/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091116.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, November 16, 2009, Vol. 10, No. 226 Headlines A R G E N T I N A * ARGENTINA: Inflation Quickens to Fastest in 8 Months B E R M U D A DCS CORPORATION: Creditors' Proofs of Debt Due on November 26 DCS CORPORATION: Members to Receive Wind-Up Report on December 10 B R A Z I L BANCO BVA: Moody's Affirms 'B2' Global Currency Deposit Ratings AES CORP: AES Eletropaulo's 3Q Net Profit Up 58.7% to BRL235MM BRF-BRASIL: Posts BRL211 Million Profit in Third Quarter BROOKFIELD INCORPORACOES: Foreigners Buy 43.2% of Share Offer COMPANHIA ENERGETICA: To Release 3Q 2009 Results Today CESP: To Pay BRL35 Million in Dividends COSAN SA: Posts BRL173.4 Million Net Income Second Quarter KLABIN SA: S&P Affirms Corporate Credit Rating at 'BB' LUPATECH SA: Ratings Cut at Itau Unibanco LUPATECH SA: Moody's Reviews 'B1' Corporate Family Rating C A Y M A N I S L A N D S 1903 OFFSHORE: Shareholders Receive Wind-Up Report ARCADIA PRIME-RETAIL: Shareholders Receive Wind-Up Report AUDA EQUITY: Shareholder Receives Wind-Up Report AUDA STAR: Shareholder Receives Wind-Up Report CAYMAANZ INSURANCE: Members Receive Wind-Up Report CENTURION CDO I: Shareholders Receive Wind-Up Report CLAREVILLE HOLDINGS: Shareholders' Meeting Set for November 18 DECLARATION FUNDING: Shareholders Receive Wind-Up Report EP CAYMAN: Shareholders Receive Wind-Up Report EP CRANE: Shareholders Receive Wind-Up Report FUSE LIMITED: Shareholders Receive Wind-Up Report LIGHT FINANCIAL: Shareholders Receive Wind-Up Report MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 MERIDIAN DIVERSIFIED: Shareholders Receive Wind-Up Report SAAD INVESTMENTS: Liquidators File Chapter 15 in Delaware SAPPHIRE PROPERTIES: Shareholders Receive Wind-Up Report SELECTIUM OPPORTUNITIES: Shareholders Receive Wind-Up Report TRADE RECEIVABLES: Members Receive Wind-Up Report WEST HIGHLAND: Shareholders Receive Wind-Up Report C H I L E EMPRESAS IANSA: S&P Affirms 'CCC+' Counterparty Credit Rating C O L O M B I A ECOPETROL SA: Takes Over Cupiagua Fields Ops. Beginning July 2010 J A M A I C A CABLE & WIRELESS: Chris Dehring Taps as LIME Board Chairman M E X I C O CEMEX SAB: Starts Swap of Up to US$951 Million in Securities COMERCI: To Swap Defaulted Short-Term Debt for Commercial Paper V E N Z U E L A PETROLEOS DE VENEZUELA: Beach Cleaned After Minor Oil Spill PETROLEOS DE VENEZUELA: Reveals Breakthroughs at Oil Belt * VENEZUELA: Boosts Technology Dev't in the Area of Heavy Crudes X X X X X X X X * BOND PRICING: For the Week November 9 to November 13, 2009 - - - - - ================= A R G E N T I N A ================= * ARGENTINA: Inflation Quickens to Fastest in 8 Months ------------------------------------------------------ Eliana Raszewski and Silvia Martinez at Bloomberg News report that Argentina?s annual inflation accelerated in October to the fastest pace since February, led by increases in tuition and clothing costs. The report, citing the National Statistics Institute, relates that prices climbed 6.5% last month from the same month a year earlier and 0.8% from September. According to the report, the government?s numbers trail estimates by research company Ecolatina, which reported that prices climbed 14.1% in October from a year earlier and 1.3% from September. The report notes that analysts and politicians such have questioned the official inflation reports, saying the national statistics agency has underreported price increases since former President Nestor Kirchner made personnel changes in 2007. Bloomberg News notes that Ecolatina forecasts inflation will slow to 14.5% this year from 23.5% in 2008. In a bid to restore faith in the accuracy of its statistics, the report says, the government has appointed a board of academics to review the prices of goods and services that make up the inflation index. * * * 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 ============= DCS CORPORATION: Creditors' Proofs of Debt Due on November 26 ------------------------------------------------------------- The creditors of DCS Corporation Limited are required to file their proofs of debt by November 26, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 9, 2009. The company's liquidator is: Mark W.R. Smith City of Hamilton Bermuda DCS CORPORATION: Members to Receive Wind-Up Report on December 10 ----------------------------------------------------------------- The members of DCS Corporation Ltd. will receive, on December 10, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 9, 2009. The company's liquidator is: Mark W.R. Smith City of Hamilton Bermuda =========== B R A Z I L =========== BANCO BVA: Moody's Affirms 'B2' Global Currency Deposit Ratings --------------------------------------------------------------- Moody's Investors Service affirmed at B2 the long-term global local- and foreign-currency deposit ratings of Banco BVA S.A. and changed the outlook on these ratings to positive from stable. Moody's also affirmed the bank's long-term Brazilian national scale rating of Ba1.br, and changed its outlook to positive from stable. At the same time, Moody's affirmed BVA's bank financial strength rating at E+ and its baseline credit assessment at B2. In assigning the positive outlook to BVA's deposit ratings, Moody's recognized the bank's efforts to improve its deposit base and to diversify the composition of its funding structure over the past 12 months. The ongoing strengthening of the bank's franchise within the niche segment of small- and mid-sized corporate lending and its loan origination-and-sell platform are also considered positive factors for ratings, Moody's said. Nonetheless, the rating agency emphasized that an upward movement in BVA's ratings would depend on management's ability to sustain its recent good financial indicators, particularly profitability and liquidity. Increasing competition for deposits and lending operations in a scenario of economic recovery in Brazil could challenge the recurrence of profit margins as spreads compress, as well as the bank's funding dynamics (both availability and cost). Important steps towards more robust ratings would include a more granular deposit base, with less concentration on individual depositors, and improvements in corporate governance practices, Moody's noted. Moody's last rating action on BVA took place on May 22, 2008, when it assigned ratings to the bank for the first time. The ratings were a BFSR of E+, global local- and foreign-currency deposit ratings of B2 and Not Prime and Brazilian national scale deposit ratings of Ba1.br and BR-3. All ratings had a stable outlook. Banco BVA S.A. is headquartered in S?o Paulo, Brazil. As of June 2009, the bank had total assets of approximately R$1.7 billion (US$878 million) and equity of R$191 million (US$97.8 million). These ratings were affected: -- Long-term global local-currency deposit rating of B2: outlook changed to positive from stable -- Long-term foreign-currency deposit rating of B2: outlook changed to positive from stable -- Long-term Brazilian national scale deposit rating of Ba1.br: outlook changed to positive from stable -- Bank Financial Strength Rating: affirmed at E+, with stable outlook AES CORP: AES Eletropaulo's 3Q Net Profit Up 58.7% to BRL235MM -------------------------------------------------------------- AES Eletropaulo, a unit of The AES Corporation, posted a 58.7% rise in third quarter net profits to BRL235.3 million (US$135.2 million), John Kolodziejski at Dow Jones Newswires reports. According to the report, a 14.9% rise in average tariffs from July 4 this year helped raise net revenues to BRL2.11 billion in the third quarter, 7.7% more than the BRL1.96 billion registered in the same quarter last year. The report relates that earnings before interest taxes depreciation and amortization (Ebitda), jumped 15.5% to BRL445.1 million. AES Eletropaulo is a major Brazilian power distributor in the state of Sao Paulo, created in the breakup of the old state-owned power distribution company Eletropaulo that monopolized electricity distribution in Sao Paulo from 1981 to 1999. The similarity of the names makes most old customers call it simply Eletropaulo. Eletropaulo has around 5 million customers, and its stock is traded on Bovespa, where it is part of the Ibovespa index. The company is majority owned by AES Corporation. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. BRF-BRASIL: Posts BRL211 Million Profit in Third Quarter -------------------------------------------------------- BRF-Brasil Foods SA posted a third-quarter profit of BRL211 million (US$121 million) after it acquired Sadia SA, Lucia Kassai at Bloomberg News reports. The report relates that the net income of 49 centavos a share compares with a year- earlier net loss of BRL52 million, or 25 centavos, for Perdigao, as the company was formerly known. According to the report, the company said that Perdigao and Sadia reported a combined net loss of BRL1.63 billion in the year- earlier period. The report relates that revenue surged 74% to BRL5.29 billion. Sales in the domestic market climbed 84% after the company passed on higher grain and packaging costs to customers, the report notes. ?The company?s capacity to pass on price increases is greater than the rest of the market due to its scale and strength of its brands,? Banco Fator Corretora analysts led by Renato Prado said in an Oct. 29 note obtained by the news agency. ?The main asset of the new company is the power of negotiation,? Mr. Prado added. Brasil Foods was forecast to report profit excluding some items of 293.6 million reais, the average estimate of seven analysts in a Bloomberg survey. Bloomberg News adds that the company reported a net financial gain of BRL223 million in the quarter from an expense of BRL244 million. As reported in the Troubled Company Reporter-Latin America on May 21, 2009, Bloomberg News said Perdigao agreed to take over rival Sadia SA through a share-swap transaction. After the take over, the new company will be known as BRF Brasil Foods SA and incorporate Sadia shares owned by HFF Participacoes SA -? a holding company formed by investors who have more than 51% of Sadia?s voting stock. About BRF-Brasil Foods BRF-Brasil Foods SA is a food processor in Latin America. The company raises chickens to produce poultry products. Brasil foods also processes frozen pasta, soybeans, and their derivatives, and distributes frozen vegetables. The company's core business is chilled and frozen food. The company has offices in the Middle East, Asia, and Europe. * * * As of July 14, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating. The company also continues to carry Standard and Poor's BB+ LT Issuer Credit Ratings. BROOKFIELD INCORPORACOES: Foreigners Buy 43.2% of Share Offer ------------------------------------------------------------- Foreign investors purchased 43.2% of the shares offered by Brookfield Incorporacoes SA (former Brascan Residential Properties SA) through a primary and secondary share offer on BMFBovespa, Rogerio Jelmayer at Dow Jones Newswires reports. According to the report, the company raised BRL664.7 million (US$386 million) from the offer. The report notes that the company sold a total of 97.75 million shares, with each share priced at BRL6.80. Foreign investors, the report says, acquired 42.26 million shares under the offer. Itau BBA, Credit Suisse, BTG Pactual, Bradesco BBI and HSBC coordinated the operation. Brookfield Incorporacoes SA (former Brascan Residential Properties SA) is a Brazil-based company engaged in real estate sector. The Company is the developer of high-end and luxury residential buildings, houses, as well as office buildings in Sao Paulo and Rio de Janeiro metropolitan regions. Its operations include land acquisition, planning, construction, sales, financing, customer service, design, development and management of real estate projects targeted at mainstream, luxury homebuyers. The company's buildings include Reserva de Itauna, Edificio San Francisco, Chacara de Pinheiros, Time Square and Saint Tropez, among others. As of June 22, 2009, the Company had its name changed after the merger of three companies: Brascan Residential, Company and MB Engenharia. The company's major shareholder is Brookfield Asset Management. In July 2009, Companhia Energetica de Minas Gerais 95% interest in the company. * * * As reported in the Troubled Company Reporter-Latin America on September 1, 2009, Fitch Ratings has assigned the national long- term debt rating of 'A+(bra)' to the proposed first simple debentures issuance, not convertible into shares, of Brookfield Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount of BRL100 million, with final maturity on September 1, 2013. The proceeds will be used for company general purposes. Fitch has already rated Brookfield Incorporacoes' foreign and local currency Issuer Default Ratings 'BB-', and national long-term rating 'A+ (bra)'. The Rating Outlook of the corporate ratings is Negative. COMPANHIA ENERGETICA: To Release 3Q 2009 Results Today ------------------------------------------------------ Companhia Energetica de Minas Gerais will post its third quarter 2009 results today, November 16, 2009 at 08:30 AM ET. Investors are asked to log in at http://prnewswire.mediatown.com.br/player/?id=145. Ana Paula Delgado +55 31 3506-5024, ana.teixeira@cemig.com.br Companhia Energetica de Minas Gerais a.k.a. Cemig -- http://www.cemig.com.br/-- is an electric energy utility in Brazil. Cemig's concession area extends throughout nearly 96.7% of Minas Gerais. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As of October 19, 2009, the company continues to carry Moody's Ba1 LC currency Issuer rating. CESP: To Pay BRL35 Million in Dividends --------------------------------------- Companhia Energetica de Sao Paulo said that it will pay a total BRL35 million (US$20.4 million) in dividends, Rogerio Jelmayer at Dow Jones Newswires reports. The report relates that the company will pay BRL0.11 a share to shareholders on record as of November 11. According to the report, CESP, however, didn't disclose the payment date. Companhia Energetica de Sao Paulo is the fourth largest electricity generation company in Brazil, operating six hydro power plants in the state of Sao Paulo with an installed capacity of 7,456 MW and 3,916 MW of assured energy. The government of the state of Sao Paulo is CESP's major shareholder with 94.08% of its voting capital and 35.98% of its total capital. In the last twelve months ended on June 30, 2009, CESP posted Net Revenues of BRL2,616 million and a Net Loss of BRL1,652 million. * * * As of November 13, 2009, the company cotinues to carry Moody's Ba2 LT Corp Family Rating and Senior Unsecured Debt. The company also continues to carry Standard and Poor's B LT Issuer Credit ratings. COSAN SA: Posts BRL173.4 Million Net Income Second Quarter ---------------------------------------------------------- Lucia Kassai and Laura Price at Bloomberg News reports that Cosan SA Industria & Comercio posted a profit in its fiscal second quarter after sugar prices rose and an acquisition of Brazilian service stations boosted sales. According to the report, the company's net income in the three months that ended Sept. 30 was BRL173.4 million (US$100 million). The report relates that Cosan SA had a net loss of BRL380.7 million in the year-earlier quarter that ended Oct. 31, 2008. Margins were ?fueled by strong sugar prices and higher sugar volumes,? Itau Securities analysts led by Paula Kovarsky wrote in an Oct. 19 note to clients that was obtained by the news agency. Costs of goods sold were ?likely to be negatively impacted by the above-average rains in the quarter,? Mr. Kovarsky added. According to the report, net sales rose almost five-fold to BRL3.58 billion after sugar futures averaged 61% higher than in the year- earlier period. The report relates that revenue also climbed after Cosan acquired fuel- distribution assets in Brazil from Exxon Mobil Corp. for US$715 million in December. Profit excluding some items was expected to be BRL146.6 million, the average of five estimates compiled by Bloomberg. Profit, the report notes, was bolstered after the Brazilian real?s 10 percent rally in the quarter cut the value of dollar debt in local- currency terms, which is booked as a gain under local accounting rules. Cosan SA posted a net financial gain of BRL78.9 million in the fiscal second quarter from a loss of BRL551.8 million a year earlier, the report adds. About Cosan SA Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and ethanol. The company cultivates harvests and processes sugarcane, the main raw material for sugar and ethanol manufacturing. With 17 manufacturing units and two port terminals in the city of Santos, Cosan says it is currently the largest individual group in the world in terms of sugarcane byproducts manufacturing. With capacity to grind more than 40 million tonnes of sugarcane, the group represents 12% of overall production in the mid-southern region of the country. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 14, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on sugar and ethanol producer Cosan Ltd. and its Brazilian operating subsidiary, Cosan S.A. Industria e Comercio (jointly referred to as Cosan), to 'BB-' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on April 24, 2008. KLABIN SA: S&P Affirms Corporate Credit Rating at 'BB' ------------------------------------------------------ Standard & Poor's Ratings Services said that it has affirmed its 'BB' corporate credit rating on Brazil-based packaging paper producer Klabin S.A. The outlook is stable. "The rating on Klabin reflects the company's aggressive financial risk profile arising from its heavy levels of investment, exposure to volatile input costs, and challenging market conditions. These risks are partially offset by Klabin's strong liquidity, competitive cost position, product mix, and adequate liquidity," said Standard & Poor's credit analyst Reginaldo Takara. Klabin's third-quarter 2009 results improved from previous quarters, with higher volumes and net sales, as domestic economic activity improved and export markets recovered. Sales of kraft liner, carton board, and packaging paper improved in the quarter, with increases in both year-over-year and quarter-over-quarter volumes. S&P believes this recovery is sustainable and bodes well for improving credit metrics in 2010. Indeed, since Klabin's current credit metrics are still aggressive for the rating category, a key assumption on the ratings is that the company will be successful in reducing financial leverage over the next several years by using internal cash generation to pay down debt. The stable outlook reflects S&P's expectation that Klabin will strive to pay down debt with free cash flow and, thus, bring its credit metrics to projected levels by year-end 2010. Downside risks include operating challenges in increasing production at its new plant or deterioration in volumes and prices leading to declines in cash generation in 2010 due to market conditions. S&P would have a negative view of any changes in investment plans that would postpone the firm's deleveraging. "We could lower the rating if Klabin's credit measures do not improve consistently, if they diverge from S&P's 2010 expectations, or if liquidity is squeezed due to market conditions or working capital pressures. S&P will closely monitor the company's refinancing needs in 2011 and 2012, and will track its short-term debt balances over the next several quarters. S&P currently believes that a positive rating action is not likely, since the company needs to reduce its financial leverage -- something it will accomplish only gradually," Mr. Takara added. LUPATECH SA: Ratings Cut at Itau Unibanco ----------------------------------------- Paulo Winterstein at Bloomberg News report that Lupatech SA's rating was cut at Itau Unibanco Holding SA after it posted a slump in its third-quarter revenue. The report relates that the company won?t meet its growth forecasts. According to the report, the company was cut to ?market perform? from ?outperform.? ?Net revenue came in really weak, 25 percent below our expectations,? Itau analyst Paula Kovarsky wrote in a note obtained by the news agency. ?At this point, we find it really hard for the company to close the year anywhere near the low end of its guidance,? he added. Bloomberg News notes that Lupatech was rated ?neutral? in new coverage at JPMorgan Chase & Co., which cited ?anemic? third- quarter earnings. Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br -- is a holding company engaged in three business segments: Energy Products, Flow Control and Metallurgy. In the Energy Products segment, the company provides such products as deepwater platform anchoring ropes, valves, tools for oil exploration and tube coating. In the Flow Control segment, it is involved in the production and sale of industrial valves for the petrochemical, pharmaceutical and construction industries, among others. In the Metallurgy segment, the Company is principally engaged in the production of parts for the automotive industry. Lupatech SA?s brand portfolio includes MNA, CSL Off Shore, Petroima, Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and Tecval, among others. During the year ended December 31, 2008, the Company incorporated Cordoaria Sao Leopoldo Offshore SA, Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda. * * * As reported in the Troubled Company Reporter-Latin America on September 23, 2009, Moody's Investors Service has downgraded Lupatech S.A.'s corporate family ratings to B1 from Ba3 on the global scale and to Baa2.br from A3.br on the Brazilian national scale. Simultaneously, Moody's has downgraded to B2 from Ba3 the foreign currency rating of the US$275 million senior unsecured perpetual notes issued by Lupatech Finance Ltd. (Cayman Islands) and jointly and severally guaranteed by Lupatech and its operating subsidiaries. LUPATECH SA: Moody's Reviews 'B1' Corporate Family Rating --------------------------------------------------------- Moody's Investors Service has placed all ratings related to Lupatech S.A. on review for possible downgrade. Simultaneously, Moody's downgraded Lupatech's corporate family rating on the Brazilian national scale to Baa3.br from Baa2.br. The rating downgraded and placed on review for possible downgrade is: Issuer: Lupatech S.A. -- Corporate Family Rating: to Baa3.br from Baa2.br (Brazil national scale) The ratings placed on review for possible downgrade are: Issuer: Lupatech S.A. -- Corporate Family Rating: B1 (global scale) Issuer: Lupatech Finance Ltd. (Cayman Islands): -- US$275 million Senior Unsecured Guaranteed Perpetual Notes: B2 (Foreign Currency Rating) The rating action follows the release of Lupatech's weaker than expected third quarter 2009 results, with a 22% q-o-q decline in net revenues and a drop in EBITDA margin (as defined by Moody's) to 14% from 20%. Revenues in the quarter were negatively impacted primarily by lower exports in the energy products division, reflecting the slowdown in demand for anchoring ropes, valves and completion tools. The deterioration in operating performance caused Total Adjusted Net Debt (including the US$275 million perpetual notes) to EBITDA to increase to 7.6x and EBIT to Interest Expense to drop to 0.7x, both on a last twelve month basis as of September 30, 2009. Weaker credit metrics caused the company to breach covenants for one of its working capital bank loans, although waivers have already been granted. Headroom under the LTM financial covenants for the BRL 320 million convertible debentures due 2018, which were 90% subscribed by the Banco Nacional de Desenvolvimento Economico e Social S.A. -- BNDES (A3, outlook stable), and BRL121 million BNDES secured loan has tightened considerably during 3Q09 and will likely be breached as of December 31, 2009, as 4Q08 rolls off. The full proceeds from the debentures were received during the second and third quarters of 2009 and the company also received the first disbursements under the BNDES loan facility in the most recent quarter. Lupatech's liquidity has been supported by a sizeable cash position, although cash coverage of short term debt declined to 0.9x as of September 30, 2009 (1.8x as of June 30, 2009). Considering that the company has historically experienced negative free cash flow, the disbursement during 4Q09 of the remaining BRL99 million under BNDES's approved BRL121 million facility is crucial, since the company intends to use the proceeds for short term debt amortization and the maintenance of an adequate liquidity profile. The review process will focus primarily on the key drivers of the weak third quarter results, the likelihood of free cash flow for debt reduction in 2010 and the company's liquidity profile. The last rating action on Lupatech was on September 20, 2009, when Moody's downgraded its corporate family ratings to B1 from Ba3 on the global scale and to Baa2.br from A3.br on the Brazilian national scale, and the foreign currency rating of its guaranteed perpetual notes to B2 from Ba3. Headquartered in Caxias do Sul, Brazil, Lupatech S.A. is a leading equipment manufacturer and service provider to the oil & gas industry in Brazil, besides producing industrial valves and casting parts. Lupatech reported net revenues of BRL 643 million (US$300 million using the average exchange rate) in the last twelve months ended September 30, 2009. ========================== C A Y M A N I S L A N D S ========================== 1903 OFFSHORE: Shareholders Receive Wind-Up Report -------------------------------------------------- On November 13, 2009, the shareholders of 1903 Offshore SPV, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands ARCADIA PRIME-RETAIL: Shareholders Receive Wind-Up Report --------------------------------------------------------- On November 13, 2009, the shareholders of Arcadia Prime-Retail Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands AUDA EQUITY: Shareholder Receives Wind-Up Report ------------------------------------------------ On November 10, 2009, the shareholder of Auda Equity Long/Short Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Susan Taylor Telephone: (345) 815-1898 Facsimile: (345) 949 1986 AUDA STAR: Shareholder Receives Wind-Up Report ---------------------------------------------- On November 10, 2009, the shareholder of Auda Star Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Taylor Telephone: (345) 815-1898 Facsimile: (345) 949 1986 CAYMAANZ INSURANCE: Members Receive Wind-Up Report -------------------------------------------------- On November 11, 2009, the members of Caymaanz Insurance Company received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Douglas Lilak c/o Strategic Risk Solutions (Cayman) Limited Governors Square, 2nd Floor, Building 3 23 Lime Tree Bay Avenue P.O. Box 1159, Grand Cayman KY1-1159 Cayman Islands Ron Sulisz Telephone: (345) 946-6611 CENTURION CDO I: Shareholders Receive Wind-Up Report ---------------------------------------------------- On November 13, 2009, the shareholders of Centurion CDO I, Limited received 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 CLAREVILLE HOLDINGS: Shareholders' Meeting Set for November 18 -------------------------------------------------------------- The shareholders of Clareville Holdings Limited will hold their final meeting on November 18, 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: Fides Limited c/o Ian Goddard Cereita Lawrence P.O. Box 10338, Regatta Office Park Grand Cayman, KY1-1003 Telephone: 345-949-7232 DECLARATION FUNDING: Shareholders Receive Wind-Up Report -------------------------------------------------------- On November 13, 2009, the shareholders of Declaration Funding I Limited received 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 EP CAYMAN: Shareholders Receive Wind-Up Report ---------------------------------------------- On November 13, 2009, the shareholders of EP Cayman II, Ltd. received 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 EP CRANE: Shareholders Receive Wind-Up Report --------------------------------------------- On November 13, 2009, the shareholders of EP Crane Ltd. received 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 FUSE LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------- On November 13, 2009, the shareholders of Fuse Limited received 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 LIGHT FINANCIAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- On November 13, 2009, the shareholders of Light Financial Corporation Limited received 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 MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 ----------------------------------------------------------------- The shareholders of Makara Special Situations Asia (US) Fund will hold their final meeting on November 30, 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: M. Eddi Danusaputro 3 Pickering Street #03-53, 048660, Singapore Telephone: +65 6220 1711 Facsimile: +65 6438 0187 MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 ----------------------------------------------------------------- The shareholders of Makara Special Situations Asia Fund will hold their final meeting on November 30, 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: M. Eddi Danusaputro 3 Pickering Street #03-53, 048660, Singapore Telephone: +65 6220 1711 Facsimile: +65 6438 0187 MAKARA SPECIAL: Shareholders to Receive Wind-Up Report on Nov. 30 ----------------------------------------------------------------- The shareholders of Makara Special Situations Asia Master Fund will hold their final meeting on November 30, 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: M. Eddi Danusaputro 3 Pickering Street #03-53, 048660, Singapore Telephone: +65 6220 1711 Facsimile: +65 6438 0187 MERIDIAN DIVERSIFIED: Shareholders Receive Wind-Up Report --------------------------------------------------------- On November 13, 2009, the shareholders of Meridian Diversified Portable Alpha Fund, Ltd. received 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 SAAD INVESTMENTS: Liquidators File Chapter 15 in Delaware --------------------------------------------------------- The Cayman Islands liquidators for Saad Investments Finance Co. (No. 5) Ltd. filed a Chapter 15 petition November 11 in Delaware (Bankr. D. Del. Case No. 09-13985). The petition says that assets range from $50 million to $100 million while debts are between $1 million and $10 million. Bill Rochelle at Bloomberg News reports that the Chapter 15 filing is as an offshoot of action taken in May by the Saudi Arabian Monetary Authority to freeze accounts of Maan Al-Sanea, the controlling shareholder of Saad Investments. The liquidators were appointed by the Cayman court in September to wind up the company up amid what they characterized in a bankruptcy court filing as "wide-ranging allegations of fraud and misappropriation of funds." Al-Sanea denied allegation of improprieties. According to the report, the liquidators said they believe the assets of Saad Investments consist of 57 private-equity vehicles, of which 20 are in the U.S. and had an estimated value in June of $41.5 million. The liquidators say that the June estimated value of all 57 funds was $146 million, including 16 in the Cayman Islands worth $56.4 million. The liquidators are asking the Delaware bankruptcy court to halt creditor actions in the U.S. in the course of finding that the court in the Cayman Islands is in charge of the "foreign main proceeding." The liquidators, according to Mr. Rochelle, say they are facing cash calls from some of the private-equity funds. The liquidators will decide which calls to meet. If they don't, they say their existing investments may be forfeit. SAPPHIRE PROPERTIES: Shareholders Receive Wind-Up Report -------------------------------------------------------- On November 13, 2009, the shareholders of Sapphire Properties Corporation received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SELECTIUM OPPORTUNITIES: Shareholders Receive Wind-Up Report ------------------------------------------------------------ On November 11, 2009, the shareholders of Selectium Opportunities Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Cayman Liquidators, Ltd. Harbour Centre, Third Floor 42 North Church Street George Town, P.O. Box 1348 Grand Cayman KY1-1108, Cayman Islands TRADE RECEIVABLES: Members Receive Wind-Up Report ------------------------------------------------- On November 13, 2009, the members of Trade Receivables Purchase Company received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive, P.O. Box 1043 George Town, Grand Cayman KY1-1102 WEST HIGHLAND: Shareholders Receive Wind-Up Report -------------------------------------------------- On November 13, 2009, the shareholders of West Highland Limited received 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 H I L E ========= EMPRESAS IANSA: S&P Affirms 'CCC+' Counterparty Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its ratings on Chilean sugar producer Empresas Iansa S.A., including the 'CCC+' long-term counterparty credit rating. S&P also revised the outlook to stable from negative. "S&P revised its outlook on IANSA because S&P see its financial flexibility as slightly improving, given that it has withstood the harvest season (which often demands additional working capital) and been able to reduce debt levels slightly," said Standard & Poor's credit analyst Diego Ocampo. This has lessened the impact of covenants on its rated notes that restrict additional debt. Increasing sugar prices during the second half of 2009, boosted by adverse climate conditions in some of the main producing countries (namely Brazil and India), helped IANSA's situation. The ratings reflect the challenges the company has faced during the 2008-2009 season, when sugar beet shortages made production costs soar. These shortages, its fruit juice business's (Patagonia Fresh) underperformance in 2008, and the need to restore inventory levels resulted in a material weakening of IANSA's profitability, financial flexibility, and total leverage. Debt levels remain close to the maximum allowed by financial covenants in its bonds' terms and conditions. The ratings also incorporate IANSA's less-efficient production process (sugar-beet processing) when compared with other rated sugar producers (mainly sugar-cane processors), and its relatively low portion of owned land (or its lack of long-term supply agreements). This makes IANSA rely on independent farmers for beet sources. These factors translate into volatile profit margins and cash-flow generation. The company's leading position as Chile's only sugar producer and main importer (providing for close to 60% of the country's sugar market), its long-dated commercial relationships with beet farmers, and its nation-wide distribution network partly mitigate negative factors. S&P believes IANSA's business performance may improve in 2010, given that beet prices for the upcoming season have decreased 25% and IANSA's land availability is likely to increase 25% year-over- year. Farmers are increasingly switching its crops to beets after disappointing results in alternative crops. According to S&P's estimates, this could result in lower production costs of about 20% compared to 2008 levels. However, in the next few quarters, the company's narrowed financial flexibility is likely to constrain its credit quality. The stable outlook reflects S&P's views regarding IANSA's business environment for 2010. Because S&P's main concern regarding IANSA's credit quality is its limited financial flexibility, upgrade potential in coming quarters is linked to IANSA's ability to continue generating free cash flow and reducing its sizable short-term debt maturities. Conversely, S&P may revise the outlook downwards or even downgrade IANSA if its short-term financial flexibility deteriorates. =============== C O L O M B I A =============== ECOPETROL SA: Takes Over Cupiagua Fields Ops. Beginning July 2010 ----------------------------------------------------------------- Ecopetrol S.A. disclosed that on July 1, 2010, it will take over operation of the Cupiagua and Cupiagua Sur fields in the municipality of Aguazul, department of Casanare, Colombia, following the expiration of the Santiago de las Atalayas Association Contract, whose partners are Ecopetrol (50%), BP Exploration Company-Colombia Ltd. and BP Santiago Oil Company (31%), and Tepma (19%). In September 2009, the Cupiagua field produced an average of 17,087 barrels of oil per day (bpd) and the Cupiagua Sur field produced 12,208 bpd. Ecopetrol?s share is 50% of production after royalties; as of July, 2010, Ecopetrol?s share will increase to 100% after royalties. The Cusiana field operates under a structure shared by the Santiago de las Atalayas, Tauramena and Rio Chitamena Association Contracts under which the field would continue to be operated by BP Exploration, subject to the relevant contractual adjustments. The Santiago de las Atalayas Association Contract was entered into in 1982 and will expire on June 30, 2010. This is the first association contract that expires in the Llanos Foothills. The other association contracts expire between the years 2016 and 2020, and include, among others, Cusiana, Cupiagua in Recetor, Volcanera, Pauto and Florena fields. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined-products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. ============= J A M A I C A ============= CABLE & WIRELESS: Chris Dehring Taps as LIME Board Chairman ----------------------------------------------------------- Chris Dehring has been appointed chairman of the Board of Lime (formerly Cable & Wireless Jamaica), a unit of Cable & Wireless plc, succeeding Englishman Leonardo 'Len' de Barros, who served in the position for six years, Jamaica Gleaner reports. The report relates that Mr. Barros' exit comes days into confirmation by Cable and Wireless, that the telecoms was demerging its operations to create two new units, CW International and CW Worldwide. According to the report, Mr. Dehring, who executes his job as chief marketing officer from LIME Jamaica's corporate offices in Kingston, effectively becomes Geoff Houston's immediate boss. But, the report relates, that within the broader regional operation, both Houston and Dehring report to David Shaw, chief executive officer of LIME Caribbean, whose offices are in Barbados. Within LIME Caribbean's corporate structure, Mr. Houston is also an executive vice-president, the report notes. LIME Jamaica said that Mr. Dehring's appointment created no confusion in the organizational structure, as chairman, he leads the board and that the board's role was 'company governance and ensuring the long-term development goals of the firm in the interest of its shareholders'. The report notes that as CMO, Mr. Dehring's ideas for the 'One Caribbean' branding and marketing, would need buy-in from Houston ? who manages LIME's largest Caribbean market ? and other country managers, who together oversee 13 operating zones. As reported in the Troubled Company Reporter-Latin America on November 3, 2009, Jamaica Observer said that Lime appointed Chris Dehring as Chief Marketing Officer effective November 1, Jamaica Observer reports. The report related that Mr. Dehring, a Jamaican national, will be responsible for LIME's brand and the company's One Caribbean marketing strategy across the region. 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. =========== M E X I C O =========== CEMEX SAB: Starts Swap of Up to US$951 Million in Securities ------------------------------------------------------------ CEMEX, S.A.B. de C.V. offered to replace commercial paper with up to MXN12.5 billion (US$951 million) in convertible securities as part of its debt refinancing, Gabriela Lopez at Reuters reports. The report relates that Cemex convinced its creditors to refinance $15 billion in bank and bondholder debt until 2014, but has agreed to sell assets and raise capital via equity and bond issues. "The amount of the offer is for a minimum of MXN3 billion and a maximum of MXN12.5 billion," the company said in a statement obtained by the news agency. The company said the offer would be from Nov. 11 through Dec. 9, the statement added. According to the report, under the terms of the deal, Cemex will issue 10-year securities that can be converted into a maximum of 400 million shares on the Mexican bourse. As reported in the Troubled Company Reporter-Latin America on March 11, 2009, Reuters said that Cemex SAB has been slammed by debt problems after its ambitious Rinker takeover in 2007, slumping sales, and losses on derivatives amid turmoil caused by the global credit crisis. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. COMERCI: To Swap Defaulted Short-Term Debt for Commercial Paper --------------------------------------------------------------- Controladora Comercial Mexicana SAB de CV a.k.a Comerci has started the process to swap around US$100 million worth of defaulted short-term debt for new commercial paper maturing in seven years, Cyntia Barrera Diaz at Reuters reports. According to the report, the move, announced in a filing with the Mexican stock exchange, is part of a recent restructuring deal with a group of creditors that included local pension funds and retirees. As reported in the Troubled Company Reporter-Latin America on July 22, 2009, Reuters said that Comerci defaulted in October after massive derivatives losses sent its debt soaring above US$2 billion. On Oct. 9, 2008, Comerci filed for protection under Mexico's bankruptcy code Ley de Concurso Mercantil. Reuters notes that after long and difficult negotiations the company offered to pay back US$1.535 billion to all creditors, in a mix of cash from ongoing operations, notes guaranteed with assets and convertible bonds. The report relates that while the general terms of the debt restructuring have been agreed upon with most key creditors, a smaller group of bond holders are still negotiating with Comerci over their payment. About Comerci Controladora Comercial Mexicana SAB de CV a.k.a Comerci (MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican holding company that, through its subsidiaries, operates several chains of retail stores, as well as a chain of family restaurants under the Restaurantes California brand name. In addition, CCM owns a 50% interest in the Costco de Mexico, a joint venture with Costco Wholesale Corporation, which operates a chain of membership warehouses in Mexico. The company's store chains include Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and Alprecio, among others. As of December 31, 2007, CCM operated 214 commercial units and 71 restaurants across Mexico. The company's retail outlets sell a variety of food items, including basic groceries and perishables, and non-food items, which include electronics, home furnishings, personal hygiene products and clothing. CCM is a parent of Tiendas Comercial Mexicana SA de CV, Tiendas Sumesa SA de CV, Restaurantes California SA de CV and Costco de Mexico SA de CV, among others. * * * As of June 19, 2009, the company continues to carry Moody's "D" LT Issuer Credit ratings. The company also continues to carry Fitch Ratings' "D" LT Issuer Default ratings. =============== V E N Z U E L A =============== PETROLEOS DE VENEZUELA: Beach Cleaned After Minor Oil Spill ----------------------------------------------------------- Petroleos de Venezuela said that it has cleaned up a beach after water tainted with oil spilled along the Caribbean coast, Associated Press reports. As reported in the Troubled Company Reporter-Latin America on November 13, 2009, the Dow Jones Newswires related that PDVSA said a spill of about 50 barrels of a mix of oil and water was discovered at the El Palito refinery due to the overflow of a containing wall for effluents. The report related that that PdVSA didn't indicate whether the 140,000-barrel-a-day refinery was shut down after the spill was found during a routine inspection. According to the report, the plant just began to power back up in late September following a shutdown in March to expand processing capabilities, and it won't be until at least next year that it returns to operating at full capacity. 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: Reveals Breakthroughs at Oil Belt --------------------------------------------------------- Petroleos de Venezuela, S.A. through the Exploration and Production Division of the Orinoco Oil Belt, presented 9 technical works that include breakthroughs made in heavy and extra-heavy crude exploration and production in the Orinoco Oil Belt. One example of this is the new technology employed by the Division?s workers for thin sand drilling in the Orinoco Oil Belt, which allows for saving about 310 thousand dollars, equivalent to 36 drilling operational hours. PDVSA said that this technique is used to more accurately determine sand thickness and the volume of reserves in a deposit and will be used in the future to work on improved recovery projects, Pedro Machado explained in his presentation on geo-navigation in complex sands with azimuth receptivity tools. Other works presented dealt with electric heating in heavy wells and examples of oil production increase through an automated control system applied in extra-heavy crude wells. The importance of these works relies on optimization and better utilization during hydrocarbon extraction process. In this regard, the E&P General Manager, Orinoco Oil Belt Division, Carlos Valero, described the Congress as ?a unique opportunity to present the breakthroughs achieved. A window that shows advances in the heavy and extraheavy crude area and in all phases, from hydrocarbon exploration to marketing,? he stated. Mr. Valero also informed that PDVSA is making almost 30 technical presentations where oil experts share knowledge and experiences in the oil production process, new technologies and developed strategies. 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 * VENEZUELA: Boosts Technology Dev't in the Area of Heavy Crudes ---------------------------------------------------------------- Venezuela has emerged as one of the leading countries in terms of promotion of new technologies for the exploitation of extra heavy hydrocarbons, parallel to the world?s largest oil producing powers. This reality was made evident at the 3rd World Heavy Oil Congress that is being held in Margarita Island. During the second day of conferences, representatives of the Venezuelan oil industry presented a large part of technical breakthroughs and field tests that are being developed in the Orinoco Oil Belt as the world?s largest heavy crude reservoir, where pilot tests are currently being conducted in different areas of hydrocarbon production and transportation. In this regard, Carlos Brunings, from the Technology Management, PDVSA E&P, Orinoco Oil Belt Division, explained that increasing productivity in hydrocarbon recovery is the cornerstone that moves the large oil corporation in the world, in order to guarantee higher recovery rates of heavy crudes that, due to their viscosity and characteristics, are difficult to process and transport. ?All oil companies work to optimize the recovery factor, and to this end they develop new and advanced technologies. Through the exchange with other countries, we have perceived that our pilot projects and design are at the same level of those of the large powers in hydrocarbon production,? Mr. Brunings pointed out. Mr. Brunings added that marketing of these new technologies, which have been developed and successfully proven in the Belt, is one of the challenges faced by the Venezuelan state-owned oil company that is determined to export domestically produced talent and innovation. ?The challenge and the next step are to successfully export our new projects and proven technologies, which implies strengthening our marketing strategy. At least 70% of these techniques are being applied in our processes with great success, and this know- how is required by other countries that, like use, are operating in the heavy oil business,? Mr. Brunings stressed. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. =============== X X X X X X X X =============== * BOND PRICING: For the Week November 9 to November 13, 2009 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA Argentina ARGENT-PAR 1.18 12/31/38 ARS 35.44 ARGNT-BOCON PRE8 2 01/03/10 ARS 10.88 ARGNT-BOCON PR13 2 03/15/24 ARS 72.22 MENDOZA PROVINCE 5.5 09/04/18 USD 72.5 MULTICANAL SA 7 07/20/13 USD 74.75 BODEN 2015 7 10/03/15 USD 74.29 BONAR X 7 04/17/17 USD 73.98 ARGENT-=DIS 7.82 12/31/33 EUR 57.84 ALTO PALERMO SA 7.88 05/11/17 USD 80.25 MASTELLONE HERMA 8 06/30/12 USD 60.84 ARGENT-$DIS 8.28 12/31/33 USD 60.88 ARGENT-$DIS 8.28 12/31/33 USD 68.53 TRANSENER 8.88 12/15/16 USD 81.25 BUENOS-$DIS 9.25 04/15/17 USD 71.1 BUENOS AIRE PROV 9.38 09/14/18 USD 67.25 BUENOS AIRE PROV 9.63 04/18/28 USD 64 BANCO MACRO SA 9.75 12/18/36 USD 82.25 AUTOPISTAS DEL S 11.5 05/23/17 USD 35 BRAZIL CESP 9.75 01/15/15 BRL 69.1 CAYMAN ISLAND BARION FUNDING 0.1 12/20/56 EUR 8.66 MAZARIN FDG LTD 0.1 09/20/68 EUR 5.33 BARION FUNDING 0.25 12/20/56 USD 6.49 BARION FUNDING 0.25 12/20/56 USD 6.49 BARION FUNDING 0.25 12/20/56 USD 6.49 BARION FUNDING 0.25 12/20/56 USD 6.54 BARION FUNDING 0.25 12/20/56 USD 6.49 BARION FUNDING 0.25 12/20/56 USD 6.49 MAZARIN FDG LTD 0.25 09/20/68 USD 4.86 MAZARIN FDG LTD 0.25 09/20/68 USD 4.8 MAZARIN FDG LTD 0.25 09/20/68 USD 4.8 MAZARIN FDG LTD 0.25 09/20/68 USD 4.8 MAZARIN FDG LTD 0.25 09/20/68 USD 4.8 MAZARIN FDG LTD 0.25 09/20/68 USD 4.8 BARION FUNDING 0.63 12/20/56 GBP 17.05 MALACHITE FDG 0.63 12/21/56 EUR 20.98 MAZARIN FDG LTD 0.63 09/20/68 GBP 14.05 BARION FUNDING 1.44 12/20/56 GBP 30.05 MAZARIN FDG LTD 1.44 09/20/68 GBP 27.52 SUNTECH POWER 3 03/15/13 USD 74 CHINA MED TECH 4 08/15/13 USD 69.83 JA SOLAR HOLD CO 4.5 05/15/13 USD 71 LDK SOLAR CO LTD 4.75 04/15/13 USD 53 CHINA SUNERGY 4.75 06/15/13 USD 61.81 BISHOPSGATE ASSE 4.81 08/14/44 GBP 67.32 REG DIV FUNDING 5.25 01/25/36 USD 72.89 SHINSEI FIN CAYM 6.42 USD 57.43 XL CAPITAL LTD 6.5 USD 72.94 PUBMASTER FIN 6.96 06/30/28 GBP 65.4 SHINSEI FINANCE 7.16 USD 59.99 SHINSEI FINANCE 7.16 USD 57.68 FERTINITRO FIN 8.29 04/01/20 USD 70 PUBMASTER FIN 8.44 06/30/25 GBP 70.68 GOL FINANCE 8.75 USD 78.88 CHINA PROPERTIES 9.13 05/04/14 USD 75.84 IMCOPA INTL CAYM 10.38 11/27/09 USD 70.5 ECUADOR REP OF ECUADOR 9.38 12/15/15 USD 91.26 JAMAICA AIR JAMAICA LTD 8.13 06/14/27 USD 72 JAMAICA GOVT 8 03/15/39 USD 69.25 JAMAICA GOVT 8.5 02/28/36 USD 72.17 JAMAICA GOVT LRS 12.75 06/29/22 JMD 61.75 JAMAICA GOVT LRS 12.75 06/29/22 JMD 61.77 JAMAICA GOVT LRS 12.85 05/31/22 JMD 62.4 JAMAICA GOVT LRS 13.38 12/15/21 JMD 65.67 JAMAICA GOVT 13.38 04/27/32 JMD 61.34 JAMAICA GOVT LRS 13.58 12/15/26 JMD 62.26 JAMAICA GOVT LRS 14 06/30/21 JMD 69.42 JAMAICA GOVT LRS 14.4 08/03/27 JMD 67.88 JAMAICA GOVT LRS 15 11/15/21 JMD 73.28 JAMAICA GOVT LRS 15 08/30/32 JMD 70.65 JAMAICA GOVT LRS 15 09/06/32 JMD 70 JAMAICA GOVT LRS 15.5 03/24/28 JMD 71.03 JAMAICA GOVT LRS 16 12/06/32 JMD 73.37 JAMAICA GOVT LRS 16.25 05/22/27 JMD 74.59 JAMAICA GOVT LRS 16.25 07/26/32 JMD 74.49 PUERTO RICO PUERTO RICO CONS 6.1 05/01/12 USD 62 PUERTO RICO CONS 6.2 05/01/17 USD 48 PUERTO RICO CONS 6.5 04/01/16 USD 48.5 DORAL FINL CORP 7 04/26/12 USD 64.5 DORAL FINL CORP 7.1 04/26/17 USD 49 DORAL FINL CORP 7.15 04/26/22 USD 41.13 DORAL FINL CORP 7.65 03/26/16 USD 53.5 VENEZUELA PETROLEOS DE VEN 4.9 10/28/14 USD 56.04 PETROLEOS DE VEN 5 10/28/15 USD 52.14 PETROLEOS DE VEN 5.13 10/28/16 USD 49.55 PETROLEOS DE VEN 5.25 04/12/17 USD 53.29 PETROLEOS DE VEN 5.38 04/12/27 USD 43.94 PETROLEOS DE VEN 5.5 04/12/37 USD 43.73 VENEZUELA 5.75 02/26/16 USD 66.17 VENEZUELA 6 12/09/20 USD 55.56 VENEZUELA 7 12/01/18 USD 64.44 VENEZUELA 7 03/31/38 USD 53.98 VENEZUELA 7.65 04/21/25 USD 59.53 VENEZUELA 7.75 10/13/19 USD 64.82 VENEZUELA 8.25 10/13/24 USD 62.28 VENEZUELA 9 05/07/23 USD 68.86 VENEZUELA 9.25 09/15/27 USD 67.47 VENEZUELA 9.25 05/07/28 USD 68.56 VENZOD - 189000 9.38 01/13/34 USD 70.58 *********** 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 * * *