/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091028.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, October 28, 2009, Vol. 10, No. 213 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Investors Seek to Block Antigua's IMF Loan A R G E N T I N A 1920-2000 SRL: Creditors' Proofs of Debt Due on December 23 ARGENTINA DE HOTELES: Asks for Preventive Contest BONMETIQUE SA: Creditors' Proofs of Debt Due on March 2 DISSA SRL: Creditors' Proofs of Debt Due on February 18 GARBER GROUP: Creditors' Proofs of Debt Due on December 30 LOMA NEGRA: S&P Says Antitrust's Penalty Won't Affect Rating NARDONE Y ASOCIADOS: Creditors' Proofs of Debt Due on February 5 NEXICOM SRL: Creditors' Proofs of Debt Due on November 16 NUTRIPAC SA: Creditors' Proofs of Debt Due on May 2 PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27 * ARGENTINA: Buenos Aires Plans Local Bond Sale as Limits Ease B E R M U D A HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9 HIGHLAND CORE: Members' Final Meeting Set for November 24 HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9 HIGHLAND CORE: Members' Final Meeting Set for November 24 B R A Z I L BANCO NACIONAL: BNDESPar to Issue at Least BRL1BB in Debentures BANCO NACIONAL: To Finance Up to 75% Per 2014 World Cup Stadium BANCO PANAMERICANO: Moody's Puts 'Ba2' Rating on US$100 Mil. Notes EMBRATEL PARTICIPACOES: Registers 3Q BRL346 Million Net Profit C A Y M A N I S L A N D S BROOKLINE AVENUE: Shareholders' Final Meeting Set for October 30 CATALYTIX LDC: Shareholders' Final Meeting Set for March 1 CORAL (CAYMAN): Shareholders' Final Meeting Set for October 30 CREF NO. 5: Shareholder to Receive Wind-Up Report on November 4 DRE CAYMAN: Shareholders' Final Meeting Set for October 30 GEMS ORIENTAL: Shareholders' Final Meeting Set for November 2 HAVEN ASIA: Shareholder to Receive Wind-Up Report on October 29 KOBIKI INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 30 LONG BEACH: Shareholders' Final Meeting Set for October 30 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 OCEANUS HOLDING: Shareholders' Final Meeting Set for October 30 PYLON LTD: Shareholder to Receive Wind-Up Report on October 29 RANMAR LTD: Shareholders' Final Meeting Set for November 16 SANNO POINT: Members' Final Meeting Set for November 19 SANNO POINT: Members' Final Meeting Set for November 19 SUNFLOWER FUNDING: Shareholders' Final Meeting Set for October 30 ZAIS INVESTMENT: Shareholders' Final Meeting Set for October 30 C O L O M B I A BANCOLOMBIA SA: Board Approves COP2 Trillion Local Bonds Sale E C U A D O R * ECUADOR: Oil-Product Export Revenue Falls 50% in Aug to US$76MM J A M A I C A JAMAICA PUBLIC SERVICE: May Incur Losses on Net Metering Adoption M E X I C O CORPORACION GEO: Posts Third Quarter 2009 Results TV AZTECA: Records Ps.2,400 Million Net Sales in Third Quarter P A N A M A GREENSTONE RESOURCES: Erin Ventures Acquires Santa Rosa Gold Mine P E R U BANCO DE CREDITO: Posts 138.0 Million Net income in Third Quarter T U R K S & C A I C O S I S L A N D S OLINT TCI: Former Owner's Court Date Set for November 3 V E N E Z U E L A PETROLEOS DE VENEZUELA: To Close Units at Puerto La Cruz Refinery PETROLEOS DE VENEZUELA: Increases Dollar Bond Sale to US$3.26BB - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Investors Seek to Block Antigua's IMF Loan ---------------------------------------------------------- Investors of Robert Allen Stanford, who is accused by U.S. prosecutors of using his bank on Antigua and Barbuda to orchestrate an alleged US$7 billion Ponzi scheme, are trying to block Antigua and Barbuda from accessing any funds from the International Monetary Fund, Caribbean360.com reports. The report relates that in the latest campaign against the island, the Stanford Victims Coalition, through lawyers from the New York firm Morgenstern & Blue LLC, has written to members of Congress to get help blocking any IMF loan. As reported in the Troubled Company Reporter-Latin America on October 22, 2009, The Dominican Today said that Antigua and Barbuda's government will seek support from IMF after agreeing the outlines of a fiscal consolidation program. According to the Dominican Republic, the country has been feeling the impact of the global economic downturn, which has reduced tourism revenues and financial remittances across the region. The reports related that the country has also suffered financial losses and job layoffs as a result of the fraud scandal surrounding Mr. Stanford. According to Caribbean360.com, the SVC wants to prevent Antigua and Barbuda from getting any money unless it takes steps to compensate those who lost their money in the fraud. "We need your assistance in stopping the government of Antigua from avoiding responsibility for its role in this fraud, and actually profiting from it," the investors said in a letter to Democratic Congressman Robert Wexler that was obtained by the news agency. The letter, the report relates, insisted the victims' losses "flow directly from Antigua's complicity in this massive fraud" and that it was "unconscionable" for the country to receive aid when there were victims of Stanford's fraud in the US who were not being compensated for their losses. About Stanford International Bank 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 ================= 1920-2000 SRL: Creditors' Proofs of Debt Due on December 23 ----------------------------------------------------------- Jorge Dagavarian, the court-appointed trustee for 1920-2000 SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 23, 2009. Mr. Dagavarian will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, 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: Jorge Dagavarian Montevideo 665 Argentina ARGENTINA DE HOTELES: Asks for Preventive Contest ------------------------------------------------- Argentina de Hoteles SA asked for preventive contest. The company stopped making payments on August 2009. BONMETIQUE SA: Creditors' Proofs of Debt Due on March 2 ------------------------------------------------------- Luciano Melegari, the court-appointed trustee for Bonmetique SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 2, 2010. Mr. Melegari will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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: Luciano Melegari Bartolome Mitre 1131 Argentina DISSA SRL: Creditors' Proofs of Debt Due on February 18 ------------------------------------------------------- Jorge Sahade, the court-appointed trustee for Dissa SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 18, 2010. Mr. Sahade will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, 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: Jorge Sahade Avenida de Mayo 1324 Argentina GARBER GROUP: Creditors' Proofs of Debt Due on December 30 ---------------------------------------------------------- Hugo Mancusi, the court-appointed trustee for Garber Group SA's reorganization proceedings, will be verifying creditors' proofs of claim until December 30, 2009. Mr. Mancusi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, 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 1, 2010. The Trustee can be reached at: Hugo Mancusi Avenida Corrientes 3169 Argentina LOMA NEGRA: S&P Says Antitrust's Penalty Won't Affect Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that the Argentine Antitrust Authority's decision to demand collection of a penalty payment of about $43 million against Loma Negra C.I.A.S.A. (B/Stable/--) in response to antitrust practices in the cement industry in Argentina does not affect the corporate credit rating on the company. Nevertheless, Loma Negra claims that legal actions continue. S&P expects the company's good cash generation, financial flexibility, and shareholder support (if needed), to mitigate the potential cash disbursements related to the penalty. In addition, the 'BB' rating on Loma Negra's $100 million notes with final maturity in 2013 is not affected given the dependence on the unconditional and irrevocable guarantee from its shareholder, Camargo Correa Cimentos S.A. (BB/Negative/--). NARDONE Y ASOCIADOS: Creditors' Proofs of Debt Due on February 5 ---------------------------------------------------------------- Jorge Sahade, the court-appointed trustee for Nardone y Asociados SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 5, 2010. Mr. Sahade will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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: Jorge Sahade Av. de Mayo 1324 Argentina NEXICOM SRL: Creditors' Proofs of Debt Due on November 16 --------------------------------------------------------- Ana Maria Lopez, the court-appointed trustee for Nexicom SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 16, 2009. Ms. Lopez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 4, 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: Ana Maria Lopez Jose Cubas 3680 Argentina NUTRIPAC SA: Creditors' Proofs of Debt Due on May 2 --------------------------------------------------- Juan Chaker, the court-appointed trustee for Nutripac SA's reorganization proceedings, will be verifying creditors' proofs of claim until May 2, 2010. Mr. Chaker will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37, 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: Juan Chaker Tte. Gral. Juan D. Peron 315 Argentina PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- Graciela Perez, the court-appointed trustee for Promoglas SA's reorganization proceedings, will be verifying creditors' proofs of claim until November 27, 2009. Ms. Perez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 19, 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 October 29. The Trustee can be reached at: Graciela Perez Arengreen 678 Argentina * ARGENTINA: Buenos Aires Plans Local Bond Sale as Limits Ease -------------------------------------------------------------- Drew Benson at Bloomberg News reports that Buenos Aires province is counting on Argentine lawmakers to lift restrictions on provincial government bond sales as it seeks to offer MXN1.2 billion (US$314.1 million) in debt by the end of the year. According to the report, Felisa Stangatti, a spokeswoman for the Buenos Aires provincial Finance Ministry, said that the province plans to sell the bonds, half of them directly to local banks, should Argentina suspend the so-called fiscal responsibility law that was imposed after swelling local deficits contributed to the nation�s US$95 billion debt default in 2001. The report notes that senators will vote soon on a bill that removes the limits for two years. Buenos Aires, Bloomberg News says, joins Cordoba among local governments planning a bond sale as deficits more than double. The report relates that Alberto Bernal, head of emerging-markets research at Bulltick Securities Corp. in Miami, said that the country�s offer to restructure US$20 billion of defaulted bonds helps clear the way for an international issue of sovereign and province debt. The total deficit of Argentina�s 23 provinces and the city of Buenos Aires may jump to 8.1 billion pesos this year from 3.4 billion pesos in 2008, according to Economia & Regiones's report obtained by the news agency. All but nine of the local governments will have a budget gap, the Economia & Regiones�s data show, Bloomberg News relates. Ms. Stangatti, Bloomberg News notes, said that Buenos Aires needs to cover spending with this year�s local bond sale. The governor�s proposed budget for 2010 calls for an authorization of up to MXN10.7 billion of debt sales next year, she added. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its local currency long-term issuer credit rating on the City of Buenos Aires. At the same time, Standard & Poor's affirmed its 'B-' foreign currency long-term issuer credit rating. The outlook on the local and foreign currency long-term issuer credit ratings is stable. ============= B E R M U D A ============= HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9 ---------------------------------------------------------- The creditors of Highland Core Distressed Fund, Ltd. are required to file their proofs of debt by November 9, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 22, 2009. The company's liquidator is: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton HM, Bermuda HIGHLAND CORE: Members' Final Meeting Set for November 24 --------------------------------------------------------- The members of Highland Core Distressed Fund, Ltd. will hold their final meeting on November 24, 2009, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 22, 2009. The company's liquidator is: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton HM, Bermuda HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9 ---------------------------------------------------------- The creditors of Highland Core Structured Products Fund, Ltd. are required to file their proofs of debt by November 9, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 22, 2009. The company's liquidator is: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton HM, Bermuda HIGHLAND CORE: Members' Final Meeting Set for November 24 --------------------------------------------------------- The members of Highland Core Structured Products Fund, Ltd. will hold their final meeting on November 24, 2009, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 22, 2009. The company's liquidator is: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton HM, Bermuda =========== B R A Z I L =========== BANCO NACIONAL: BNDESPar to Issue at Least BRL1BB in Debentures --------------------------------------------------------------- BNDESPar, the shareholding and investment arm of Banco Nacional de Desenvolvimento Economico e Social SA, is planning to raise at least BRL1 billion (US$574 million) from the issue of non- convertible debentures, Rogerio Jelmayer at Dow Jones Newswires reports, citing a BNDESPar statement. The report relates that the debentures will be issued via two series. According to the report, BB Investimento, an arm of state-run Banco do Brasil SA, was hired to coordinate the operation, which must be approved by the Brazilian Securities and Exchange Commission, the CVM. The operation, the report notes, is part of a debentures issue program worth BRL6 billion. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. BANCO NACIONAL: To Finance Up to 75% Per 2014 World Cup Stadium --------------------------------------------------------------- Fabiola Moura at Bloomberg News reports that Banco Nacional de Desenvolvimento Economico e Social SA will finance as much as BRL400 million (US$229.3 million) or 75% of the total cost of the stadiums which need to be built for the 2014 World Cup. According to the report, BNDES will charge its long term interest rate, currently at 6%, plus 1.9% per year for the loans. Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. BANCO PANAMERICANO: Moody's Puts 'Ba2' Rating on US$100 Mil. Notes ------------------------------------------------------------------ Moody's Investors Service assigned a Ba2 long-term foreign currency debt rating to Banco Panamericano S.A.'s US$200,000,000 senior unsecured notes due in 2012. The notes are being issued under the bank's existing US$500 million Medium-Term Note Program rated Ba2 by Moody's. The outlook on the rating is stable. Moody's stated that the Ba2 bond rating incorporates Panamericano's fundamental credit quality, which is reflected by its Ba2 global local-currency deposit rating, and which includes all relevant country risks. The last rating action on Panamericano was on May 23, 2008, when Moody's rated the medium term note program at Ba2, as well as the senior unsecured notes due in May 2010 issued under the program. The BFSR, GLC and NSR remained unchanged. Banco Panamericano S.A is headquartered in Sao Paulo, Brazil, and it had consolidated assets of R$ 7,262 million and equity of BRL1,505.4 million as of June 30, 2009. These ratings were assigned to Banco Panamericano's US$200 million senior unsecured notes: * Ba2 long-term foreign currency debt rating, stable outlook. EMBRATEL PARTICIPACOES: Registers 3Q BRL346 Million Net Profit -------------------------------------------------------------- Embratel Participacoes SA registered a third-quarter net profit of BRL346 million (US$199 million) from BRL81.6 million in the third quarter of 2008, on foreign-exchange gains, Jeff Fick at Dow Jones Newswires reports. According to the report, the company said that not including foreign-exchange gains and tax credits, third quarter net profits would have been about 27% higher than the year-ago period. The report relates that net revenue advanced 7.6% year-on-year in the third quarter to BRL2.69 billion from BRL2.50 billion in the year- ago period. Dow Jones Newswires notes that the company's Ebitda climbed 11.8% to BRL728 million compared with BRL651 million in the third quarter last year. Ebitda margin, the report relates, rose to 27% in the third quarter versus 26% a year ago. About Embratel Embratel Participacoes SA -- http://www.embratel.com.br-- is a major telecommunications carrier in Brazil. It offers up-to-date telecommunications solutions to the Brazilian market including local, long distance domestic and international calling; data, video and Internet transmission. Embratel can provide services all over the country through its satellite solutions. Embratel has been part of the history of Brazil for 43 years, playing a major role in the country's development. * * * As of October 28, 2009, the company continues to carry Moody's Ba3 LC curr Issuer rating and Senior Unsecured debt rating ========================== C A Y M A N I S L A N D S ========================== BROOKLINE AVENUE: Shareholders' Final Meeting Set for October 30 ---------------------------------------------------------------- The shareholders of Brookline Avenue Equity GP will hold their final meeting on October 30, 2009, at 11:15 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 CATALYTIX LDC: Shareholders' Final Meeting Set for March 1 ---------------------------------------------------------- The shareholders of Catalytix LDC will hold their final meeting on March 1, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Russell Smith is the company's liquidator. CORAL (CAYMAN): Shareholders' Final Meeting Set for October 30 -------------------------------------------------------------- The shareholders of Coral (Cayman) Limited will hold their final meeting on October 30, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 CREF NO. 5: Shareholder to Receive Wind-Up Report on November 4 --------------------------------------------------------------- The shareholder Cref No. 5 Limited will receive, on November 4, 2009, at 9:00 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949-455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 DRE CAYMAN: Shareholders' Final Meeting Set for October 30 ---------------------------------------------------------- The shareholders of Dre Cayman Holdings Limited will hold their final meeting on October 30, 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 Finlay c/o Krysten Lumsden Telephone: (345) 814-7366 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands GEMS ORIENTAL: Shareholders' Final Meeting Set for November 2 ------------------------------------------------------------- The shareholders of Gems Oriental and General Fund Limited will hold their final meeting on November 2, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. General Enterprise Management Services (International) Limited is the company's liquidator. HAVEN ASIA: Shareholder to Receive Wind-Up Report on October 29 --------------------------------------------------------------- The shareholder Haven Asia Partners, Ltd. will receive, on October 29, 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: Ogier c/o Steven Carlino Telephone: 1 (212) 634-7327 Facsimile: 1 (212) 634-7399 KOBIKI INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 30 ----------------------------------------------------------------- The shareholders of Kobiki International will hold their final meeting on October 30, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 LONG BEACH: Shareholders' Final Meeting Set for October 30 ---------------------------------------------------------- The shareholders of Long Beach Asset Holdings Corp. CI 2005-1 will hold their final meeting on October 30, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 ------------------------------------------------------------- The shareholders of Loomis Sayles Energy Hedge Fund II, Ltd. will hold their final meeting on October 30, 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 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 ------------------------------------------------------------- The shareholders of Loomis Sayles Energy Master Fund II, Ltd. will hold their final meeting on October 30, 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 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 ------------------------------------------------------------- The shareholders of Loomis Sayles 130/30 Research Fund, Ltd. will hold their final meeting on October 30, 2009, at 10:45 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 LOOMIS SAYLES: Shareholders' Final Meeting Set for October 30 ------------------------------------------------------------- The shareholders of Loomis Sayles 130/30 Research Master Fund, Ltd. will hold their final meeting on October 30, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands OCEANUS HOLDING: Shareholders' Final Meeting Set for October 30 --------------------------------------------------------------- The shareholders of Oceanus Holding Company Ltd. will hold their final meeting on October 30, 2009, at 11:30 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 PYLON LTD: Shareholder to Receive Wind-Up Report on October 29 -------------------------------------------------------------- The shareholder Pylon Ltd. will receive, on October 29, 2009, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 RANMAR LTD: Shareholders' Final Meeting Set for November 16 ----------------------------------------------------------- The shareholders of Ranmar Ltd. will hold their final meeting on November 16, 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: Melanie Myers-Khouri Telephone: +1 345 949 0699 Facsimile: +1 345 949 8171 c/o Thorp Alberga Harbour Place, 2nd Floor 103 South Church Street, George Town Grand Cayman KY1-1106 SANNO POINT: Members' Final Meeting Set for November 19 ------------------------------------------------------- The members of Sanno Point Ltd will hold their final meeting on November 19, 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: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914-8634 Facsimile: (345) 945-4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands SANNO POINT: Members' Final Meeting Set for November 19 ------------------------------------------------------- The members of Sanno Point Master Fund Ltd will hold their final meeting on November 19, 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 Sarah Moxam Telephone: (345) 914-8634 Facsimile: (345) 945-4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands SUNFLOWER FUNDING: Shareholders' Final Meeting Set for October 30 ----------------------------------------------------------------- The shareholders of Sunflower Funding Corporation will hold their final meeting on October 30, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 ZAIS INVESTMENT: Shareholders' Final Meeting Set for October 30 --------------------------------------------------------------- The shareholders of Zais Investment Grade Limited will hold their final meeting on October 30, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 =============== C O L O M B I A =============== BANCOLOMBIA SA: Board Approves COP2 Trillion Local Bonds Sale ------------------------------------------------------------- Board of Directors of Bancolombia S.A. approved an amount for future issuances of Bonos Ordinarios: * The Ordinary Notes may be offered in Colombia in multiple and successive issuances up to an aggregate principal amount of two trillion Colombian pesos (COP$2,000,000,000,000, or approximately US$1.03 billion). * According to the Reglamento de Emision y Colocacion de Multpiles y Sucesivas Emisiones de Bonos Ordinarios (the "Ordinary Notes Terms") to be approved by the Board of Directors, the Ordinary Notes can be issued in multiple series, subject to the financial terms and maximum interest rates set forth therein. * The legal representative of Bancolombia (i) may authorize, on behalf of Bancolombia, the issuance of one or more series of Ordinary Notes on the terms and conditions set forth in the Ordinary Notes Terms, (ii) execute and deliver any documents relating to the issuance of Ordinary Notes in accordance with the Ordinary Notes Terms. The timing and amounts of future issuances of Ordinary Notes will depend on market conditions, Bancolombia's funding needs and management of its balance sheet structure. The proceeds from the offerings will be used for general corporate purposes, which may include funding any business or operational transactions available to banking institutions in accordance with the requirements established by applicable law. About Bancolombia S.A. 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. ============= E C U A D O R ============= * ECUADOR: Oil-Product Export Revenue Falls 50% in Aug to US$76MM ----------------------------------------------------------------- Mercedes Alvaro at Dow Jones Newswires reports that Ecuador's central bank said that the country's oil-product export revenue in August fell 50% to US$76 million from the US$152 million registered in the same month of 2008. According to the report, the Central Bank said that in terms of volume, Ecuador exported 1.15 million of barrels in the eighth month of 2009, down 25% from 1.54 million barrels exported a year ago in the same period. The report relates that the average price in August dropped 23% to US$76.41 per barrel from US$98.74 a year ago. * * * As reported in the Troubled Company Reporter-Latin America on September 28, 2009, Moody's changed the rating on Ecuador's outstanding global bonds to Caa3 with a stable outlook from Ca with a developing outlook, while the ratings on its defaulted bonds were moved to C, reflecting recovery rates of around 35% for investors. The foreign currency ceilings on bonds and deposits are at Caa2, with a stable outlook. ============= J A M A I C A ============= JAMAICA PUBLIC SERVICE: May Incur Losses on Net Metering Adoption ----------------------------------------------------------------- Energy Consultant Winston Haye said the Jamaica Public Service Company would suffer financial losses if the government decides to adopt the system of net metering, Gleaner/Power 106 News reports. According to the report, if implemented, net metering would enable JPSCO customers to produce their own electricity and sell the excess power to the light and power company. However, the report relates, Mr. Haye said that while such a move would be practical it would not be commercially sustainable for the JPSCO. Mr. Haye, the report notes, said that the government must move speedily to switch from oil to another form of energy in its efforts to diversify the country�s energy sources. Meanwhile, Gleaner/Power 106 News says, the Cabinet is expected to discuss the country�s energy policy soon. The Energy Minister James Robertson said Prime Minister Bruce Golding has already reviewed the document, the report adds. 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 =========== CORPORACION GEO: Posts Third Quarter 2009 Results ------------------------------------------------- Corporacion GEO S.A.B. de C.V. posted results for the third quarter 2009. Year-on-year Revenues, EBITDA and Net Profit increased 9.3%, 4.2% and 4.5% respectively. Luis Orvananos Lascurain, CEO of Corporacion GEO, commented, "We had an outstanding third quarter, with results that are a continued reflection of our successful strategy selling high quality homes to a market where there is significant demand and continued government support. GEO's superior market share of INFONAVIT and FOVISSSTE mortgages has also allowed us to maintain our leadership position in the low-income housing segment; GEO sold 14,334 houses in 3Q09, 93% through these two institutions. This quarter, our ability to tap the international markets has also allowed us to significantly improve GEO's debt profile, a reflection of the financial community's confidence in our future success." "Based on these and other successes this quarter, we maintain a positive outlook for the balance of 2009 and for 2010. We also believe industry conditions should improve, driven by an increased housing demand," he concluded. Financial Highlights Third Quarter ------------- Income Statement Data 2009 2008 YoY var. --------------------- ---- ---- -------- Sales (units) 14,334 13,349 7.38% Revenues $4,624.7 $4,231.7 9.29% Gross Profit $1,189.7 $1,125.5 5.71% Gross Margin 25.7% 26.6% -0.87 pp Operating Profit $785.5 $713.0 10.16% Operating Margin 17.0% 16.8% 0.14 pp EBITDA $1,062.0 $1,018.9 4.23% EBITDA Margin 23.0% 24.1% -1.11 pp Net Profit $405.8 $388.2 4.54% Net Margin 8.8% 9.2% -0.4 pp Free Cash Flow -$632.7 -$89.3 -$543.4 Nine-Month Period ----------------- Income Statement Data 2009 2008 YoY var. --------------------- ---- ---- -------- Sales (units) 40,186 37,649 6.74% Revenues $13,434.4 $12,346.2 8.81% Gross Profit $3,465.9 $3,281.3 5.62% Gross Margin 25.8% 26.6% -0.78pp Operating Profit $2,241.0 $2,074.6 8.02% Operating Margin 16.7% 16.8% -0.12 pp EBITDA $3,090.1 $2,932.2 5.39% EBITDA Margin 23.0% 23.7% -0.75 pp Net Profit $1,196.9 $1,141.5 4.86% Net Margin 8.9% 9.2% -0.34 pp Free Cash Flow -$1,157.0 -$1,859.8 $702.8 Third Quarter Quarter - Quarter ------------- ----------------- YoY QoQ Balance Sheet Data 2009 2008 var. 2Q09 var. ------------------ ---- ---- ---- ---- ---- Cash and Cash $3,975.7 $2,229.3 78.34% $2,772.9 43.38% Equivalents Acc. Receivable 51.9% 45.9% 5.96 pp 48.5% 3.33 pp to Revenues Net Debt $5,707.0 $4,906.8 16.31% $5,113.5 11.61% Interest Coverage 3.0x 2.7x 0.3x 2.7x 0.3x Net Debt to EBITDA (LTM) 1.3x 1.2x 0.1x 1.2x 0.1x A full text of the company's earnings release is available free at http://ResearchArchives.com/t/s?477b About Corporacion GEO Corporacion GEO Sab de CV, through its sunsidiaries, designs and contructs entry-level housing communities in Mexico and Chile. GEO acquires land, obtains permits, installs infrastructure improvements, and builds and markets hoising developments. * * * As reported in the Troubled Company Reporter-Latin America on September 14, 2009, Standard & Poor's Ratings Services said that it assigned its 'BB-' senior unsecured long-term debt rating to Corporacion Geo S.A.B. de C.V.'s proposed US$200 million fixed- rate notes. TV AZTECA: Records Ps.2,400 Million Net Sales in Third Quarter -------------------------------------------------------------- TV Azteca, S.A. de C.V. posted financial results for the third quarter of 2009. "The comparative of the results is difficult for this period, due to the transmission and marketing of the Beijing Olympic Games a year ago," said Mario San Roman, Chief Executive Officer of TV Azteca. "As a response to the absence of extraordinary income, we stimulate furthermore the contents that attract large, quality audiences and achieved double-digit reductions in total costs and expenses, which generated an additional expansion of our solid profitability margins." Third Quarter Results Net sales were Ps.2,400 million, compared to Ps.2,614 million in the same quarter of 2008. Total costs and expenses were Ps.1,398 million, 12% below from Ps.1,590 million in the same period of the previous year. As a result, TV Azteca reported EBITDA of Ps.1,002 million, compared to Ps.1,024 million in the third quarter of 2008. The EBITDA margin in the period was 42%, three percentage points above the 39% of the year-ago quarter. The company registered net majority income of Ps.358 million, compared to net income of Ps.493 million a year ago. Net Sales "We were successful in further strengthening the popularity of our programming in Mexico, and reached a full-day commercial audience share of 40% in the quarter. This allowed us to develop high- impact advertising campaigns for numerous clients and partially compensated the sales dip from the absence of the Olympic Games of the previous year," added Mr. San Roman. The popularity of the programming of Azteca America, the company's wholly owned broadcast television network focused on the U.S. Hispanic market, also grew significantly in the quarter, as primetime audience share for individuals 18-49(1) rose 54%. TV Azteca reported sales from Azteca America of Ps.197 million, 64% higher than the Ps.120 million a year ago. Third quarter revenue includes sales of Ps.41 million from Proyecto 40-UHF channel with pluralistic content in Mexico -- compared to Ps.36 million in the same period of the prior year. Revenue from barter sales was Ps.63 million, compared to Ps.87 million from the previous year. Costs and Expenses Total costs and expenses decreased 12% as a result of a 13% reduction in programming, production and transmission costs -- to Ps.1,130 million, from Ps.1,298 million in the same period a year ago -- and an 8% reduction in selling and administrative expenses to Ps.268 million, from Ps.292 million, in the same quarter of 2008. The decrease in costs is principally due to the absence of exhibition rights and production costs related to last year's Olympic Games, as well as of efforts to further increase production efficiency. Decreases in selling and administrative expenses were the result of reductions in personnel, travel, services and advisory expenses, due to initiatives that allow to effectively control outlays. EBITDA and Net Income EBITDA was Ps.1,002 million, compared to Ps.1,024 million in the same period of the prior year. The main change below EBITDA was a Ps.96 million increase in the integrated finance cost, due to a Ps.135 million deterioration in the foreign exchange result. Net majority income of the quarter was Ps.358 million, compared to net income of Ps.493 million a year ago. Debt As of September 30, 2009, TV Azteca's outstanding debt -- excluding Ps.1,617 million debt due 2069 -- was Ps.7,147 million; this last figure is peso denominated. The cash balance was Ps.2,558 million, which resulted in net debt of Ps.4,589 million. Debt to last twelve months EBITDA ratio was 1.8 times, and net debt to LTM EBITDA was 1.2 times. Nine Months Results Net sales in the first nine months of the year were Ps.6,871 million, compared to Ps.6,906 million for the same period of 2008. Total costs and expenses were Ps.4,319 million, 2% below the Ps.4,415 million for the same period a year ago. As a result, TV Azteca recorded EBITDA of Ps.2,552 million, 2% higher than Ps.2,491 million in the first nine months of the prior year. The EBITDA margin of the nine-month period was 37%, from 36% a year ago. The company recorded majority net income of Ps.451 million, 137% higher than Ps.191 million in the same period of 2008, mainly as a result of extraordinary deferred income taxes a year ago. About TV Azteca TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two largest producers of Spanish-language television programming in the world, operating two national television networks in Mexico -- Azteca 13 and Azteca 7 -- through more than 300 owned and operated stations across the country. TV Azteca affiliates include Azteca America Network, a new broadcast television network focused on the rapidly growing US Hispanic market, and Todito, an Internet portal for North American Spanish speakers. * * * As of October 27, 2009, the company continues to carry Moody's B1 senior unsecured debt rating =========== P A N A M A =========== GREENSTONE RESOURCES: Erin Ventures Acquires Santa Rosa Gold Mine ----------------------------------------------------------------- Erin Ventures Inc. has entered into an agreement to purchase majority control of the assets of the Santa Rosa Gold Mine in Panama. The Santa Rosa Mine was opened for commercial production by Greenstone Resources Ltd. in 1996 and operated through 1998. Gold production at Santa Rosa during this period totaled 109,002 ounces at an average cash operating cost of approximately US$285 per ounce. Greenstone's production facilities were designed to operate at a capacity of 60,000 ounces per year using standard open pit mining methods and heap leach processing methods. A combination of low gold prices, a substantial debt load, and multiple underperforming projects, resulted in the orderly shutdown of the Santa Rosa Mine early in 1999 and the eventual bankruptcy of Greenstone. At shutdown, Greenstone calculated the remaining resource in place at Santa Rosa to be in excess of 900,000 ounces of gold at a grade averaging approximately 1.3 grams per tonne, using a gold price of $350 per ounce. The main terms of the agreement are: 1. Erin in conjunction with Pageland Minerals Ltd agree to collectively purchase 100% of the assets of the Santa Rosa Mine, including the land title, mineral rights, buildings, equipment and historic exploration and production data from Canazas Mining Company, a Panamanian Corporation comprised of former workers at the Santa Rosa Mine, for a total of US$1,550,000. 2. Erin will retain an undivided 75% interest and Pageland will retain an undivided 25% interest in the Santa Rosa Mine, with each partner responsible for their prorata share of the purchase price and the payments and expenditures going forward. 3. Erin shall act as operator of the mine. 4. A US$75,000 down payment was made to Canazas at the time of signing of the agreement. 5. A second payment of $75,000 is due upon the completion of transfer of land title at Santa Rosa. 6. US$500,000 becomes due and payable when the mineral rights and mining permits associated with the Santa Rosa Mine have been reestablished by the Panamanian government and granted exclusively to Canazas. 7. A second payment of US$500,000 is payable 90 days after the first payment of $500,000. 8. A final payment of US $400,000 is payable 180 days after the first payment of $500,000. 9. Canazas will receive the 10% of the net profits of the operations of Santa Rosa Mine. Net profits are defined as gross revenues less direct and indirect operating, recovery, mining and smelting costs, general and administrative expenses, interest, taxes and royalties and all other expenses relating to operating of Santa Rosa Mine. 10. Erin agrees to transfer title to the land back to Canazas when mining operations are complete. Erin intends to use a due diligence period to advance the project to a NI-43-101 compliant resource, and to develop plans to bring the project back into production, building on Greenstone's historic production. Erin intends to pay a finder fee in connection with this transaction of 1,000,000 shares, subject to TSX approval. Santa Rosa Mine The Santa Rosa gold deposit is located near the village of Canazas in Veraguas Province, Panama, approximately 300 kilometres southwest of Panama City. Access to the site is via paved road from the paved Pan American Highway. These roads are suitable for the transportation of major project components. Canazas itself is 15 kilometres north of the Pan American Highway and 300 kilometres southwest of Panama City. The Santa Rosa project (the "Santa Rosa Mine") has two components: the Santa Rosa deposit and the Alto de la Mina ("ADLM") deposit. Project feasibility was completed in October 1993 for gold production using heap leach methods on the ore produced by open pit mining methods. Construction of the project occurred during 1994 and 1995. Commercial production at Santa Rosa was achieved in the second quarter of 1996. About Greenstone Resources Headquartered in Toronto, Ontario, Greenstone Resources Ltd. (Nasdaq:GRERF.PK) owned gold operations in Honduras and Nicaragua. At a meeting of the company's creditors held on Jan. 25, 2007, to consider the amended consolidated plan of arrangement, the required majority of the company's creditors present and voting at the meeting accepted the plan of arrangement. Shimmerman Penn Title & Associates Inc., trustee of the bankruptcy estate of Greenstone Resources Ltd., advised that the implementation of the plan of arrangement is subject to various conditions, including obtaining certain regulatory approvals. ======= P E R U ======= BANCO DE CREDITO: Posts 138.0 Million Net income in Third Quarter ----------------------------------------------------------------- Banco de Credito del Peru ) posted third quarter net income of PEN138.0 million (US$48 millionerom PEN271.2 million in the same quarter a year earlier, Robert Kozak at Dow Jones Newswires reports. The company, the report relates, said that higher provisions for taxes and weaker net interest income led to the decline. According to the report, the company said that third-quarter financial revenues totaled PEN1.07 billion compared with PEN1.13 billion in the same quarter a year earlier. Banco de Credito del Peru is Peru's largest bank, with a dominating market share of over 30% of deposits, and boasts total consolidated assets of US$9.6 billion and equity of US$780 million as of June 30, 2006. It is the principal operating company within Credicorp, Peru's largest financial services company, which controls 96.2% of Banco de Credito; Credicorp is widely held by local and foreign institutional shareholders. * * * As reported in the Troubled Company Reporter-Latin America on October 2, 2009, Moody's Investors Service has placed on review for possible upgrade the Ba2 long term foreign currency deposit ratings of Banco de Credito del Peru and Banco Internacional del Peru -- Interbank, following the same action taken on Peru's sovereign ceiling for foreign currency deposits. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== OLINT TCI: Former Owner's Court Date Set for November 3 ------------------------------------------------------- Former Olint TCI Corporation Limited boss David Smith has his case postponed to November 3 in the British dependent Turks and Caicos Islands, CaribbeanWorld News reports. The report relates that Mr. Smith is accused of 26 counts of criminal offenses, including theft, false accounting and uttering false documents, relating to his company. As reported in the Troubled Company Reporter-Latin America on October 16, 2009, RadioJamaica said that was put to jail in the Turks and Caicos Islands, after being arrested on September 28 in the neighboring Caribbean territory. According to a TCRLA report on June 16, 2009, citing Caribbean Net News, said Florida resident Christopher Walker sued the several parties for their involvement in (OLINT)'s operations. The report related Mr. Walker, who is claiming that he was defrauded in the company's �get-rich-quick scheme�, is seeking US$2.4 million in damages. According to the report, Mr. Walker's complaint involved these defendants: -- Hallmark Bank & Trust Ltd; -- Hallmark CEO and Chairman Attorney Brian Trowbridge; -- Overseas Locket International Corporation; -- OLINT Principal David Smith; -- Wayne Smith, David Smith's brother and an employee of OLINT; -- Turks and Caicos Islands Premier Michael Misick -- The Turks and Caicos Islands Investment Agency, which "encourages foreign investment in the Turks & Caicos Islands"; and -- MasterCard Worldwide and MasterCard International LLC, which provide card services to Hallmark Bank. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Close Units at Puerto La Cruz Refinery ----------------------------------------------------------------- Petroleos de Venezuela will shut two processing units at its 187,000-barrel-per-day (bpd) Puerto La Cruz refinery for 15 days of planned maintenance in November, Rebekah Kebede at Reuters reports, citing unnamed union sources. The report relates that the refinery will shut its gasoline-making fluid catalytic cracker and alkylation units; and the No. 2 boiler for a 25-day maintenance. According to the report, one of the sources said that the most important part of the planned maintenance at Puerto La Cruz will be to change the catalysts in the alkylation unit in preparation for a larger turnaround at the refinery in April and May 2010. The report relates that the turnaround is part of a larger project which is expected to boost gasoline output 63% and will require a US$6.5 billion investment by PDVSA and will be completed in 2013. Reuters notes that the majority of planned outages at PDVSA last much longer than expected, which has forced the South American nation to import gasoline to meet domestic demand. 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+/RR PETROLEOS DE VENEZUELA: Increases Dollar Bond Sale to US$3.26BB --------------------------------------------------------------- Daniel Cancel at Bloomberg News reports that Petroleos de Venezuela SA boosted a bond sale to US$3.26 billion from US$3 billion to meet local investor demand for dollar-based assets. According to the report, PDVSA met 100% of the orders for the securities. The company, the report relates, sold: -- US$1.4 billion of notes due in 2014 with an interest rate of 4.9%; -- US$1.4 billion of securities due in 2015 with a rate of 5%; and -- US$435 million of bonds due in 2016 with a rate of 5.125%. Buyers, the report says, were assigned a portion of each of the three bonds. Central Bank President Nelson Merentes, the report notes, said that PDVSA is selling bonds to pay off outstanding debts to service providers that stand at about US$4.65 billion. Bloomberg News relates that Venezuela is also trying to narrow the gap between the official exchange rate of VEB2.15 per dollar and the unregulated market rate of VEB5.3 per dollar. The bonds were sold at a price of 138 percent of face value, the company said in an October 16 statement obtained by the news agency. 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+/RR *********** 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 * * *