consolidar Seguros de Vida posted net income of AR$1.9 million during the nine-month period, ended 1Q09, at which date the company also reported total assets of AR$222.9 million and shareholders' equity of AR$208 million. NOTE: Moody's national scale insurance financial strength ratings rank an enterprise's financial strength on a relative basis in comparison with other firms' within the same country. Such ratings are designed for use at the local (national) level, and they are not globally comparable. For Argentine companies, national scale ratings carry the identifier of ".ar". In contrast, global local-currency insurance-financial strength ratings indicate the relative credit risk of an insurance company on a globally comparable scale. In the case of ratings of insurers domiciled in a country with a speculative grade sovereign rating, such as Argentina, these ratings are the result of several factors: the political risk; the risk of a generalized debt moratorium; the weakness of the legal environment or framework; and the risk of interference in the functioning of the financial system. Taken together, the national scale and global local- currency ratings provide a more comprehensive opinion about the credit risk of the company. Moody's insurance financial strength ratings are opinions about the ability of insurance companies to punctually pay senior policyholder claims and obligations. ESTANTERIAS BECA: Verifying Proofs of Claim Until August 10 ----------------------------------------------------------- The court-appointed trustee for Estanterias Beca S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until August 10, 2009. The trustee will present the validated claims in court as individual reports on September 22, 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 4, 2009. GENERACION ECONOMICA: Verifying Proofs of Claim Until June 8 ------------------------------------------------------------ The court-appointed trustee for Generacion Economica S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 8, 2009. The trustee will present the validated claims in court as individual reports on August 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 September 16, 2009. LOUCEN INTERNATIONAL: Verifying Proofs of Claim Until August 31 --------------------------------------------------------------- The court-appointed trustee for Loucen International Arentina S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until August 31, 2009. The trustee will present the validated claims in court as individual reports on October 6, 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 18, 2009. ============= B E R M U D A ============= NEWPAK INTERNATIONAL: Creditors' Proofs of Debt Due on June 12 -------------------------------------------------------------- The creditors of Newpak International, Ltd. are required to file their proofs of debt by June 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda NEWPAK INTERNATIONAL: Members' Final Meeting Set for June 30 ------------------------------------------------------------ The members of Newpak International, Ltd. will hold their final general meeting on June 30, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 26, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL CAPITAL: Inks US$2.4-MM Consultancy Deal With Former Chairman ---------------------------------------------------------------- XL Capital Limited will take a US$2.4 million, three-year consulting deal with its former chairman and chief executive officer Brian O'Hara, The Royal Gazette reports. According to the report, citing a March 5 regulatory filing, Mr. O'Hara would receive a fee of US$800,000 per year for advisory services. Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's "Ba1" preferred stock rating. =========== B R A Z I L =========== BNDES: To Meet Investors This Week After "Non-Deal" Roadshow ------------------------------------------------------------ Brazilian government-backed development bank, Banco Nacional de Desenvolvimento Economico e Social SA (BNDES), is meeting investors in New York this week, after starting a "non-deal" roadshow in London on June 1, LatinFrance reports. The report relates investors expect a transaction very soon, perhaps a sizeable 10-year, from the bank. According to the report, HSBC and Goldman Sachs are managing the tour. Bankers away from the deal, the report says, expect a yield of under 7%, given that the existing 6.369% of 2018s are trading around par, after being up at 101 recently. LatinFrance recalls BNDES returned to the international bond markets last year after a 7-year hiatus. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. The rating was assigned in August 2007. BNDES: Gradiente Electronica May Seek Financing Aid --------------------------------------------------- Brazilian consumer electronics company Gradiente Electronica is studying a debt-restructuring plan that would include financing from Banco Nacional de Desenvolvimento Economico e Social SA (BNDES), Jeff Fick of Dow Jones Newswires reports. According to the report, citing a statement to stock regulators, Gradiente said that BNDES could participate by financing the debt restructuring through bank guarantees that would be offered to creditors. The report relates Gradiente said that it intended to meet all of its debt obligations and not seek any discounts on outstanding debt as part of the restructuring effort. The report recalls local press reported that BNDES would loan Gradiente enough funds to pay off its BRL300 million (US$154 million), but that creditors would have to accept steep discounts. A new company would then emerge from the restructuring, with a fresh capital infusion of BRL150 million, half of which would come from a local family of entrepreneurs, the report says. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. The rating was assigned in August 2007. BRADESCO: Approves Buyback Program for 35 Million Shares -------------------------------------------------------- Banco Bradesco S.A. has approved a buyback program of up to 35 million shares, LatinFrance reports. According to the report, the 6-month program includes up to 10 million common shares and 25 million preferred shares, out of an outstanding 551 million common and 1.47 billion preferred shares. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As of May 20, 2009, Banco Bradesco S.A. continues to carry Moody's "Ba2" long-term foreign bank deposits. DIAGNOSTICOS DA: Fitch Affirms 'BB' Issuer Default Ratings ---------------------------------------------------------- Fitch Ratings has affirmed the 'BB' Foreign and Local Currency Issuer Default Ratings of Diagnosticos da America S.A. Fitch has also affirmed the company's 'A+(bra)' national scale rating and the 'BB' rating of its US$250 million senior unsecured notes due in 2018. The Rating Outlook for DASA is Stable. DASA's credit ratings are supported by the company's leading position in the Brazilian medical diagnostics industry. The ratings of DASA also take into consideration the company's conservative management of its credit profile, historically using a mix of debt and equity to fund growth. Further factored into DASA's ratings are its presence in many segments of the diagnostic healthcare market and the diversification of its exposure to multiple counterparties. Considerations that limit DASA's ratings are the rapid consolidation of the diagnostic industry, the need to manage reputation risk and the potential for counterparty payment risk to increase during an economic crisis and currency mismatch risk. As the leading provider of diagnostic services in Brazil, DASA is able to provide an array of services not offered by its competitors. Its size and reputation have enabled it to charge competitive prices versus most of its peers and to lower per unit diagnostic costs, which benefit its profitability. DASA generated BRL245 million of EBITDA and BRL414 million of funds from operations during 2008. These figures compare with the BRL179 million of EBITDA and BRL184 million of FFO in 2007. DASA had a very strong first quarter of 2009. Its EBITDA during the quarter was BRL77 million, an increase from BRL59 million during the same quarter in 2008. As a result, the company's last 12 months EBITDA for the period ended March 31, 2009, was BRL267 million. The cash flow growth during the past year was due to increased demand for the company's products, the opening of 17 new patient service centers and the acquisition of three smaller companies. Free cash flow, defined as cash flow from operations less dividends and capital expenditures, grew to BRL224 million during the LTM ended March 2009 from BRL205 million during 2008. DASA's free cash flow was a negative BRL56 million during 2006 due to BRL186 million of capital expenditures. DASA had BRL1.04 billion of total consolidated debt and BRL492 million of cash and financial applications on Dec. 31, 2008. The company's debt increased from BRL406 million at the end of 2007 due to the issuance of a US$250 million bond during May 2008 and the subsequent devaluation of the Brazilian real versus the U.S. dollar. The company has kept most of the cash from this issuance to improve liquidity in the face of the current credit crisis. As of March 31, 2009, DASA had BRL395 million of cash and BRL970 million of debt. The company faces debt amortizations of BRL210 million during 2009, BRL142 million during 2010 and 2011. Approximately 72% of DASA's debt is denominated in US$. With all of its revenues generated in Brazilian reais, the company is exposed to the risk of currency mismatch. The company has attempted to hedge this risk with swap transactions that cover its interest payments during the next four years. Out of the total debt, BRL943 million is at the holding company, which also operates as an operating company. The remaining BRL27 million of debt is at various subsidiaries. The debt consists primarily of BRL596 million of senior notes due 2018, BRL133 million of debentures that will continue amortizing through 2011 and BRL120 million of banking debt. The debentures have financial covenants. The most restrictive are a consolidated net debt/EBITDA lower or equal to 2.5 times (x) and an EBITDA/net consolidated financial expenses ratio of at least 2.0x. The outlook for the Brazilian private medical diagnostic industry remains favorable, despite the challenging scenario in 2009. An improved socio-economic environment in Brazil during the last few years has increased per capita GDP levels and has lowered unemployment. These factors have enabled many people to switch from public healthcare to private healthcare. For 2009, Fitch expects a 1.2% decrease of GDP but forecasts a 3.5% recovery by 2010, which should be beneficial for DASA's business evolution. The availability of a larger number of diagnostic tests, as well as an aging population should also support the increase of sector demand, in the next few years. In March 2009, DASA's FFO adjusted leverage ratio was 1.8x, while its total debt/ EBITDA ratio was 3.6x. The company's net debt/ EBITDA remains below covenant levels at 2.2x. DASA intends to issue equity, if necessary, to maintain its net debt/EBITDA ratio below 2.5x in case of a significant acquisition. The uncertainty in the capital market, however, adds risk to the success of executing an offering of shares. DASA is the largest private medical diagnostic company in Brazil. As of the end of 2008, the company operated 328 inpatient and outpatient service centers in Brazil. Services offered at its PSCs include imaging, clinical analysis and vaccinations. DASA also offers lab-to-lab services and has entered into agreements with state and local governments. DASA is 93.5% publicly owned. Board members and management own the remaining 6.5% of the company. GOL: Shares Jump on Speculation Strong Real May Cut U.S. Debt ------------------------------------------------------------- GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.'s shares jumped 13% yesterday to BRL9.9, the most since Oct. 30, in Sao Paulo trading on speculation the stronger Brazilian currency will reduce costs to service U.S. debt, Fabiola Moura of Bloomberg News reports. "A big part of . . . Gol Linhas' long- and short-term debt is linked to the North American currency," Planner Corretora analyst Brian Moretti told Bloomberg News in a phone interview. About 93% of Gol's short-term debt and 98% of its long-term debt are dollar- denominated, he added. According to the report, Brazil's real rose to the highest since October yesterday on speculation the nation's economic recovery and this year's rally in equities will lure investors. The report relates it has gained 27% since March 2, the biggest advance among the six most-traded Latin American currencies. 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 of May 19, 2009, the company continues to carry Moody's B1 LT Corp Family ratings. The company also continues to carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured Rating and Preferred Stock ratings. IMCOPA IMPORTACAO: Coupon Nonpayment Cues S&P's Rating Cut to 'D' ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it has lowered its rating on Brazil-based soy processor Imcopa Importacao, Exportacao e Industria de Oleos S.A. to 'D' from 'CCC-'. At the same time, S&P lowered its rating on Imcopa International Cayman Ltd.'s $100 million 10.375% notes due 2009 to 'D'. The rating action follows the Imcopa's failure to pay the coupon on its bonds after the expiration of a five-day cure period on June 1, 2009. The company is currently negotiating with its creditors (including its relationship banks) to restructure its debt profile, and has also hired a financial advisor to help with the broad restructuring plan. Imcopa has experienced tight liquidity due to the credit crunch in bank markets since late 2008, since it has had to pay down a significant portion of its short-term debt (primarily export prepayments) used to finance its working capital expenditures. Higher inventories as export clients delay acceptance of delivery also aversely affected the company's liquidity," said Standard & Poor's credit analyst Reginaldo Takara. Imcopa is currently working with banks to restructure its debt profile. It has solicited consent from bondholders to amend the indenture, waiving the noncompliance with financial covenants and other defaults on the bonds' indenture and removing certain limits on liens. S&P expects to revise the ratings once the company completes a definitive debt restructuring with all of its creditors and sets the conditions for payment of its existing debt and secure financing to sustain operations over the next few growing seasons. REDE ENERGIA: Launches Offer for 11.125% Perpetual Bonds -------------------------------------------------------- Rede Energia launched a cash tender offer for its 11.125% perpetual bonds, LatinFrance reports. The report relates the company can purchase up to BRL300 million-equivalent in dollars through the offer expiring June 26. According to the report, accepting holders are set to receive US$400 per US$1,000 tendered, plus a clearing premium of up to US$80 to be determined through a modified Dutch auction. The report says holders tendering before June 12 will receive an extra US$50 per US$1,000 principal. Bank of America and Planner Securities are dealer-managers, the report notes. LatinFrance notes the company plans to fund the buyback using proceeds from an upcoming issue of BRL320 million in 1-year promissory notes expected to pay 120% of DI. About Rede Energia Rede Energia is one of the largest electric utility distribution groups in Brazil, serving approximately 4.2 million customers in approximately 35% of the national territory. In 2008, the group distributed 15,995 giga watts hours of electricity through its operating assets. The group holds a small portfolio in generation assets with a total installed capacity of 82.9 mega watts. * * * As reported in the Troubled Company Reporter-Latin America on May 11, 2009, Fitch Ratings downgraded and placed on Rating Watch Negative Rede Energia S.A.'s Local and Foreign Currency Issuer Default Ratings to 'CCC'; long-term National Rating to 'CCC(bra)'; and US$575 million perpetual notes long-term International Rating to 'CCC/RR4'. TAM SA: Shares Gain on Speculation Strong Real May Cut U.S. Debt ---------------------------------------------------------------- Brazil-based TAM S.A. gained 6.6% to BRL18.60 yesterday, June 2, in Sao Paulo trading on speculation the stronger Brazilian currency will reduce costs to service U.S. debt, Fabiola Moura of Bloomberg News reports. "A big part of . . . Tam Sa's long- and short-term debt is linked to the North American currency," Planner Corretora analyst Brian Moretti told Bloomberg News in a phone interview. About 93% of Gol's short-term debt and 98% of its long-term debt are dollar- denominated, he added. According to the report, Brazil's real rose to the highest since October yesterday on speculation the nation's economic recovery and this year's rally in equities will lure investors. The report relates it has gained 27% since March 2, the biggest advance among the six most-traded Latin American currencies. About TAM S.A. Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As of April 21, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. TELEMAR NORTE: Brasil Telecom Acquisition Boosts Customers Base --------------------------------------------------------------- Telemar Norte Leste Participacoes S.A., which operates under the Oi brand, boosted its customer base to 31.84 million at the end of first quarter 2009, following its acquisition of Brasil Telecom, Cellular-News reports. The report relates the company's quarterly gain of 7.45 million included approximately 5.6 million Brasil Telecom customers. According to the report, the company's prepaid base increased by 6.37 million to 26.86 million, while the contract base added 1.08 million to finish on 4.98 million, or 15.6% of the total. The report says that at the end of Q1 09, Oi's annual growth rate stood at 83.7% from 29.7% for the prior twelve month period, while net additions were up from 3.97 million to 14.50 million. These figures, Cellular-News notes, account for the effect not only of the Brasil Telecom acquisition, but also of the acquisition of Tele Norte in Q2 08. This added a further 1.47 million to Oi's customer base, the report adds. Meanwhile, Cellular-News notes that in terms of the financial figures, Oi saw a 3.5% year-on-year gain in revenues on a proforma basis to BRL7.5 billion in Q1 09. However, the report says adjusted EBITDA was down 8.0% to BRL2.4 billion; and net debt surged from BRL3.0 billion in Q1 08 to BRL19.2bn in Q1 09 as a result of the acquisition. About Telemar Norte Leste Headquartered in Rio de Janeiro, Brazil, Telemar Norte Leste Participacoes S.A. -- http://www.telemar.com.br-- is a provider of fixed-line telecommunications services in South America. The company markets its services under its Telemar brand name. Tele Norte's subsidiaries include Telemar Norte Leste SA; Tele Norte Leste Participacoes PCS SA; Telemar Internet Ltda.; and Companhia AIX 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 ========================== A&C CONSTRUCTION: Creditors' Proofs of Debt Due on June 30 ---------------------------------------------------------- The creditors of A&C Construction Ltd. are required to file their proofs of debt by June 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 29, 2009. The company's liquidator is: Clive Wesley Smith P.O. Box 2549 GT, Grand Cayman KY1-1104 Cayman Islands APPLETON PROTECTED: Creditors' Proofs of Debt Due on June 29 ------------------------------------------------------------ The creditors of Appleton Protected Currency Fund Limited - Series 2 are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. Russell Smith is the company's liquidator. CASTLEVIEW ASSET: Creditors' Proofs of Debt Due on June 25 ---------------------------------------------------------- The creditors of Castleview Asset Management Ltd are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2009. The company's liquidators are: Chris Watler Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CRANE CORPORATION: Placed Under Voluntary Liquidation ----------------------------------------------------- At an extraordinary general meeting held on May 4, 2009, the members of Crane Corporation resolved to voluntarily wind up the company's operations. Bernard Mcgrath is the company's liquidator. FORT DENISON: Creditors' Proofs of Debt Due on June 25 ------------------------------------------------------ The creditors of Fort Denison Funding, Ltd. are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2009. The company's liquidators are: Carrie Bunton Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands GOLDMAN SACHS ALPHA-BETA: Placed Under Voluntary Wind-Up -------------------------------------------------------- On April 30, 2009, the sole shareholder of Goldman Sachs Alpha- Beta Continuum Fund, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 GOLDMAN SACHS LIQUID: Placed Under Voluntary Wind-Up ---------------------------------------------------- On April 30, 2009, the sole shareholder of Goldman Sachs Liquid Value Alpha Fund Offshore, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 KENSINGTON INVESTORS: Placed Under Voluntary Wind-Up ---------------------------------------------------- On April 16, 2009, the shareholders of Kensington Investors, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 LYDIAN OFFSHORE: Commences Wind-Up Proceedings ---------------------------------------------- Lydian Offshore Private Investors Ltd. commenced wind-up proceedings on May 8, 2009. Rose Burke is the company's liquidator. ORCHID JAPAN: Creditors' Proofs of Debt Due on June 25 ------------------------------------------------------ The creditors of Orchid Japan Limited are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 12, 2009. The company's liquidators are: Chris Marett Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PALM BEACH: Creditors' Proofs of Debt Due on June 25 ---------------------------------------------------- The creditors of Palm Beach Strategic Offshore, Ltd. are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2009. The company's liquidator is: Nicolas Matthews c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 623 0007 PRISM PARTNERS: Commences Wind-Up Proceedings --------------------------------------------- On May 6, 2009, the sole shareholder of Prism Partners Offshore Fund resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 SL (2003-2): Creditors' Proofs of Debt Due on June 25 ----------------------------------------------------- The creditors of SL (2003-2) Limited are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2009. The company's liquidator is: Ellen J. Christian Piccadilly Cayman Limited c/o BNP Paribas Bank & Trust Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 START CLO: Creditors' Proofs of Debt Due on June 25 --------------------------------------------------- The creditors of Start CLO Limited are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2009. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands TCM SELECT: Creditors' Proofs of Debt Due on June 29 ---------------------------------------------------- The creditors of TCM Select Opportunities Fund (Offshore) Ltd are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2009. The company's liquidators are: Glen Trenouth Rodney Graham P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands Telephone: (345) 943 8800 Facsimile: (345) 943 8801 ========= C H I L E ========= EMPRESAS IANSA: Liquidity Concerns Cue S&P to Junk Ratings ---------------------------------------------------------- On June 1, 2009, Standard & Poor's Ratings Services lowered its ratings on Chilean sugar producer Empresas Iansa S.A. to 'CCC+' from 'B-', and removed it from CreditWatch, where it was placed with negative implications on March 4, 2009. The outlook is negative. The rating action reflects S&P's concerns about IANSA's liquidity and financial flexibility over the next few quarters, given the upcoming harvest season for sugar beets in Chile (mainly during third-quarter 2009), which often causes working capital investment to peak. IANSA's currently weak liquidity and very limited financial flexibility follows the deterioration in the company's main business unit (sugar processing) and the increase in working capital requirements for its juice business unit. This has translated into weaker-than-expected EBITDA and cash flow generation and brought debt levels to their maximum. IANSA's financial flexibility is aggravated by significant short-term debt maturities and projected minimal free cash flow, and the current limits on the firm's incurring additional indebtedness (as set forth in its notes' terms and conditions), which S&P expects to continue at least through the second half of 2009. During the past few quarters, IANSA's performance has been hurt by a shortage of sugar beets (since farmers have switched to more profitable crops such as wheat and corn). Since IANSA doesn't own enough arable land to maintain its sugar production volumes, the company depends on independent farmers. Crop substitution reduces the company's source of beet supply, raises beet prices, and causes sugar imports to increase, reducing IANSA's overall profitability. Although S&P expects these factors to moderate or even start reverting by the end of 2009, S&P still have concerns about beet prices going forward, and IANSA's ability to improve profitability. The ratings on IANSA reflect a highly leveraged financial profile with narrow financial flexibility and a weak liquidity position. The ratings also incorporate IANSA's leading position as Chile's only sugar producer, providing for close to 60% of the country's sugar market. IANSA's EBITDA and funds-from-operations declined to $4.7 million and $1.6 million, respectively, in first-quarter 2009 compared with $5.7 million and $4.9 million in first-quarter 2008. Although operations are improving, free operating cash flow generation is still weak. Since S&P expects the company to neither materially lower its financial leverage nor significantly improve its operating performance, S&P anticipates IANSA's main credit indicators will remain weak during 2009, with some improvement possible from 2010 onwards. Nevertheless, short-term financing risks still prevail and constitute the main driver in S&P's credit quality analysis. IANSA's liquidity position is weak. As of March 31, 2009, the company's cash holdings amounted to $37 million, while its short- term debt totaled $77 million. In addition, given that the company's interest coverage ratio is below the 2.4x limit stated in its notes' terms and conditions, the company is currently limited in incurring additional debt in excess of its notes' balances plus $70 million -- mainly for working capital purposes. Because S&P believes IANSA's inability to raise its debt limit will continue throughout 2009, the firm might face significant challenges in the upcoming harvest season, which would demand additional working capital investments. The need for additional working capital financing in the next two quarters, together with already high refinancing risk in its short-term debt position, represent S&P's main source of concern regarding IANSA's liquidity position and financial flexibility in 2009. The negative outlook reflects S&P's concerns regarding IANSA's ability to withstand the challenges the upcoming harvest season presents, considering its limited financial flexibility. S&P could lower the ratings if S&P think the company's liquidity position and financial flexibility deteriorate further -- absent some improvement on its EBITDA and cash generation ability -- in the coming quarters. In contrast, the outlook or the ratings could be revised upward if the company successfully makes its way through the harvest season without further weakening its frail financial condition, while improving the performance of its main businesses and financial flexibility The negative outlook reflects S&P's concerns regarding IANSA's ability to withstand the challenges the upcoming harvest season presents, considering its limited financial flexibility. S&P could lower the ratings if S&P think the company's liquidity position and financial flexibility deteriorate further -- absent some improvement on its EBITDA and cash generation ability -- in the coming quarters. In contrast, the outlook or the ratings could be revised upward if the company successfully makes its way through the harvest season without further weakening its frail financial condition, while improving the performance of its main businesses and financial flexibility. Downgraded; CreditWatch/Outlook Action Empresas Iansa S.A. To From -- ---- Corporate Credit Rating CCC+/Negative/-- B-/Watch Neg/-- Empresas Iansa S.A., Agencia Panama To From -- ---- Senior Unsecured CCC+ B-/Watch Neg EMPRESAS IANSA: Concerns on Liquidity Cues S&P's Junk Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that it has lowered its ratings on Chilean sugar producer Empresas Iansa S.A. to 'CCC+' from 'B-', and removed it from CreditWatch, where it was placed with negative implications on March 4, 2009. The outlook is negative. "The rating action reflects S&P's concerns about IANSA's liquidity and financial flexibility over the next few quarters, given the upcoming harvest season for sugar beets in Chile (mainly during third-quarter 2009), which often causes working capital investment to peak. IANSA's currently weak liquidity and very limited financial flexibility follows the deterioration in the company's main business unit (sugar processing) and the increase in working capital requirements for its juice business unit. This has translated into weaker-than-expected EBITDA and cash flow generation and brought debt levels to their maximum. IANSA's financial flexibility is aggravated by significant short-term debt maturities and projected minimal free cash flow, and the current limits on the firm's incurring additional indebtedness (as set forth in its notes' terms and conditions), which S&P expects to continue at least through the second half of 2009," said Standard & Poor's credit analyst Diego Ocampo. During the past few quarters, IANSA's performance has been hurt by a shortage of sugar beets (since farmers have switched to more profitable crops such as wheat and corn). Since IANSA doesn't own enough arable land to maintain its sugar production volumes, the company depends on independent farmers. Crop substitution reduces the company's source of beet supply, raises beet prices, and causes sugar imports to increase, reducing IANSA's overall profitability. Although S&P expects these factors to moderate or even start reverting by the end of 2009, S&P still have concerns about beet prices going forward, and IANSA's ability to improve profitability. The ratings on IANSA reflect a highly leveraged financial profile with narrow financial flexibility and a weak liquidity position. The ratings also incorporate IANSA's leading position as Chile's only sugar producer, providing for close to 60% of the country's sugar market. IANSA's EBITDA and funds-from-operations declined to $4.7 million and $1.6 million, respectively, in first-quarter 2009 compared with $5.7 million and $4.9 million in first-quarter 2008. Although operations are improving, free operating cash flow generation is still weak. Since S&P expects the company to neither materially lower its financial leverage nor significantly improve its operating performance, S&P anticipate IANSA's main credit indicators will remain weak during 2009, with some improvement possible from 2010 onwards. Nevertheless, short-term financing risks still prevail and constitute the main driver in S&P's credit quality analysis. The negative outlook reflects S&P's concerns regarding IANSA's ability to withstand the challenges the upcoming harvest season presents, considering its limited financial flexibility. "We could lower the ratings if S&P think the company's liquidity position and financial flexibility deteriorate further -- absent some improvement on its EBITDA and cash generation ability -- in the coming quarters. In contrast, the outlook or the ratings could be revised upward if the company successfully makes its way through the harvest season without further weakening its frail financial condition, while improving the performance of its main businesses and financial flexibility," Mr. Ocampo added. =============== C O L O M B I A =============== ECOPETROL: Mulls Bond Sale Within "Weeks" ----------------------------------------- Colombia state-run oil company, Ecopetrol S.A., may tap the international market, and also possibly sell local bonds, "relatively fast" as part of its US$3.7 billion borrowing plan this year, Heather Walsh of Bloomberg News reports, citing Chief Executive Officer Javier Gutierrez. The company won't make more acquisitions this year as it "organizes" recent purchases, the report quoted Mr. Gutierrez as saying. According to the report, Ecopetrol is expanding refineries, buying pipelines and exploring fields internationally as part of a plan to pump 1 million barrels a day by 2015. As reported in the Troubled Company Reporter-Latin America on May 14, 2009, Dow Jones Newswires said Ecopetrol plans to invest more than US$6.22 billion this year in increasing production, seeking new reserves and acquiring operations in Colombia and abroad. The report related Mr. Gutierrez said Ecopetrol will get the financing partly by selling bonds and partly through loans from commercial banks. The company will secure the financing by the end of the first half of the year, he added. DJ Newswires noted Ecopetrol's shareholders recently approved plans to sell as much as US$4 billion in local or foreign bonds, as part of a broader US$8.1 billion debt program the company will need over the next three years to finance its expansion. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the symbol ECOPETROL. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined-products. * * * As of May 19, 2009, the company continues to carry Fitch Ratings' BB+ foreign currency issuer default ratings. =========== P A N A M A =========== * PANAMA: JPMorgan Cuts Panama GDP Growth Forecast to 1.5% ---------------------------------------------------------- JPMorgan has lowered its 2009 GDP growth forecast for Panama to 1.5% from 4.0%, LatinFinance reports. The report relates JPMorgan said growth in the monthly index of economic activity decelerated to 2.3% in March from 2.8% in February to record its lowest monthly level since June 2003. According to the report, JPMorgan said March's relatively weak reading was prompted by declines in commerce and agriculture. The report says JPMorgan added that although it has chopped its forecast for Panama will still be the fastest growing economy in CentAm and the Caribbean this year. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 31, 2008, Fitch Ratings affirmed the Republic of Panama's long-term foreign currency and local currency Issuer Default Ratings of 'BB+' and simultaneously revised the Rating Outlook to Positive from Stable. Fitch also affirmed the short-term foreign currency IDR of 'B'. As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB long-term sovereign local and foreign currency ratings on Panama. S&P said the outlook for all the ratings is positive. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Not Selling Stake in Lascelles de Mercad ------------------------------------------------------ Trinidad and Tobago-based CL Financial Limited said it is not selling its 86% shares in Jamaican conglomerate Lascelles de Mercado, LatinFrance reports, citing Giselle Laronde, spokeswoman for sister company Angostura; which is 78% owned by CL Financial. "There is no intention to sell [Lascelle] at present," the report quoted Ms. Laronde as saying. As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. The Trinidad and Tobago central bank, as cited by LatinFrance, said other units of CL Financial could be sold. According to a Feb 24, 2009 TCR-LA report, citing Trinidad and Tobago Newsday, CL Financial Limited might have to use the cash from its rum distillery in Jamaica to finance the balance of the US$340 million (TT$2.1 billion) loan it made from the purchase of Lascelles de Mercado. The report recounted CL Financial spent US$676 million on the total investment cost to purchase 86.87% of Lascelles. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. ================= V E N E Z U E L A ================= PDVSA: To Invest Up to US$13 Billion to Boost Output ---------------------------------------------------- Petroleos de Venezuela (PDVSA) will invest US$12 billion to US$13 billion this year and "at least" as much again next year as it seeks to expand crude output by about two-thirds, Bloomberg News reports. PDVSA Research and Development Director Hercilio Rivas told Bloomberg News in an interview that investment spending will depend on oil prices. The company needs a "floor" of US$70 a barrel to reach a target to pump 5 million barrels a day in 2020, up from 3 million today, he added. The report recalls PDVSA President Rafael Ramirez said PDVSA's investment plan will boost the company's output to 4.8 million barrels a day by 2013. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As of May 19, 2009, Petroleos de Venezuela continues to carry a 'B1' local currency issuer rating from Moody's Ratings. The company also continues to carry Standard and Poor's BB- Issuer Credit Ratings. *********** 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 * *