/raid1/www/Hosts/bankrupt/TCRLA_Public/090811.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, August 11, 2009, Vol. 10, No. 157
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Owner Seeks to Keep Gathering Evidence
STANFORD INT'L: Lawmakers Return US$87,800 in Stanford Donations
STANFORD INT'L: Receiver Asks Appeals Court to Extend Asset Freeze
A R G E N T I N A
BANCO DE GALICIA: Grupo Financiero Posts ARS36.8 Mil. Profit in 2Q
BANCO HIPOTECARIO: Posts Ps. 52.9 Million Net Income in 2Q
CASA CORPORACION: Verifying Proofs of Claim Until August 20
FLUMA SA: Trustee Verifying Proofs of Claim Until September 4
TELECOM ARGENTINA: Telecom Personal Gains 1M Subscribers in 1H2009
B E R M U D A
LEHMAN RE LTD: Voluntary Chapter 15 Case Summary
B R A Z I L
GOL LINHAS: Posts Preliminary Traffic Figures for July
LIGHT SA: Second Quarter Profit Falls to BRL121 Million
TAM SA: Soaring Real May Rescue Airline From Oil Hedges
C A Y M A N I S L A N D S
AGEMO FUND: Shareholders' Final Meeting Set for August 21
ASIA ERA: Shareholders' Final Meeting Set for August 21
ERICA OVERSEAS: Shareholders' Final Meeting Set for October 8
FR IX: Shareholders' Final Meeting Set for August 20
GREENFIELD INVESTMENTS: Shareholder to Hear Wind-Up Report Aug. 19
HFG INDIA: Shareholders' Final Meeting Set for August 21
LNS MANAGEMENT: Shareholders' Final Meeting Set for August 21
LNS PARTNERS: Shareholders' Final Meeting Set for August 21
ML EUROMEDIC: Shareholders' Final Meeting Set for August 21
OBEREK LTD: Shareholders' Final Meeting Set for August 21
ORCA VENTURES: Shareholders' Final Meeting Set for October 1
SALDANI LTD: Shareholder to Hear Wind-Up Report August 20
SMILE OPPORTUNITIES: Shareholders' Final Meeting Set for Sept. 26
TT LONG/SHORT: Shareholders' Final Meeting Set for August 17
VISION CAPITAL: Shareholders' Final Meeting Set for September 30
C O L O M B I A
BANCOLOMBIA SA: Decision on Banco de Colombia Merger Issued
J A M A I C A
CABLE & WIRELESS: LIME & Barbados Workers Union at Odds
JAMAICAN CREDIT: S&P Downgrades Rating on $225 Mil. Certs. to 'B+'
* JAMAICA: Debt Increased by JM$25 Billion Since April
* JAMAICA: Objects to S&P's Credit Rating Downgrade
M E X I C O
ALESTRA S: S&P Affirms Corporate Credit Rating at 'B+'
CEMEX SAB: Gains Support From All Creditors on Refinancing
S T K I T T S & N E V I S
CABLE & WIRELESS: St. Kitts & Nevis Unit Posts EC$17MM Profit
T U R K S & C A I C O S I S L A N D S
BRITISH WEST: U.S. SEC Not Responsible to Help Shareholders
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Owner Seeks to Keep Gathering Evidence
------------------------------------------------------
Robert Allen Stanford, the financier accused of orchestrating a
multi-billion fraud, asked U.S. District Judge David Godbey to
reject prosecutors? request to halt evidence gathering in the
fraud lawsuit brought by the U.S. Securities and Exchange
Commission, Laurel Brubaker Calkins and Andrew M. Harris at
Bloomberg News report. The report relates Mr. Stanford said the
evidence gathering might help him fight liquidation of his assets
while his criminal case moves forward.
According to the report, the government claims records and
depositions from the civil case could jeopardize its 21-count
criminal indictment against Stanford and his co-defendants.
Bloomberg News notes that Mr. Stanford, citing papers filed Aug. 6
in federal court in Dallas, said Stanford Financial Group court-
appointed receiver, Ralph Janvey, said the court-appointed
receiver in the SEC lawsuit will keep liquidating his financial
empire unless the case is put on hold.
?Unless Mr. Stanford demonstrates that the civil accusations
against him lack merit, the receiver will continue to do so,? the
report quoted Ruth Brewer Schuster, one of Stanford?s civil
attorneys, as saying. ?Based on the speed with which the receiver
has liquidated Mr. Stanford?s estate, Mr. Stanford simply cannot
wait until a criminal trial in order to clear his name,? Mr.
Schuster said. Mr. Janvey claims all of Stanford?s assets are
tainted by a fraud scheme involving the sale of certificates of
deposit through Stanford International Bank Limited, the report
points out.
Bloomberg News says that if Judge Godbey grants the government
request to halt discovery in the SEC case, Mr. Stanford asked the
judge to put on hold the entire lawsuit until the criminal case is
resolved. The report relates Mr. Stanford said that without a
complete stay, the receiver could continue liquidating assets.
Mr. Janvey?s efforts to close Stanford?s businesses and sell real
estate and private-equity portfolio assets are premature because
he hasn?t been convicted of any wrongdoing, Mr. Stanford 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
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: Lawmakers Return US$87,800 in Stanford Donations
----------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
said that so far, U.S. politicians have returned US$87,800 in
donations from accused swindler Robert Allen Stanford, Anna Driver
at Reuters reports. The report relates several lawmakers
including President Barack Obama said they would donate to charity
the contributions they had received from Stanford.
According to the report, Mr. Janvey had urged politicians to give
the money back so it could be returned to Stanford investors. The
report notes that among the cash returned include:
-- US$8,000 from Senate Majority Leader Harry Reid,
-- US$27,500 from Senate Banking Committee Chairman
Christopher Dodd, and
-- US$14,000 from Richard Shelby, the top Republican
on the Senate Banking Committee.
Reuters, citing the Center for Responsive Politics, recalls that
over the past decade, Stanford's firm, Stanford Financial Group,
spent US$4.8 million in lobbying Washington politicians. The
report notes Mr. Stanford, his political action committee,
employees and members of their families also made US$2.4 million
in campaign contributions to federal candidates since 2000.
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: Receiver Asks Appeals Court to Extend Asset Freeze
------------------------------------------------------------------
Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News
report that Stanford Financial Group court-appointed receiver,
Ralph Janvey, asked the U.S. Court of Appeals in New Orleans to
keep in place the injunction imposed by the U.S. District Court in
Dallas for the release of Stanford investors? frozen accounts
until he can contest a lower-court order set to unlock most of the
funds at noon on Aug. 13.
According to the report, District Judge David Godbey said after
Aug. 13, the freeze would apply only to the interest generated by
investor funds and not principal.
The report relates Mr. Janvey told the Mr. Gobey he would appeal.
?Without such an order, investors who were lucky enough to cash
out of the scheme before the receivership will be permitted to
keep millions of dollars stolen from other innocent investors who
were not so fortunate,? Kevin Sadler, Mr. Janvey?s attorney, said
in a filing obtained by the news agency.
As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said Mr. Janvey is seeking to recoup
US$925 million tied to certificates of deposit issued by Mr.
Stanford?s Stanford International Bank Limited. The report
related Mr. Janvey expanded an earlier complaint to recover money
from Stanford customers as well as brokers who allegedly profited
from a multi-billion fraud. According to the report, the
stockbrokers said they were ?innocent victims? and some of them
invested their own money in the bank?s certificates.
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).
=================
A R G E N T I N A
=================
BANCO DE GALICIA: Grupo Financiero Posts ARS36.8 Mil. Profit in 2Q
------------------------------------------------------------------
Grupo Financiero Galicia S.A., a unit of Banco de Galicia y Buenos
Aires de C.V., reported a second-quarter profit of ARS36.8 million
(US$9.6 million), down 12.6% from the same period a year earlier,
Shane Romig at Dow Jones Newswires reports.
According to the report, Grupo Galicia saw profits fall sharply
from the first quarter, when the group posted a net gain of
ARS91.9 million.
Banco de Galicia y Buenos Aires, the report relates, posted
profits during the second quarter of ARS41.1 million, up from
ARS38.1 million a year ago.
Grupo Financiero Galicia S.A. operates as a financial services
holding company for Banco Galicia, a commercial bank in Argentina.
The bank attracts deposits and offers business an consumer loans,
mortgages, investment banking, securities services, foreign
exchange services, mutual funds, insurance, annuities, and credit
cards.
About Banco de Galicia
Banco de Galicia y Buenos Aires de C.V. attracts deposits and
offers commercial banking services. The bank offers consumer
loans, mortgages, investment banking, securities services, foreign
exchange services, mutua funds, insurance, annuities, and credit
cards.
As of August 11, 2009, the company continues to carry Moody's Caa1
Foreign LT Bank deposits ratings, Ba1 Local LT Bank Depostits
ratings, B2 Senior Unsecured Debt rating, and B2 Subordinate
rating.
BANCO HIPOTECARIO: Posts Ps. 52.9 Million Net Income in 2Q
----------------------------------------------------------
Banco Hipotecario S.A. posted a net income of Ps. 52.9 million for
second quarter 2009, Ps. 22.9 million higher than last quarter and
Ps. 70.0 million higher than the same quarter of 2008.
Financial margins of Ps. 161.6 million were 27.5% higher than the
previous quarter and 344.8% higher than a year ago. Deposits
remained stable in the quarter and increased 76.4% YoY.
The company has an equity ratio of 22.6%.
Banco Hipotecario SA attracts deposits and offers commercial
banking services. The bank offers mortgage, personal, and
corporate loans, credit cards, and insurance service.
* * *
As of August 10, 2009, the company continues to carry Moody's Ba1
Local Currency rating, Caa1 Foreign LT Bank Deposits rating, Ba1
Local LT Bank Deposits rating, and D Bank Financial Strenght
rating.
CASA CORPORACION: Verifying Proofs of Claim Until August 20
-----------------------------------------------------------
The court-appointed trustee for C.A.S.A. Corporacion Argentina
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until August 20, 2009.
The trustee will present the validated claims in court as
individual reports on October 16, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 27, 2009.
FLUMA SA: Trustee Verifying Proofs of Claim Until September 4
-------------------------------------------------------------
The court-appointed trustee for Fluma S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 4, 2009.
The trustee will present the validated claims in court as
individual reports on October 22, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 10, 2009.
TELECOM ARGENTINA: Telecom Personal Gains 1M Subscribers in 1H2009
------------------------------------------------------------------
Telecom Argentina SA?s mobile arm, Telecom Personal, has gained
over one million subscribers during the first half of 2009, taking
its total subscriber base in Argentina to 13.6 million, around 68%
of which are pre-paid subscribers, Wirelessfederation.com reports
According to the report, the second quarter revenue reached
ARS1.91 billion, up from ARS1.67 billion in the same quarter a
year ago, while H1 revenue amounted to ARS3.76 billion, up 14%
year-on-year.
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Telecom Argentina S.A.'s first half net profit
increases 15% to ARS703 million (US$183 million) from ARS613
million in the same period a year ago as Internet and mobile phone
sales increased. The report related the company ARS374 million in
the second-quarter, based on the company's first-quarter results.
According to the report, Telecom Argentina said that revenue from
the company's Internet business rose 43% in the first half of 2009
from the same period a year earlier. The report notes that the
company cited a "substantial expansion of the broadband service,
driven by an increase in subscribers, better network coverage and
commercial promotions." Reuters said the company's operating
profit in the first half increased 25% to ARS262 million, while
consolidated net revenue rose 14% to ARS5.75 billion pesos.
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 E R M U D A
=============
LEHMAN RE LTD: Voluntary Chapter 15 Case Summary
------------------------------------------------
Chapter 15 Petitioner: Lehman Re Ltd.
Chapter 15 Debtor: Lehman Re Ltd.
c/o Peter C.B. Mitchell & D. Geoffrey
Hunter, Joint Provisional Liquidators
PricewaterhouseCoopers Advisory Limited
Dorchester House, 7 Church St.
Hamilton
Bermuda, HM11
Chapter 15 Case No.: 09-14884
Type of Business: The Debtor is a Bermuda-based insurance unit of
Lehman Brothers Holdings Inc.
Chapter 15 Petition Date: August 8, 2009
Court: Southern District of New York (Manhattan)
Judge: James M. Peck
Chapter 15 Petitioner's Counsel: Gregory M. Petrick, Esq.
gregory.petrick@cwt.com
Ingrid Bagby, Esq.
ingrid.bagby@cwt.com
Cadwalader, Wickersham & Taft LLP
One World Financial Center
New York, NY 10281
Tel: (212) 504-6000
Fax: (212) 993-2747
Estimated Assets: US$500 million to US$1 billion
Estimated Debts: More than US$1 billion
===========
B R A Z I L
===========
GOL LINHAS: Posts Preliminary Traffic Figures for July
------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary
traffic figures for July 2009.
In July 2009, GOL recorded an increase in demand on its route
network for the fourth consecutive month. In addition to the
seasonally favorable period for the airline industry as a whole,
passenger traffic volume (measured in RPK -- revenue passenger
kilometers) moved up over June 2009 thanks to:
(i) the school vacations in July;
(ii) the increased supply of low-fare seats, aiming to
optimize the Company's load factor, yields and cost
structure, in line with the strategy of generating
positive operating cash flow; and
(iii) revitalizing the SMILES program.
As a result of all of these factors, GOL reported a 7.4% increase
in RPK over July 2008 and a 20.3% upturn over the previous month.
Also in July, the company recorded a total load factor of 71.5%,
the highest figure since the acquisition of VRG, 6.8 p.p. up on
the 64.7% reported in July 2008 and 7.7 p.p. up on the 63.8%
posted in June 2009. The domestic load factor stood at 74.6% and
the international one at 49.5%.
In line with its focus on optimizing operating profitability, the
utilization ratio of GOL's operational fleet exceeded 12 hours/day
in comparison to 11.3 hours/day posted in 1Q09, pushing up seat
supply by 7.3% over June 2009. This gradual and planned increase
in block hours is an important factor in diluting operating costs.
In this scenario, domestic market demand climbed by 29.0% year-
over-year and by 22.8% over June 2009 (a low-season month). The
international segment recorded an opposite tendency, with demand
dropping by 61.6% over the same period last year, due to the
elimination of long-haul routes, and falling by 1.6% over the
previous month due to the Company's strategic decision to
temporarily suspend flights to Lima in order to revaluate it and
reduce the frequency of flights to Santiago and Buenos Aires,
mainly driven by its focus on profitability.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. ?- 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
long-term corporate family ratings. The company also continues to
carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured
Rating and Preferred Stock ratings.
LIGHT SA: Second Quarter Profit Falls to BRL121 Million
-------------------------------------------------------
Paulo Winterstein and Heloiza Canassa at Bloomberg News report
that Light SA's second quarter profit fell to BRL121 million
(US$65.8 million). The result is less than an estimate of BRL167
million, according to the average of three forecasts compiled by
Bloomberg
According to the report, net revenue dropped 1.9% from the year-
earlier period to BRL1.27 billion.
Bloomberg News says the company said sales volumes were hurt in
the second quarter after the economic slowdown reduced demand in
the open market. The report relates power losses rose for the
second consecutive quarter and costs increased by 8.2%.
?Light?s earnings report was pretty bad, with all numbers coming
in below expectations,? the report quoted Reinaldo Zakalski, who
helps manage the equivalent of about US$170 million at BI Asset
Management in Sao Paulo, as saying.
About Light SA
Light SA generates, transmits, and distributes electricity in
Brazilian State of Rio Janeiro. The company operates in the state
of Rio Janeiro
* * *
As of August 11, 2009, the company continues to carry Moody's Ba1
LT Corp Family rating.
TAM SA: Soaring Real May Rescue Airline From Oil Hedges
-------------------------------------------------------
Heloiza Canassa at Bloomberg News reports that a soaring real is
helping rescue Tam SA from wrong-way bets that crude prices would
average more than US$100 a barrel this year. The report relates
Victor Mizusaki, an airline analyst at Itau Corretora, said that
the world?s best-performing currency has risen 27% this year,
cutting Tam?s dollar-denominated debt and aircraft costs and
offsetting losses tied to oil hedges.
?The currency gain has a very positive impact, it?s the most
important thing holding earnings up,? Mr. Mizusaki told Bloomberg
News in a telephone interview. The report notes Mr. Mizusaki
rated Tam ?sector perform.?
The report note the airline posted a loss of BRL1.3 billion in the
fourth quarter after betting oil, which touched a record US$147.27
on July 11, 2008, would extend a rally into 2009. Bloomberg News
relates the economic crisis has curbed demand, leading crude this
year to slump as much as 75% from July?s high.
Bloomberg News says that Deutsche Bank AG and Itau said the
airline hedged more than 45% of estimated consumption this year at
prices of at least $105 a barrel. The report notes TAM SA said
the oil hedges resulted in a 919 million-real expense in the
fourth quarter after it renegotiated some contracts.
Mr. Mizusaki, the report notes, said TAM SA gets about 33% of its
revenue from international operations and have about 60% of their
costs linked to the U.S. currency, most of which are aircraft
leases and fuel expenses.
Tam?s fuel hedging ?puts it at a strategic disadvantage in 2009
and represents a substantial cash obligation at current oil price
levels,? Deutsche Bank analyst Dan McGoey wrote in a July 31 note
obtained by the news agency.
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.
==========================
C A Y M A N I S L A N D S
==========================
AGEMO FUND: Shareholders' Final Meeting Set for August 21
---------------------------------------------------------
The shareholders of Agemo Fund Limited will hold their final
meeting on August 21, 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ASIA ERA: Shareholders' Final Meeting Set for August 21
-------------------------------------------------------
The shareholders of Asia Era Fund will hold their final meeting on
August 21, 2009, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ERICA OVERSEAS: Shareholders' Final Meeting Set for October 8
-------------------------------------------------------------
The shareholders of Erica Overseas Ltd. will hold their final
meeting on October 8, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
Telephone: 945-8859
Facsimile: 949-9793/4
FR IX: Shareholders' Final Meeting Set for August 20
----------------------------------------------------
The shareholders of FR IX Offshore GP Limited will hold their
final meeting on August 20, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jennifer Zarrilli
First Reserve Corporation
One Lafayette Place, Third Floor
Greenwich, Connecticut 06830
United States
GREENFIELD INVESTMENTS: Shareholder to Hear Wind-Up Report Aug. 19
------------------------------------------------------------------
The shareholder of Greenfield Investments Limited will receive on
August 19, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Campbell Directors Limited
Scotia Centre, George Town
P.O. Box 268, Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 949 2648
Facsimile: (345) 949 8613
HFG INDIA: Shareholders' Final Meeting Set for August 21
--------------------------------------------------------
The shareholders of HFG India Continuum Fund (Caymans), SPC will
hold their final meeting on August 21, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
LNS MANAGEMENT: Shareholders' Final Meeting Set for August 21
-------------------------------------------------------------
The shareholders of LNS Management Limited will hold their final
meeting on August 21, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard L. Finlay
c/o Krysten Lumsden
P.O. Box 2681GT, Grand Cayman
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
LNS PARTNERS: Shareholders' Final Meeting Set for August 21
-----------------------------------------------------------
The shareholders of LNS Partners Limited will hold their final
meeting on August 21, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard L. Finlay
c/o Krysten Lumsden
P.O. Box 2681GT, Grand Cayman
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
ML EUROMEDIC: Shareholders' Final Meeting Set for August 21
-----------------------------------------------------------
The shareholders of ML Euromedic Co-Invest, Ltd. will hold their
final meeting on August 21, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
OBEREK LTD: Shareholders' Final Meeting Set for August 21
---------------------------------------------------------
The shareholders of Oberek Ltd. will hold their final meeting on
August 21, 2009, at 9:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ORCA VENTURES: Shareholders' Final Meeting Set for October 1
------------------------------------------------------------
The shareholders of Orca Ventures Ltd. will hold their final
meeting on October 1, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
Telephone: 945-8859
Facsimile: 949-9793/4
SALDANI LTD: Shareholder to Hear Wind-Up Report August 20
---------------------------------------------------------
The shareholder of Saldani Ltd will receive on August 20, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694, Grand Cayman KY1-1107
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
SMILE OPPORTUNITIES: Shareholders' Final Meeting Set for Sept. 26
-----------------------------------------------------------------
The shareholders of Smile Opportunities Ltd. will hold their final
meeting on September 26, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
Telephone: 945-8859
Facsimile: 949-9793/4
TT LONG/SHORT: Shareholders' Final Meeting Set for August 17
------------------------------------------------------------
The shareholders of TT Long/Short Japan Fund Limited will hold
their final meeting on August 17, 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:
Stuart Sybersma
c/o Jessica Turnbull
Deloitte & Touche
P.O. Box 1787GT, Grand Cayman
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
VISION CAPITAL: Shareholders' Final Meeting Set for September 30
----------------------------------------------------------------
The shareholders of Vision Capital Corporation will hold their
final meeting on September 30, 2009, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Nobuaki Hagura
c/o Takehiko Negishi of Mori Hamada and
Matsumoto of Marunouchi Park Building, 2-6-1
Marunouchi, Chiyodaku, Tokyo 100-8222, Japan
Telephone: +81-3-5220-1838
Facsimile: +81-3-5220-1738
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Decision on Banco de Colombia Merger Issued
-----------------------------------------------------------
Bancolombia S.A. disclosed that the Colombian Vice Attorney
General's Office (Vicefiscal General de la Nacion) issued an order
in second instance in connection with the investigations
surrounding the acquisition by Bancolombia (formerly Banco
Industrial Colombiano S.A.) of Banco de Colombia S.A. and their
subsequent merger.
The order:
-- confirms the decision issued in the first instance
finding that the prescriptive periods relating to the
allegation of willful misconduct by a public officer
(prevaricato por accion) had expired,
-- reverses the preclusion order issued in the first
instance to close the investigations into the allegations
of willful neglect by a public officer (prevaricato por
omision), with the purpose of determining whether the
prescriptive periods have expired for each accused
individual,
-- reverses the preclusion order issued in the first instance
to close the investigations into the allegations of fraud;
and
-- orders the consolidation of the legal proceedings
relating to fraud. It noted that in the parallel criminal
investigation related to allegations of fraud, the
Colombian Attorney General issued a preclusion order
barring further investigation into such allegations on
July 31, 2009.
The investigations covered by the Colombian Vice Attorney
General's order relate to allegations against the President of
Bancolombia, members of the board of directors of Banco Industrial
Colombiano S.A. in office at the time of the merger with Banco de
Colombia S.A., members of the board of directors of the Central
Bank of the Republic of Colombia and certain officers of the
Colombian Superintendency of Finance.
About Bancolombia
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating. The outlook on the
BFSR was changed to "stable", from "positive". Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's. Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.
Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'. At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.
=============
J A M A I C A
=============
CABLE & WIRELESS: LIME & Barbados Workers Union at Odds
-------------------------------------------------------
A showdown is brewing between Barbados Workers Union, the
country's largest trade union, LIME over the company's decision to
lay off more than a hundred employees, RadioJamaica reports.
According to the report, BWU General Secretary Sir Roy Trotman is
upset that over the circumstances relating to the sending home of
116 workers here and has threatened to launch an island wide
demonstration over the matter. "I am calling for a national
protest in one form or another against Cable and Wireless. We
have not yet reached the stage where we are going to take work
stoppage because the matter is at the level of the Labour
Department," the report quoted Mr. Roy as saying.
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.
JAMAICAN CREDIT: S&P Downgrades Rating on $225 Mil. Certs. to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Jamaican
Credit Card Merchant Voucher Receivables Master Trust's (the
trust's) US$225 million floating-rate certificates series 2001-A
due 2013 to 'B+' from 'BB+' and removed the rating from
CreditWatch with negative implications, where it was placed
March 19, 2009.
S&P's rating on the series 2001-A certificates reflects S&P's
sovereign credit rating on Jamaica (CCC+/Negative/C); S&P's
foreign and local currency ratings on National Commercial Bank
Jamaica Ltd. (CCC+/Negative/C); and S&P's 'B+' survivability
assessment on NCB, which addresses the bank's ability to acquire
the necessary Visa and MasterCard merchant voucher assets to
service the transaction even under a state of selective default or
other financial impairment. The rating also reflects the
transaction's strong enhancement level through
overcollateralization and other structural features that mitigate
sovereign interference risk and other credit risks.
The rating actions follow the August 5, 2009, lowering of S&P's
long-term sovereign credit rating on Jamaica to 'CCC+' from 'B-'
and the lowering of S&P's country transfer and convertibility
assessment on Jamaica to 'B+' from 'BB-'; and the August 6, 2009,
lowering of S&P's long-term foreign and local currency credit
ratings on NCB to 'CCC+' from 'B-' and the lowering of S&P's
survivability assessment on NCB to 'B+' from 'BB+'. S&P's outlook
on both NCB and Jamaica is negative.
S&P's 'CCC+' rating and negative outlook on Jamaica reflect S&P's
view that Jamaica's vulnerable fiscal profile, combined with
difficult financing conditions, may compel the government to
undertake a debt exchange, which, in S&P's view, could be regarded
as a distressed debt exchange. S&P's 'CCC+' rating on NCB
reflects the bank's large exposure to Jamaican sovereign debt
securities and loans to public entities, as well as the more
challenging environment that the Jamaican banking system faces,
which will continue to pressure NCB's financial performance.
S&P's 'B+' survivability assessment on NCB reflects S&P's view
that the vulnerabilities in the Jamaican government's debt profile
have increased significantly from previous years, narrowing the
government's capacity to support or economically assist the bank
in times of stress. S&P's survivability assessment is three
notches above S&P's counterparty credit rating on NCB, as S&P
believes that the bank could receive certain assistance from the
Jamaican government, if needed, due to its importance in the
Jamaican banking system, its market share, its adequate financial
performance, and its large branch network and deposit base.
The trust's performance has been strong since 2001. As of
June 30, 2009, the series 2001-A transaction's quarterly debt
service coverage ratio (DSCR) was 7.65x, down from historical
levels. The decrease in the DSCR reflects a decline in
collections due to the global economic downturn and the fact that
the transaction has finished its interest-only payment period and
has begun paying principal. The 7.65x DSCR meets S&P's
requirements for a 'B+' rating.
NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer. The payment rights include the
amounts owed in regards to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively. These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.
* JAMAICA: Debt Increased by JM$25 Billion Since April
------------------------------------------------------
Jamaica's debt has increased by US$25 billion since the start of
the fiscal year in April, RadioJamaica reports, citing the
Ministry of Finance.
According to the report, at the end of May the country owed its
local and international creditors JM$1.25 trillion, the report
relates domestic debt stood at JM$664 billion while JM$560 billion
was due to international creditors.
* * *
According to Moody's Web site, the country continues to hold a B1
foreign currency rating and a Ba2 local currency rating.
* JAMAICA: Objects to S&P's Credit Rating Downgrade
---------------------------------------------------
Standard and Poors downgrade of Jamaica's long term sovereign
credit rating to CCC+ isn't sitting well with the island's
government, Caribbean360.com reports. The report relates Finance
Minister Audley Shaw is insisting that the ratings action "ignores
several positive economic developments that have taken place in
recent weeks".
"In recent months, there have been continued signs of an improved
outlook for Jamaica's credit profile," the report quoted Mr. Shaw
as saying. The report relates Mr. Shaw pointed to significant
over-subscription of locally issued debt, sharp reductions in
market determined local interest rates, sustained stability in the
foreign exchange market, and tightening of the spreads of
government-issued foreign currency denominated debt traded in the
international capital markets. These developments have also been
supported by Jamaica's application to the International Monetary
Fund (IMF) for a standby arrangement, Mr. Shaw added.
"We are confident that an IMF programme will enhance the already
positive trajectory in Jamaica's credit profile cited above. In
addition, we believe that an IMF programme will facilitate access
to other multilateral funding sources that will further reduce the
Government of Jamaica's borrowing costs," Mr. Shaw said, the
report notes. "The Government believes that S&P's ratings action
are out of context given these developments," Mr. Shaw added.
According to the report, Mr. Shaw added that the Bruce Golding
administration is not pursuing nor does it intend to pursue any
transaction with its domestic or external partners that could be
viewed in any way as a "distressed transaction" according to S&P's
own criteria. The report adds that Mr. Shaw insisted that the
government remains firmly committed to honoring all of its local
and international obligations and that the financial sector
continues to be strong, sound and well regulated by the Bank of
Jamaica and the Financial Services Commission.
* * *
According to Moody's Web site, the country continues to hold a B1
foreign currency rating and a Ba2 local currency rating.
===========
M E X I C O
===========
ALESTRA S: S&P Affirms Corporate Credit Rating at 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Mexican telecommunications company Alestra S. de
R.L. de C.V.
S&P also affirmed its 'B+' local currency rating on Alestra's
$200 million in 144A long-term senior unsecured notes due in 2014,
and the recovery rating of '3', indicating S&P's expectation of
meaningful (50% to 70%) recovery in the event of a payment
default.
The outlook is stable.
"The affirmation reflects Alestra's completion of its issuance of
the notes," said Standard & Poor's credit analyst Marcela Due¤as.
"It plans to use proceeds to refinance its existing senior notes,
resolving potential liquidity concerns."
The ratings on Alestra reflect the risks of competing with larger
and better capitalized telecoms, primarily incumbent Telefonos de
Mexico S.A.B. de C.V., in an industry subject to growing price
pressure. The ratings also reflect the decline in revenues from
traditional long-distance services.
The ratings also consider Alestra's exposure to foreign-exchange
risk from all of its debt being denominated in U.S. dollars, and
the June 2010 maturity of its joint-venture agreement with 49%
stakeholder AT&T. An expiration of this agreement could hurt
customer retention.
The company should be able to offset the decline in long-distance
revenues somewhat by capturing growth in value-added services in
Mexico.
Further tempering factors include Alestra's niche competitive
strategy of targeting services to multinational companies, large
and midsize enterprises, and high-end residential users; support
from equity owners Alfa S.A.B. de C.V. and AT&T Mexico (both
unrated); the company's well-established network with a
significant footprint in Mexico, and its margin stability and
positive free operating cash flow.
CEMEX SAB: Gains Support From All Creditors on Refinancing
----------------------------------------------------------
CEMEX, S.A.B. de C.V. said it won support for a plan to refinance
its debt from all affected creditors, Thomas Black at Bloomberg
News reports. The report relates the company said it is now in
the documentation phase.
According to the report, Cemex has said the agreement will push
maturities on the debt to 2014, with some payments due before that
date, and may include the sale of new shares. The plan would also
contain restrictions on acquisitions, investments and other
actions, the company added.
As reported in the Troubled Company Reporter-Latin America on
July 1, 2009 Cemex SAB said it continues to make significant
progress with its core banks that represent a majority of the
Company's outstanding bank debt. The report related Cemex
presented its refinancing proposal to the Company's full syndicate
of banks with a revised maturity schedule on a new facility
encompassing US$14.5 billion in bank debt that would run through
February 2014. The company said that this revised schedule would
shift 2009-2011 maturities substantially into the future.
According to LatinFrance, the main features involve an extension
of maturities through one or more new facilities, and a
commensurate increase in margins. The report relates one banker
overseeing Cemex facilities with new tenors ranging from 5-7 years
estimates updated pricing could stand at around 400bp over Libor.
A TCR-LA report on May 6, 2009, citing Bloomberg News, related
that Cemex is in negotiations with Banco Santander SA and Banco
Bilbao Vizcaya Argentaria SA's Bancomer unit on loans to help it
cover debt obligations due this year. According to a TCR-LA
report on March 11, Bloomberg News said Cemex started discussions
with banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale. Company spokesman Jorge Perez,
Bloomberg related, said the US$14.5 billion is all of Cemex's bank
debt and doesn't include any bonds. At the end of December, Cemex
had total debt of US$18.8 billion, the report noted. According to
Reuters, Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit crisis.
About Cemex, S.A.B.
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on 'Rating Watch Evolving',
Cemex's ratings, including its 'B' Foreign currency Issuer Default
Rating, and 'B' Local currency IDR.
============================
S T K I T T S & N E V I S
============================
CABLE & WIRELESS: St. Kitts & Nevis Unit Posts EC$17MM Profit
-------------------------------------------------------------
LIME (St. Kitts and Nevis), a unit of Cable & Wireless plc, posted
pre-tax profit of EC$17.5 million for the year 2008/2009 from
EC$25.8 million in the same period last year, cupcom.com reports.
The report relates LIME Chairman for St. Kitts and Nevis, Lawrence
Mc Naughton, said exceptional costs (EC$5.8 million) associated
with the company's transformation were mainly responsible for the
decline in profit.
According to the report, the company reported profit after tax of
EC$8.6 million in 2008/2009 from EC$14.8 million in 2007/2008 and
EC$12.5 million in 2006/2007. The report relates the company
reported gross revenue of EC$105.6 million in 2008/2009 from
EC$106.6 million for 2007/2008 and Corporation tax of EC$8.9
million in 2008/2009 compared to EC$11 million in 2007/2008.
?Our gross revenue of EC$105.6 was marginally lower than that of
the previous year. Growth in mobile, broadband and other revenues
have minimized the impact of the decline in the traditional fixed
line business,? the report quoted Mr. Naughton as saying
Mr. Naughton, the report relates noted that Gross Margin for the
year grew by EC$2.8 million over the prior year mainly as a result
of the growth in Broadband and Mobile Gross Margins, led by
reductions in handset subsidies, which resulted in a net Cost of
Sales improvement of EC$1.3 million over the year 2007/2008.
The report notes the company invested EC$2.2 million in its
Broadband Network and EC$1.7 million to upgrade its Mobile Network
providing better quality of service.
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.
========================================
T U R K S & C A I C O S I S L A N D S
========================================
BRITISH WEST: U.S. SEC Not Responsible to Help Shareholders
-----------------------------------------------------------
The United States Securities and Exchange Commission said
it is not the SEC's responsibility to help defunct airline British
West Indies' minority shareholders get what they have termed a
"fair price" for their stock in the airline, Trinidad Express
reports. The report relates SEC Commissioner Francis Lewis said
the Commission had no issues acting as a facilitator for dialogue
on the matter, however, "the role of the SEC is not to decide on
the value (of shares)."
According to the report, Mr. Lewis said the country's laws
provided a clear route which the aggrieved shareholders could take
to get the courts to decide on a fair price.
However, the report notes that financial consultant Peter Permell
argued that the SEC had jurisdiction over the matter, as BWIA was
a publicly listed company and under Section 4 of the Companies Act
Chapter 81:01 of the Laws of the Republic of Trinidad and Tobago
and Section 3 of the Securities Industry Act Chap 83:02, a "public
company" is defined as "a company whose issued shares or
debentures are or were part of a distribution, or an offer, to the
public". The report relates Mr. Permell said even though BWIA was
now de-listed the SEC must fulfill its responsibilities and if it
did not, the minority shareholders group would have to go the
courts to have them give the proper interpretation of the by laws
as they pertains to the SEC responsibilities.
As reported in the Troubled Company Reporter-Latin America on
August 6, 2009, Trinidad and Tobago Newsday said British West
Indies' minority shareholders, said Mr. Permell and legal advisor
Lynette Seebaran-Suite, are seeking at least a TT$1.80 share price
from Government, if they do resort to getting a fair share value
from the courts. Trinidad and Tobago Express related BWIA's
shareholders said they will take Trinidad and Tobago government to
court to get a better price for their shares in the defunct
airline, as they find the 20 cents offer the government is
proposing "disrespectful." Trinidad Express recalled a group of
minority shareholders of BWIA rejected the Trinidad and Tobago
government's offer to pay them for their stock.
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 noted the payment amounts to about
TT$7 million but shareholders say their investments are worth mire
than five times that. The report related Ministry of Finance
Mariano Browne said that based on statements made by the
Government in 2004 it was evident that the State had always
intended to deal with the minority shareholders and, "we
consider our offer to be a good offer". The Express pointed out
that Mr. Browne said former BWIA shareholders won't be receiving
shares in Caribbean Airlines as a trade-off as the government's
responsibilities in dealing with the shareholders was only with
regard to BWIA, which was to an extent already "bankrupt" in 2004.
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$1 million a week due
to poor operational management. An employee survey revealed
that lack of responsibility by the management was a major issue
in the company. A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.
The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
SOC COMERCIAL PL CADN SW 147459909.97 -253108978.06
SOC COMERCIAL PL SCDPF US 147459909.97 -253108978.06
COMERCIAL PL-C/E COMEC AR 147459909.97 -253108978.06
COMERCIAL PLAT-$ COMED AR 147459909.97 -253108978.06
SNIAFA SA-B SDAGF US 11489328.24 -840226.12
SOC COMERCIAL PL COME AR 147459909.97 -253108978.06
SNIAFA SA SNIA AR 11489328.24 -840226.12
COMERCIAL PL-ADR SCPDS LI 147459909.97 -253108978.06
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
COMERCIAL PLA-BL COMEB AR 147459909.97 -253108978.06
SOC COMERCIAL PL CVVIF US 147459909.97 -253108978.06
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET 330902Q 535007008 -17165000
SOC COMERCIAL PL CAD IX 147459909.97 -253108978.06
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
SNIAFA SA-B SNIA5 AR 11489328.24 -840226.12
BRAZIL
TECTOY-RCT PREF TOYB10 BZ 20577415.71 -7950050.37
AZEVEDO AZEV3 BZ 47860887.41 -4389906.4
BUETTNER BUET3 BZ 74895906.51 -28401073.82
TELEBRAS-CM RCPT TBRTF US 185536520.68 -1054841.44
SCHLOSSER-PREF SCLO4 BZ 10007791.94 -53599536.49
TELEBRAS SA-PREF TLBRPN BZ 185536520.68 -1054841.44
BOMBRIL CIRIO-PF BOBRPN BZ 202399273.95 -205733462.83
ESTRELA SA-PREF ESTR4 BZ 50541924.7 -43741941.51
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.21
TEC TOY SA-PF B TOYB6 BZ 20577415.71 -7950050.37
TECTOY-PF-RTS5/6 TOYB11 BZ 20577415.71 -7950050.37
TECTOY-PREF TOYB4 BZ 20577415.71 -7950050.37
TECTOY SA TOYBON BZ 20577415.71 -7950050.37
CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.54
GASCOIGNE EMP-PF 1GASPN BZ 656500097.92 -450029899.55
TEKA TKTQF US 189819518.01 -244265715.17
TECTOY-RCPT PF B TOYB12 BZ 20577415.71 -7950050.37
FERROVIA CEN-DVD VSPT12 BZ 1050516250.26 -47197918.4
TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.23
TECEL S JOSE FTSJON BZ 17924946.14 -18569451.23
TEC TOY SA-PREF TOYB5 BZ 20577415.71 -7950050.37
TEXTEIS RENA-RCT TXRX10 BZ 43112153.13 -64315032.24
TECTOY TOYB13 BZ 20577415.71 -7950050.37
TECTOY TOYB3 BZ 20577415.71 -7950050.37
TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.23
TELEBRAS-RCT RCTB33 BZ 185536520.68 -1054841.44
PET MANG-RECEIPT RPMG10 BZ 67915860.11 -166793076.45
SANSUY-PREF B SNSY6 BZ 100279114.92 -45812488.77
PET MANGUINH-PRF RPMG4 BZ 67915860.11 -166793076.45
PET MANG-RECEIPT RPMG9 BZ 67915860.11 -166793076.45
PET MANG-RIGHTS RPMG2 BZ 67915860.11 -166793076.45
CAMBUCI SA CAMB3 BZ 77853098.43 -18690214.78
RIOSULENSE SA RSUL3 BZ 50548850.21 -5456867.48
PETRO MANGUIN-PF MANGPN BZ 67915860.11 -166793076.45
PARQUE TEM-DV PF PQT6 BZ 58692385.42 -188832203.73
SCHLOSSER SA-PRF SCHPN BZ 10007791.94 -53599536.49
PARQUE TEM-DV CM PQT5 BZ 58692385.42 -188832203.73
PETRO MANGUINHOS RPMG3 BZ 67915860.11 -166793076.45
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21
BALADARE BLDR3 BZ 49015.54 -7494.67
RIOSULENSE SA-PR RSUL4 BZ 50548850.21 -5456867.48
PARQUE TEM-RCT C PQTM9 BZ 58692385.42 -188832203.73
PARQUE TEM-RCT P PQTM10 BZ 58692385.42 -188832203.73
SANSUY SNSY3 BZ 100279114.92 -45812488.77
SANSUY SA SNSYON BZ 100279114.92 -45812488.77
CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.21
SANESALTO SNST3 BZ 20705801887.08 -466044305.79
SANSUY-PREF A SNSY5 BZ 100279114.92 -45812488.77
PET MANG-RIGHTS RPMG1 BZ 67915860.11 -166793076.45
MARAMBAIA-PREF CTPC4 BZ 38740523.05 -671039.81
SANSUY SA-PREF B SNSYBN BZ 100279114.92 -45812488.77
PROMAN PRMN3B BZ 10408605.71 -202138.27
CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.54
RIMET REEM3 BZ 80030147.28 -124398873.4
PROMAN PRMN3 BZ 10408605.71 -202138.27
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21
NORDON METAL NORDON BZ 15650782.44 -14576030.17
RIOSULENSE SA RSULON BZ 50548850.21 -5456867.48
RIMET REEMON BZ 80030147.28 -124398873.4
RIMET-PREF REEM4 BZ 80030147.28 -124398873.4
TELEBRAS-RTS PRF RCTB2 BZ 185536520.68 -1054841.44
TELECOMUNICA-ADR 81370Z BZ 185536520.68 -1054841.44
VARIG SA VAGV3 BZ 966298025.55 -4695211316.33
BUETTNER SA-RTS BUET1 BZ 74895906.51 -28401073.82
TELEBRAS/W-I-ADR TBH-W US 185536520.68 -1054841.44
ESTRELA SA-PREF ESTRPN BZ 50541924.7 -43741941.51
TELEBRAS-RTS PRF TLCP2 BZ 185536520.68 -1054841.44
ALL MALHA PAULIS GASC3 BZ 656500097.92 -450029899.55
TEXTEIS RENA-RCT TXRX9 BZ 43112153.13 -64315032.24
TELEBRAS-PF RCPT TELE41 BZ 185536520.68 -1054841.44
CTM CITRUS-ADR CTMMY US 38740523.05 -671039.81
TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.23
TELEBRAS-PF RCPT RCTB42 BZ 185536520.68 -1054841.44
TELEBRAS-CM RCPT RCTB31 BZ 185536520.68 -1054841.44
TELEBRAS-RTS CMN RCTB1 BZ 185536520.68 -1054841.44
TELEBRAS-RTS CMN TCLP1 BZ 185536520.68 -1054841.44
TELEBRAS-RCT PRF TELB10 BZ 185536520.68 -1054841.44
FER C ATL-RCT PF VSPT10 BZ 1050516250.26 -47197918.4
VARIG SA-PREF VAGV4 BZ 966298025.55 -4695211316.33
TECTOY-RT TOYB2 BZ 20577415.71 -7950050.37
WETZEL SA-PREF MWET4 BZ 62051686.19 -4312427.28
NORDON MET NORD3 BZ 15650782.44 -14576030.17
WETZEL SA MWET3 BZ 62051686.19 -4312427.28
WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.06
WIEST-PREF WISA4 BZ 39838113.86 -93371563.06
WIEST WISA3 BZ 39838113.86 -93371563.06
SCHLOSSER SCLO3 BZ 10007791.94 -53599536.49
TEXTEIS RENAU-RT TXRX2 BZ 43112153.13 -64315032.24
TRESSEM PART SA 1TSSON BZ 852266425.01 -110184832.63
VARIG PART EM SE VPSC3 BZ 101177852.25 -318442006.32
TEXTEIS RENAUX RENXON BZ 43112153.13 -64315032.24
AZEVEDO E TRAVAS AZEVON BZ 47860887.41 -4389906.4
VARIG SA VARGON BZ 966298025.55 -4695211316.33
BUETTNER SA-PRF BUETPN BZ 74895906.51 -28401073.82
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290425.77
VARIG PART EM-PR VPSC4 BZ 101177852.25 -318442006.32
TELEBRAS-BLOCK TELB30 BZ 185536520.68 -1054841.44
TELEBRAS SA-RT TELB9 BZ 185536520.68 -1054841.44
TELEBRAS-ADR TBRAY GR 185536520.68 -1054841.44
TELEBRAS SA-PREF TELB4 BZ 185536520.68 -1054841.44
RIOSULENSE SA-PR RSULPN BZ 50548850.21 -5456867.48
TELEBRAS-ADR TBX GR 185536520.68 -1054841.44
TELEBRAS-ADR TBH US 185536520.68 -1054841.44
TELEBRAS-ADR RTB US 185536520.68 -1054841.44
TELEBRAS-PF RCPT TLBRUP BZ 185536520.68 -1054841.44
BUETTNER-PREF BUET4 BZ 74895906.51 -28401073.82
CTM CITRUS-PREF CTMPN BZ 38740523.05 -671039.81
TEKA-PREF TEKAPN BZ 189819518.01 -244265715.17
TEKA-ADR TKTQY US 189819518.01 -244265715.17
TEKA-ADR TKTPY US 189819518.01 -244265715.17
TELEBRAS-PF RCPT TBAPF US 185536520.68 -1054841.44
TELEBRAS SA TBASF US 185536520.68 -1054841.44
TEKA-PREF TEKA4 BZ 189819518.01 -244265715.17
TEKA-PREF TKTPF US 189819518.01 -244265715.17
WIEST SA WISAON BZ 39838113.86 -93371563.06
TELEBRAS-CM RCPT TELE31 BZ 185536520.68 -1054841.44
CTM CITRUS-COM R CTPC1 BZ 38740523.05 -671039.81
TELEBRAS-PF RCPT RCTB40 BZ 185536520.68 -1054841.44
TELEBRAS-CM RCPT RCTB32 BZ 185536520.68 -1054841.44
TELEBRAS-PF RCPT CBRZF US 185536520.68 -1054841.44
MINUPAR-PREF MNPR4 BZ 77985985.08 -17398607.53
TELEBRAS-COM RT TELB1 BZ 185536520.68 -1054841.44
TELEBRAS-PF BLCK TELB40 BZ 185536520.68 -1054841.44
TELEBRAS-ADR TBAPY US 185536520.68 -1054841.44
TELEBRAS-CED C/E RCT4C AR 185536520.68 -1054841.44
TELEBRAS-CEDE BL RCT4B AR 185536520.68 -1054841.44
TELEBRAS SA TELB3 BZ 185536520.68 -1054841.44
TELEBRAS-CED C/E TEL4C AR 185536520.68 -1054841.44
TELEBRAS-CEDEA $ RCT4D AR 185536520.68 -1054841.44
TELEBRAS-CEDEA $ TEL4D AR 185536520.68 -1054841.44
GAZOLA GAZO3 BZ 15610576.83 -42175190.26
TELEBRAS-CEDE PF TELB4 AR 185536520.68 -1054841.44
DOC IMBITUBA IMBI3 BZ 89702642.66 -11135784.06
CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.21
CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.21
CHIARELLI SA CCHON BZ 22274026.77 -44537138.21
DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.86
RENAUXVIEW SA-PF TXRX4 BZ 43112153.13 -64315032.24
CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.54
GAZOLA SA-PREF GAZPN BZ 15610576.83 -42175190.26
GAZOLA-RCPTS CMN GAZO9 BZ 15610576.83 -42175190.26
TEKA TEKAON BZ 189819518.01 -244265715.17
CONST A LIND-PRF CALI4 BZ 14038885.98 -11543314.46
CAFE BRASILIA-PR CSBRPN BZ 15788426.91 -516549819.64
CAF BRASILIA CAFE3 BZ 15788426.91 -516549819.64
CAF BRASILIA-PRF CAFE4 BZ 15788426.91 -516549819.64
BOTUCATU-PREF STRP4 BZ 25771113.88 -6735922.24
CAMBUCI SA-PREF CXDOF US 77853098.43 -18690214.78
CAMBUCI SA CAMBON BZ 77853098.43 -18690214.78
PETRO MANGUINHOS MANGON BZ 67915860.11 -166793076.45
CTM CITRUS- PR R CTPC2 BZ 38740523.05 -671039.81
TEKA-ADR TEKAY US 189819518.01 -244265715.17
FERRAGENS HAGA HAGAON BZ 11324601.97 -49777521.75
TELEBRAS-ADR TBASY US 185536520.68 -1054841.44
TELEBRAS-CM RCPT RCTB30 BZ 185536520.68 -1054841.44
CTM CITRUS-RCT P CTPC10 BZ 38740523.05 -671039.81
D H B DHBI3 BZ 89461115.57 -284716721.06
FER C ATL-RCT CM VSPT9 BZ 1050516250.26 -47197918.4
CTM CITRUS-RCT P CTP6 BZ 38740523.05 -671039.81
GAZOLA SA-DVD PF GAZO12 BZ 15610576.83 -42175190.26
DOCAS SA DOCAON BZ 88417960.92 -18059127.86
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290425.77
CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.54
FABRICA RENAUX-P FRNXPN BZ 53485265.61 -31264773.12
ACO ALTONA EALT3 BZ 72616112.37 -8863784.58
CTM CITRUS SA CTMON BZ 38740523.05 -671039.81
CONST A LIND-PRF LINDPN BZ 14038885.98 -11543314.46
CAFE BRASILIA SA CSBRON BZ 15788426.91 -516549819.64
ARTHUR LANG-RC P ARLA10 BZ 21333792.82 -16295577.05
CAMBUCI SA-PREF CAMBPN BZ 77853098.43 -18690214.78
ARTHUR LANGE SA ALICON BZ 21333792.82 -16295577.05
ARTHUR LANG-RT C ARLA1 BZ 21333792.82 -16295577.05
ARTHUR LANG-RT P ARLA2 BZ 21333792.82 -16295577.05
AZEVEDO E TRA-PR AZEVPN BZ 47860887.41 -4389906.4
TEXTEIS RENAUX RENXPN BZ 43112153.13 -64315032.24
ARTHUR LANGE-PRF ARLA4 BZ 21333792.82 -16295577.05
ARTHUR LANGE-PRF ALICPN BZ 21333792.82 -16295577.05
CONST A LINDEN CALI3 BZ 14038885.98 -11543314.46
ACO ALTONA-PREF EAAPN BZ 72616112.37 -8863784.58
DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.86
BOMBRIL-RGTS PRE BOBR2 BZ 202399273.95 -205733462.83
TELEBRAS-CEDE PF RCTB4 AR 185536520.68 -1054841.44
ARTHUR LAN-DVD P ARLA12 BZ 21333792.82 -16295577.05
SANSUY SA-PREF A SNSYAN BZ 100279114.92 -45812488.77
ALL MALHA PAULIS GASC3B BZ 656500097.92 -450029899.55
ARTHUR LAN-DVD C ARLA11 BZ 21333792.82 -16295577.05
TELEBRAS-RECEIPT TLBRUO BZ 185536520.68 -1054841.44
ARTHUR LANGE ARLA3 BZ 21333792.82 -16295577.05
SCHLOSSER SA SCHON BZ 10007791.94 -53599536.49
BOMBRIL-RIGHTS BOBR1 BZ 202399273.95 -205733462.83
BOTUCATU TEXTIL STRP3 BZ 25771113.88 -6735922.24
BUETTNER SA-RT P BUET2 BZ 74895906.51 -28401073.82
TEXTEIS RENAU-RT TXRX1 BZ 43112153.13 -64315032.24
BUETTNER SA BUETON BZ 74895906.51 -28401073.82
VARIG SA-PREF VARGPN BZ 966298025.55 -4695211316.33
AZEVEDO-PREF AZEV4 BZ 47860887.41 -4389906.4
BOMBRIL BMBBF US 202399273.95 -205733462.83
BOMBRIL CIRIO SA BOBRON BZ 202399273.95 -205733462.83
PARQUE TEM-RT CM PQTM1 BZ 58692385.42 -188832203.73
BOMBRIL BOBR3 BZ 202399273.95 -205733462.83
BOMBRIL SA-ADR BMBPY US 202399273.95 -205733462.83
BOMBRIL-PREF BOBR4 BZ 202399273.95 -205733462.83
STAROUP SA-PREF STARPN BZ 25771113.88 -6735922.24
MARAMBAIA-PREF CTMMF US 38740523.05 -671039.81
MMX MINERACAO TRES3 BZ 852266425.01 -110184832.63
D H B-PREF DHBI4 BZ 89461115.57 -284716721.06
HAGA HAGA3 BZ 11324601.97 -49777521.75
HOPI HARI-PREF PQTM4 BZ 58692385.42 -188832203.73
ARTHUR LANG-RC C ARLA9 BZ 21333792.82 -16295577.05
MMX MINERACAO MMXCF US 852266425.01 -110184832.63
TEKA TEKA3 BZ 189819518.01 -244265715.17
MARAMBAIA CTPC3 BZ 38740523.05 -671039.81
GASCOIGNE EMP-PF GASC4B BZ 656500097.92 -450029899.55
ACO ALTONA-PREF EALT4 BZ 72616112.37 -8863784.58
GAZOLA SA GAZON BZ 15610576.83 -42175190.26
GASCOIGNE EMP-PF GASC4 BZ 656500097.92 -450029899.55
GASCOIGNE EMPREE 1GASON BZ 656500097.92 -450029899.55
GAZOLA-PREF GAZO4 BZ 15610576.83 -42175190.26
GAZOLA-RCPT PREF GAZO10 BZ 15610576.83 -42175190.26
GAZOLA SA-DVD CM GAZO11 BZ 15610576.83 -42175190.26
TECTOY SA-PREF TOYBPN BZ 20577415.71 -7950050.37
RIMET-PREF REEMPN BZ 80030147.28 -124398873.4
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21
WETZEL SA MWELON BZ 62051686.19 -4312427.28
NORDON MET-RTS NORD1 BZ 15650782.44 -14576030.17
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21
RENAUXVIEW SA TXRX3 BZ 43112153.13 -64315032.24
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21
HOPI HARI SA PQTM3 BZ 58692385.42 -188832203.73
MINUPAR SA-PREF MNPRPN BZ 77985985.08 -17398607.53
TELEBRAS-PF RCPT RCTB41 BZ 185536520.68 -1054841.44
MINUPAR MNPR3 BZ 77985985.08 -17398607.53
MINUPAR SA MNPRON BZ 77985985.08 -17398607.53
MMX MINERACA-GDR MMXMY US 852266425.01 -110184832.63
MMX MINERACAO MMXM3 BZ 852266425.01 -110184832.63
MMX MINERACA-GDR XMM CN 852266425.01 -110184832.63
MMX MINERACA-GDR 3M11 GR 852266425.01 -110184832.63
BOMBRIL SA-ADR BMBBY US 202399273.95 -205733462.83
DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.86
ESTRELA SA ESTR3 BZ 50541924.7 -43741941.51
DOCAS IMBITUBA IMBION BZ 89702642.66 -11135784.06
TELEBRAS SA TLBRON BZ 185536520.68 -1054841.44
ESTRELA SA ESTRON BZ 50541924.7 -43741941.51
FABRICA RENAUX FRNXON BZ 53485265.61 -31264773.12
FABRICA RENAUX FTRX3 BZ 53485265.61 -31264773.12
FABRICA RENAUX-P FTRX4 BZ 53485265.61 -31264773.12
STAROUP SA STARON BZ 25771113.88 -6735922.24
DOC IMBITUB-PREF IMBI4 BZ 89702642.66 -11135784.06
CAMBUCI SA-PREF CAMB4 BZ 77853098.43 -18690214.78
DHB IND E COM DHBON BZ 89461115.57 -284716721.06
DHB IND E COM-PR DHBPN BZ 89461115.57 -284716721.06
DOC IMBITUBA-RTC IMBI1 BZ 89702642.66 -11135784.06
PARQUE TEM-RT PF PQTM2 BZ 58692385.42 -188832203.73
DOCAS IMBITUB-PR IMBIPN BZ 89702642.66 -11135784.06
DOC IMBITUBA-RTP IMBI2 BZ 89702642.66 -11135784.06
CTM CITRUS-RCT C CTPC9 BZ 38740523.05 -671039.81
FER HAGA-PREF HAGA4 BZ 11324601.97 -49777521.75
FER C ATLANT-PRF VSPT4 BZ 1050516250.26 -47197918.4
FER C ATLANT VSPT3 BZ 1050516250.26 -47197918.4
WETZEL SA-PREF MWELPN BZ 62051686.19 -4312427.28
FERROVIA CEN-DVD VSPT11 BZ 1050516250.26 -47197918.4
TECTOY-RCT ORD TOYB9 BZ 20577415.71 -7950050.37
FERRAGENS HAGA-P HAGAPN BZ 11324601.97 -49777521.75
ACO ALTONA SA EAAON BZ 72616112.37 -8863784.58
FABRICA TECID-RT FTRX1 BZ 53485265.61 -31264773.12
TEC TOY SA-PREF TOYDF US 20577415.71 -7950050.37
CONST A LINDEN LINDON BZ 14038885.98 -11543314.46
DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.86
CTM CITRUS-RCT C CTP5 BZ 38740523.05 -671039.81
COLOMBIA
TELEX-A TELEXA CI 344183089.19 -23898527.41
TELEX-RTS TELEXO CI 344183089.19 -23898527.41
CHILESAT CORP SA TELEX CI 344183089.19 -23898527.41
CHILESAT CO-RTS CHISATOS CI 344183089.19 -23898527.41
CHILESAT CO-ADR TL US 344183089.19 -23898527.41
TELMEX CORP SA CHILESAT CI 344183089.19 -23898527.41
TELMEX CORP-ADR CSAOY US 344183089.19 -23898527.41
N.A. TOYB1 BZ 20577415.71 -7950050.37
***********
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 * * *