/raid1/www/Hosts/bankrupt/TCRLA_Public/091012.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, October 12, 2009, Vol. 10, No. 201
Headlines
A R G E N T I N A
ARGENTINA SERVICIOS: Asks for Preventive Contest
FELICIDAD SA: Creditors' Proofs of Debt Due on December 28
HF PESOS: Moody's Upgrades Bond Fund Rating to 'B1' From 'B2'
JARDIN COMPUTACION: Creditors' Proofs of Debt Due on November 12
NUEVO CLUB: Creditors' Proofs of Debt Due on December 4
B E R M U D A
CENTRAL EUROPEAN: To Release Third Quarter Results on October 27
B R A Z I L
BANCO SANTANDER (BRASIL): Abu Dhabi Invests US$328MM in Firm
JBS SA: Plans to Expand in Eastern Europe
GOL LINHAS: Prices Global Shares Offering
ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on US$300 Mil. Notes
JAMAICA PUBLIC SERVICE: Exporters Complain on Rate Increase
TAM SA: David Barioni Neto Resigns as Company Chairman
C A Y M A N I S L A N D S
ACM ACTIVE: Shareholders' Final Meeting Set for October 21
ACM ACTIVE: Shareholders' Final Meeting Set for October 21
ACM US: Shareholders' Final Meeting Set for October 21
ACM YEN: Shareholders' Final Meeting Set for October 21
ANGLIAN SELECT: Shareholders' Final Meeting Set for October 22
BLACK TOWER: Shareholders' Final Meeting Set for October 22
BLACK TOWER: Shareholders' Final Meeting Set for October 22
BLUE RIDGE: Shareholders' Final Meeting Set for October 21
COEFFICIENT RATES: Shareholders' Final Meeting Set for October 14
INQUAM BROADBAND: Shareholders' Final Meeting Set for October 22
LEEWARD OFFSHORE: Shareholders' Final Meeting Set for October 28
PB CAPITAL: Shareholders' Final Meeting Set for October 22
PB CAPITAL: Shareholders' Final Meeting Set for October 22
PHOENIX JAPAN: Shareholders' Final Meeting Set for October 22
PHOENIX JAPAN: Shareholders' Final Meeting Set for October 22
SCIELE PHARMA: Shareholders' Final Meeting Set for October 22
SP CAYMAN: Shareholders' Final Meeting Set for October 22
ST LTD: Shareholders' Final Meeting Set for October 22
STANDISH MELLON: Shareholders' Final Meeting Set for October 14
THAMES RIVER: Shareholders' Final Meeting Set for October 23
J A M A I C A
AIR JAMAICA: Mgt. & Union Makes Progress on Layoff Negotiations
CABLE & WIRELESS: LIME Spends JM$35MM to Replace Stolen Lines
JAMAICA PUBLIC SERVICE: Removes 1,250 Illegal Connections
M E X I C O
AXTEL SAB: To Cancel Reporting Obligations with U.S. Agency
CEMEX SAB: S&P Raises Long-Term Corporate Credit Rating to 'B'
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Withdraws From Vietnam Refinery Project
PETROLEOS DE VENEZUELA: Pays US$7 Billion to Suppliers
* VENEZUELA: 2010 Budget to be About VEB180 Billion
* VENEZUELA: Plans New Bond Issues Before Year Ends
X X X X X X X X
BOND PRICING: For the Week October 5 to October 9, 2009
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA SERVICIOS: Asks for Preventive Contest
------------------------------------------------
Argentina Servicios SRL asked for the preventive contest by
cessation of payments.
FELICIDAD SA: Creditors' Proofs of Debt Due on December 28
----------------------------------------------------------
Mirta Alicia Hernandez, the court-appointed trustee for Felicidad
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 28, 2009.
Ms. Hernandez will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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.
The Trustee can be reached at:
Mirta Alicia Hernandez
Viamonte 658
Argentina
HF PESOS: Moody's Upgrades Bond Fund Rating to 'B1' From 'B2'
-------------------------------------------------------------
Moody's Latin America has upgraded the bond fund rating of HF
Pesos Plus FCI to B1 from B2, in light of the fund's improved
credit quality and its more conservative investment strategy. The
fund's national scale rating was upgraded to Aa2.ar from Aa3.ar.
Moody's also assigns a market risk rating of MR3 to the fund,
reflecting its moderate sensitivity to changing interest rates and
other market conditions.
"At inception, the HF Pesos Plus fund sought to achieve its
investment objective by investing in asset-backed securities as
well as Central Bank Notes," says Carlos Martin de Nevares, a
Moody's AVP-Analyst in the Managed Funds team and lead analyst of
the fund. "However, the investment adviser has since revised the
fund's strategy and adopted a more conservative posture, and the
fund's exposure to asset-backed securities has duly fallen, from
40% of assets under management a year ago to less than 5%."
Currently, the fund is principally invested in Central Bank Notes
and shares from local Variable Net Asset Value Money Market Funds.
The change in investment strategy has enhanced its overall credit
quality.
Moody's also assigns a market risk rating of MR3 to HF Pesos Plus.
Although the volatility of its net asset value has been low in the
past, the fund exhibits some shareholder concentration. Some of
these shareholders are related to the fund sponsor, which improves
the investment manager's ability to predict cash flows and reduces
the likelihood of unexpected redemptions. However, if one or more
major shareholder redeems its shares unexpectedly, the fund could
be forced to sell illiquid assets, such as corporate bonds or
asset-backed securities, resulting in additional volatility.
Funds rated MR3 exhibit a moderate sensitivity to changes in
interest rate and other market conditions.
Moody's last rating action on HF Pesos Plus was implemented on 23
May 2006, when the fund was rated for the first time.
Moody's money market and bond fund ratings are opinions of the
investment quality of shares in mutual funds and similar
investment vehicles that principally invest in short-term and
long-term fixed-income obligations, respectively. As such, these
ratings incorporate Moody's analysis of a fund's published
investment objectives and policies, the creditworthiness of the
assets it holds, and its management characteristics.
National scale ratings are opinions of the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets.
Moody's market risk ratings are opinions of the relative degree of
volatility of a rated fund's net asset value. In forming an
opinion on the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on its net asset
value, such as interest rate risk, prepayment and extension risk,
liquidity and concentration risk, currency risk and derivatives
risk. The ratings are not intended to consider the prospective
performance of a fund with respect to price, appreciation or
yield.
JARDIN COMPUTACION: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------------
Andrea Lemos, the court-appointed trustee for Jardin Computacion
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 12, 2009.
Ms. Lemos will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, 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.
The Trustee can be reached at:
Andrea Lemos
Libertad 293
Argentina
NUEVO CLUB: Creditors' Proofs of Debt Due on December 4
-------------------------------------------------------
Pablo Melaragni, the court-appointed trustee for Nuevo Club Buenos
Aires SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until December 4, 2009.
Mr. Melaragni will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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.
Creditors will vote to ratify the completed settlement plan
during the assembly on September 16, 2010.
The Trustee can be reached at:
Pablo Melaragni
Marcelo Torcuato de Alvear 883
Argentina
=============
B E R M U D A
=============
CENTRAL EUROPEAN: To Release Third Quarter Results on October 27
----------------------------------------------------------------
Central European Media Enterprises Limited will host a
teleconference to discuss its third quarter 2009 results on
Tuesday, October 27, 2009.
The company will also webcast presentations made during its
Investor Day to be held in Prague, Czech Republic, on October 15,
2009. A live video webcast and presentation slides will be
available on CME's Web site http://www.cetv-net.com/beginning at
7 a.m.
Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- operates TV channels in Central
and Eastern Europe.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative. S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014. In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.
===========
B R A Z I L
===========
BANCO SANTANDER (BRASIL): Abu Dhabi Invests US$328MM in Firm
------------------------------------------------------------
Camilla Hall at Bloomberg News reports that Abu Dhabi fund Aabar
Investments PJSC, the biggest shareholder in Daimler AG, invested
US$328 million in Banco Santander (Brasil) SA by buying shares in
its initial public offering.
According to the report, Aabar bought American depositary shares
issued by the Banco Santander (Brasil). “We hope to continue to
strengthen and develop the existing relationship we have with
Banco Santander and look forward to working with them in the
future,” Aabar Chairman Khadem Al Qubaisi said in the statement
obtained by the news agency.
Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.
* * *
As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.
JBS SA: Plans to Expand in Eastern Europe
-----------------------------------------
JBS SA has confirmed that it is planning to start expansion in the
Eastern European and Russian markets in the near future, Evegen
Vorotnikov at Meat International report, citing Russian press.
According to the report, the company seeks to compete with the
largest U.S. meat-processing companies, including Tyson Foods, at
the booming market of Eastern Europe. The report relates that in
addition to Eastern European plans, JBS SA is also planning to
expand its operations in the Middle East region, primarily by
increasing the supply of branded beef.
The report notes that the expansion in the Middle East, according
to most analysts, is even more preferable, given the difficult
situation that affects the largest Eastern European importers of
meat and especially Russia and Ukraine which due to the financial
crisis were forced to refuse from buying expensive imported meat.
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 reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.
GOL LINHAS: Prices Global Shares Offering
-----------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
disclose that its global offering of 38,005,000 preferred shares,
including preferred shares in the form of American depositary
shares, by the Company and ASAS Investment Fund, the company's
controlling shareholder, was priced on October 8, 2009. The
offering of preferred shares in Brazil has been registered with
the Comissao de Valores Mobiliarios, the Brazilian securities
commission. ASAS Investment Fund will invest the entirety of the
proceeds (excluding proceeds from the sale of any preferred shares
upon the exercise of the over-allotment option) received from the
sale of preferred shares in common shares newly issued by the
company. ASAS Investment Fund has granted the international and
Brazilian underwriters an option to purchase up to 5,182,500
additional preferred shares, including preferred shares in the
form of ADSs.
The ADSs were offered to the public at a price of US$9.48 per ADS,
and the preferred shares were offered to the public at a price of
R$16.50 per preferred share. Upon pricing, the transaction was
upsized by 10% from 34,550,000 preferred shares to 38,005,000
preferred shares.
The company intends to use the net proceeds of roughly US$346.6
million from the global offering and the concurrent subscription
of common shares by ASAS Investment Fund, primarily for general
corporate purposes and to strengthen its cash position and balance
sheet.
The international offering is being led by BofA Merrill Lynch,
Banco Itau BBA, Morgan Stanley and Bradesco BBI, as joint
bookrunners. Calyon Securities(USA) Inc., Citi and Raymond James
are acting as placement agents outside Brazil. BB Securities
Limited is acting as placement agent outside Brazil and the United
States.
A registration statement relating to the offering of the
securities has been declared effective by the Securities and
Exchange Commission. The announcement shall not constitute an
offer to sell or the solicitation of an offer to buy, nor will
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such state. Any offer of the securities shall be made solely by
means of the prospectus issued with respect to the offering.
When available, copies of the final prospectus may be obtained by
contacting BofA Merrill Lynch, 4 World Financial Center, New York,
NY 10080.
Prospectus Department
(collect call 1-212-449-1000);
Itau USA Securities, Inc.
540 Madison, 23rd Floor,
New York, NY 10022,
Prospectus Department//Renata Comeaux
(collect call 1-212-710-6756);
Morgan Stanley & Co. Incorporated,
180 Varick Street, 2nd Floor, New York,
New York 10014,
Prospectus Department
(toll free 1-866-718-1649,
prospectus@morganstanley.com);
Bradesco Securities Inc.
126 East 56th Street,
9th Floor, New York,
NY 10022
Prospectus Department
(collect call 1-212-888-9142).
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 reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:
-- Foreign and Local Currency long-term Issuer Default Ratings
at 'B+';
-- Long-term National Rating at 'BBB(bra)';
-- US$200 million perpetual notes at 'B/RR5';
-- US$200 million senior notes due 2017 at 'B/RR5'.
ODEBRECHT FINANCE: S&P Assigns 'BB' Rating on US$300 Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' rating to the proposed US$300 million senior unsecured notes
issuance by Odebrecht Finance Ltd. due September 2020. The notes
are unconditionally and irrevocably guaranteed by Brazil-based
heavy engineering and construction company, Construtora Norberto
Odebrecht S.A. (BB/Stable/--). OFL is a wholly owned subsidiary
of CNO's parent company, Odebrecht S.A. (brAA-/Stable/--).
"We expect the proceeds of the notes to support the Odebrecht
Group's general corporate purposes, such as the additional equity
investments made by Odebrecht S.A. in its new business segments
(including oil and gas equipment, infrastructure concessions, real
estate, environmental engineering, and sugar and ethanol
production). The notes will rank equally with CNO's other senior
unsecured indebtedness and pari passu with OFL's existing
$600 million senior unsecured notes (also guaranteed by CNO),"
said Standard & Poor's credit analyst Victor Saulytis.
The ratings on CNO reflect: the firm's exposure to the
competitive, volatile, and cyclical E&C business; some backlog
concentration in public works in economically and politically
volatile countries; and potentially more-aggressive cash flow
distribution to ODB. These risks are partly offset by CNO's
substantial and increasing project backlog, geographic and
business diversification, competent risk management, and improved
debt profile. In addition, customer advances and down-payments
temper its country risk.
JAMAICA PUBLIC SERVICE: Exporters Complain on Rate Increase
-----------------------------------------------------------
The Jamaica Exporters Association is continuing to gripe over the
recent rate increase granted to the Jamaica Public Service
Company, RadioJamaica reports.
According to the report, JEA President Micheal Lumsden has
expressed discomfort with the hike in electricity bills, noting
that the tariff adjustment will affect the ability of local
companies to do business in a cost-effective environment. "We do
wish to put on record that while JPS did not get the full increase
which it had applied for, exporters had indicated to us that they
still are not happy with any increases at this time. A
significant number of our members have indicated that this
increase will impact their ability to be competitive as they make
every effort to improve their operational efficiencies and sustain
their markets," the report quoted Mr. Lumsden as saying.
Effective October 1, the report notes that JPSCO customers started
paying between 1% and 5% more for electricity.
As reported in the Troubled Company Reporter-Latin America on
October 5, 2009, RadioJamaica said that JPSCO's tariff adjustment,
which the Office of Utilities Regulation granted, took effect at
September 30, 2009. According to the report, the company's
customers will now pay from 1% to 5% more on their monthly bills
which is far less than what the company was seeking. The report
related that under the new tariff regime, the cost of electricity
will range from 1.1% for consumers at the lowest end of the
consumption band, to a high of 5.4%.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.
TAM SA: David Barioni Neto Resigns as Company Chairman
------------------------------------------------------
TAM SA discloses that Commander David Barioni Neto resigned from
his position as the company's chairman. The current Vice-
President of Finance, Management and IT and Chief Executive
Officer of Investor Affairs, Libano Miranda Barroso, a member of
the company's Board of Directors since 2004, takes over the
position temporarily. For 17 years, Mr. Barroso has held
executive positions at large finance institutions. Mr. Barroso
has also held an executive officer position at Companhia de
Concessoes Rodoviarias for six years.
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
==========================
ACM ACTIVE: Shareholders' Final Meeting Set for October 21
----------------------------------------------------------
The shareholders of ACM Active Corporate – Class C Sub-Fund will
hold their final meeting on October 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:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KYI-1102
ACM ACTIVE: Shareholders' Final Meeting Set for October 21
----------------------------------------------------------
The shareholders of ACM Active Corporate Fund will hold their
final meeting on October 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:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KYI-1102
ACM US: Shareholders' Final Meeting Set for October 21
------------------------------------------------------
The shareholders of ACM US Credit Total Return Subfund will hold
their final meeting on October 21, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KYI-1102
ACM YEN: Shareholders' Final Meeting Set for October 21
-------------------------------------------------------
The shareholders of ACM Yen Sub-Fund will hold their final meeting
on October 21, 2009, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KYI-1102
ANGLIAN SELECT: Shareholders' Final Meeting Set for October 22
--------------------------------------------------------------
The shareholders of Anglian Select Commodities Fund Limited will
hold their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
BLACK TOWER: Shareholders' Final Meeting Set for October 22
-----------------------------------------------------------
The shareholders of Black Tower Capital Fund Limited will hold
their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
BLACK TOWER: Shareholders' Final Meeting Set for October 22
-----------------------------------------------------------
The shareholders of Black Tower Capital Feeder Fund Limited will
hold their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
BLUE RIDGE: Shareholders' Final Meeting Set for October 21
----------------------------------------------------------
The shareholders of Blue Ridge Holdings Limited will hold their
final meeting on October 21, 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:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
COEFFICIENT RATES: Shareholders' Final Meeting Set for October 14
-----------------------------------------------------------------
The shareholders of Coefficient Rates Overseas Fund, Ltd. will
hold their final meeting on October 14, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
James Desmond Mac Intyre
One Boston Place, AIM 024-0293
Boston, MA 02108-4408, U.S.A.
INQUAM BROADBAND: Shareholders' Final Meeting Set for October 22
----------------------------------------------------------------
The shareholders of Inquam Broadband Holding Limited will hold
their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
LEEWARD OFFSHORE: Shareholders' Final Meeting Set for October 28
----------------------------------------------------------------
The shareholders of Leeward Offshore Canadian Income Fund will
hold their final meeting on October 28, 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:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KYI-1102
PB CAPITAL: Shareholders' Final Meeting Set for October 22
----------------------------------------------------------
The shareholders of PB Capital Corporation will hold their final
meeting on October 22, 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
PB CAPITAL: Shareholders' Final Meeting Set for October 22
----------------------------------------------------------
The shareholders of PB Capital Corporation 2002-1 will hold their
final meeting on October 22, 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
PHOENIX JAPAN: Shareholders' Final Meeting Set for October 22
-------------------------------------------------------------
The shareholders of Phoenix Japan Master Fund Limited will hold
their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
PHOENIX JAPAN: Shareholders' Final Meeting Set for October 22
-------------------------------------------------------------
The shareholders of Phoenix Japan Feeder Fund Limited will hold
their final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
SCIELE PHARMA: Shareholders' Final Meeting Set for October 22
-------------------------------------------------------------
The shareholders of Sciele Pharma Cayman Ltd. will hold their
final meeting on October 22, 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:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
SP CAYMAN: Shareholders' Final Meeting Set for October 22
---------------------------------------------------------
The shareholders of SP Cayman Ltd. will hold their final meeting
on October 22, 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:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102, Cayman Islands
ST LTD: Shareholders' Final Meeting Set for October 22
------------------------------------------------------
The shareholders of St Ltd. will hold their final meeting on
October 22, 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: Shareholders' Final Meeting Set for October 14
---------------------------------------------------------------
The shareholders of Standish Mellon Amplified Alpha Overseas Fund,
Ltd. will hold their final meeting on October 14, 2009, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
James Desmond Mac Intyre
One Boston Place, AIM 024-0293
Boston, MA 02108-4408, U.S.A.
THAMES RIVER: Shareholders' Final Meeting Set for October 23
------------------------------------------------------------
The shareholders of Thames River Argentum Fund Limited will hold
their final meeting on October 23, 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:
Ian Stokoe
c/o Jodi Jones
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914-8694
Facsimile: (345) 945-4237
=============
J A M A I C A
=============
AIR JAMAICA: Mgt. & Union Makes Progress on Layoff Negotiations
---------------------------------------------------------------
Air Jamaica Limited has made progress in its talks with trade
unions aimed at ironing out issues which stalled job cuts at the
national airline, RadioJamaica reports.
As reported in the Troubled Company Reporter-Latin America on
October 6, 2009, RadioJamaica said the Bustamante Industrial Trade
Union is crying foul over what it says are discrepancies in the
criteria being used to identity workers who will be laid off.
According to the report, Kavon Gayle, BITU President-General, said
that the process lacks transparency as it appears that management
personnel at Air Jamaica have been excluded from the staff cuts.
According to RadioJamaica, Mr. Gayle said that Air Jamaica
executives have admitted that a manpower audit should have been
carried out before the job cuts started.
"We have indicated to them that the company requires the manpower
audit to be done to determine the requisite resources to
effectively service the operation," the report quoted Mr. Gayle as
saying. "They have indicated that this should be done, a question
of if they will do it is another issue but we have indicated that
it should have been done before leading to this exercise if you
are going to lay off workers," Mr. Gayle added.
RadioJamaica notes that 380 workers are expected to be affected by
the latest round of job cuts at the cash strapped airline.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government owned 25% of the company after it went private
in 1994. However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'. The outlook is negative. The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).
CABLE & WIRELESS: LIME Spends JM$35MM to Replace Stolen Lines
-------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has spent more than JM$35 million in the last five
months to replace stolen cables, RadioJamaica reports.
According to the report, LIME said that customers in several
communities have been left without service as thieves vandalize
and pilfer the company's cables to reap copper presumably to sell
to scrap metal dealers. The report notes that for the May to
September period, 49 incidents of cable theft occurred affecting
customers in St. Ann, St. Catherine, St. Mary, St. James and St.
Thomas.
LIME, the report points out, said that for more than a year, it
has enjoyed a respite from cable theft that plagued the company
throughout 2007. That year, the company spent approximately US$2
million US replacing stolen cables, the report says.
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 PUBLIC SERVICE: Removes 1,250 Illegal Connections
---------------------------------------------------------
Jamaica Public Service Company Limited's operation with the police
led to the removal of 1,250 illegal connections from properties in
Gordon Pen and Portmore in St. Catherine; and the arrest of three
persons, RadioJamaica reports. The report relates that during the
operation, 65 meters of illegal wires were removed representing
about $6 million in outstanding balances.
According to the report, the company move is one in a range of
initiatives which JPSCO has implemented as a part of its loss
reduction campaign. The report relates that other efforts include
ongoing meter audits and inspections, the installation of a theft-
resistant network, and the introduction of an Advanced Metering
Infrastructure which automatically detects illegal connections.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.
===========
M E X I C O
===========
AXTEL SAB: To Cancel Reporting Obligations with U.S. Agency
-----------------------------------------------------------
Axtel, S.A.B. de C.V. disclosed that pursuant to its successful
cash tender offer and solicitation of consents for any and all of
its outstanding 11% Senior Unsecured Notes due 2013, it intends to
voluntarily terminate its reporting obligations under Section
15(d) of the Securities Exchange Act of 1934, as amended, in the
United States, with respect to its 11% Senior Unsecured Notes due
2013.
Pursuant to Rule 12h-6 under the Exchange Act, the Securities and
Exchange Commission permits a foreign private issuer to terminate
its reporting obligations under Section 15(d) of the Exchange Act
with respect to a class of securities. The company has filed a
Form 15F with the Commission to terminate its reporting
obligations with respect to the 2013 Notes. The termination will
become effective 90 days after the filing, unless the Form 15F is
earlier withdrawn by the Company or denied by the Commission.
Despite the termination of its reporting obligations under the
Commission, the Company will continue to comply with all reporting
requirements under securities laws applicable to publicly listed
companies in Mexico, and the indentures governing the Company's 7-
5/8% Senior Unsecured Notes due 2017 and 9% Senior Unsecured Notes
due 2019, respectively.
About Axtel
Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a
Mexican telecommunications company that provides local and long
distance telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities. The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017. It also affirmed its 'BB-'
long-term corporate credit rating on Axtel. S&P said the
outlook is negative.
As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.
CEMEX SAB: S&P Raises Long-Term Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit and senior unsecured debt ratings on Cemex
S.A.B. de C.V. and its key operating subsidiaries (Cemex España
S.A., Cemex México S.A. de C.V., and Cemex Inc.) to 'B' from 'B-'
and removed them from CreditWatch Positive where they were placed
Aug. 27, 2009. S&P also raised its long-term national scale
corporate credit and senior unsecured debt ratings on Cemex to
'mxBB+' from 'mxBB'. At the same time, S&P raised its rating on
Cemex's fixed-to-floating callable perpetual debentures to 'B-'
from 'CCC'. The outlook on all ratings is positive.
"The upgrade reflects better inflow than S&P expected from Cemex's
equity issuance and Australian asset disposal, providing
additional flexibility and liquidity to face financial needs
during the next two years," said Standard & Poor's credit analyst
Juan Pablo Becerra. Under Cemex's new amortization schedule
following the recent comprehensive bank refinancing, equity
issuance, and Australian asset disposal, the company will not face
any significant maturity until December 2011. S&P believes that
the company's own cash flow generation will cover the remaining
debt maturing during the next two years.
As a result of these developments, S&P also believes that the risk
of payment deferral on the company's perpetual notes has decreased
significantly. This is reflected in the tightening of the gap
between the perpetual debentures and the corporate and senior
unsecured ratings.
S&P assigned a recovery rating of '3' to Cemex's EUR900 million
4.75% notes due in 2014 and Rinker $150 million 7.7% notes due in
2025. The recovery rating of '3' indicates that lenders can
expect a meaningful (50%-70%) recovery in the event of a payment
default.
The current rating reflects S&P's expectation that Cemex will
generate free operating cash flow of around $700 million and a
funds from operations-to-adjusted net debt ratio of 9% in 2009
(excluding the Australian operations divestiture). S&P lowered
its estimates on FOCF in light of lower foreign-exchange rates and
volumes; however, S&P expects improvements in volumes and
operating cash-flow generation during 2010 due to the expected
better global economic environment. In 2010, S&P expects the
company to generate FOCF and a funds from operations-to-adjusted
net debt ratio of around $1.3 billion and close to 12%,
respectively.
The positive outlook reflects S&P's expectation that Cemex's key
financial ratios could improve during the next 12 months, as long
as stimulus packages take place, especially in the U.S., and other
economies improve gradually. S&P could raise the rating if the
company maintains a funds from operations-to-adjusted net debt
ratio of more than 12% and a total net debt-to-EBITDA ratio of
less than 5.0x. S&P could revise the outlook to stable if the
company's key financial ratios remain at current levels.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Withdraws From Vietnam Refinery Project
---------------------------------------------------------------
Petroleos de Venezuela has withdrawn from a US$7-billion project
to build a refinery in Vietnam, Thanhnien News reports, citing
PetroVietnam Chief Executive Phung Dinh Thuc's interview with the
Lao Dong daily. According to Thanhnien News, citing Lao Dong
daily, Mr. Thuc said the withdrawal from the Long Son project was
agreed upon during his visit to Venezuela late last month.
According to the report, Mr. Thuc gave no reason for PDVSA's
withdrawal from the project in the southern province of Ba Ria
Vung Tau, which was endorsed by Venezuelan President Hugo Chavez.
The report relates Mr. Thuc said that PetroVietnam was
"proactively negotiating" with a consortium of Malaysia's
Petronas, Abu Dhabi's International Petroleum Investment Co and
oil trader Trafigura, to invest in the 200,000-bpd refinery.
The report notes PetroVietnam may invite PDVSA to participate in
another project to expand the capacity of the country's first
refinery, the 140,000-bpd Dung Quat plant, he said.
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
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: Pays US$7 Billion to Suppliers
------------------------------------------------------
Venezuelan Finance Minister Ali Rodriguez said Petroleos de
Venezuela has paid US$7 billion in payments owed to its suppliers,
a measure that could help reactivate economic activity, Darcy
Crowe and Dan Molinski at Dow Jones Newswires report.
As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Reuters said PDVSA is seeking more time to pay
US$4.4 billion in government debt, at the same time it is seeking
to restructure its obligations to service companies. The report
related company data show that PDVSA signed five Treasury
notes last year at a rate of 1.96%, due for repayment starting in
July at a rate of US$880 million per month. The report said
lower energy prices due to the global economic slump have hit
PDVSA hard. According to the report, citing company records, last
year PDVSA needed about US$5 billion in state assistance.
According to a TCRLA report on July 9, 2009, citing Reuters, PDVSA
sent a letter to a large group of service providers and vendors
demanding a discount on the money that the company owes them. The
report related PDVSA's letter, dated July 1, said the companies
must present by July 6 bills with the discount included for goods
and services provided. According to the report, several of the
companies involved are owed money for services from a year back
and some said they had already declared dividends based on what
they are owed, making it difficult to retroactively apply a
discount.
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
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'
* VENEZUELA: 2010 Budget to be About VEB180 Billion
---------------------------------------------------
Venezuelan Finance Minister Ali Rodriguez said the country's 2010
budget that's set to be announced next week will be for around
VEB180 billion, Dan Molinski at Dow Jones Newswires reports. The
report relates that in dollar terms, that's about US$84 billion
based on the official exchange rate of VEB2.15 for US$1.
According to the report, President Hugo Chavez cut that 2009
budget by about US$6 billion earlier this year to adjust for oil
prices that began falling sharply. However, the report relates,
that the government in June reversed again, approving US$6 billion
in additional outlays, which wiped out earlier cuts and allowed
for spending on things like infrastructure and social projects.
Meanwhile, Dow Jones says, Mr. Rodriguez said that the country's
2010 goal for oil production will be about 3.1 million barrels a
day.
The economy, the report recalls, suffered a 2.4% contraction in
the second quarter, the first in five years, and several analysts
expected a declining gross domestic product trend for the
following months.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'B+' to these Bolivarian Republic of Venezuela
international bonds:
-- US$2,496 million 10-year Eurobond (7.75% coupon);
-- US$2,496 million 15-year Eurobond (8.25% coupon).
* VENEZUELA: Plans New Bond Issues Before Year Ends
---------------------------------------------------
Venezuela's Finance Minister Ali Rodriguez said new bond issues
are being planned for later this year after the 'totally
successful' placement of US$5 billion dollar-denominated papers,
Andrew Cawthorne at Reuters reports.
According to the report, Mr. Rodriguez said details of amounts and
dates would be announced soon. The report relates that analysts
expect state oil company PDVSA to issue the next bond.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'B+' to these Bolivarian Republic of Venezuela
international bonds:
-- US$2,496 million 10-year Eurobond (7.75% coupon);
-- US$2,496 million 15-year Eurobond (8.25% coupon).
===============
X X X X X X X X
===============
BOND PRICING: For the Week October 5 to October 9, 2009
-------------------------------------------------------
Issuer Coupon Maturity Currency Bid Price
------- ------ -------- -------- ---------
ARGENTINA
ALTO PALERMO SA 7.88 5/11/2017 USD 74.39
ARGENT-$DIS 8.28 12/31/2033 USD 62.45
ARGENT-$DIS 8.28 12/31/2033 USD 68.16
ARGENT-PAR 1.18 12/31/2038 ARS 31.43
ARGENT-=DIS 7.82 12/31/2033 EUR 57.43
ARGNT-BOCON PR13 2 3/15/2024 ARS 60.28
ARGNT-BOCON PRE8 2 1/3/2010 ARS 15.92
AUTOPISTAS DEL S 11.5 5/23/2017 USD 40
BANCO MACRO SA 9.75 12/18/2036 USD 74.25
BANCO MACRO SA 10.75 6/7/2012 USD 65.1
BODEN 2015 7 10/3/2015 USD 73.9
BUENOS AIRE PROV 9.63 4/18/2028 USD 57.59
BUENOS AIRE PROV 9.38 9/14/2018 USD 58.56
BUENOS-$DIS 9.25 4/15/2017 USD 65.54
CIA LATINO AMER 9.75 5/10/2012 USD 73.63
INDUSTRIAS METAL 11.25 10/22/2014 USD 73.13
MASTELLONE HERMA 8 6/30/2012 USD 51.87
MENDOZA PROVINCE 5.5 9/4/2018 USD 70.29
MULTICANAL SA 7 7/20/2013 USD 73
TRANSENER 8.88 12/15/2016 USD 78.5
BRAZIL
CESP 9.75 1/15/2015 BRL 66.16
REDE EMPRESAS 11.13 #N/A N Ap USD 70.95
CAYMAN ISLAND
AIG SUNAMERICA 6.38 10/5/2020 GBP 84.71
BARION FUNDING 1.44 12/20/2056 GBP 30.74
BARION FUNDING 0.25 12/20/2056 USD 7.09
BARION FUNDING 0.25 12/20/2056 USD 7.09
BARION FUNDING 0.25 12/20/2056 USD 7.09
BARION FUNDING 0.25 12/20/2056 USD 7.09
BARION FUNDING 0.25 12/20/2056 USD 7.09
BARION FUNDING 0.1 12/20/2056 EUR 8.19
BARION FUNDING 0.25 12/20/2056 USD 7.15
BARION FUNDING 0.63 12/20/2056 GBP 17.43
BES FINANCE LTD 6.2 2/7/2035 EUR 65.36
CHINA MED TECH 4 8/15/2013 USD 65.5
CHINA PROPERTIES 9.13 5/4/2014 USD 73.38
CHINA SUNERGY 4.75 6/15/2013 USD 61.81
FERTINITRO FIN 8.29 4/1/2020 USD 65
GOL FINANCE 8.75 #N/A N Ap USD 83
LDK SOLAR CO LTD 4.75 4/15/2013 USD 71
MALACHITE FDG 0.63 12/21/2056 EUR 21.88
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.18
MAZARIN FDG LTD 0.1 9/20/2068 EUR 5.02
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.18
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.24
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.18
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.18
MAZARIN FDG LTD 0.25 9/20/2068 USD 5.18
MAZARIN FDG LTD 0.63 9/20/2068 GBP 14.4
MAZARIN FDG LTD 1.44 9/20/2068 GBP 28.2
PUBMASTER FIN 8.44 6/30/2025 GBP 71.88
PUBMASTER FIN 6.96 6/30/2028 GBP 64.61
SHINSEI FIN CAYM 6.42 #N/A N Ap USD 52.89
SHINSEI FINANCE 7.16 #N/A N Ap USD 51.56
XL CAPITAL LTD 6.5 #N/A N Ap USD 72.5
ECUADOR
REP OF ECUADOR 9.38 12/15/2015 USD 87.28
JAMAICA
JAMAICA GOVT 8.5 2/28/2036 USD 74
JAMAICA GOVT 13.38 4/27/2032 JMD 61.17
JAMAICA GOVT LRS 14.4 8/3/2027 JMD 67.64
JAMAICA GOVT LRS 15.5 3/24/2028 JMD 70.88
JAMAICA GOVT LRS 15 8/30/2032 JMD 70.44
JAMAICA GOVT LRS 16.25 7/26/2032 JMD 74.28
JAMAICA GOVT LRS 16 12/6/2032 JMD 73.11
JAMAICA GOVT LRS 15 9/6/2032 JMD 65.21
JAMAICA GOVT LRS 14 6/30/2021 JMD 69.28
JAMAICA GOVT LRS 15 11/15/2021 JMD 73.06
JAMAICA GOVT LRS 13.38 12/15/2021 JMD 65.49
JAMAICA GOVT LRS 12.85 5/31/2022 JMD 62.17
JAMAICA GOVT LRS 12.75 6/29/2022 JMD 61.55
JAMAICA GOVT LRS 12.75 6/29/2022 JMD 61.56
JAMAICA GOVT LRS 13.58 12/15/2026 JMD 62.05
JAMAICA GOVT LRS 16.25 5/22/2027 JMD 74.31
JAMAICA GOVT LRS 16.25 6/18/2027 JMD 72.67
PUERTO RICO
DORAL FINL CORP 7 4/26/2012 USD 56.88
DORAL FINL CORP 7.1 4/26/2017 USD 47.63
DORAL FINL CORP 7.15 4/26/2022 USD 40.63
DORAL FINL CORP 7.65 3/26/2016 USD 50.75
VENEZUELA
PETROLEOS DE VEN 5.5 4/12/2037 USD 46.56
PETROLEOS DE VEN 5.25 4/12/2017 USD 61.54
PETROLEOS DE VEN 5.38 4/12/2027 USD 47.75
VENEZUELA 7.65 4/21/2025 USD 66.12
VENEZUELA 9.25 5/7/2028 USD 75.41
VENEZUELA 7 3/31/2038 USD 59.29
VENEZUELA 9 5/7/2023 USD 74.94
VENEZUELA 6 12/9/2020 USD 60.51
VENEZUELA 5.75 2/26/2016 USD 73.44
VENEZUELA 7 3/16/2015 EUR 71.47
VENEZUELA 7 12/1/2018 USD 70.4
***********
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 * * *