/raid1/www/Hosts/bankrupt/TCRLA_Public/090608.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, June 8, 2009, Vol. 10, No. 110
Headlines
A R G E N T I N A
GARANTIZAR SGR: Moody's Reviews 'B1' Global Currency IFS Rating
GENERAL MOTORS: Argentina to Use Pension Funds for Unit's Loan
NACION SEGUROS: Moody's Reviews 'B1' Insurance Strength Rating
B A R B A D OS
AIC BARBADOS: Asks Creditors for Another Debt Extension
C A Y M A N I S L A N D S
A&C CONSTRUCTION: Members to Receive Wind-Up Report on July 1
AQUANAUT MASTER: Shareholder to Receive Wind-Up Report on June 24
APPLETON PROTECTED: Final Meeting Set for August 31
CORTLAND CAPITAL: Members to Receive Wind-Up Report on June 30
DEUTSCHLAND: Shareholder to Hear Wind-Up Report on June 29
GOLDMAN SACHS ALPHA-BETA: Shareholders' Meeting Set for June 26
GOLDMAN SACHS LIQUID: Shareholders' Meeting Set for June 26
KBW CREDIT: Members to Receive Wind-Up Report on June 30
KBW CREDIT: Members to Receive Wind-Up Report on June 30
KENSINGTON INVESTORS: Shareholders' Final Meeting Set for June 26
LYDIAN OFFSHORE: Members to Receive Wind-Up Report on June 25
MERRILL LYNCH: Members to Receive Wind-Up Report on June 30
PRISM PARTNERS: Shareholders' Meeting Set for June 26
SL (2003-2) LIMITED: Shareholders' Final Meeting Set for June 25
THE GLOBAL: Members to Receive Wind-Up Report on June 30
C O L O M B I A
* COLOMBIA: Exports Fell 9.3% in March to US$2.7 Billion
D O M I N I C A N R E P U B L I C
GENERAL MOTORS: Bankruptcy Won't Affect Dominican Rep. Operations
G R E N A D A
AIR JAMAICA: Grenada Spends $250,000 to Support Non-Stop Flights
* GRENADA: IMF Completes Economic Review Under PRGF Arrangement
H A I T I
* HAITI: World Bank Approves US$121 Million Lending Facility
J A M A I C A
HARDWARE & LUMBER: CEO Retires Early Amidst Rocky Times
M E X I C O
GMAC FINANCIERA: S&P Takes Rating Actions on 20 Mexican RMBS Deals
P A R A G U A Y
* PARAGUAY: IDB Approves US$100 Million 20-Year Loan
T R I N I D A D & T O B A G O
CL FINANCIAL: Supreme Court Judge Blocks Central Bank
V E N E Z U E L A
* VENEZUELA: Seizes 70 Gas Compressors as Takeovers Spread
X X X X X X X X
* BOND PRICING: For the Week June 1 to June 5, 2009
- - - - -
=================
A R G E N T I N A
=================
GARANTIZAR SGR: Moody's Reviews 'B1' Global Currency IFS Rating
---------------------------------------------------------------
Moody's Latin America has placed under review for possible
downgrade the insurance financial strength ratings of Garantizar
SGR, including its B1 global local-currency IFS rating and the
Aa3.ar IFS rating on the Argentina national scale. This rating
action on Garantizar follows Moody's global review of systemic
support for banks ratings in Argentina.
Garantizar is the largest financial guarantor in Argentina,
focused on serving the small and medium size corporate market, in
order to facilitate their access to different sources of funding.
Its largest shareholder is the state-owned Banco de la Nacion
Argentina (unrated by Moody's) -- the largest bank in the
country -- which owns 24% of the company. Moody's current ratings
of Garantizar get uplift from its stand-alone credit profile due
to the partial ownership, affiliation, and implied support of
Banco de la Nacion Argentina.
On May 29th, 2009, Moody's placed the global local-currency
ratings of 16 Argentine banks on review for possible downgrade in
light of its global review of systemic support for bank ratings.
The review of the banks' local currency ratings incorporates the
extent to which Argentina's ability to provide support to its
banking system, should such support be needed, would converge with
the government's own debt capacity as a result of the ongoing
global economic and credit crisis.
According to Moody's, the review for possible downgrade of
Garantizar's ratings will focus primarily on the indirect impact
that Moody's global review of systemic support assumptions for
bank credit could have on Garantizar's credit profile, given the
strategic importance of the guaranty business to its main bank
shareholder. The review for downgrade will also focus on the
elevated trends in Garantizar's operating leverage and
delinquencies.
The rating agency said that Garantizar's credit profile benefits
from its very strong market position, brand, and reputation in
light of its integration not only with Banco de la Nacion
Argentina, but also with other important banks like Banco de
Inversion y Comercio Exterior, Banco de la Ciudad de Buenos Aires,
and with the Interamerican Investment Corporation (IIC, part of
the Inter-American Development Bank, IDB). As the dominant
participant in this market, Garantizar plays a major role in the
economy as a developer of these types of guarantees, promoting
them across most of Argentina's provinces.
Offsetting these positive credit considerations, Moody's noted
high credit risks in Garantizar's investment portfolio, an
increasing trend in its operating leverage (both adjusted and
unadjusted), and the weak operating/sovereign environment of
Argentina.
Based in Buenos Aires, Garantizar SGR reported total assets of
about AR$261 million, outstanding guarantees of AR$479 million and
shareholders' equity of AR$211 million as of December 31, 2008.
During this last fiscal year, the company reported a net loss of
AR$4.7 million.
NOTE: Moody's national scale ratings rank an enterprise's credit
risk 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
".ar". Moody's global local currency ratings indicate the
relative credit risk on a globally comparable basis. 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.
GENERAL MOTORS: Argentina to Use Pension Funds for Unit's Loan
--------------------------------------------------------------
Bill Faries and Eliana Raszewski of Bloomberg News report that
Argentina will use Us$70 million of nationalized pension funds to
provide General Motors Corp.’s Argentine unit with a loan to help
the company finish work on a new car model. The report relates
Argentina President Cristina Fernandez de Kirchner said the loan
would pay for 58% of GM’s “Viva” project.
“One of the conditions we demanded to provide this loan is that
all the auto parts used in this project have to be locally made,”
Bloomberg News quoted Ms. Fernandez as saying. “This is going to
guarantee jobs in an industry that has been essential in the
creation of the more than 4 million posts that we have generated
since 2003.”
According to the report, the government's announcement comes as
part of its plan to use some of the US$24 billion in pension funds
it nationalized last year to maintain economic growth and
employment.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of $6.0 billion, including special items, in the first quarter of
2009. This compares with a reported net loss of $3.3 billion in
the year-ago quarter. As of March 31, 2009, GM had $82.2 billion
in total assets and $172.8 billion in total liabilities, resulting
in $90.5 billion in stockholders' deficit.
On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008. The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt. It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value. The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies. A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
NACION SEGUROS: Moody's Reviews 'B1' Insurance Strength Rating
--------------------------------------------------------------
Moody's Latin America has placed under review for possible
downgrade the B1 global local-currency insurance financial
strength rating of Nacion Seguros S.A., while affirming the Aa3.ar
Argentine national scale IFS rating. This rating action on Nacion
Seguros follows Moody's global review of systemic support for bank
ratings in Argentina.
Nacion Seguros is the insurance subsidiary of the state-owned
Banco de la Nacion Argentina (not rated by Moody's), the largest
bank in the country. It specializes in underwriting traditional
group life policies and, to a lesser extent, individual life
coverage, as well as property and casualty insurance since 2008.
Moody's current B1 global local-currency IFS rating of Nacion
Seguros gets rating uplift from its stand-alone credit profile due
to the ownership and implied support of its parent, Banco de la
Nacion Argentina.
On May 29, 2009, Moody's placed the global local-currency ratings
of 16 Argentine banks on review for possible downgrade in light of
its global review of systemic support for bank ratings. The
review of the banks' local currency ratings incorporates the
extent to which Argentina's ability to provide support to its
banking system, should such support be needed, would converge with
the government's own debt capacity as a result of the ongoing
global economic and credit crisis.
According to Moody's, the review for possible downgrade of Nacion
Seguros' global local-currency IFS rating will focus primarily on
the indirect impact that Moody's global review of systemic support
assumptions for bank credit could have on the insurers' credit
profile, given the strategic importance of the insurance business
to its banking parent.
Moody's said that it affirmed the Aa3.ar Argentine national scale
rating because Nacion Seguros' credit profile, relative to other
firms within Argentina on a peer comparison basis, is still in
line with that rating level. Moody's B1 GLC IFS rating in
Argentina can be mapped to a Aa3.ar or Aa2.ar, whereas Moody's B2
GLC IFS rating can be mapped to a Aa3.ar, A1.ar, or A2.ar national
scale IFS rating. If the review of Nacion Seguros' GLC IFS rating
results in a 1-notch downgrade to B2 from B1, the rating agency
said the Aa3.ar national scale IFS rating would still be
appropriate relative to other companies in Argentina.
Nacion Seguros has shown good profitability and capitalization,
but Moody's noted that its credit profile is considerably
constrained by the poor quality of its investment portfolio, as
well as by the significant systemic country-specific risk of doing
business in Argentina. Among other concerns, Moody's noted that
Nacion Seguros will be challenged as it tries to diversify into
the competitive general insurance market.
Based in Buenos Aires, Argentina, during the third quarter of the
2008/9 fiscal year, ended March 31st 2009, Nacion Seguros reported
a net profit of AR$33 million. Total assets rose to
AR$348 million, and shareholders' equity was AR$ 168 million -- or
24% higher than the AR$135 million reported as of June 30, 2008.
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.
==============
B A R B A D OS
==============
AIC BARBADOS: Asks Creditors for Another Debt Extension
-------------------------------------------------------
Michael Lee-Chin led company AIC Barbados Limited has asked its
creditors for another extension to make payments on maturing
instruments as divestment of the sale of assets in its portfolio
is taking longer than expected, RadioJamica News reports, citing a
company statement. The Jamaica Gleaner relates Mr. Lee-Chin is
selling his Pan Caribbean fibre optic cable business, Columbus
Communications, to pay off the debt.
According to Jamaica Gleaner, Mr. Chin failed to come up with the
US$155 million (J$13.8 billion) that AIC Barbados owes bond
holders. The Gleaner relates that based on an internal document,
about US$108 million of the debt is owed to Jamaican investors, of
which US$47 million is due this year.
Mr. Lee Chin, The Gleaner says, was already granted one extension
to June 11 to repay the bonds, however, he asked investors again
to extend the wait to November. The same report recalls Mr. Lee
Chin already missed the initial maturity date for US$40 million of
the debt in March this year.
The Gleaner says if Mr. Lee Chin fails to stave off any move by
worried investors to call default, he will be forced to sell:
-- 20% of Columbus;
-- National Commercial Bank (NCB) towers in
New Kingston; and
-- 877 million shares in the bank originally used
to secure the debt.
RadioJamaica notes the company said global credit crisis and the
recession have created significant liquidity pressures in the
local and regional capital markets prompting AIC Barbados to
restructure the maturities of notes.
Meanwhile, RadioJamaica says the company statement insisted that
the restructuring has no impact on the business holdings of AIC.
About AIC Barbados
AIC Barbados Limited, which is valued at more than US$1 billion,
comprises several Caribbean holdings including Jamaica's largest
deposit taking institution the National Commercial Bank.
==========================
C A Y M A N I S L A N D S
==========================
A&C CONSTRUCTION: Members to Receive Wind-Up Report on July 1
-------------------------------------------------------------
The members of A&C Construction Ltd. will hold their final meeting
on June 1, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Clive Wesley Smith
P.O. Box 2549, Grand Cayman KY1-1104
AQUANAUT MASTER: Shareholder to Receive Wind-Up Report on June 24
-----------------------------------------------------------------
The sole shareholder of Aquanaut Master Fund, Ltd. will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on June 24, 2009, at 10:00 a.m.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 949-9876
Facsimile: (345) 945 8604
APPLETON PROTECTED: Final Meeting Set for August 31
---------------------------------------------------
The members of Appleton Protected Currency Fund Limited – Series 2
will hold their final meeting on August 31, 2009, at 11:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
Russell Smith is the company's liquidator.
CORTLAND CAPITAL: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------------
The members of Cortland Capital Limited will hold their final
meeting on June 30, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidators are:
Bobby Toor
Guy Major
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
DEUTSCHLAND: Shareholder to Hear Wind-Up Report on June 29
----------------------------------------------------------
The sole shareholder of Deutschland Investment Corporation Inc.
will receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 29, 2009, at 10:00 a.m.
The company's liquidator is:
Keith Blake
c/o Dorra Mohammed
Telephone: 345-914-4475
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
GOLDMAN SACHS ALPHA-BETA: Shareholders' Meeting Set for June 26
---------------------------------------------------------------
The shareholders of Goldman Sachs Alpha-Beta Continuum Fund, Ltd.
will hold their final meeting on June 26, 2009, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
GOLDMAN SACHS LIQUID: Shareholders' Meeting Set for June 26
-----------------------------------------------------------
The shareholders of Goldman Sachs Liquid Value Alpha Fund
Offshore, Ltd. will hold their final meeting on June 26, 2009, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
KBW CREDIT: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------
The members of KBW Credit Opportunity Fund, Ltd. will hold their
final meeting on June 30, 2009, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Bobby Toor
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
KBW CREDIT: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------
The members of KBW Credit Opportunity Master Fund, Ltd will hold
their final meeting on June 30, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Bobby Toor
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
KENSINGTON INVESTORS: Shareholders' Final Meeting Set for June 26
-----------------------------------------------------------------
The shareholders of Kensington Investors, Ltd. will hold their
final meeting on June 26, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
LYDIAN OFFSHORE: Members to Receive Wind-Up Report on June 25
-------------------------------------------------------------
The members of Lydian Offshore Private Investors Ltd. will hold
their final meeting on June 25, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Rose Burke
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
MERRILL LYNCH: Members to Receive Wind-Up Report on June 30
-----------------------------------------------------------
The members of Merrill Lynch Taurus 2000 Singapore Fund will hold
their final meeting on June 30, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Bobby Toor
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
PRISM PARTNERS: Shareholders' Meeting Set for June 26
-----------------------------------------------------
The shareholders of Prism Partners Offshore Fund will hold their
final meeting on June 26, 2009, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
SL (2003-2) LIMITED: Shareholders' Final Meeting Set for June 25
----------------------------------------------------------------
The shareholders of SL (2003-2) Limited will hold their final
meeting on June 25, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ellen J. Christian
c/o Piccadilly Cayman Limited
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road
George Town, Grand Cayman
Telephone: 345 945 9208
Fax: 345 945 9210
THE GLOBAL: Members to Receive Wind-Up Report on June 30
--------------------------------------------------------
The members of The Global Convertible Opportunities Fund Limited
will hold their final meeting on June 30, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Bobby Toor
Jan Neveril
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
===============
C O L O M B I A
===============
* COLOMBIA: Exports Fell 9.3% in March to US$2.7 Billion
--------------------------------------------------------
Colombia’s exports fell 9.3% in March from the same month a year
earlier to US$2.7 billion, Helen Murphy of Bloomberg News reports,
citing government statistics agency.
According to the report, the local agency said Colombia had a
trade surplus of US$197.2 million in the third month of the year.
* * *
As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).
====================================
D O M I N I C A N R E P U B L I C
====================================
GENERAL MOTORS: Bankruptcy Won't Affect Dominican Rep. Operations
-----------------------------------------------------------------
General Motors Corp.'s bankruptcy filing in the United States will
not affect its operations in the Dominican Republic. The
company's bankruptcy won’t affect the imports and the spare parts
of Hummer, Chevrolet and Cadillac automobiles in the country, The
Dominican Today reports, citing the dealers of those brands Santo
Domingo Motors (Chevrolet and Cadillac) and Latinoautos (Hummer).
According to the report, the dealers said with U.S. President
Barack Obama’s announced reconstruction plan the automotive giant
is expected to surface form the bankruptcy’s judicial process
within 90 days, during which they said imports of original parts
and automobiles will continue normally.
The Dominican Today notes Latinautos said Hummer will continue
having the same demand in the country, since the announcement by
the Chinese company Sichuan Tengzhong Industrial Heavy Machinery
bought the brand reaffirms the Dominicans’ confidence in acquiring
the vehicle, apart from assurances that spare parts wouldn’t
become scarce.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of $6.0 billion, including special items, in the first quarter of
2009. This compares with a reported net loss of $3.3 billion in
the year-ago quarter. As of March 31, 2009, GM had $82.2 billion
in total assets and $172.8 billion in total liabilities, resulting
in $90.5 billion in stockholders' deficit.
On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008. The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt. It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value. The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies. A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
=============
G R E N A D A
=============
AIR JAMAICA: Grenada Spends $250,000 to Support Non-Stop Flights
----------------------------------------------------------------
The Grenada government is spending $250,000 to support Air Jamaica
Limited's overnight nonstop flights from New York to the island as
part of a marketing agreement which starts during the current 10th
year of service to the island, Travel Agent Central reports.
According to the report, with a new government in office, Grenada
understands the importance of prime positioning in the U.S.
marketplace.
Air Jamaica, the report relates, currently flies between New York
and Grenada on Wednesdays and Saturdays, and will add a Friday
flight beginning June 26, and a Monday service starting July 13
for a total of four weekly flights through the summer travel
season.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica
Limited -- http://www.airjamaica.com/-- was founded in 1969. It
flies passengers and cargo to almost 30 destinations in the
Caribbean, Europe, and North America. Air Jamaica offers vacation
packages through Air Jamaica Vacations. The company closed its
intra-island services unit, Air Jamaica Express, in October 2005.
The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
* * *
As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade. The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.
* GRENADA: IMF Completes Economic Review Under PRGF Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
completed the third review of Grenada’s economic performance under
the Poverty Reduction and Growth Facility (PRGF) arrangement. IMF
also approved to increase financial assistance under the
arrangement by an amount equivalent to SDR4.39 million (about
US$6.8 million) to a total of SDR16.38 million (about US$25.4
million) to help Grenada cope with the adverse effects of the
global slowdown and financial turmoil. The completion of the
review allows for the immediate disbursement of an amount
equivalent to SDR3.875 million (about US$6 million), bringing
total disbursements to SDR10.825 million (about US$16.8 million).
The Executive Board also approved the request to modify a
quantitative performance criterion by relaxing the target for the
end-June 2009 primary balance excluding grants because of lower
revenues as a result of the slowdown in growth. The Board also
approved the completion of the financing assurances review.
The three-year PRGF with Grenada was approved on April 17, 2006
(see Press Release No. 06/75), augmented in July 2008 to SDR 11.99
million (about US$18.6 million), and extended by one year to
April 16, 2010.
Following the Executive Board discussion, Mr. Takatoshi Kato,
Deputy Managing Director and Acting Chair, made the following
statement:
“Grenada has resolutely implemented its PRGF-supported economic
program in the face of economic difficulties arising from the
global economic downturn. Since the second half of 2008, tourism
earnings, foreign direct investment, and remittances have
declined, which has led to a marked fall in economic growth and a
projected shortfall in government revenue in 2009. The
authorities have strengthened policies in response—in particular,
they have tightened fiscal policy since the second half of 2008.
The IMF is providing additional financing to support the
government’s adjustment efforts.
“To address the worsened budgetary outlook, the government is
taking measures to contain public spending and increase spending
efficiency. The authorities have announced the planned
introduction of a value-added tax in early 2010 to widen the tax
base and increase revenue buoyancy. They are moving forward to
introduce a market-based property tax and to improve tax
administration.
“At the same time, some economic stimulus is being provided to
sustain growth, mainly through an acceleration of priority capital
spending and an increase in targeted social spending to mitigate
the impact of economic slowdown on vulnerable groups. In that
regard, it will be important to complete the Country Poverty
Assessment without further delay.
“The authorities have made progress in ongoing institutional
reform to improve economic management, including the recent
establishment of a Debt Management Unit, a Private Sector
Development Office, and a Waste Reduction Unit. They are
committed to move forward with a more focused structural reform
agenda, including the implementation of a customs reform strategy
and measures to improve the business and investment environment.
“Though the banking sector has remained resilient, the authorities
are carefully monitoring financial sector vulnerabilities. They
have cooperated closely with regional governments to contain the
fallout from the Trinidad and Tobago-based CL Financial Group, and
plan to continue strengthening nonbank financial supervision and
regulation.
“Grenada remains at high risk of debt distress. Any additional
borrowing, even on concessional terms, would need to be carefully
assessed so as not to undermine progress toward debt
sustainability. The authorities are encouraged to build on recent
progress in strengthening debt management capacity, and to
continue efforts to regularize financial relations with external
creditors,” Mr. Kato stated.
=========
H A I T I
=========
* HAITI: World Bank Approves US$121 Million Lending Facility
------------------------------------------------------------
The World bank has approved a new four-year US$121 million lending
strategy for Haiti, focusing on increasing economic growth,
creating jobs and reducing the Caribbean island's vulnerability to
disasters, Caribbean360.com reports. The report relates the money
for the Country Assistance Strategy (CAS) is coming from the
International Development Association (IDA), the part of the World
Bank that helps the world's poorest countries.
According to the report, the bank plans to provide assistance
through a balanced mix of investment projects and development
policy operations. In addition to the IDA funding, the report
notes, the bank expects to mobilize considerable resources through
the trust funds it administers, maintain a strong program of
analytical and advisory activities, and work closely with the
government and other development partners to advance aid
coordination and harmonization.
Caribbean360.com says the World Bank Group's private sector
financing arm, the International Finance Corporation (IFC), will
aim to catalyze private sector development through direct lending
and advisory services, and leveraging donor support for private
sector development.
"The IFC will focus on maximizing the potential growth of the
agricultural and manufacturing sectors, by stimulating private
sector activity and investment. We are working with the
government and investors to identify key feasible actions and
priorities that will together have the greatest growth impact,"
the report quoted Atul Mehta, Director of the Latin America and
Caribbean Department, IFC, as saying.
The report adds, overall, IFC will focus on facilitating access to
finance; infrastructure; lending and advising in growth sectors,
including investment opportunities presented by the Haitian
Hemispheric Opportunity through HOPE II; and human capital
development.
=============
J A M A I C A
=============
HARDWARE & LUMBER: CEO Retires Early Amidst Rocky Times
-------------------------------------------------------
Hardware and Lumber Limited Chief Executive Officer Anthony
Holness has tendered his resignation and will step down from his
post on July 30, Radio Jamaica reports. The report relates Deputy
CEO of Grace Kennedy Investments, Joseph Taffe, will act in the
position effective August 1.
According to the report, the change comes in the wake of major
challenges facing Hardware and Lumber.
Sabrina Gordon of Jamaica Gleaner reports H&L, except for last
year, had consistently returned profits for the conglomerate, but
has been on a roller coaster that events in the construction
market had more control of, starting with the cement crisis of
2004 and now the decline in construction GDP. The Gleaner relates
H&L lost $285.6 million in 2008; and continued in the red in the
first quarter ending March 2009, having a net loss of $113 million
on the back of revenues of $1.5 billion notwithstanding recent
restructuring of operations.
According to the Gleaner, those results followed new restructuring
efforts, including the elimination of multiple jobs and the
attendant cost for salaries. The report relates Mr. Holness's
retirement follows the implementation of the staff rationalisation
programme in December 2008, that cut 88 of H&L employees from the
payroll as well as other contract staff.
The Gleaner recalls in March, GraceKennedy chairman and Chief
Executive Officer relinquished his title as chairman for H&L,
passing the reins to Erwin Burton, who runs the conglomerate's
food division, and making way for Courtney Campbell as a member of
the H&L board of directors.
About Hardware and Lumber
Hardware and Lumber Limited is a GraceKennedy outfit that manages
the Rapid TrueValue and Agro Grace chain of retail stores.
Pan Jamaican Investment Trust Limited owns 20.8% of H&L, while
GraceKennedy has a majority 67% stake.
===========
M E X I C O
===========
GMAC FINANCIERA: S&P Takes Rating Actions on 20 Mexican RMBS Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on 20
series of Mexican residential mortgage-backed securities
transactions issued by GMAC Financiera, S.A. de C.V., S.F.O.M.,
E.N.R., (mxB-/Developing/mxC); Metrofinanciera S.A. de C.V. SOFOM.
E.N.R. ('D/mxD'); and Hipotecaria Credito y Casa, S.A. de C.V.
S.F.O.L. (not rated):
-- S&P lowered the ratings on seven series and removed the
ratings from CreditWatch with negative implications;
-- S&P lowered the ratings on four series;
-- S&P affirmed the ratings on seven series and removed the
ratings from CreditWatch negative; and
-- S&P affirmed the ratings on two series.
The lowered ratings on the 11 affected series reflect the
transactions' performance deterioration over the past 12 months
due to rising delinquencies and defaults. As the global economic
and financial crisis continues to challenge the Mexican economy
(unemployment is increasing and disposable household incomes are
shrinking), S&P expects that delinquencies and defaults will
increase further through the end of 2009. Standard & Poor's
estimated the transactions' delinquencies, defaults, and current
credit enhancement levels according to its methodology for rating
these types of transactions.
The affirmed ratings on the nine affected series, as well as the
removal of 14 of the 20 ratings from CreditWatch negative, are
based on S&P's belief that the current ratings adequately reflect
the risks in these transactions. However, S&P is still concerned
about the servicers' ability to contain these delinquencies and
defaults, particularly for the Metrofinanciera and Credito y Casa
transactions. These two servicers have defaulted on their
unsecured obligations, which S&P believes could disrupt their
servicing operations.
S&P analyzed the transactions using LEVELS Mexico to determine
their updated foreclosure frequency and loss severity levels, as
well as S&P's Mexican RMBS cash flow model to determine the new
ratings considering each transaction's financial position,
performance, and structure.
Series MXMACFW 06U and MXMACFW 07U are insured by Financial
Guaranty Insurance Co. (not rated). However, because Standard &
Poor's no longer rates this monoline insurer, the ratings on these
two series reflect Standard & Poor's underlying ratings on the
transactions. The SPURs reflect the transactions' performance and
credit quality, absent external enhancements, such as bond
insurance. Under S&P's structured finance criteria, the issue
rating on an insured bond reflects the higher of the rating on the
bond insurer or the SPUR on the securities.
These rating actions are independent of the possible loan
modifications that servicers may begin taking as part of a relief
program supported by the Sociedad Hipotecaria Federal, the federal
government mortgage agency ("Scenario Analysis: Standard & Poor's
Examines The Effect Of Loan Modifications On Mexican RMBS
Ratings," published April 28, 2009).
Standard & Poor's will continue to monitor all of its rated
Mexican RMBS transactions, as well as the involved servicer
rankings, and may make further rating or ranking adjustments as
necessary.
Ratings Lowered And Removed From Creditwatch Negative
Credit Rating Rating Amount
Seller/Series protect* To From (mil.$)**
------------- -------- ------ ------ ---------
Credito y Casa
CREYCCB 06U 9.55% mxAA- mxAAA/Watch Neg 103.7
CREYCB 06U 5.50% mxAA- mxAAA/Watch Neg 711.2
CREYCB 06-2U (6.87%) mxBBB mxA+/Watch Neg 93.0
Metrofinanciera
MFCB 05U 6.76% mxAA mxAAA/Watch Neg 87.8
MTROCB 07U 3.45% mxAA+/BBB mxAAA/Watch Neg/BBB+ 217.5
MTROCB 08U 3.31% mxAA+/BBB mxAAA/Watch Neg/BBB+ 229.5
GMAC Financiera
MXMACFW 07-6U (8.08%) mxBBB mxA/Watch Neg 14.9
Ratings Lowered
Credit Rating Rating Amount
Seller/Series protect* To From (mil.$)**
------------- -------- ------ ------ ---------
GMAC Financiera
MXMACCB 04U 6.18% mxAA+ mxAAA 157.2
MXMACCB 05U 6.41% mxAA- mxAAA 73.8
MXMACCB 05-2U 0.66% mxAA mxAAA 108.5
MXMACCB 06U 4.37% mxAA+ mxAAA 92.9
Ratings Affirmed And Removed From Creditwatch Negative
Credit Rating Rating Amount
Seller/Series protect* To From (mil.$)**
------------- -------- ------ ------ ---------
Metrofinanciera
METROCB 04U 19.73% mxAAA mxAAA/Watch Neg 60.3
METROCB 05U 31.89% mxAAA mxAAA/Watch Neg 75.3
METROCB 06U 11.03% mxAAA mxAAA/Watch Neg 91.8
MTROFCB 08 29.29% mxAAA mxAAA/Watch Neg 678.9***
GMAC Financiera
MXMACFW 07U 5.03% BBB-/mxAA- BBB-/Watch Neg/mxAA- 181.8
MXMACFW 07-2U (2.71%) mxA mxA/Watch Neg 14.7
MXMACFW 07-4U (5.41%) mxA mxA/Watch Neg 18.2
Ratings Affirmed
Credit Rating Rating Amount
Seller/Series protect* To From (mil.$)**
------------- -------- ------ ------ ---------
GMAC Financiera
MXMACFW 06U (4.40%) B/mxBBB 128.1
MXMACFW 06-2U (17.46%) mxBB- 15.6
* Credit protection is calculated by subtracting the quotient
of the liabilities' outstanding amount and the current
portion of the collateral (using standardized defaults
according to Standard & Poor's RMBS index methodology) from
1, and then adding that result to the subordinated series or
disposable partial credit guarantee amounts (expressed as a
percentage). Negative percentages represent transactions
with more liabilities than current assets (negative equity).
** Outstanding amount in UDIs.
*** Outstanding amount in Mexican pesos.
UDI -- Unidad de Inversion.
===============
P A R A G U A Y
===============
* PARAGUAY: IDB Approves US$100 Million 20-Year Loan
----------------------------------------------------
The IDB has approved a US$100 million loan for Paraguay,
LatinFrance reports. The report relates IDB said the loan would
allow Paraguay to boost its institutional capacity in the public
sector through the modernization of different public expenditure
management processes and systems.
According to the report, the loan is for 20 years, with a five-
year grace period, and carries a Libor-based rate.
* * *
According to Moody's Website, the country continues to carries
Moody's B3 foreign and local currency ratings with stable
outlooks.
=================================
T R I N I D A D & T O B A G O
=================================
CL FINANCIAL: Supreme Court Judge Blocks Central Bank
-----------------------------------------------------
Trinidad and Tobago Justice Judith Jones ruled that the Central
Bank couldn't use information on CL Financial Limited outside of
the present case, which deals with the operations of the
financially-strapped company, Oscar Ramjeet of Caribbean Net News
reports. The report, citing the Trinidad Guardian, says both
sides had been arguing this issue over the last two months.
According to the report, Central Bank Lead Attorney Reginald
Armour SC gave verbal notice of his client’s intention to appeal
and he is hoping to be before the Court of Appeal.
Caribbean Net News relates Judge Jones granted a stay of her order
until the appeal court deals with the issue. Judge Jones, the
report notes, also continued the injunctions against CL Financial,
which Justice Gregory Delzin had originally granted ex parte on
February 22 this year.
Caribbean Net News recalls during the past months, both sides have
also been dealing with the language and scope of the orders
granted by Judge Delzin. The report says CL Financial felt that
the orders were too wide and left little scope for the company to
operate without the interference of the Central Bank. On the
other hand, the Central Bank was pleased with the original orders
and kept insisting that the injunctions be kept in place, the
report adds.
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
==================
* VENEZUELA: Seizes 70 Gas Compressors as Takeovers Spread
----------------------------------------------------------
Gianluca Baratti and Steven Bodzin of Bloomberg News report that
the Venezuelan government took control of 70 gas compression units
and will take more as President Hugo Chavez increases control of
energy-related facilities in South America’s biggest oil exporter.
According to the report, President Chavez said the government
plans to take over more facilities until today, June 8. The state
is targeting operators that “don’t comply with the constitution,”
he said.
As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said stated-owned Petroleos de
Venezuela (PDVSA) will take over some oil field services being
carried out by private companies after lawmakers approved a bill
to increase government control. The National Assembly gave
preliminary approval to allow the government to take over
activities including water injection into oil wells, compressing
natural gas and management of docks and boats in Lake Maracaibo,
Energy and Mines Commission Head Angel Rodriguez said in an e-
mailed statement obtained by Bloomberg News. The same report
related the statement said that if the state took control from a
company, the government would assess payment at so- called book
value and deduct labor and environmental costs. Payment would be
in cash, or securities, it added. According to Bloomberg News,
Venezuela has called on services companies to lower fees by as
much as 40% this year as PDVSA faces increased debt after oil
prices plunged.
* * *
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
===============
* BOND PRICING: For the Week June 1 to June 5, 2009
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 11.000 06/11/12 USD 62.83
Alto Palermo SA 7.875 05/11/17 USD 66.08
Argentina – NGB 2.000 02/04/18 ARS 55.37
Argent-DIS 5.830 12/31/33 ARS 59.51
Argent-CDIS 7.820 12/31/33 ARS 36.50
Argent-$DIS 8.280 12/31/33 ARS 38.75
Argent-$DIS 8.280 12/31/33 ARS 45.89
Argent-Par 0.630 12/31/38 ARS 19.73
Argnt-Bocon PRE8 2.000 01/03/10 ARS 34.58
Argnt-Bocon PR11 2.000 12/03/10 ARS 32.52
Argnt-Bocon PRE9 2.000 03/15/24 ARS 72.10
Argnt-Bocon PR12 2.000 01/03/16 ARS 70.88
Argnt-Bocon PR13 2.000 03/15/24 ARS 34.72
Arg Boden 2.000 09/30/14 ARS 53.95
Arg Boden 7.000 10/03/15 ARS 40.25
Arg-Quasi Par 3.310 12/31/45 ARS 34.37
Autopistas Del S 11.500 05/23/17 USD 40.77
Banco Hipot SA 9.750 11/16/10 USD 74.39
Banco Hipot SA 9.750 04/27/16 USD 59.12
Banco Macro SA 8.500 02/01/17 USD 65.50
Banco Macro SA 8.500 02/01/17 USD 69.91
Banco Macro SA 10.750 06/07/12 USD 47.24
Bonar ARG $ V 10.500 06/12/12 USD 53.85
Bonar V 7.000 03/28/11 USD 65.87
Bonar VII 7.000 09/12/13 USD 47.83
Bonar X 7.000 04/17/17 USD 45.26
Buenos Aire Prov 9.625 04/18/28 USD 33.37
Buenos Aire Prov 9.375 09/14/18 USD 33.50
Buenos-$DIS 9.250 04/15/17 USD 38.84
Buenos-$DIS 8.500 04/15/17 USD 42.15
Hidroelec Piedra 9.000 07/11/17 USD 71.19
Industrias Metal 11.250 10/22/14 USD 55.31
Invers Rep Y Soc 8.500 02/02/17 USD 66.48
Masterllone Herma 8.000 06/30/12 USD 41.39
Mendoza Province 5.500 09/04/18 USD 45.75
Transener 0.075 12/15/16 USD 56.12
Trasport De Gas 7.875 05/14/17 USD 66.00
BRAZIL
------
CESP 9.750 01/15/15 BRL 56.47
Cosan SA Industr 8.250 02/28/49 USD 72.12
Rede Empresas 11.120 04/29/49 USD 49.37
Vigor 9.250 02/23/17 USD 68.83
CAYMAN ISLANDS
--------------
Asif II 5.125 01/28/13 GBP 70.50
Bancaja Intl Fin 5.700 06/30/22 EUR 57.95
Banco BPI (CI) 1.150 11/11/35 EUR 70.90
Barion Funding 0.100 12/20/56 USD 4.46
Barion Funding 0.250 12/20/56 USD 4.70
Barion Funding 0.250 12/20/56 USD 4.70
Barion Funding 0.250 12/20/56 USD 4.70
Barion Funding 0.250 12/20/56 USD 4.70
Barion Funding 0.250 12/20/56 USD 4.74
Barion Funding 0.250 12/20/56 USD 1.70
Barion Funding 0.630 12/20/56 USD 12.45
Barion Funding 1.440 12/20/56 USD 23.70
BCP Finance Company 4.239 10/29/49 EUR 67.75
BCP Finance Company 5.543 06/29/49 EUR 69.50
Bes Finance Limited 4.500 12/29/49 EUR 66.50
Bes Finance Limited 5.580 07/29/49 EUR 69.75
BishopGate Asse 5.107 09/28/37 GBP 74.66
China Med Tech 4.000 08/15/13 USD 64.50
China Properties 9.125 05/04/14 USD 56.12
Dubai Holding Comm 4.750 01/30/14 EUR 61.00
Dubai Holding Comm 6.000 02/01/17 GBP 56.50
DWR CYMN FIN 4.473 03/31/57 GBP 65.71
Esfg Internation 5.753 06/29/49 EUR 62.50
Gol Finance 7.500 04/03/17 USD 60.50
Gol Finance 8.750 04/29/49 USD 47.50
Iansa Overseas 7.250 07/28/12 USD 60.98
Ja Solar Hold Company 4.500 05/15/13 USD 67.16
Ldk Solar Co Ltd 1.750 01/15/13 USD 57.00
Malachite Fdg 0.630 12/21/56 EUR 18.21
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.72
Mazarin Fdg Ltd 0.630 09/20/68 USD 10.57
Mazarin Fdg Ltd 1.440 09/20/68 USD 22.07
Minerva Oversea 9.500 02/01/17 USD 55.50
Minerva Oversea 9.500 02/01/17 USD 50.72
Mizuho Capital I 5.020 06/29/49 EUR 60.75
Mizuho Capital INV I 6.686 03/29/49 EUR 69.25
Mufg Cap Fin2 4.850 07/29/49 EUR 61.25
Mufg Cap Fin4 5.271 01/29/49 EUR 66.50
Mufg Cap Fin5 6.299 01/25/49 GBP 64.50
Prince Fin Global 4.500 01/26/17 EUR 65.42
Pubmaster Fin 5.943 12/30/24 GBP 65.12
Pubmaster Fin 6.962 06/30/28 GBP 43.02
Punch Taverns 4.767 06/30/33 GBP 68.16
Reg Div Funding 5.251 01/25/36 USD 62.37
Resona PFD Glob 7.191 12/29/49 USD 67.42
Santander 7.250 12/29/49 GBP 64.50
Shin Fin Caym 6.418 01/29/49 USD 31.91
Shinsei Finance 7.160 12/31/49 USD 31.68
Shinsei Finance 7.160 07/29/49 USD 32.38
SMFG Preferred 6.078 01/29/49 USD 74.75
SMFG Preferred 6.164 01/29/49 USD 65.50
STB Finance 5.834 09/29/49 GBP 70.51
Suntech Power 3.000 03/15/13 USD 71.94
Tam Capital Inc. 7.375 04/25/17 USD 72.31
Tam Capital Inc. 7.375 04/25/17 USD 71.75
UOB Cayman Ltd 5.769 12/29/49 USD 74.15
Vestel Elec Fin 8.750 05/09/12 USD 74.50
XL Capital Limited 6.250 05/15/27 USD 66.14
XL Capital Limited 6.500 12/31/49 USD 54.00
DOMINICAN REPUBLIC
------------------
Dominican Republ 8.625 04/20/27 USD 73.50
Dominican Republ 8.625 04/20/27 USD 73.50
Itabo Finance SA 10.875 10/05/13 USD 70.87
ECUADOR
-------
Rep of Ecuador 9.375 12/15/15 USD 64.04
Rep of Ecuador 9.375 12/15/15 USD 63.87
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 63.00
Jamaica Govt 8.000 03/15/39 USD 67.87
Jamaica Govt 8.500 02/28/36 USD 66.83
Jamaica Govt LRS 12.250 07/13/12 JMD 74.87
Jamaica Govt LRS 12.750 04/27/12 JMD 50.60
Jamaica Govt LRS 12.750 06/29/22 JMD 50.62
Jamaica Govt LRS 13.375 04/27/32 JMD 50.71
Jamaica Govt LRS 13.625 06/23/14 JMD 68.67
Jamaica Govt 14.000 07/05/13 EUR 74.86
Jamaica Govt 14.000 06/30/21 EUR 56.10
Jamaica Govt 14.250 08/19/15 EUR 69.67
Jamaica Govt LRS 14.375 06/28/14 EUR 70.74
Jamaica Govt LRS 14.375 05/03/14 EUR 72.53
Jamaica Govt LRS 14.375 05/30/14 EUR 72.28
Jamaica Govt LRS 14.375 09/06/14 EUR 70.12
Jamaica Govt LRS 14.375 09/13/14 EUR 72.46
Jamaica Govt LRS 14.400 08/02/17 JMD 66.61
Jamaica Govt LRS 14.400 08/03/27 JMD 56.42
Jamaica Govt LRS 14.500 11/13/13 JMD 73.55
Jamaica Govt LRS 14.500 06/28/17 JMD 64.72
Jamaica Govt LRS 14.500 08/02/17 JMD 65.61
Jamaica Govt LRS 14.750 03/21/14 JMD 74.05
Jamaica Govt LRS 14.625 04/19/14 JMD 73.36
Jamaica Govt LRS 15.000 07/31/16 JMD 67.16
Jamaica Govt LRS 15.000 11/15/21 JMD 59.55
Jamaica Govt LRS 15.000 09/06/32 JMD 58.05
Jamaica Govt LRS 15.000 07/31/14 JMD 72.17
Jamaica Govt LRS 15.125 04/24/14 JMD 73.46
Jamaica Govt LRS 15.500 03/24/28 JMD 58.79
Jamaica Govt LRS 15.000 08/30/32 JMD 58.77
Jamaica Govt LRS 15.750 08/22/19 JMD 64.38
Jamaica Govt LRS 15.800 06/26/17 JMD 69.32
Jamaica Govt LRS 16.000 06/13/22 JMD 62.84
Jamaica Govt LRS 16.000 05/17/17 JMD 68.47
Jamaica Govt LRS 16.000 12/06/32 JMD 60.73
Jamaica Govt LRS 16.125 08/21/32 EUR 63.12
Jamaica Govt LRS 16.250 05/22/27 EUR 61.72
Jamaica Govt LRS 16.150 06/12/22 EUR 64.64
Jamaica Govt LRS 16.150 06/12/22 EUR 63.39
Jamaica Govt LRS 16.150 06/21/22 EUR 65.31
Jamaica Govt LRS 16.250 07/26/32 EUR 61.55
Jamaica Govt LRS 16.250 06/18/27 EUR 65.38
Jamaica Govt LRS 16.250 05/22/22 EUR 67.25
Jamaica Govt LRS 16.250 08/26/32 EUR 63.62
Jamaica Govt LRS 16.500 06/14/27 EUR 62.65
Jamaica Govt LRS 17.000 07/11/23 EUR 65.79
NETHERLANDS ANTILLES
---------------------
Soc Gen Accept 0.750 12/21/11 EUR 48.95
Soc Gen Accept 7.000 02/27/13 EUR 21.71
Soc Gen Accept 8.000 12/20/13 EUR 12.22
PUERTO RICO
-----------
Doral Fin Corp 7.000 04/26/12 USD 61.62
Doral Fin Corp 7.100 04/26/17 USD 58.37
Doral Fin Corp 7.150 04/26/22 USD 56.87
Doral Fin Corp 7.650 03/26/16 USD 60.87
Puerto Rico GNMA 5.750 04/01/21 USD 73.66
URUGUAY
-------
Uruguay 3.700 06/26/37 UYU 73.41
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 48.08
Petroleos de Ven 5.375 04/12/27 USD 40.50
Petroleos de Ven 5.500 04/12/37 USD 40.50
Venezuela 8.500 10/08/14 USD 69.50
Venezuela 6.000 12/09/20 EUR 49.75
Venezuela 5.750 02/26/16 EUR 56.35
Venezuela 7.000 03/31/38 USD 49.12
Venezuela 7.000 03/16/15 USD 63.80
Venezuela 7.000 03/16/15 USD 62.99
Venezuela 7.000 12/01/18 USD 57.00
Venezuela 7.650 04/21/25 USD 53.00
Venezuela 9.000 05/07/23 USD 60.21
Venezuela 9.250 09/15/27 USD 59.75
Venezuela 9.250 05/07/28 USD 66.55
Venzod - 189000 9.375 01/13/34 USD 61.75
***********
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 * * *