/raid1/www/Hosts/bankrupt/TCRLA_Public/090724.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
Friday, July 24, 2009, Vol. 10, No. 145
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: SFG Receiver Seeks to Sell Houston Hotel Stake
STANFORD INT'L: Fin'l Action Task Force May Probe Local Operations
* ANTIGUA: Fin'l Action Task Force May Probe Stanford Operations
B E R M U D A
BURLINGTON RESOURCES: Creditors' Proofs of Debt Due on August 10
BURLINGTON RESOURCES: Members' Meeting Set for Aug. 26
SRS ACCESS: Creditors' Proofs of Debt Due on August 10
SRS ACCESS: Members' Meeting Set for August 26
B R A Z I L
JBS SA: Lays Off 742 Workers From Three Brazilian Plants
JBS SA: JBS-Swift Utah Workers Accept First Union Contract
C A Y M A N I S L A N D S
CAYMAN COMMERCIAL: Members to Hear Wind-Up Report on Aug. 3
COEFFICIENT CREDIT: Placed Under Voluntary Wind-Up
COEFFICIENT RATES: Placed Under Voluntary Wind-Up
COEFFICIENT SELECT: Placed Under Voluntary Wind-Up
FH EMERGING: Creditors' Proofs of Debt Due on July 31
LEEWARD DEVELOPMENT: Members to Hear Wind-Up Report on Aug. 3
LONGACRE EUROPE: Creditors' Proofs of Debt Due on July 31
ORCHID JAPAN: Members to Receive Wind-Up Report on August 7
MAGELLAN MULTI-STRATEGY: Members to Hear Wind-Up Report on Aug. 31
REGULUS FUND: Members to Receive Wind-Up Report on August 7
ROCK CAPITAL: Placed Under Voluntary Wind-Up
SEIX US DOLLAR: Members to Receive Wind-Up Report on August 7
STANDISH MELLON: Placed Under Voluntary Wind-Up
START CLO: Members to Receive Wind-Up Report on August 7
TGI CITIGROUP: Members to Receive Wind-Up Report on July 31
E C U A D O R
ECOPETROL SA: Higher Oil Prices & Output May Boost Earnings
G U A T E M A L A
GUATEMALA: Fitch Affirms Issuer Default Ratings at 'BB+'
J A M A I C A
CABLE & WIRELESS: LIME Inks “Tower-Sharing” Deal W/ Claro Jamaica
CABLE & WIRELESS: FLOW Files US$6-Million Suit Against LIME
CABLE & WIRELESS: New LIME CEO to Lead Next Phase of Program
* JAMAICA: Seeks US$1.2BB Loan From International Monetary Fund
T R I N I D A D & T O B A G O
BRITISH WEST: Shareholders Reject Government's 20-Cents Offer
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Absorbs 6,900 Oil Workers
PETROLEOS DE VENEZUELA: Negotiating Payment for Oil Takeovers
X X X X X X X X
FORD MOTOR: South America Posts US$86 Million Q2 Pre-Tax Profit
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: SFG Receiver Seeks to Sell Houston Hotel Stake
--------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
asked a federal judge for emergency approval to sell Robert Allen
Stanford's interest in Midway CC Hotel Partners -- which is
nearing completion on a luxury hotel in CityCenter, in Houston’s
Memorial area -- to avoid capital calls or a default, Laurel
Brubaker Calkins at Bloomberg News reports. The report relates
Mr. Janvey said that unless he accepts a US$2.7 million offer from
another limited partner in the project by July 31, Mr. Stanford’s
72 percent ownership stake will shrink to 60 percent.
According to the report, Mr. Stanford, the financier accused of
orchestrating a multi-billion scheme, invested US$15.3 million in
the mixed-use development, which includes retail and high-end
condominiums. The report relates, citing court papers, the
245-room luxury hotel will be managed by Valencia Hotels.
“While the offer does not rise to the level of the initial
investment, it represents a fair market cash price when accounting
for liquidity discounts and the economic uncertainties inherent in
today’s market," Kevin Sadler, a lawyer for Mr. Janvey, said in
court papers obtained by the news agency. “The offer represents
the best opportunity for the receiver to maximize the actual cash
value of the Midway investment,” Mr. Sadler added.
Bloomberg News, citing court filings, notes Mr. Stanford’s
companies faced an immediate US$4.5 million capital call from
Midway’s general partner, who said the financier would be expected
to meet an additional US$12.7 million in capital calls “over the
next several months,." The companies won’t have to pay if Mr.
Janvey sells Stanford’s stake, the filings added.
“Here we go again," Dick DeGuerin, Mr. Stanford’s attorney, said
in an e-mail statement obtained by the news agency. “Now Mr.
Janvey wants to sell a $15 million investment for US$2.7 million,
even though the Stanford companies own 71 percent of the deal, a
hotel development that would be worth over US$100 million or more
when completed. Outrageous."
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
before the U.S. District Court in Dallas, Texas, 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.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
STANFORD INT'L: Fin'l Action Task Force May Probe Local Operations
------------------------------------------------------------------
The Trinidad-based Caribbean Financial Action Task Force may be
asked to undertake a full investigation into Robert Allen
Stanford's Antigua and Barbuda and Caribbean operations,
RadioJamaica reports.
According to the report, Attorney General of Antigua, Justin
Simon, said that he would recommend that the regional agency
investigate the activities of Mr. Stanford, who is accused of
orchestrating a multi-billion dollar fraud in a U.S. court.
Calvin Wilson, head of the Caribbean Financial Action Task Force
said the region had made great strides in tackling money
laundering, the report notes.
The financial watchdog, a grouping of Caribbean states, was set up
in the early 1990s to fight criminal money laundering.
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
before the U.S. District Court in Dallas, Texas, 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.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
* ANTIGUA: Fin'l Action Task Force May Probe Stanford Operations
----------------------------------------------------------------
The Trinidad-based Caribbean Financial Action Task Force may be
asked to undertake a full investigation into Robert Allen
Stanford's Antigua and Barbuda and Caribbean operations,
RadioJamaica reports.
According to the report, Attorney General of Antigua, Justin
Simon, said that he would recommend that the regional agency
investigate the activities of Mr. Stanford, who is accused of
orchestrating a multi-billion dollar fraud in a U.S. court.
Calvin Wilson, head of the Caribbean Financial Action Task Force
said the region had made great strides in tackling money
laundering, the report notes.
The financial watchdog, a grouping of Caribbean states, was set up
in the early 1990s to fight criminal money laundering.
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
before the U.S. District Court in Dallas, Texas, 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.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
=============
B E R M U D A
=============
BURLINGTON RESOURCES: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------------------
The creditors of Burlington Resources Canada International
Holdings Limited are required to file their proofs of debt by
August 10, 2009, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
BURLINGTON RESOURCES: Members' Meeting Set for Aug. 26
------------------------------------------------------
The members of Burlington Resources Canada International Holdings
Limited will hold their general meeting on August 26, 2009,
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
SRS ACCESS: Creditors' Proofs of Debt Due on August 10
------------------------------------------------------
The creditors of SRS Access Ltd. are required to file their proofs
of debt by August 10, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
SRS ACCESS: Members' Meeting Set for August 26
----------------------------------------------
The members of SRS Access Ltd. will hold their general meeting on
August 26, 2009, 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
===========
B R A Z I L
===========
JBS SA: Lays Off 742 Workers From Three Brazilian Plants
--------------------------------------------------------
JBS SA said it had laid off 742 workers from three plants located
in Sao Paulo state as part of "a continuous drive for efficiency
and factory modernization," Inae Riveras and Roberto Samora at
Reuters report, citing a company e-mail. The report relates the
company denied allegations that the job cuts were due to falling
export demand or closing of facilities.
According to the report, Brazil's beef sector was hit hard by the
global financial crisis as well as a decline in imports by clients
in Europe and Asia. The report notes several companies filed for
bankruptcy protection late in 2008, but the overall situation
seems to be improving as liquidity in global credit markets
recovers.
About JBS SA
JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy. The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.
* * *
As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating. The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.
JBS SA: JBS-Swift Utah Workers Accept First Union Contract
----------------------------------------------------------
Meat cutters at the JBS-Swift beef plant in Hyrum, Utah, accepted
their first-ever union labor contract, Bob Burgdorfer of Reuters
reports, citing the United Food and Commercial Workers (UFCW)
union. JBS-Swift is a unit of Brazil-based JBS SA.
According to the report, UFCW said that the more than 1,100
workers at the plant approved a three-year contract that includes
regular wage increases, with many workers receiving a 4.6-percent
or greater increase at ratification and a dollar-an-hour increase
during the life of the contract.
In addition, Reuters says that the contract guarantees a minimum
number of work hours per week, affordable family health coverage
with no increase in medical premiums, and a system to resolve
workplace issues.
JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy. The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.
* * *
As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating. The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.
==========================
C A Y M A N I S L A N D S
==========================
CAYMAN COMMERCIAL: Members to Hear Wind-Up Report on Aug. 3
-----------------------------------------------------------
The members of Cayman Commercial Development Ltd. will hold their
final general meeting on August 3, 2009, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paul Travers
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Tel: 949 4018
Fax: 949 7891
e-mail: general@caymanmanagement.ky
COEFFICIENT CREDIT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On June 17, 2009, a resolution was passed by the general partner
of Coefficient Credit Master Fund, L.P. that the partnership be
wound up and dissolved in accordance with the terms of the
Partnership Agreement.
COEFFICIENT RATES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On June 17, 2009, a resolution was passed by the general partner
of Coefficient Credit Master Fund, L.P. that the partnership be
wound up and dissolved in accordance with the terms of the
Partnership Agreement.
COEFFICIENT SELECT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On June 17, 2009, a resolution was passed by the general partner
of Coefficient Select Master fund, L.P. that the partnership be
wound up and dissolved in accordance with the terms of the
Partnership Agreement.
FH EMERGING: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------
The creditors of FH Emerging Markets Debt Fund Ltd. are required
to file their proofs of debt by July 31, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 9, 2009.
The company's liquidator is:
Avalon Management Limited
c/o Mourant du Feu & Jeune
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647;
or
Avalon Management Limited
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
LEEWARD DEVELOPMENT: Members to Hear Wind-Up Report on Aug. 3
-------------------------------------------------------------
The members of Leeward Development Company Ltd. will hold their
final general meeting on August 3, 2009, at 3:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mark S. Kay
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Tel: 949 4018
Fax: 949 7891
e-mail: general@caymanmanagement.ky
LONGACRE EUROPE: Creditors' Proofs of Debt Due on July 31
---------------------------------------------------------
The creditors of Longacre Europe, Ltd. are required to file their
proofs of debt by July 31, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 9, 2009.
The company's liquidator is:
Avalon Management Limited
c/o Mourant du Feu & Jeune
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647;
or
Avalon Management Limited
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
ORCHID JAPAN: Members to Receive Wind-Up Report on August 7
-----------------------------------------------------------
The members of Orchid Japan Limited will hold their final general
meeting on August 7, 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:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
MAGELLAN MULTI-STRATEGY: Members to Hear Wind-Up Report on Aug. 31
------------------------------------------------------------------
The members of Magellan Multi-Strategy Fund will hold their final
general meeting on August 31, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paul Travers
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Tel: 949 4018
Fax: 949 7891
e-mail: general@caymanmanagement.ky
REGULUS FUND: Members to Receive Wind-Up Report on August 7
-----------------------------------------------------------
The members of Regulus Fund Limited will hold their final general
meeting on August 7, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
ROCK CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
sole shareholder of Rock Capital (GP) Ltd. & Rock Real Estate
Securities Fund L.P. passed a resolution that voluntarily winds up
the company's operations.
The company's liquidator is:
Andrew D. Law
Montague Sterling Centre
East Bay Street, P.O. Box N-3924
Nassau, The Bahamas
Telephone: 242-677-8700
Facsimile: 242-677-8701
SEIX US DOLLAR: Members to Receive Wind-Up Report on August 7
-------------------------------------------------------------
The members of SEIX US Dollar High Yield Fund will hold their
final general meeting on August 7, 2009, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
STANDISH MELLON: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 17, 2009, a resolution was passed by the general partner
of Standish Mellon Amplified Alpha Master Fund, L.P. that the
partnership be wound up and dissolved in accordance with the terms
of the Partnership Agreement.
START CLO: Members to Receive Wind-Up Report on August 7
--------------------------------------------------------
The members of Start CLO Limited will hold their final general
meeting on August 7, 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:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
TGI CITIGROUP: Members to Receive Wind-Up Report on July 31
-----------------------------------------------------------
The members of TGI Citigroup I Ltd. will hold their final general
meeting on July 31, 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:
Jan Neveril
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
=============
E C U A D O R
=============
ECOPETROL SA: Higher Oil Prices & Output May Boost Earnings
-----------------------------------------------------------
Ecopetrol S.A.'s earnings may grow in light of higher Rubiales
Field output and oil prices, James Attwood and Heather Walsh at
Bloomberg News report.
According to the report, citing El Espectador, Colombian Mining
and Energy Minister Hernan Martinez said the nation’s Rubiales
field may hold 500 million barrels of oil, five times more than
previous estimates.
“Ecopetrol is moving up on a combination of global oil sentiment
and the timely comments from the energy minister about the
Rubiales field,” Rupert Stebbings, head of international sales at
Medellin-based Interbolsa SA, said in an e-mail obtained by the
news agency. The report relates the newspaper added that a new
pipeline, set to be finished in August or early September, will
have the capacity to ship 120,000 barrels of oil a day from
Rubiales in central Colombia.
The newspaper, the report notes, said daily output at the field
will rise next year to 170,000 barrels, making it the largest
production complex in Colombia.
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019. Proceeds will be used for investments and general
corporate purposes.
=================
G U A T E M A L A
=================
GUATEMALA: Fitch Affirms Issuer Default Ratings at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Guatemala's local and foreign currency
Issuer Default Ratings at 'BB+'. The Rating Outlooks on both
ratings are Stable. At the same time, Fitch has affirmed the
short-term IDR at 'B' and the country ceiling at 'BBB-'.
Guatemala's track record of macroeconomic stability, low public
and external debt burdens, as well as the government's solid
commercial debt repayment history continue to support the
sovereign's ratings. These strengths have provided a buffer to
deal with adverse external and domestic shocks in recent years.
The country's key credit weaknesses include its low tax take, high
level of poverty and income inequality, as well as its weak social
and governance indicators, factors which will take time to address
and will constrain Guatemala's ratings to sub-investment grade
over Fitch's rating horizon. Institutional weaknesses were
highlighted last May with criminal allegations against the
executive branch. While the current political crisis appears to
be winding down for now, Fitch is concerned that these recent
events could limit the government's effectiveness with respect to
implementing its legislative agenda going forward. Furthermore,
Fitch believes the current policy framework could be vulnerable to
erosion of public support over the medium-term if notable progress
in reducing poverty and inequality as well as addressing crime and
corruption is not forthcoming.
'Although the government has made progress over the past year with
respect to enhancing transparency and improving the quality of
public expenditures under its Plan for Fiscal Modernization,
approval of a revenue-enhancing tax reform remains elusive,' said
Theresa Paiz Fredel, Senior Director for Latin American Sovereign
ratings. The current political and economic environment, as well
as Guatemala's fragmented, multi-party political system
complicates prospects for the near-term implementation of
substantive structural reforms as legislative approval requires a
broad process of consensus building and the focus has shifted to
managing the fallout of the global financial and economic crisis.
Most of Guatemala's public and external debt indicators continued
to strengthen in 2008. However, the adverse consequences of
Guatemala's exposure to the U.S. recession and global financial
crisis through vital trade and financial linkages began to emerge
last year as GDP growth slowed to 4% from 6.4% in 2007. In 2008,
remittance inflows decelerated sharply, leading to lower levels of
consumption growth. The outlook for 2009 is more pessimistic as
export receipts, remittances and private capital inflows are
expected to contract, while the implementation of fiscal measures
to jump start the economy have lagged initial expectations. As a
result, Fitch expects Guatemala to experience a mild recession
this year, its first in over 20 years. In spite of this cyclical
deterioration, most of the sovereign's economic and financial
credit metrics will remain robust relative to 'BB' peers.
Reserve accumulation continued at a steady pace thanks to a solid
balance of payments performance, with official reserves including
gold reaching about US$4.7 billion by year-end 2008, a record high
for Guatemala. Gradual reserve accumulation and comparatively low
debt service has maintained Guatemala's liquidity ratio well above
the 10-year 'BB' median of 115%. However, rising indebtedness,
fuelled by the need to finance moderate current account deficits,
could put some downward pressure on this ratio going forward.
'Despite a more challenging external environment, Fitch believes
that the country's sound macroeconomic fundamentals and the
authorities' commitment to managing downside risks, which is
supported by a US$950 million precautionary Stand-by Agreement
with the IMF, should help Guatemala's resilience,' said Paiz
Fredel.
Guatemala's gross and net public debt/GDP ratios compare favorably
relative to the 10-year 'BB' medians and will continue to do so
despite increased borrowing to fund the planned fiscal stimulus or
revenue shortfalls. However, GDP measures of public debt
understate Guatemala's debt burden due to the narrowness of the
country's tax base. As the public sector accounts for around half
of Guatemala's external debt, gross and net external debt ratios
are also low relative to the 10-year medians for similarly rated
peers. Limited public debt and a manageable fiscal deficit also
drive the sovereign's comparatively low public financing
requirement, which could reach 3.7% of GDP this year if the budget
is fully executed.
Easing of Guatemala's rating constraints, including a low tax
take, high poverty and poor social indicators, through the
implementation of reforms, which strengthen public finances and
sustain higher rates of economic growth, would be viewed
positively. Conversely, political gridlock, which hinders the
implementation of structural reforms, or a marked deterioration in
fiscal and external solvency as well as liquidity indicators could
negatively affect Guatemala's ratings.
=============
J A M A I C A
=============
CABLE & WIRELESS: LIME Inks “Tower-Sharing” Deal W/ Claro Jamaica
-----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, have struck a deal to share cell tower sites with
Claro Jamaica; with both companies declaring it "landmark"
agreement and a win for the environment, The Jamaica Gleaner
reports.
According to the report, LIME and Claro Jamaica's joint release
said that the long-term contract requires each company to provide
a matching number of cell towers across the island, which will
increase the overall coverage footprint of both mobile providers.
The report relates neither of the companies was willing to reveal
the number of cell towers involved, but both said it would allow
the expansion of their services.
Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services. The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.
CABLE & WIRELESS: FLOW Files US$6-Million Suit Against LIME
-----------------------------------------------------------
Telecommunication Company Flow Jamaica has filed a US$6-million
(US$534-million) lawsuit against rival LIME (formerly Cable &
Wireless Jamaica) over unpaid services, The Jamaica Observer
reports. The report relates the case was filed this year and the
parties were set to go for mediation yesterday, July 23.
According to the report, FLOW Jamaica President Michele English
said LIME used Flow's network to transfer international traffic
and has not paid for the service. "Flow has filed a claim against
C&W/LIME for services that were provided that remain unpaid,"Mr.
English, who is also chief operating officer, told the Business
Observer in a written response, the report relates. "Flow
provided, capacity to C&W/LIME on its network to facilitate C&W's
interconnection to Columbus Networks for international
connectivity," Mr. English added.
The Observer says LIME stated in its annual report that "it had
filed a defence" but did not outline specifics. The report
relates the company has not made a provision for the claim in its
financials. "Claims in respect of backhaul facilities provided to
facilitate agreements with affiliates of Flow," stated LIME in the
case description in its annual report obtained by the news agency.
Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services. The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.
About Cable & Wireless
Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company. The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments. It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US. Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands. Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States. Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.
* * *
According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.
The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B"short-term foreign and
local issuer credit ratings.
CABLE & WIRELESS: New LIME CEO to Lead Next Phase of Program
------------------------------------------------------------
New Lime (formerly Cable & Wireless Jamaica) Chief Executive
Officer David Shaw will lead the company in the next phase of the
One Caribbean Transformation Programme after former CEO Richard
Dodd will step down from his post, RadioJamaica reports. The
report relates the One Caribbean Transformation Programme involved
the consolidation of 13 separate operations in the region into a
single entity.
According to the report, the transformation program will focus on
creating a customer-centric business and culture at LIME.
Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services. The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.
About Cable & Wireless
Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company. The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments. It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US. Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands. Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States. Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.
* * *
According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.
The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B"short-term foreign and
local issuer credit ratings.
* JAMAICA: Seeks US$1.2BB Loan From International Monetary Fund
---------------------------------------------------------------
The Jamaican government plans a US$1.2 billion loan from the
International Monetary Fund, Caribbean360.com reports, citing
Finance Minister Audley Shaw. The report relates that amount
represents the maximum it can get under a Stand-By Agreement.
According to the report, official negotiations will be held next
week and will build upon exploratory talks which have been held
since June when IMF staff visited the island for the annual
Article IV consultations. "We expect to complete the preparatory
work and documentation by mid-August and to make a formal
submission to the Executive Board of the IMF when it resumes in
September," the report quoted Mr. Shaw as saying.
Mr. Shaw, the report notes, said that with financing gaps in the
country's fiscal and external accounts, the country really had no
choice but to return to a borrowing relationship with the Fund.
The report, citing Mr. Shaw, says that "passive" balance of
payment projections point to a financing gap of US$600 million to
US$800 million in 2009/10.
"The current situation points to the need for some alteration to
the fiscal programme as well as an urgent infusion of foreign
capital," the report quoted Mr. Shaw as saying. "The technical
analysis by officials is that unless there is this influx of new
capital, Jamaica's ability to remain current on its international
obligations will deteriorate sharply this year," Mr. Shaw added.
The report adds Mr. Shaw said that the money from the IMF would
allow Jamaica to meet all its external commitments.
* * *
According to Moody's Web site, the country continues to hold a B1
foreign currency rating and a Ba2 local currency rating.
===============================
T R I N I D A D & T O B A G O
===============================
BRITISH WEST: Shareholders Reject Government's 20-Cents Offer
-------------------------------------------------------------
A group of minority shareholders of defunct national airline
British West Indies rejected the Trinidad and Tobago government's
offer to pay them for their stock, Trinidad Express reports. The
report relates the government offered 4,200 BWIA shareholders 20
cents per share for their stock in the folded airline.
According to the report, the airline's shareholders paid between
US$4 and more than US$6 per share about 10 years ago and they
refused to accept the ex-gratia payment from government by the
July 31 deadline. The report notes the payment amounts to about
TT$7 million but shareholders say their investments are worth mire
than five times that.
The report says minority shareholder rights advocate Peter Permell
said the shareholders voted unanimously to reject the TT$0.20
offer per share and instead will write Minister in the Ministry of
Finance Mariano Browne to "indicate their dissatisfaction with the
offer", before they have to accept the payment by July 31.
Mr. Permell, the report notes, added that BWIA was still a limited
liability company and under Securities and Exchange Commission
by-laws, government's offer amounted to a takeover.
About British West Indies
British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.
The airline had reportedly been losing US$1 million a week due
to poor operational management. An employee survey revealed
that lack of responsibility by the management was a major issue
in the company. A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.
The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch
the Caribbean Airlines.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Absorbs 6,900 Oil Workers
--------------------------------------------------
State-owned Petroleos de Venezuela has absorbed 6,900 oil workers,
EL Universal News reports, citing Minister of Energy and Petroleum
Rafael Ramirez. The report relates Mr. Ramirez said of that
total, 6,500 workers belong to the western part of the country and
the rest to the eastern region.
According to the report, the latest figure is closer to the goal
of 8,000 workers to be absorbed since the process of
nationalization of transnational oil companies began.
As reported in the Troubled Companny Reporter-Latin America on
May 7, 2009, Bloomberg News said 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.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
and/or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'
PETROLEOS DE VENEZUELA: Negotiating Payment for Oil Takeovers
-------------------------------------------------------------
The Venezuela government said it is still negotiating payments for
more than 70 oil contractors nationalized two months ago as it
moves to reduce costs and assert greater control over the
country's oil industry, Associated Press reports, citing President
Hugo Chavez.
According to the report, Oil Minister Rafael Ramirez said state-
run Petroleos de Venezuela SA has not yet paid for the companies
because it is still auditing them to establish a fair price. The
report relates under a law approved by the pro-Chavez National
Assembly, the oil contractors could be paid in cash or bonds.
Some operate boats or docks on western Lake Maracaibo, while
others inject water or gas into oil fields to improve recovery,
the report notes.
As reported in the Troubled Company Reporter-Latin America on
June 11, 2009, Associated Press said PDVSA said it will pay its
debts to oil contractors and increase investment despite depressed
world crude prices and a wave of costly nationalizations. The
report related economist Pavel Gomez, a professor at the IESA
business school in Caracas, said PDVSA is likely hoping to assuage
the fears of major drilling companies and international creditors
by paying off its debts.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
and/or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'
===============
X X X X X X X X
===============
FORD MOTOR: South America Posts US$86 Million Q2 Pre-Tax Profit
---------------------------------------------------------------
Ford Motor Company reports that for the second quarter of 2009,
Ford South America reported a pre-tax profit of $86 million,
compared with a profit of US$388 million a year ago. The decrease
primarily reflects unfavorable exchange, higher commodity costs
and lower volumes, partly offset by favorable net pricing and
product mix. Second quarter revenue was US$1.9 billion, down from
US$2.4 billion a year ago.
For the second quarter of 2009, Ford’s worldwide Automotive sector
reported a pre-tax operating loss of US$1 billion, compared with a
pre-tax loss of US$699 million a year ago. The decline reflected
lower industry volumes, actions to reduce dealer stocks, higher
material costs and unfavorable exchange, largely offset by
structural cost reductions, favorable net pricing and improved
market share.
Worldwide Automotive revenue in the second quarter was US$24
billion, down from US$34.1 billion a year ago. The decrease is
primarily explained by lower volumes and unfavorable exchange,
partly offset by favorable net pricing. Total vehicle wholesales
in the second quarter were 1,172,000, compared with 1,562,000
units a year ago.
Automotive structural cost reductions in the second quarter
totaled US$1.8 billion, including US$1.2 billion in North America.
Manufacturing and engineering costs were US$1.1 billion lower,
largely reflecting the continued benefits of personnel actions in
North America and Europe. Overall, Ford reduced Automotive
structural costs by US$3.6 billion in the first half.
Net pricing was about US$1.2 billion favorable, primarily
explained by higher pricing in the U.S., reflecting the success of
new products, including the Ford F-150, Ford Fusion and Ford
Mustang, and the continuation of its disciplined approach on
incentives.
US$2.3-Bil. Net Income for Q2
Ford reported a pre-tax operating loss of US$424 million in the
second quarter of 2009, excluding special items -- a US$609
million improvement compared with the second quarter of last year
-- as cost reductions, net pricing, Ford Motor Credit Company
results and market share helped offset the continued impact of the
severe global economic downturn. On an after-tax basis, excluding
special items, Ford posted an operating loss of US$638 million in
the second quarter, or US$0.21 per share, compared with a loss of
US$1.4 billion, or US$0.63 per share, a year ago.
Ford posted net income of US$2.3 billion, or US$0.69 per share.
The results compare with a net loss of US$8.7 billion, or US$3.89
per share, in the second quarter of 2008. The results for the
second quarter 2009 include a special items net gain totaling
US$2.8 billion, or US$0.90 per share, which includes a US$3.4
billion gain related to Ford and Ford Credit’s recent debt-
reduction actions.
Ford’s second quarter revenue was US$27.2 billion, down US$11
billion from the same period a year ago.
On Track
Despite the severe global downturn, Ford said it continues to make
progress on all four pillars of its plan:
-- Aggressively restructure to operate profitably at the
current demand and changing model mix;
-- Accelerate the development of new products that customers
want and value;
-- Finance the plan and improve the balance sheet; and
-- Work together effectively as one team, leveraging Ford’s
global assets.
Ford said it remains on track to achieve or exceed all of its 2009
financial targets and most of its operational metrics.
The company said it now expects full-year market share to improve
compared to 2008 in the U.S. and Europe, reflecting share
increases in the first half and strong reception to new product
introductions.
Ford expects 2009 U.S. industry sales will be between 10.5 million
and 11 million units, consistent with the outlook previously
communicated by the company. Based on first half European industry
volume, Ford now expects that Europe’s full-year industry sales
will be in the range of 15 million to 15.5 million units, which is
higher than the previous outlook.
Ford expects third quarter 2009 production to be up, compared with
2008 and second quarter 2009 production. This increase is largely
due to tightly controlled inventories and higher market demand for
our products.
Ford remains on track to exceed its US$4 billion Automotive
structural cost reduction target for 2009. Second half cost
reductions will be less than the first half, reflecting the
significant cost reductions achieved during the third and fourth
quarters of 2008.
Ford expects Automotive operating-related cash flows in the second
half to improve from first half levels consistent with its current
planning assumptions. However, due to substantial improvements in
the second quarter, third quarter levels may not improve
sequentially.
A full-text copy of Ford's news statement and key financial
highlights is available at no charge at:
http://ResearchArchives.com/t/s?3fde
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents. With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda. The Company provides
financial services through Ford Motor Credit Company.
The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom. The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.
* * *
As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'. The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit. S&P said that the outlook on all entities is
negative.
Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3. The outlook is
negative. The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans. Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.
***********
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, Marites O. Claro, Joy A. Agravente, 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 * * *