/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090708.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, July 8, 2009, Vol. 10, No. 133 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Clients Sue Willis Group, Seek US$1BB in Damages STANFORD INT'L: Florida Regulators Were Lax on Local Operations STANFORD INT'L: Prosecutors Violating Owner's Rights in Fee Fight A R G E N T I N A COMPANIA ATLETICA: Asks for Opening of Preventive Contest GRUPO CAMPOS: Asks for Opening of Preventive Contest LES FRANCAISES: Asks for Opening of Preventive Contest MEGANET SA: Requests for Opening of Preventive Contest TELECOM ARGENTINA: Telecom Italia Hires Credit Suisse B R A Z I L BANCO NACIONAL: Approves BRL1.5 Billion Credit Line to Gerdau SA BANCO VOTORANTIM: Manages Votorantim Financas Note Sale CAIXA ECONOMICO: Sees Mortgage Credit Increase by 75% GERDAU SA: Secures BRL1.5 Billion Credit Line From BNDES GOL LINHAS: June Data Shows Focus on Profitability, Itau Says INDEPENDENCIA SA: To Unveil Restructuring Proposal by July 13 PERDIGAO SA: Plans to Sell 155 Million Shares at Discount TAM SA: Stocks Upgraded to “Sector perform” From “Underperform” TAM SA: Unit Inks Technological Platform Deal With Oracle Siebel TELE NORTE: Brazil Regulators Approve Oi/Brasil Telecom Deal * Moody's Reviews Brazil's 'Ba1' Government Bond Ratings C A Y M A N I S L A N D S DRAGON BILLION: Shareholders' Final Meeting Set for July 10 DRAGON BILLION: Shareholders' Final Meeting Set for July 10 INVESTCORP LIQUIDITY: Shareholders' Final Meeting Set for July 13 ROSCO LIMITED: Shareholder to Receive Wind-Up Report on July 22 SALT CREEK: Fitch Puts Ratings on Five Notes on Negative Watch WEALTHMASTERS CURRENCY: Final Meeting Set for October 7 C H I L E EMPRESA ELECTRICA: Signs US$50MM 2-Year Loan With Banco Santander * CHILE: Economic Activity Contracted 4.4% in May E C U A D O R PERENCO ECUADOR: Threatens to Sue Buyer of Seized Crude Oil * ECUADOR: Jan.-April Exports to Andean Countries Dropped 51% * ECUADOR: Withdraws From World Bank Arbitration Tribunal J A M A I C A AIR JAMAICA: Divestment Deal Not Yet Signed, Government Says OLINT TCI: Liquidator's Request Request Gets “Lukewarm Response” T R I N I D A D & T O B A G O CL FIN'L: Attorney General Will Deal With CLICO, Minister Says M E X I C O LEAR CORP: Case Summary & 50 Largest Unsecured Creditors V E N E Z U E L A * VENEZUELA: June Car Sales Drops 51% X X X X X X X X ADMINISTRACION NACIONAL: S&P Puts 'BB-' Rating on WatchNeg EMPRESA DE ENERGIA: S&P Puts Negative Outlook on 'BB+' Rating INTERCONEXION ELECTRICA: S&P Keeps 'BB+' Corp. Credit Rating ISA CAPITAL: S&P Keeps 'BB' Senior Unsecured Debt Rating - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Clients Sue Willis Group, Seek US$1BB in Damages ---------------------------------------------------------------- Several Mexican clients of Stanford Financial Group are seeking more than US$1 billion in damages from Bermuda-based Willis Group Holdings Limited, contending it was a willing participant in a US$7-billion fraud at Stanford Financial, Reuters reports. The report relates that the lawsuit -- which was filed by law firms Strasburger & Price LLP and Castillo Snyder PC. In Dallas -- said Willis Group "crossed the line from being mere insurance brokers" to essentially acting as sales agents for Stanford Financial. According to the report, the lawsuit contends that Willis Group and other defendants provided Stanford Financial with certain "safe and soundness" letters that were intended to be used for marketing purposes to attract Stanford clients. Willis Group lent recognition and credibility to Stanford's business, the lawsuit added. "We intend to prove that the defendants willfully misrepresented the safety of the financial products offered by Stanford," Attorney David Cibrian, one of the lawyers who brought the case, said in a statement obtained by the news agency. 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. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. 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. STANFORD INT'L: Florida Regulators Were Lax on Local Operations --------------------------------------------------------------- Florida regulators were not very strict in implementing regulations for Stanford International Bank Limited owner Robert Allen Stanford's operations in Miami, Reuters reports, citing the Miami Herald newspaper. According to the report, the regulators seldom check Mr. Stanford's Miami operations after giving him the green light to send cash overseas and sell investment securities. According to the report, the Herald said that since 1999, Mr. Stanford had clearance from Florida bank regulators to move money from a Florida office to Antigua without filing reports to government agencies and to sell certificates of deposit to wealthy investors without fraud checks. "Over objections by the state's chief banking lawyer -- including concerns that Mr. Stanford was laundering money -- regulators granted sweeping powers never given to a private company," the newspaper was quoted by Reuters as saying. Reuters relates the newspaper said: "In the first six years, the office -- known as Stanford Fiduciary Investor Services -- took in $600 million from customers, state records show." The newspaper, the report relates, said that the Miami offices, unlike other Stanford companies elsewhere in the United States, bypassed rules requiring regular reports to officials of the amounts of money sent overseas. "In fact, employees shredded records of the trust agreements and (certificate of deposit) purchases once the original documents were sent to Antigua, state records show," the newspaper added. 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. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. 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. STANFORD INT'L: Prosecutors Violating Owner's Rights in Fee Fight ----------------------------------------------------------------- Dick DeGuerin -- counsel to Stanford International Bank Limited owner Robert Allen Stanford -- said federal prosecutors are trampling his client's rights in their fight to cut off his access to funds for legal defense, Anna Driver of Reuters reports. "The government's unfettered, and thus far successful, attempts to prevent Mr. Stanford from being able to mount a defense in his criminal proceedings amount to a deprivation of both his Sixth Amendment right to counsel and his Fifth Amendment privilege against self-incrimination," Mr. DeGuerin wrote in a court filing obtained by the news agency. The government should take whatever steps necessary to release funds so Mr. Stanford can pay for his defense or the government should drop its 21-count indictment, DeGuerin argued in the filing, Mr. DeGuerin added. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. 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. 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 ================= COMPANIA ATLETICA: Asks for Opening of Preventive Contest --------------------------------------------------------- Compania Atletica SA asked for the opening of preventive contest. The company stoppped making payments last May 26. GRUPO CAMPOS: Asks for Opening of Preventive Contest ---------------------------------------------------- Grupo Campos Verdes SA asked for the opening of preventive contest. LES FRANCAISES: Asks for Opening of Preventive Contest ------------------------------------------------------ Les Francaises SRL asked for the opening of preventive contest. The company stoppped making payments last February. MEGANET SA: Requests for Opening of Preventive Contest ------------------------------------------------------ Meganet SA requsted for its preventive contest. The company stoppped making payments on May 19, 2008. TELECOM ARGENTINA: Telecom Italia Hires Credit Suisse ----------------------------------------------------- Telecom Italia SpA said it hired Credit Suisse Group AG to analyze options including the sale of Telecom Argentina S.A. after tighter regulations hurt its ability to control the unit, Drew Benson of Bloomberg News reports. “In the past few months the Argentine telecommunications regulatory and antitrust authorities have made arbitrary decisions that impair the disposition and exercising of rights by Telecom Italia,” the company said in a letter filed with the Buenos Aires Stock Exchange by Telecom Argentina, the report relates. As reported in the Troubled Company Reporter-Latin America on June 26, 2009, Dow Jones Newswires said Telecom Italia may sell its stake in Telecom Argentina -- which analysts valued at around EUR400 million -- if interesting opportunities arise. DJ Newswires noted Telecom Italia owns a 50% stake in Sofora Telecomunicaciones SA, which holds controlling interest in Telecom Argentina. The report related an ongoing antitrust investigation has blocked the Italian company's ability to exercise a call option to take control of Sofora. According to a TCRLA report on April 23, citing Dow Jones Newswires, the Argentine Competition Commission, the country's antitrust agency, rejected an appeal filed by Telecom Italia that challenged the agency's ruling earlier, locking Telecom Italia directors from exercising voting powers in Telecom Argentina. Bloomberg News recalled Telecom Italia's directors on Telecom Argentina's board were told to abstain from exercising voting powers while the regulator investigates Telco SpA's purchase of a controlling stake in Telecom Italia. According to Bloomberg News, Telefonica SA, Assicurazioni Generali SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family gained control of Telecom Italia, through holding company Telco, in October 2007. Telco owns 24.5 percent of the Milan-based company. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As of June 30, 2009, the company continues to carry Standard and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local Issuer Credit rating. The company also continues to carry Fitch ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer default rating; and "B" Senior Unsecured Debt rating. =========== B R A Z I L =========== BANCO NACIONAL: Approves BRL1.5 Billion Credit Line to Gerdau SA ---------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA said it has approved a BRL1.5 billion credit loan to steelmaker company Gerdau SA, Cesar Bianconi of Reuters reports. According to the report, the bank said Gerdau will use the funds on "reform and modernization" at subsidiaries Gerdau Acominas, Gerdau Acos Longos, Gerdau Acos Especiais and Acos Villares. The report relates this part of Gerdau's US$3.6 billion 2009-2013 investment plan. Gerdau SA Chief Executive Andre Gerdau Johannpeter told Reuters in an interview that steel demand had shown signs of improvement in the last couple of months but a full recovery in consumption would not occur before 2010. 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. * * * As of June 25, 2009, the company continues to carry Moody's Ba2 foreign long-term bank deposit rating. About Gerdau S.A. Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. BANCO VOTORANTIM: Manages Votorantim Financas Note Sale ------------------------------------------------------- Banco Votorantim is managing the sale of BRL1.05 billion of promissory notes issued by Votorantim Financas, according to LatinFrance. According to the report, the 180-day paper pays interest at 109% of the DI rate. Votorantim Financas will use the proceeds to pay outstanding promissory notes, which will mature later this month. Brazilian regulators have approved the issuance. As reported in the Troubled Company Reporter-Latin America on May 13, 2009, Standard & Poor's Ratings Services said that it affirmed its 'BB+/ B' global scale counterparty credit rating and its 'brAA+/brA-1' Brazil national scale rating on Banco Votorantim S.A. CAIXA ECONOMICO: Sees Mortgage Credit Increase by 75% ----------------------------------------------------- Caixa Economica Federal Director Jorge Hereda said that the bank saw the demand for mortgage credit grow 75% in the first half of 2009, despite the economic slowdown, Alastair Stewart of Dow Jones Newswires reports, citing Estado newswire. The report relates Mr. Hereda said the bank's credit portfolio rose to BRL17.5 billion (US$8.9 billion). According to the report, Brazil's real estate credit is underdeveloped, but latent demand could be unleashed by falling interest rates. Headquartered in Brasilia, Caixa Economica Federal -- http://www.caixa.gov.br-- is a Brazilian bank and one of the largest government-owned financial institutions in Latin America. Founded in Jan. 12, 1861, Caixa Economica is the second biggest Brazilian bank, second only to Banco do Brasil, and offers services in thousands of Brazilian towns, ranking third in Brazil in number of branches. The company has more than 32 million accounts and controls more than US$170 billion. It is responsible for executing policies in the areas of housing and basic sanitation, the administration of social funds and programs and federal lotteries. * * * Caixa Economica Federal continues to carry a Ba2 foreign currency deposit rating from Moody's Investors Service. The rating was assigned by Moody's in May 2008. GERDAU SA: Secures BRL1.5 Billion Credit Line From BNDES -------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA said it has approved a BRL1.5 billion credit loan to steelmaker company Gerdau SA, Cesar Bianconi of Reuters reports. According to the report, the bank said Gerdau will use the funds on "reform and modernization" at subsidiaries Gerdau Acominas, Gerdau Acos Longos, Gerdau Acos Especiais and Acos Villares. The report relates this part of Gerdau's US$3.6 billion 2009-2013 investment plan. Gerdau SA Chief Executive Andre Gerdau Johannpeter told Reuters in an interview that steel demand had shown signs of improvement in the last couple of months but a full recovery in consumption would not occur before 2010. 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. * * * As of June 25, 2009, the company continues to carry Moody's Ba2 foreign long-term bank deposit rating. About Gerdau S.A. Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. GOL LINHAS: June Data Shows Focus on Profitability, Itau Says ------------------------------------------------------------- Gol Linhas Aereas Inteligentes SA’s June traffic data shows that the airline is focusing on profitability rather than expanding market share, Paulo Winterstein of Bloomberg News reports, citing Itau Corretora. Revenue per passenger per kilometer “remained stable,” and yields were in line with those reported in the previous quarter and in the year-earlier quarter, analyst Victor Mizusaki wrote in a note obtained by the news agency. “Although the yield for June 2009 came in below the R$19.43 cents reported in 2Q08, the 2Q09 consolidated yield was between R$19.43 cents and the R$21.93 cents reported in 1Q08,” Mr. Mizusaki wrote, the report relates. “This result confirms our view that the Brazilian airlines are focusing on profitability and not on gaining market share,” he added. June Traffic Figures The airline's June 2009 data reflected the beginning of activities related to the gradual and planned increase in the utilization of the company's operational fleet, an important factor in diluting operating costs. This is taking place in a sustainable manner, given that the second half is seasonally characterized by higher demand than the first six months. In June, for the first time in 2009, the average number of hours during which GOL's fleet was operating (measured in block hours) was around 12 hours per day. Thus, although the supply of total system seats (measured in ASK -- available seat kilometers) suffered an apparent reduction of 1.2% over May 2009, the daily average ASK (adjusted for the difference in days between the two months: 30 in June and 31 in May) moved up by 2%. In year-over-year terms, however, ASK fell by 4.9%, due to GOL's strategic repositioning -- in mid-2008, it discontinued flights between Brazil and all destinations outside South America. In line with its focus on increasing the profitability of its route network, most supply was directed towards the domestic market, where ASK dipped by 0.7% between May and June (but moved up 2.6% in daily average terms) and climbed by 3% over June 2008. In addition to GOL's competitive advantages in terms of cost leadership and greater frequency of flights between Brazil's leading airports, the SMILES mileage program and the new fare packages made a positive contribution to increasing the Company's air traffic. June's traffic figures reflected the impact of a series of promotions in recent months, including special fare offers and SMILES promotions, designed to attract passengers and improve the Company's position in this low, pre-vacation season. As result, total system traffic (measured in RPK -- revenue passenger kilometers) increased by 0.8% over June 2008 and 9.3% over May 2009, the peak of the low season. International traffic recorded a similar month-over-month trajectory, moving up by 3.8%, but dropped by 44.6% year-over-year due to the elimination of the long-haul routes. Consequently, GOL recorded a consolidated load factor of 63.8%, 1.6 percentage point down on the 65.4% registered in June 2008 and 5.8 percentage points above the 57.9% recorded in the previous month. The domestic load factor stood at 65.6% and the international one at 51.4%, both of which still below the same month last year and substantially higher than in May 2009. This seasonal positioning reflected the strategic reduction in yield, which reached its lowest level of the year in June, below the R$ 19.43 cents recorded in 2Q08. For the second quarter as a whole, yield increased in year-over-year terms but was below the R$ 21.93 cents posted in the first quarter, albeit within the Company's expectations. 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. INDEPENDENCIA SA: To Unveil Restructuring Proposal by July 13 ------------------------------------------------------------- Independencia SA's bonds are “attractive” as it prepares to unveil a restructuring proposal in Brazil's bankruptcy courts next week, Lester Pimentel and Catarina Saraiva of Bloomberg News reports, citing a Barclays Plc's report. Bloomberg says Antonio Costa Filho, an outside spokesman for Arsenal Investimentos, Independencia’s financial adviser, said Independencia will present its debt plan by July 13. “We expect Independencia to be able to operate at a reduced installed capacity level, and generate sufficient cash to support a debt structure that will translate into an attractive recovery level for bondholders,” Barclays analyst Juan Cruz wrote in a report obtained by Bloomberg News. “We believe that the risk reward relationship on the bonds remains good and we see recovery in the mid-20s-30 range,” Mr. Cruz added. According to the report, citing court documents, the company has US$525 million in bond issues that are privately placed, and were issued outside Brazil, including in the U.S. The report relates the bonds include 9.875% notes due 2015 and the 9.875% notes due 2017, Bloomberg News adds. * * * According to Bloomberg News, Independencia SA -- Brazil's fourth largest meat exporter -- filed for bankrupcy protection earlier this year after the global economic crisis caused exports to slump. Independencia S.A. filed its Chapter 15 petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903). Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's counsel. PERDIGAO SA: Plans to Sell 155 Million Shares at Discount --------------------------------------------------------- Perdigao SA plans to sell as many as 155 million shares, valued at BRL6.2 billion (US$3.1 billion) using the July 3 closing price, Carlos Caminada of Bloomberg News reports. The report relates ING Investment Management SA, which oversees US$12 billion in emerging-market assets, said the new shares are at a 10% discount to market value for its US$1.8 billion acquisition of Sadia SA. According to the report, Eric Conrads of ING said investors may demand a discount because the Sadia SA acquisition will more than double the company's debt at a time when poultry sales are slowing. A prospectus, the report notes, said Perdigao SA will begin promoting the share sale to international investors this week. As reported in the Troubled Company Reporter-Latin America on May 21, 2009, Bloomberg News said Perdigao agreed to take over rival Sadia SA through a share-swap transaction. After the take over, the new company will be known as BRF Brasil Foods SA and incorporate Sadia shares owned by HFF Participacoes SA -- a holding company formed by investors who have more than 51% of Sadia’s voting stock -- Perdigao said in a statement obtained by the news agency. Bloomberg News says Perdigao’s biggest shareholders, Brazilian pension funds Previ and Petros, said they plan to buy just enough shares to maintain their stakes in BRF Brasil Foods. The report relates Brazil’s state development bank BNDES President Luciano Coutinho said the bank will also buy shares in the offering. About Perdigao SA Headquartered in Sao Paulo, Brazil, Perdigao SA is one of the largest food processors in Latin America, with a focus on poultry, pork, beef, milk and processed products, including dairy. With revenues of BRL 10.3 billion for the last twelve months ending on September 30th, 2008, Perdigao is one of the leaders in the domestic market and exports over 40% of its sales to over 100 countries and 850 customers around the world. * * * As of June 25, 2009, the company continues to carry Moody's LT Corp rating at Ba1 and Standard and Poor's LT Issuer Credit Ratings at BB+ TAM SA: Stocks Upgraded to “Sector perform” From “Underperform” --------------------------------------------------------------- TAM S.A.'s stocks were upgraded to “sector perform” from “underperform” at Itau Corretora on signs that the airline industry may start to “gradually” recover, Heloiza Canassa of Bloomberg News reports. “This sector upgrade reflects our view that the fundamentals of the Brazilian airline industry may start to recover gradually in the second half of 2009,” analyst Victor Mizusaki wrote in a note obtained by the news agency. Bloomberg News says Mr. Mizusaki cited a recovery in the Brazilian economy, more “rational price competition,” and lower volatility in oil and foreign exchange markets for the upgrades. The report notes Mr. Mizusaki said he prefers Gol over Tam as the second- largest carrier “may close the operational gap” with its rival. About TAM SA 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 June 17, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. The company also continues to carry Moody's B1 LT Corp Family Rating and Senior Unsecured Debt Ratings. TAM SA: Unit Inks Technological Platform Deal With Oracle Siebel ---------------------------------------------------------------- Multiplus Fidelidade, the new business unit at TAM SA, and Oracle have signed a contract to implement the technological platform using the Oracle Siebel Call Center and Oracle Siebel CRM Loyalty solutions, which will link the loyalty programs of companies representing diverse industries -- from an airline company to gas stations, phone companies, supermarkets, hotels, bookstores, movie theaters, banks, credit cards, internet service providers, automobile manufacturers, and more -- and integrate them into a network of loyalty initiative programs. "We decided to invest in a top quality global technology that has been proven to have the flexibility and versatility to efficiently manage the network of Multiplus Fidelidade programs, which has several companies across different industries as members, and each one of them with their own regulations," states Libano Barroso, TAM's Vice President of Finances, Management and IT, explaining the reasons that led them to choose the Oracle platform. The Multiplus Fidelidade Operations Director, Luiz Eduardo Ritzmann, confirms that the technologies of 13 companies that participated in the selection process were evaluated, requiring the analysis of 110 technical requirements. "We came to the conclusion that the loyalty programs platform developed by Oracle with globally proven effectiveness, including those developed for airline companies, is the most appropriate due to its flexibility, which allows the connectivity of all programs belonging to the Multiplus Fidelidade network," Mr. Ritzmann said. Oracle's global operation was another relevant attribute, considering that in the first quarter of 2010 TAM will complete the membership process with the Star Alliance, the largest global commercial aviation alliance. This flexibility will allow Multiplus Fidelidade members to concentrate on a single points account that will accumulate with airline ticket purchases as well as daily spending with gas stations, cell phone companies, supermarkets and bookstores that participate in the network, as well as companies in other industries. Consumers may access Multiplus Fidelidade via the internet to redeem accumulated points for rewards offered by the participating companies' loyalty programs -- from TAM Viagens tours to products and services from the other partners. According to Mr. Ritzmann, the other decisive factor in the decision process, the Oracle platform's scalability, allows "the number of partners in the network and especially the number of Multiplus Fidelidade members to be multiplied without limiting its future expansion." The TAM Fidelidade program alone, which will continue being TAM's frequent fliers program, currently, has 5.9 million members. Oracle Siebel CRM Loyalty is a scalable open solution based on market standards and guarantees flexibility and agility in the inclusion of new partners, in addition to ensuring a 360 degree view of the client by complete client mapping of transaction history, services required, purchases made, preferences, etc. "TAM is our first client in the aviation industry. The airline's proposal is innovative and will ensure a qualitative boost for the company with respect to its clients," says Elisabete Waller, Vice President of Oracle Applications in Brazil. About TAM SA 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 June 17, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. The company also continues to carry Moody's B1 LT Corp Family Rating and Senior Unsecured Debt Ratings. TELE NORTE: Brazil Regulators Approve Oi/Brasil Telecom Deal ------------------------------------------------------------ Anti-trust regulators at Brazil's Finance Ministry published a report that approved Tele Norte Leste Participacoes (Oi)'s plan to acquire Brasil Telecom Participacoes without restrictions, Alastair Stewart of Dow Jones Newswires reports. According to DJ Newswires, the regulators' study focused on the broadband Internet market, and it detailed concerns about the merged company's dominance in certain areas. However, the report relates it chose not to sanction or restrict the company's broadband operations because of the relative ease with which new competition can enter these markets. As reported in the Troubled Company Reporter-Latin America on Dec. 1, 2008, Reuters said Oi planned an issuance of R$2 billion (US$877.6 million) in promissory notes to acquire stake in Brasi Telecom. According to a TCRLA report on November 24, 2008, citing the Financial Times, Oi agreed to buy Brasil Telecom for R$5.9 billion (US$3.5 billion) and to make an offer to minority shareholders which, if completed, would raise the total purchase price to about R$12.4 billion. About Tele Norte Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste Participacoes S.A. (aka Oi)-- http://www.telemar.com.br-- provides 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; TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA. * * * As of July 1, 2009, the company continues to carry Standard and Poor's "BB+" long- term issuer credit rating. * Moody's Reviews Brazil's 'Ba1' Government Bond Ratings -------------------------------------------------------- Moody's Investors Service has placed Brazil's Ba1 foreign- and local-currency government bond ratings on review for possible upgrade. The review was prompted by the economy's demonstrated resilience to shocks over the past year. Brazil's Baa3 country ceiling for foreign-currency bonds and Ba2 country ceiling for foreign-currency bank deposits were also placed under review for possible upgrade. Brazil's local-currency deposit ceiling and local-currency bond ceiling are not affected by the review. "As a result of a negative turn of events in the international arena, Brazil has experienced the equivalent of a severe stress test of major proportions in the past several months," said Mauro Leos, Moody's Regional Credit Officer for Latin America. Leos noted that the crisis uncovered underlying structural strengths that Brazil built up over the last decade that, until recently, had remained untested given the favorable global environment of recent years. Confronted with a wide array of adverse conditions, the Brazilian authorities' policy response has been effective in containing the impact of the global crisis, thus providing evidence of increased resilience to shocks, a characteristic integral to an investment- grade credit profile. Even though the economy will be reporting negative GDP growth and the fiscal accounts are expected to deteriorate with respect to previous years, Brazil's overall performance has exceeded initial expectations relative to a number of other countries with similar or higher sovereign ratings. The review will assess the country's medium-term credit prospects, placing particular emphasis on the fiscal outlook and the conditions that will be required to assure sustainable growth. "The review will also examine the authorities' commitment and ability to implement actions required to restrain fiscal deficits and further reduce debt ratios in the coming years," said Leos. "From a sovereign credit perspective, the latter will be particularly critical given that the debt metrics of the Brazilian government are expected to continue to exceed the corresponding mean for Baa-rated countries." The last change in Brazil's ratings was implemented on August 23, 2007, when Moody's upgraded the government's foreign and local- currency bond ratings to Ba1 from Ba2. Brazil's country ceiling for foreign-currency bonds was also upgraded to Baa3 from Ba1 and the country ceiling for foreign-currency bank deposits was raised to Ba2 from Ba3. ========================== C A Y M A N I S L A N D S ========================== DRAGON BILLION: Shareholders' Final Meeting Set for July 10 ----------------------------------------------------------- The shareholders of Dragon Billion Greater China Master Fund will hold their final meeting on July 10, 2009, at 12:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nigel Stead c/o ManagementPlus (Singapore) Pte Ltd 31 Club Street, #03-01 Emerald Garden Singapore 069468 Telephone: (65) 3125 2180 Facsimile: (65) 3125 2181 DRAGON BILLION: Shareholders' Final Meeting Set for July 10 ----------------------------------------------------------- The shareholders of Dragon Billion Greater China U.S. Feeder Fund will hold their final meeting on July 10, 2009, at 12:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nigel Stead c/o ManagementPlus (Singapore) Pte Ltd 31 Club Street, #03-01 Emerald Garden Singapore 069468 Telephone: (65) 3125 2180 Facsimile: (65) 3125 2181 INVESTCORP LIQUIDITY: Shareholders' Final Meeting Set for July 13 ----------------------------------------------------------------- The shareholders of Investcorp Liquidity Management Limited will hold their final meeting on July 13, 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: Paget-Brown Trust Company Ltd c/o Evania Ebanks Boundary Hall, Cricket Square P.O. Box 1111, Grand Cayman Cayman Islands Telephone: (345)-949-5122 Facsimile: (345)-949-7920 ROSCO LIMITED: Shareholder to Receive Wind-Up Report on July 22 --------------------------------------------------------------- The sole shareholder of Rosco Limited will receive on July 22, 2009, at 3:00 p.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Alex Watkins P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4421 Facsimile: 345-949-7164 SALT CREEK: Fitch Puts Ratings on Five Notes on Negative Watch -------------------------------------------------------------- Fitch Ratings has placed five classes of notes issued by Salt Creek High Yield CSO 2005-1 Ltd. on Rating Watch Negative: -- US$34,000,000 class A-1$L notes 'AAA'; -- EUR5,000,000 class A-1EL notes 'AAA'; -- US$20,000,000 class A-2$L notes 'AA+'; -- EUR20,000,000 class A-2EF notes 'AA+'; -- US$30,000,000 class A-4$L notes 'AA-'. These seven classes issued by Salt Creek remain on Watch Negative: -- US$1,000,000 class A-6$L notes 'A'; -- EUR3,000,000 class A-6EL-1 notes 'A'; -- US$15,000,000 class A-7$L notes 'A-' -- US$5,000,000 class B-2$L notes 'BBB'; -- US$3,000,000 class B-3$L notes 'BBB-'; -- US$500,000 class B-5$L notes 'BB-'; -- US$2,000,000 class B-6$L notes 'B+'. The Negative Watch status reflects Fitch's view that the credit risk of the notes is worsening given the deterioration in the reference portfolio. Since the previous rating action in February 2009, the notes have suffered approximately 5% loss in credit enhancement due to trading losses and exposure to several credit events. In addition, 48.1% of the reference portfolio has experienced negative credit migration since February 2009, including 4.8% with ratings downgraded to 'D'. Currently, 36.5% of the portfolio has a Negative Outlook, with an additional 4.2% on Watch Negative. Assets with a Fitch derived rating in the 'CCC' bucket or below comprise 29.5% of the portfolio. Salt Creek is a synthetic collateralized debt obligation that matures in March 2010 and is managed by TCW Asset Management Co. Salt Creek provides investors leveraged access to the credit risk of a portfolio of credit default swaps referencing primarily non- investment-grade corporate obligations. Salt Creek gains access to the credit risk of the portfolio via a credit default swap between Salt Creek and J.P. Morgan Securities Ltd., as swap counterparty. This transaction was reviewed in accordance with Fitch's current criteria for corporate CDOs. Fitch's revised criteria report for rating corporate CDOs was released on April 30, 2008. WEALTHMASTERS CURRENCY: Final Meeting Set for October 7 ------------------------------------------------------- The members of Wealthmasters Currency Trading Fund Limited will hold their final meeting on October 7, 2009, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Chris Johnson is the company's liquidator. ========= C H I L E ========= EMPRESA ELECTRICA: Signs US$50MM 2-Year Loan With Banco Santander ----------------------------------------------------------------- Empresa Electrica del Norte Grande SA has signed a US$50 million, two-year loan with Banco Santander SA to pre-pay part of a loan from ABN AMRO bank, Julian Dowling of Dow Jones Newswires reports, citing a company filing to the Santiago Stock Market. The report relates the filing said the pre-payment of the loan will have a positive impact of US$1.9 million on the company's results. As reported in the Troubled Company Reporter-Latin America on June 18, 2009, Dow Jones Newswires said Edelnor plans to take out a US$50 million short-term bank loan. The report related the company will use the loan to help pay a US$187 million debt with ABN AMRO bank. According to the report, Edelnor plans to pay the whole debt with its own funds and the bank loan. DJ Newwires recalled the company contracted the debt in 2002. About Edelnor Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A. (aka Edelnor) -- http://www.edelnor.cl/-- is principally engaged in the generation, transportation, distribution and supply of electricity. Edelnor is also engaged in the purchase, transportation and sale of all types of fuel: liquid, solid and gaseous. The company offers advising services in engineering and management, as well as maintenance and repair of electronic systems. * * * As of June 18, 2009, the company continues to carry Moody's Ba3 rating. The company also continues to carry Standard and Poor's LT Issuer Credit ratings at BB-. * CHILE: Economic Activity Contracted 4.4% in May ------------------------------------------------- Chile's economic activity index fell 4.4% in May from a year earlier and 0.1% from a month earlier on a seasonally adjusted basis, Sebastian Boyd of Bloomberg News reports, citing the central bank. The report relates the results -- which is higher than the 4% analysts forecast -- was due to the decline in factory output and weaker consumer demand. According to the report, the country's economy is in its deepest slump in a decade as recession in major economies worldwide reduces demand and prices for exports such as copper, leading to higher unemployment and diminished consumer spending at home. The economy shrank by the most since 1999 in April and consumer prices fell in May for the sixth month since October, the report notes. Bloomberg News relates Juan Pablo Castro, an economist at Santander Investments in Santiago, said Chile’s economy will probably contract 3.5% in the second quarter from the same period a year earlier. Meanwhile, the report notes that according to research from Goldman Sachs Group Inc. Chile's gross domestic product has fallen for three straight quarters, quarter-on-quarter. ============= E C U A D O R ============= PERENCO ECUADOR: Threatens to Sue Buyer of Seized Crude Oil ----------------------------------------------------------- Perenco Ecuador Limited said it is prepared to take legal action against any company that purchases or transports crude oil the Ecuadorian Government has unlawfully seized. Perenco Ecuador is the Operator of Blocks 7 and 21 in Ecuador. On February 19, 2009, the Republic of Ecuador and its oil company, Empresa Estatal Petroleos del Ecuador, commenced a coercive process to collect from Perenco approximately US$327 million they claimed were due under a 2006 Ecuadorian law by which the Government asserts a right to 99% of the oil revenues above an arbitrary "reference price." In March 2009, Petroecuador began seizing crude oil produced by Perenco and its consortium partner, Burlington Resources Oriente Ltd from Blocks 7 and 21 in Ecuador to satisfy the alleged Law 42 debt. However, on May 8, 2009, a three member international arbitration tribunal constituted under the auspices of the International Centre for the Settlement of Investment disputes unanimously ordered that the Republic of Ecuador and Petroecuador were restrained from "instituting or further pursuing any action" -- including oil seizures -- "to collect from Perenco any payments [they] claim are owed... pursuant to Law 42." The tribunal made clear that such orders "are binding on the party to which they are directed" and that the parties "are under an international obligation to comply" with them. Despite these ICSID tribunal orders, the Ecuadorian Government has announced that it plans to go forward with a July 3 auction of the crude oil it has seized from Perenco and Burlington. The Government first attempted to sell the seized oil at an earlier auction in May, but no buyers materialized. Now it is trying again. With the second auction looming and a third scheduled for later this month, Perenco Ecuador has indicated that it will take a firm stand to protect its rights. According to Rodrigo Marquez, Latin American Regional Manager for the Perenco Group, "Anyone who purchases the seized crude oil under the circumstances is buying property that Ecuador and Petroecuador are not entitled to sell. The arbitration tribunals' orders establish that Perenco and Burlington continue to have the right to sell that oil, and that the disputed portion of the sale price should be placed into escrow. Consequently, anyone who buys at the Government auction may be liable for conversion or other misdeeds. Perenco is prepared to enforce its rights wherever it becomes necessary to do so." At the same time, Perenco has continued to support a negotiated resolution of its dispute with Ecuador and Petroecuador. "We remain open to negotiations with the Government about fair terms for continued operations in Ecuador," said Mr. Marquez. He noted, "Perenco has consistently made clear to the Government that we prefer to have an agreement rather than an arbitration. That remains true today." About Perenco Ecuado Perenco –- http://www.perenco.com/–- is an exploration and production company dedicated to developing oil and natural gas potential. * * * As reported in the Troubled Company Reporter-Latin America on March 5, 2009, Reuters said Ecuador will freeze the income of 720,000 barrels of oil produced by Perenco after the French oil company failed to settle EUR350 million in late taxes. Reuters noted under Ecuadorean law, the state could temporarily seize assets or freeze accounts of a company to force payment. * ECUADOR: Jan.-April Exports to Andean Countries Dropped 51% ------------------------------------------------------------- Ecuador's exports to Andean countries dropped 51% to US$562 million between January and April from US$1.14 billion registered in the same month last year, Mercedes Alvaro of Dow Jones Newswires reports, citing the country's central bank. According to the report, Ecuadorian imports from Andean countries -- Bolivia, Colombia, Ecuador, Venezuela –- totaled US$845 million in the same period, down 36% from US$1.33 billion registered in the previous year. Central bank data gathered by Dow Jones showed: Country Exports Imports ------- ------- ------- Colombia US$212 million (38%) US$463 million Peru US$201 million (36%) US$185 million Venezuela US$146 million (26%) US$193 million Bolivia US$3 million US$4 million * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. * ECUADOR: Withdraws From World Bank Arbitration Tribunal --------------------------------------------------------- The Ecuadorain government said it has withdrawn from the World Bank body that arbitrates between countries and private companies, Alexandra Valencia of Reuters reports. The report relates leftist Ecuadorean President Rafael Correa issued a decree "condemning and therefore terminating the Convention on the Settlement of Investment Disputes between States and Nationals of Other States." The report recalls Ecuador joined the World Bank's International Center for Investment Disputes in 1986, allowing foreign investors to file for arbitration at the institution if they disagreed with the country's policies. However, the report notes that President Correa has lashed out at the ICSID in the past for considering demands from oil companies operating in Ecuador, including Spain's Repsol-YPF and France's Perenco. Reuters relates President Correa has even threatened companies with expulsion from the OPEC nation if they file for arbitration at the ICSID. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. ============= J A M A I C A ============= AIR JAMAICA: Divestment Deal Not Yet Signed, Government Says ------------------------------------------------------------ The Jamaican cabinet was expected to discuss and sign off yesterday, July 7, a recommendation for Air Jamaica Limited to be sold to Spirit Airlines's owners, Indigo Partners and Oaktree Capital, according to Jamaica Gleaner. The report relates Don Wehby, the minister without portfolio in the finance ministry, has received the recommendation and is expected to table it at yesterday's cabinet meeting. According to the Jamaica Observer, an unnamed Air Jamaica board member denied Jamaica Gleaner's report that the state airline was already sold. "We are still talking to interested parties and the matter has not yet gone to Cabinet," the Observer quoted the unnamed board member as saying. The Observer relates that an unnamed government official reiterated that the Privatisation Committee, chaired by Dennis Lalor, had submitted to Mr. Wehby the evaluation and recommendation report on the privatisation of the national carrier but Mr. Wehby had not yet discussed the report with the prime minister and will not be able to do so this week. "There has been no sale as yet," the official was quoted by the report as saying. "The recommendation still has to go to the Cabinet and the board of Air Jamaica before a decision is taken," the unnamed official was quoted by the report as saying. As reported in the Troubled Company Reporter-Latin America on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. The report related the sale is scheduled to be completed before the July 31 deadline which was set by the Finance Ministry. A TCR-LA report on June 10, citing Jamaica Observer, related that Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have both expressed an interest in acquiring Air Jamaica. Radio Jamaica said the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. Meanwhile, CaribWorldNews relates that the airline's union representatives are “hopping mad” over reports that the carrier's name has been changed following its sale to Spirit Airlines. The report relates, citing RadioJamaica, Vice President of the National Workers Union, Granville Valentine said the move is unacceptable, since the Air Jamaica brand is known worldwide. “It is unfortunate that the Steering Committee which was in place and which included the unions, was not aware of the bidders (or) of the final decision, and to hear it publicly tells us how somewhat of how the Government does business. It is not democratic, it is not something that people of this country has any say in . . . it tells us that it is the private sector that is running this country,” the report quoted Mr. Valentine as saying. “How can you have two of the leading unions within the union as a party to this process and we know nothing of what transpired,” Mr. Valentine added. According to CaribWorldNews, President General of the Bustamante Industrial Trade Union Kavon Gayle added: “At this stage of the game, it is still a recommendation that is supposed to go before Cabinet but Cabinet and the Government must make a decision. The first concern is what changes are going to be made to Air Jamaica since Spirit is a low cost airline. We have seen where the trimming of staff started as part of the business plan but we don't know to what extent the changes are going to be made and how any changes will impact on the workforce.” 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 of June 30, 2009, the company continues to carry Moody's LT Corp Family rating and Senior Unsecured Debt rating at B2. The company also continues to carry Standard and Poor's LT Foreign Issuer Credit Rating at B-. OLINT TCI: Liquidator's Request Request Gets “Lukewarm Response” ---------------------------------------------------------------- The request of Olint TCI Corporation Limited liquidator, Joseph P. Connolly of PricewaterhouseCoopers Limited, for creditors to submit information outlining how much they invested in the failed scheme was received with a “lukewarm response,” RadioJamaica reports. The report relates, citing a Turks and Caicos Islands newspaper, only 100 of an estimated 6,000 investors have come forward to date. According to the report, Mr. Connolly explained that information is needed on the amount owed by Olint investors to determine how much can be disbursed if a pay out deal is arrived at. As reported in the Troubled Company Reporter-Latin America on June 19, 2009, the court-appointed liquidator said it has begun the process to ascertain the assets and liabilities of Olint TCI. To date, the liquidator says the only assets of Olint TCI identified are monetary assets which have been frozen by the authorities in the United States of America and the Turks and Caicos Islands totalling approximately US$13 Million. The liquidator said is not in possession of these funds and is not at this time in a position to state if and when these assets will be recovered for the estate of Olint TCI. The initial finding of the liquidator is that there will be a significant shortfall in the assets available to meet the claims of customers of Olint TCI. The task of identifying the reasons for the failure of Olint TCI, the identification and recovery of additional assets, the identification and the verification of claims from customers/investors/creditors -- claimants -- is likely to be a difficult and time consuming task. The liquidator has indicated that there is no likelihood of an early distribution to claimants. In the interim, to assist the liquidator, claimants of Olint TCI are being requested to forward their claim along with the following information about their account(s): * Name(s) of account holder and beneficiary * Customer account number and member ID number * Contact information, including address, telephone number, facsimile, and email, * Copies of all Contracts or Agreements * Documentation showing funds placed with and withdrawn from Olint TCI e.g. copies of cheques, banker's drafts or wire transfer instructions, * Statements received from Olint TCI, and * Any other document that may substantiate a claim against Olint TCI RadioJamaica notes that Mr. Connolly, in an interview with the Turks and Caicos Weekly News, disclosed that the amount invested in the TCI branch alone amounted to US$220 million of which, less than 6% has been identified. The winding up process could be extremely lengthy, he added. ============================== T R I N I D A D & T O B A G O ============================== CL FIN'L: Attorney General Will Deal With CLICO, Minister Says -------------------------------------------------------------- Trinidad and Tobago Finance Minister Karen Nunez-Tesheira said Attorney General John Jeremie will deal with any criminal or civil matters which could arise from forensic audits of Colonial Life Insurance Company, a unit of CL Financial Limited, by Canadian forensic accountant Bob Lindquist and KPMG International, Clint Chan Tack of Trinidad and Tobago newsday reports. The report relates Ms. Nunez-Tesheira's statement followed Law Association’s no-confidence vote against Mr. Jeremie and after Mr. Jeremie himself vowed to be “extremely aggressively” in his pursuit of the firm. According to the report, Ms. Nunez-Tesheira said the audits fell under the purview of the Central Bank and that she had no information on their status. Governor Ewart Williams would communicate with Jeremie if there is “any need to pursue any kind of criminal or civil proceedings,” Ms. Nunez-Tesheira added. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Tobago President George Maxwell Richards 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. =========== M E X I C O =========== LEAR CORP: Case Summary & 50 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Lear Corporation 21557 Telegraph Road Southfield, MI 48033 Bankruptcy Case No.: 09-14326 Debtor-affiliates filing separate to Chapter 11 petitions: Entity Case No. ------ -------- Lear South Africa Limited 09-14325 Lear #50 Holdings, LLC 09-14327 Lear Argentine Holdings Corporation #2 09-14328 Lear Automotive Dearborn, Inc. 09-14329 Lear Automotive Manufacturing, LLC 09-14330 Lear Canada 09-14331 Lear Canada Investments Ltd. 09-14332 Lear Corporation (Germany) Ltd. 09-14333 Lear Corporation Canada Ltd. 09-14334 Lear Corporation EEDS and Interiors 09-14335 Lear Corporation Global Development, Inc. 09-14336 Lear EEDS Holdings, LLC 09-14337 Lear European Operations Corporation 09-14338 Lear Holdings, LLC 09-14339 Lear Investments Company, LLC 09-14340 Lear Mexican Holdings Corporation 09-14341 Lear Mexican Holdings, LLC 09-14342 Lear Mexican Seating Corporation 09-14343 Lear Operations Corporation 09-14344 Lear Seating Holdings Corp. #50 09-14345 Lear South American Holdings Corporation 09-14346 Lear Trim L.P. 09-14347 Renosol Seating, LLC 09-14348 Type of Business: Lear Corporation is one of the world's leading suppliers of automotive seating systems, electrical distribution systems and electronic products. The Company's products are designed, engineered and manufactured by a diverse team of 80,000 employees at 210 facilities in 36 countries. Lear's headquarters are in Southfield, Michigan, and Lear is traded on the New York Stock Exchange under the symbol [LEA]. Outside the United States, Lear has subsidiaries in Germany, Luxembourg, Sweden, Singapore, China, India and Mexico, among others. Chapter 11 Petition Date: July 7, 2009 Court: Southern District of New York (Manhattan) Judge: Allan L. Gropper Debtors' Counsel: James H.M. Sprayregen, Esq. Marc Kieselstein, Esq. Ryan Blaine Bennett, Esq. Paul Wierbicki, Esq. Kirkland & Ellis LLP Citigroup Center 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 http://www.kirkland.com/ Debtors' Creditors Arrangement Act Counsel: Joel Scoler, Esq. Kevin McElcheran, Esq. McCarthy Tetrault LLP Suite 5300, TD Bank Tower Toronto Dominion Centre Toronto, ON M5K 1E2 Tel: (877) 244-7711 Fax: (416) 868-0673 http://www.mccarthy.ca/ Special Counsel: Winston & Strawn LLP 200 Park Avenue New York, New York 10166-4193 Tel: (212) 294-6700 Fax: (212) 294-4700 http://www.winston.com/ Restructuring Advisors: Alvarez & Marsal North America LLC Global HQ, 6th Floor 600 Lexington Avenue New York, NY 10022 Tel: (212) 759-4433 Fax: (212) 759-5532 http://www.alvarezandmarsal.com/ Special Michigan and Other Counsel: Bodman LLP 201 West Big Beaver Road, Suite 500 Troy, Michigan 48084 Tel: (248) 743-6000 Fax: (248) 743-6002 http://www.bodmanllp.com/ Special Counsel: Brooks Kushman P.C. 1000 Town Center Twenty-Second Floor Southfield, Michigan 48075-1238 Tel: (248) 358-4400 Fax: (248) 358-3351 http://www.brookskushman.com/ Auditors and Tax Advisors: Ernst & Young LLP One Kennedy Square, Suite 1000 777 Woodward Avenue Detroit, MI 48226 Tel: (313) 628 7100 Fax: (313) 628 7013 http://www.ey.com/ Notice and Claims Agent: Kurtzman Carson Consultants LLC 2335 Alaska Avenue El Segundo, CA 90245 Tel: (866) 927-7093 http://www.kccllc.net/ The Debtors' financial condition as of May 30, 2009: Total Assets: $1,270,800,000 Total Debts: $4,536,000,000 The Debtors' Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ The Bank of New York Mellon Bond Debt $589,250,000 Trust Company, N.A., Indenture Trust Attn: Roxane J. Ellwanger 2016 Indenture 480 Washington Blvd, 27th Floor Jersey City, NJ 07310 United States Tel: (312) 827-8574 Fax: (312) 827-8542 The Bank of New York Mellon Bond Debt $399,524,000 Trust Company, N.A., Indenture Trust Attn: Roxane J. Ellwanger 2016 Indenture 480 Washington Blvd, 27th Floor Jersey City, NJ 07310 United States Tel: (312) 827-8574 Fax: (312) 827-8542 The Bank of New York Mellon Bond Debt $298,000,000 Trust Company, N.A., Indenture Trust Attn: Roxane J. Ellwanger 2016 Indenture 480 Washington Blvd, 27th Floor Jersey City, NJ 07310 United States Tel: (312) 827-8574 Fax: (312) 827-8542 Johnson Controls, Inc. Trade Payable $5,076,686 Attn: Larry Mathias, Vice President 48200 Halyard Drive Plymouth, MI 48170 United States Tel: (616) 283-2365 Fax: (734) 254-5222 CRH-DAS, L.L.C. Trade Payable $4,655,165 Attn: Dean Lenane, President 24800 Warner Ave Warren, MI 48091 United States Tel: (586) 757-0000 Fax: (586) 620-7300 Rozmor Land Co. Promissory Note $4,151,741 Attn: Lowell D. Salesin 28400 Northwestern Highway Third Floor Southfield, MI 48034-1839 United States Tel: (248) 827-1889 Fax: (248) 359-6189 Tyco Electronics Corp. Trade Payable $3,763,893 Attn: Tom Lynch, Chief Executive Officer 1050 Westlakes Dr. Berwyn, PA 19312 United States Tel: (610) 893-9800 Fax: (717) 986-7575 Porter Engineered Systems Inc Trade Payable $3,034,901 Attn: John Ball, President and Chief Executive Officer 28700 Cabot Drive, Suite 800 Novi, MI 48377 United States Tel: (248) 994-8105 Fax: (248) 994-8102 Jay Industries, Inc. Trade Payable $2,996,559 Attn: Rick Taylor, President 150 E. Longview Avenue Mansfield, OH 44903 United States Tel: (734) 994-8800 x15 Fax: (419) 521-0121 TK Holdings, Inc Trade Payable $2,718,257 Attn: Kevin Kennedy, Vice President Sales 2500 Takata Drive Auburn Hills, MI 48326 United States Tel: (248) 377-6127 Fax: (248) 475-2414 Sumitomo Mitsui Banking $2,500,000 Corporation Attn: CBDA-1 277 Park Avenue, 6th Floor New York, NY 10172 United States Tel: (212) 224-4000 Fax: (212) 593-9514 Woodbridge Corporation Trade Payable $2,362,645 Attn: Richard J. Jocsak Senior Vice President and Chief Financial Officer 4240 Sherwoodtowne Boulevard Mississauga, ON L4Z 2G6 Canada Tel: (905) 896-3882 ext. 447 Fax: (905) 896-3558 Autoliv Inc. Trade Payable $2,326,320 Attn: William Campbell, Chief Financial Officer 3350 Airport road Odgen, UT 84405 United States Tel: (801) 620-8272 Fax: (801) 625-8236 Canadian General Tower Ltd. Trade Payable $2,128,658 Attn: Jan Chaplin, President and Chief Executive Officer 52 Middelton Street Cambridge, ON N1R5T6 Canada Tel: (519) 623-1633 Fax: (519) 623-5803 International Automotive Trade Payable $2,579,212 Components Group North America, Inc. Attn: James Kamsickas President & CEO 5300 Auto Club Drive Dearborn, MI 48126 United States Tel: (313) 240-3000 Fax: (313) 240-3100 Robert Bosch LLC Trade Payable $1,878,963 Attn: Danny Hyman, Regional President 15000 Haggerty Road Plymouth, MI 481740 United States Tel: (734) 979-3290 Fax: (734) 979-3820 Four-Way Tool & Die Inc. Trade Payable $1,848,830 Attn: Larry Erickson - CEO 239 Indusco Ct Troy, MI 48083 United States Tel: (248) 585-8255 Fax: (248) 585-3846 The Bank of Tokyo Mitsubishi $1,700,000 UFJ, Ltd. Attn: Mr. Kawabata, Japanese Corporate Finance 227 W. Monroe Street Suite 2300 Chicago, IL 60606 United States Tel: (312) 696-4603 Fax: (312) 696-4534 Leoni Kabel GMBH Trade Payable $1,652,727 Attn: Wolfgang Losch, Chief Executive Officer Stieberstrasse 5 Roth, 91154 Germany Tel: (499171) 804-2391 Fax: (499171) 804-2190 Yazaki North America Inc. Trade Payable $1,525,425 Attn: George Perry, President and Chief Executive Officer 6801 Haggerty Road Canton, MI 48187 United States Tel: (734) 983-1000 Fax: (734) 983-2843 Grammer Industries, Inc. Trade Payable $1,197,712 Attn: Dimitri Moustakeas, VP Sales and Engineering 201 Forrester Dr. Suite C6 Forrester Industrial Pk. Greenville, SC 29607 United States Tel: (248) 530-1245 Fax: (248) 530-1221 Delphi Corporation Trade Payable $1,154,122 Attn: Rodney O'Neal, President and Chief Executive Officer 5725 Delphi Drive Troy, MI 48098 United States Tel: (248) 813-2557 Fax: (248) 813-2333 John Wm. Butler Jr., Partner John K. Lyons, Partner Ron E. Meisler, Partner Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive Suite 2100 Chicago, IL 60606 Tel: (800) 718-5305 Fax: (312) 407-0411 Molex, Inc. Trade Payable $1,142,421 Attn: Martin P. Slark, Vice Chairman and Chief Executive Officer 2222 Wellington Ct Lisle, IL 60532 United States Tel: (630) 969-4550 Fax: (630) 416-4918 Fisher & Company, Inc. Trade Payable $1,097,471 Attn: Michael Fisher President 33180 Freeway Drive St. Clair Shores, MI 48082 United States Tel: (586) 746-2000 Fax: (586) 746-3301 Aunde Group Trade Payable $1,061,157 Attn: Gerwald Meilen, Vice President 3000 Town Center Suite 1385 Southfield, MI 48075 United States Tel: (248) 358-0810 Fax: (248) 358-0815 Faurecia Trade Payable $1,055,216 Attn: Robert Scales, Vice President 2380 Meijer Drive Troy, MI 48084 United States Tel: (248) 288-8482 Fax: (248) 288-1074 Draka Philippines Inc. Trade Payable $1,049,358 Attn: Dr. Martina Lupberger President Mactan Economic Zone II Basak Lapu Lapu, 6015 Phillipines Tel: (01149202) 296-2517 Fax: (01149202) 296-2000 Diversified Technologies Trade Payable $985,082 International Attn: Chris Wiegel, Chief Operating Officer 32969 Glendale Ave. Livonia, MI 48150 United States Tel: (734) 524-1450 Fax: (734) 524-1449 Omron Automotive Electronics Trade Payable $881,374 Inc. Attn: Mike Van Gendt, President 2270 Bristol Circle Oakville, ON L6H 5S3 Canada Tel: (905) 829-0136 Fax: (905) 829-0432 Kenwal Steel Corporation Trade Payable $876,527 Attn: David Bazzy, President 8223 W. Warren Detroit, MI 48126 United States Tel: (313) 739-1000 Fax: (313) 739-2325 Hatch Stamping Company Trade Payable $875,513 Attn: Daniel Craig, President and Chief Operating Officer 635 E. Industrial Drive Chelsea, MI 48118 United States Tel: (734) 475-6242 Fax: (734) 475-6255 The Bank of New York Mellon Bond Debt $816,000 Trust Company, N.A., Indenture Trust 480 Washington Blvd 27th Floor Jersey City, NJ 7310 United States Tel: (312) 827-8574 Fax: (312) 827-8542 Key Safety Systems, Inc. Trade Payable $785,718 Attn: David M. Smith, Sr. Vice President and Chief Financial Officer World Headquarters 7000 Nineteen Mile Road Sterling Heights, MI 48314 United States Tel: (586) 726-4107 Fax: (586) 997-4670 W.E.T. Automotive Systems Ltd. Trade Payable $767,682 Attn: Robert O. Klein Managing Director 9472 Twin Oaks Drive Windsor, ON N8N 5B8 Canada Tel: (519) 739-4104 Fax: (519) 735-5239 Pullman De Puebla Trade Payable $737,986 S.A. DE C.V. Attn: Daniel Fernandez Operations Director Carr.QRO-SAN LIUS POTOSI KM.26.5 LT.25-2 MZA SANTA ROSA Santiago, Queretaro, Mexico Tel: (5222) 273-7606 Fax: (5222) 273-7603 Keyang Electric Machinery Co. Trade Payable $732,405 Attn: Mr. Lee, Hyoung Ho President 161 Dohari Sunghwan-eup Cheonan Choongnam, 330-802 Korea Tel: (8241) 580-0543 Fax: (8241) 580-0549 IEE Automotive Usa, Inc Trade Payable $716,896 Attn: Mr. Scott Whetter President 1121 Centre Road Auburn Hills, MI 48326 United States Tel: (248) 364-0101 Fax: (248) 373-9924 Foamex International Inc. Trade Payable $711,971 Attn: John G Johnson, Jr. President and Chief Executive Officer Rose Tree Corporate Center II 1400 N. Providence Rd. Suite 2000 Media, PA 19063-2076 United States Tel: (610) 744-2107 Fax: (610) 744-2190 Milliken & Co. Trade Payable $711,883 Attn: Ashely Allen, President and Chief Executive Officer 295 Broadcast DR. Spartanburg, SC 29303 United States Tel: (864) 503-2141 Fax: (864) 503-1304 Celestica Philippines Inc. Trade Payable $698,795 Attn: Andy Smith, Senior VP and General Manager 1612 Specht Point Road Suite 119 Fort Collins, CO 80525-4300 United States Tel: (970) 225-0039 Fax: (970) 225-0039 Panasonic Electric Works Asia Trade Payable $669,803 Attn: Yojiro Yamamoto - General Manager 629 Central Ave New Providence, NJ 07974-1526 United States Tel: (908) 464-3550 ext 2021 Fax: (908) 771-5658 Manufacturers Industrial Trade Payable $644,492 Group, LLC Attn: Andre Gist - CEO 659 Natchez Trace Drive Lexington, TN 38351 United States Tel: (731) 967-0001 Fax: (731) 968-3320 Bridge Of Weir Leather Co Ltd Trade Payable $631,445 Attn: Karen Marshall, Director Baltic Works Kilbarchan Road Renfrewshire, PA11 3RH Scotland Tel: (44150) 561-2132 Fax: (44150) 561-4964 C. Rob. Hammerstein GMBH & Co. Trade Payable $619,367 KG / CRH NORTH AMERICA Attn: Robert Houston President 24800 Warner Ave. Warren, MI 48091 United States Tel: (586) 620-7273 Fax: (586) 620-7300 Dixie wire AFL Trade Payable $608,660 Autom/Hondura c/o Alcoa Electrical & Electronic Solutions Attn: William C. Brown, VP Developing Markets 36555 Corporate Drive Suite 185, MD 3W Farmington Hills, MI 48331 United States Tel: (248) 489-4705 Fax: (248) 489-4722 Serviacero Planos Trade Payable $603,717 S.A. DE C.V. Attn: Benjamin Zermeno Vice President Blvd. Hermanos Aldama No. 4002 Col. Ciudad Industrial Leon, GTO, 37490 Mexico Tel: (477) 152-6000 Fax: (477) 152-6010 Cosma International, Inc Trade Payable $544,828 c/o Autoteck Mexico S.A. DE C.V. Attn: Eric Wilds, Exec, VP Sales & Marketing 1807 E. Maple Rd Troy, MI 48083 United States Tel: (248) 524-5300 Fax: (248) 524-4674 Circuit Controls Corp Trade Payable $543,702 Attn: Ms. Lisa Whatley Senior Sales Manager 6801 Haggerty Road Canton, MI 48187 United States Tel: (734) 502-6993 Fax: (734) 983-2843 Pension Benefit Guaranty Corp. pension liability undetermined Attn: Jack Butler, Financial Analyst Corporate Finance and Restructuring Group 1200 K Street, N.W. Suite 270 Washington, DC 20005-4026 United States Tel: (202) 326-4070 Fax: (202) 842-2643 The Debtors' Five Largest Secured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ JP Morgan Chase Bank, N.A. revolving $1,192,003,208 Loan and Agency Services Group facility 1111 Fannin, 10th Floor Houston, Texas 77002 JP Morgan Chase Bank, N.A. term loan $985,000,000 Loan and Agency Services Group 1111 Fannin, 10th Floor Houston, Texas 77002 Bank of America, N.A. unknown Attn: Capital Markets Documentation 100 N. Tryon St. NC1-007-13-01 Charlotte, NC 28255 Fax: (704) 386-4113 Banque Paribas; BNP Paribas unknown Attn: BFI/Boltit 20 Boulevard des Italiens Paris, 75009 France BNP Paribas Attn: Legal and Transaction Management Group 10 Harewood Avenue London NW1 6AA, England Fax: (212) 471-8078 Credit Suisse unknown Attn: Credit Suisse International One Cabot Square London, E14 4QJ England Fax: (917) 326-8603 The petition was signed by Matthew J. Simoncini. ================= V E N E Z U E L A ================= * VENEZUELA: June Car Sales Drops 51% ------------------------------------- Venezuela's car sales dropped 51% to 10,518 in June from the same month in 2008, Darcy Crowe of Dow Jones Newswires reports, citing the Cavenez automobile trade group. The report relates in the first half of the year sales are down 47.5% against the same period in 2008. According to the report, the Venezuela's car sales continued to plummet as the industry is being roiled by a curb in dollar sales by the government that manufacturers say is hampering their operations. The trade group, the report relates, said sales of imported cars, are down 85% to 82,481 units in the first half of 2009 due to the government regulations placing quotas on car imports. The report recalls the quotas were first imposed in 2008 in a bid to push auto makers to assemble their cars in the country. DJ Newswires notes industry representatives said car companies are also having difficulty with production in Venezuela as government restrictions in dollar sales at the official exchange rate of 2.15 bolivars limits their capacity to import needed auto parts. A decline in oil revenue in Venezuela has made it increasingly difficult for the government to sell dollars for imports at the official rate, the report says. * * * 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 =============== ADMINISTRACION NACIONAL: S&P Puts 'BB-' Rating on WatchNeg ---------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its ratings on several Latin American government-related entities following the revision of its methodology and assumptions for rating GREs. S&P is revising the outlook on one issuer to stable from negative. In addition, S&P is placing the issuer credit ratings on two entities on CreditWatch with negative implications and three on CreditWatch with positive implications. S&P is also placing a subsidiary of a GRE on CreditWatch with positive implications. Please see the ratings list below for full details of the rating actions. The changes to S&P's criteria are designed to achieve a more granular analysis of the range of GREs across sectors and regions. S&P believes these changes will provide more transparency in S&P's rating approach. S&P expects to resolve the CreditWatch placements within three months. Detailed reasons behind the rating actions will be published shortly. S&P intends to complete its review of all other Latin American issuers affected by this updated criteria within the next three to six months. Ratings List CreditWatch/Outlook Action Administracion Nacional de Combustibles Alcohol y Portland Corporate Credit Rating BB-/Watch Neg/-- BB-/Stable/-- Comision Federal De Electricidad (CFE) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Empresa de Energia de Bogota S.A.E.S.P. (EEB) Corporate Credit Rating BB+/Stable/-- BB+/Negative/-- Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Local Currency BBB-/Watch Neg/-- BBB-/Stable/-- National Gas Co. of Trinidad & Tobago Ltd. (The) Corporate Credit Rating BBB+/Watch Pos/-- BBB+/Watch Neg/-- Senior Unsecured BBB+/Watch Pos BBB+/Watch Neg Petroleos Mexicanos (PEMEX) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Kot Insurance Company A.G. Counterparty Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Financial Strength Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Ratings Affirmed Comision Federal De Electricidad (CFE) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Fideicomiso Petacalco Monterrey Power, S.A. de C.V. Proyectos de Energia, S.A. de C.V. Senior Secured Debt BBB+/Negative Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Foreign Currency BB+/Stable/-- Isa Capital do Brasil S.A. Corporate Credit Rating BB+/Stable/-- Senior Unsecured Debt BB Petroleos Mexicanos (PEMEX) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Senior Unsecured Debt BBB+ Pemex Project Funding Master Trust Corporate Credit Rating Foreign Currency BBB+/Negative/-- Conproca S.A. De C.V Senior Secured Debt Foreign Currency BBB+/Negative RepConLux S.A. Senior Unsecured Debt BBB+ Empresa de Energia de Bogota S.A.E.S.P. (EEB) Senior Unsecured BB EMPRESA DE ENERGIA: S&P Puts Negative Outlook on 'BB+' Rating ------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its ratings on several Latin American government-related entities following the revision of its methodology and assumptions for rating GREs. S&P is revising the outlook on one issuer to stable from negative. In addition, S&P is placing the issuer credit ratings on two entities on CreditWatch with negative implications and three on CreditWatch with positive implications. S&P is also placing a subsidiary of a GRE on CreditWatch with positive implications. Please see the ratings list below for full details of the rating actions. The changes to S&P's criteria are designed to achieve a more granular analysis of the range of GREs across sectors and regions. S&P believes these changes will provide more transparency in S&P's rating approach. S&P expects to resolve the CreditWatch placements within three months. Detailed reasons behind the rating actions will be published shortly. S&P intends to complete its review of all other Latin American issuers affected by this updated criteria within the next three to six months. Ratings List CreditWatch/Outlook Action Administracion Nacional de Combustibles Alcohol y Portland Corporate Credit Rating BB-/Watch Neg/-- BB-/Stable/-- Comision Federal De Electricidad (CFE) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Empresa de Energia de Bogota S.A.E.S.P. (EEB) Corporate Credit Rating BB+/Stable/-- BB+/Negative/-- Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Local Currency BBB-/Watch Neg/-- BBB-/Stable/-- National Gas Co. of Trinidad & Tobago Ltd. (The) Corporate Credit Rating BBB+/Watch Pos/-- BBB+/Watch Neg/-- Senior Unsecured BBB+/Watch Pos BBB+/Watch Neg Petroleos Mexicanos (PEMEX) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Kot Insurance Company A.G. Counterparty Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Financial Strength Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Ratings Affirmed Comision Federal De Electricidad (CFE) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Fideicomiso Petacalco Monterrey Power, S.A. de C.V. Proyectos de Energia, S.A. de C.V. Senior Secured Debt BBB+/Negative Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Foreign Currency BB+/Stable/-- Isa Capital do Brasil S.A. Corporate Credit Rating BB+/Stable/-- Senior Unsecured Debt BB Petroleos Mexicanos (PEMEX) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Senior Unsecured Debt BBB+ Pemex Project Funding Master Trust Corporate Credit Rating Foreign Currency BBB+/Negative/-- Conproca S.A. De C.V Senior Secured Debt Foreign Currency BBB+/Negative RepConLux S.A. Senior Unsecured Debt BBB+ Empresa de Energia de Bogota S.A.E.S.P. (EEB) Senior Unsecured BB INTERCONEXION ELECTRICA: S&P Keeps 'BB+' Corp. Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that it has revised its ratings on several Latin American government-related entities following the revision of its methodology and assumptions for rating GREs. S&P is revising the outlook on one issuer to stable from negative. In addition, S&P is placing the issuer credit ratings on two entities on CreditWatch with negative implications and three on CreditWatch with positive implications. S&P is also placing a subsidiary of a GRE on CreditWatch with positive implications. Please see the ratings list below for full details of the rating actions. The changes to S&P's criteria are designed to achieve a more granular analysis of the range of GREs across sectors and regions. S&P believes these changes will provide more transparency in S&P's rating approach. S&P expects to resolve the CreditWatch placements within three months. Detailed reasons behind the rating actions will be published shortly. S&P intends to complete its review of all other Latin American issuers affected by this updated criteria within the next three to six months. Ratings List CreditWatch/Outlook Action Administracion Nacional de Combustibles Alcohol y Portland Corporate Credit Rating BB-/Watch Neg/-- BB-/Stable/-- Comision Federal De Electricidad (CFE) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Empresa de Energia de Bogota S.A.E.S.P. (EEB) Corporate Credit Rating BB+/Stable/-- BB+/Negative/-- Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Local Currency BBB-/Watch Neg/-- BBB-/Stable/-- National Gas Co. of Trinidad & Tobago Ltd. (The) Corporate Credit Rating BBB+/Watch Pos/-- BBB+/Watch Neg/-- Senior Unsecured BBB+/Watch Pos BBB+/Watch Neg Petroleos Mexicanos (PEMEX) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Kot Insurance Company A.G. Counterparty Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Financial Strength Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Ratings Affirmed Comision Federal De Electricidad (CFE) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Fideicomiso Petacalco Monterrey Power, S.A. de C.V. Proyectos de Energia, S.A. de C.V. Senior Secured Debt BBB+/Negative Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Foreign Currency BB+/Stable/-- Isa Capital do Brasil S.A. Corporate Credit Rating BB+/Stable/-- Senior Unsecured Debt BB Petroleos Mexicanos (PEMEX) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Senior Unsecured Debt BBB+ Pemex Project Funding Master Trust Corporate Credit Rating Foreign Currency BBB+/Negative/-- Conproca S.A. De C.V Senior Secured Debt Foreign Currency BBB+/Negative RepConLux S.A. Senior Unsecured Debt BBB+ Empresa de Energia de Bogota S.A.E.S.P. (EEB) Senior Unsecured BB ISA CAPITAL: S&P Keeps 'BB' Senior Unsecured Debt Rating -------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its ratings on several Latin American government-related entities following the revision of its methodology and assumptions for rating GREs. S&P is revising the outlook on one issuer to stable from negative. In addition, S&P is placing the issuer credit ratings on two entities on CreditWatch with negative implications and three on CreditWatch with positive implications. S&P is also placing a subsidiary of a GRE on CreditWatch with positive implications. Please see the ratings list below for full details of the rating actions. The changes to S&P's criteria are designed to achieve a more granular analysis of the range of GREs across sectors and regions. S&P believes these changes will provide more transparency in S&P's rating approach. S&P expects to resolve the CreditWatch placements within three months. Detailed reasons behind the rating actions will be published shortly. S&P intends to complete its review of all other Latin American issuers affected by this updated criteria within the next three to six months. Ratings List CreditWatch/Outlook Action Administracion Nacional de Combustibles Alcohol y Portland Corporate Credit Rating BB-/Watch Neg/-- BB-/Stable/-- Comision Federal De Electricidad (CFE) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Empresa de Energia de Bogota S.A.E.S.P. (EEB) Corporate Credit Rating BB+/Stable/-- BB+/Negative/-- Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Local Currency BBB-/Watch Neg/-- BBB-/Stable/-- National Gas Co. of Trinidad & Tobago Ltd. (The) Corporate Credit Rating BBB+/Watch Pos/-- BBB+/Watch Neg/-- Senior Unsecured BBB+/Watch Pos BBB+/Watch Neg Petroleos Mexicanos (PEMEX) Corporate Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Kot Insurance Company A.G. Counterparty Credit Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Financial Strength Rating Local Currency A-/Watch Pos/-- A-/Negative/-- Ratings Affirmed Comision Federal De Electricidad (CFE) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Fideicomiso Petacalco Monterrey Power, S.A. de C.V. Proyectos de Energia, S.A. de C.V. Senior Secured Debt BBB+/Negative Interconexion Electrica S.A. E.S.P. (ISA) Corporate Credit Rating Foreign Currency BB+/Stable/-- Isa Capital do Brasil S.A. Corporate Credit Rating BB+/Stable/-- Senior Unsecured Debt BB Petroleos Mexicanos (PEMEX) Corporate Credit Rating Foreign Currency BBB+/Negative/-- Senior Unsecured Debt BBB+ Pemex Project Funding Master Trust Corporate Credit Rating Foreign Currency BBB+/Negative/-- Conproca S.A. De C.V Senior Secured Debt Foreign Currency BBB+/Negative RepConLux S.A. Senior Unsecured Debt BBB+ Empresa de Energia de Bogota S.A.E.S.P. (EEB) Senior Unsecured BB *********** 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 * * *