/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091201.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, December 1, 2009, Vol. 10, No. 237 Headlines A R G E N T I N A AMERICAN STAR: Creditors' Proofs of Debt Due on March 1 AMR ARGENTINA: Creditors' Proofs of Debt Due on February 26 ARGENTINA DE HOTELES: Creditors' Proofs of Debt Due on February 19 CENTRO PRIVADO: Asks for Preventive Contest FOR EXPORT: Creditors' Proofs of Debt Due on February 11 GRUPO LOGISTICO: Creditors' Proofs of Debt Due on February 19 IBERICA CONSULTING: Creditors' Proofs of Debt Due on February 3 MONITA LUCIA: Asks for Preventive Contest R W VOLCKMANN: Creditors' Proofs of Debt Due on February 3 SOLUCIONES INTEGRALES: Creditors' Proofs of Debt Due on March 1 B A R B A D O S AIC BARBADOS: May Need Another Deadline Extension for Payment B E R M U D A CIRRUS COMPANY: Creditors' Proofs of Debt Due on December 4 CIRRUS COMPANY: Members to Receive Wind-Up Report on December 23 MAN GLENWOOD: Creditors' Proofs of Debt Due on December 4 MAN GLENWOOD: Members to Receive Wind-Up Report on January 14 NEW HIBERNIA: Creditors' Proofs of Debt Due on December 4 NEW HIBERNIA: Members to Receive Wind-Up Report on December 22 PLM WORLDWIDE: Creditors' Proofs of Debt Due on December 4 PLM WORLDWIDE: Sole Member to Receive Wind-Up Report on Dec. 21 REVLON EUROPE: Creditors' Proofs of Debt Due on December 4 REVLON EUROPE: Members to Receive Wind-Up Report on December 23 TRANSPORT-PROVIDER: Creditors' Proofs of Debt Due on December 4 TRANSPORT-PROVIDER: Member to Receive Wind-Up Report on Dec. 21 B R A Z I L BRASKEM SA: Participates in Tax Debit Repayment Program GERDAU SA: To Focus Growth in Brazil, CEO Says * BRAZIL: Posted BRL1 Billion October Budget Deficit C A Y M A N I S L A N D S BASALT INVESTMENTS: Sole Shareholder Receives Wind-Up Report CARASIA INCOME: Shareholders Receive Wind-Up Report CASTLEHILL LIMITED: Members Receive Wind-Up Report GOROH LTD: Members Receive Wind-Up Report HELIUM CAPITAL: S&P Puts 'BB-' Rating on EUR4.5 Mil. Notes LESLI LIMITED: Members Receive Wind-Up Report LINCOLN PARK: Shareholders Receive Wind-Up Report LUCERNE MID-CAP: Shareholders Receive Wind-Up Report LUCERNE MID-CAP: Shareholders Receive Wind-Up Report LUCERNE NORDIC: Shareholders Receive Wind-Up Report LUCERNE NORDIC: Shareholders Receive Wind-Up Report MARLEBONE INVESTMENTS: Members Receive Wind-Up Report MITA HOLDING: Shareholders Receive Wind-Up Report MODE INVESTMENT: Members to Receive Wind-Up Report on December 30 OAKBROOK INVESTMENTS: Members Receive Wind-Up Report OLD DOMINION: Members to Receive Wind-Up Report on December 11 PARTNER RE: Shareholders Receive Wind-Up Report POSITIVE FUND: Members to Receive Wind-Up Report on December 18 RAB DIVERSIFIED: Shareholders Receive Wind-Up Report RIGHT CHANCE: Members Receive Wind-Up Report SESAME LIMITED: Members Receive Wind-Up Report SIVIK GLOBAL: Shareholder Receives Wind-Up Report SUCCESSOR I: Shareholder Receives Wind-Up Report SUCCESSOR III: Shareholder Receives Wind-Up Report SUCCESSOR IV: Shareholder Receives Wind-Up Report SUCCESSOR V: Shareholder Receives Wind-Up Report SUCCESSOR CAL: Shareholder Receives Wind-Up Report SUCCESSOR EURO: Shareholder Receives Wind-Up Report SUCCESSOR HURRICANE: Shareholder Receives Wind-Up Report SUCCESSOR JAPAN: Shareholder Receives Wind-Up Report TOSCANINI LIMITED: Members Receive Wind-Up Report C O L O M B I A BANCOLOMBIA SA: Works W/ Actimize for Fraud Management Program ECOPETROL SA: Confirms CB&I as Contractor for Cartagena Refinery J A M A I C A AIR JAMAICA: BITU Calls Flight Attendants to Meetings CHURCHES COOPERATIVE: Waives December Principal JOBQUEST INTERNATIONAL: Assures Clients It Is "Not Closing Down" SUGAR COMPANY: Government to Receive Word From Eridania Suisse M E X I C O CIMINO BROKERAGE: Files for Chapter 11 in San Jose P E R U * PERU: Economy Shrank 0.6% in Third Quarter T R I N I D A D & T O B A G O CL FINANCIAL: Clico Insurance to Close Cayman Branch V E N E Z U E L A PETROLEOS DE VENEZUELA: Still Settling Payables to Providers * VENEZUELA: Pres. Chavez Threatens to Nationalize Local Banks X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= AMERICAN STAR: Creditors' Proofs of Debt Due on March 1 ------------------------------------------------------- The court-appointed trustee for American Star S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until March 1, 2010. The trustee will present the validated claims in court as individual reports on April 15, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 28, 2010. AMR ARGENTINA: Creditors' Proofs of Debt Due on February 26 ----------------------------------------------------------- The court-appointed trustee for A.M.R. Argentina S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until February 26, 2010. The trustee will present the validated claims in court as individual reports on March 12, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on April 29, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on October 18, 2010. ARGENTINA DE HOTELES: Creditors' Proofs of Debt Due on February 19 ------------------------------------------------------------------ Miriam De Luca, the court-appointed trustee for Argentina de Hoteles SA's reorganization proceedings, will be verifying creditors' proofs of claim until February 19, 2010. Ms. De Luca will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, 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. A general report that contains an audit of the company's accounting and banking records will be submitted in court on November 22, 2010. The Trustee can be reached at: Miriam De Luca Viamonte 785 Argentina CENTRO PRIVADO: Asks for Preventive Contest ------------------------------------------- Centro Privado de Salud Mental SRL asks for preventive contest. FOR EXPORT: Creditors' Proofs of Debt Due on February 11 -------------------------------------------------------- The court-appointed trustee for For Export International Corp S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until February 11, 2010. The trustee will present the validated claims in court as individual reports on March 29, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 14, 2010. GRUPO LOGISTICO: Creditors' Proofs of Debt Due on February 19 ------------------------------------------------------------- The court-appointed trustee for Grupo Logistico S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until February 19, 2010. The trustee will present the validated claims in court as individual reports on April 7, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 19, 2010. IBERICA CONSULTING: Creditors' Proofs of Debt Due on February 3 --------------------------------------------------------------- Diana Ines Panitch, the court-appointed trustee for Iberica Consulting Group SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 3, 2010. Ms. Panitch will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 43, 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: Diana Ines Panitch Avenida Corrientes 1250 Argentina MONITA LUCIA: Asks for Preventive Contest ----------------------------------------- Monita Lucia SA asked for preventive contest. The company stopped making payments last April 30. R W VOLCKMANN: Creditors' Proofs of Debt Due on February 3 ---------------------------------------------------------- The court-appointed trustee for R. W. Volckmann S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until February 3, 2010. SOLUCIONES INTEGRALES: Creditors' Proofs of Debt Due on March 1 --------------------------------------------------------------- Estudio Basile-Cejas, the court-appointed trustee for Soluciones Integrales Corporativas SA's reorganization proceedings, will be verifying creditors' proofs of claim until March 1, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, 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. A general report that contains an audit of the company's accounting and banking records will be submitted in court on November 19, 2010. The Trustee can be reached at: Estudio Basile-Cejas Lavalle 1334 Argentina =============== B A R B A D O S =============== AIC BARBADOS: May Need Another Deadline Extension for Payment ------------------------------------------------------------- AIC Barbados Limited's bondholders are set to meet on December 4 as signs have emerged that the Michael Lee-Chin led company may not meet its deadline to repay debts, RadioJamaica reports. The report relates that the bondholders were expecting to get back the near US$50 million they invested on November 27, but an unnamed source said that the investors have been called to the meeting amid reports that AIC will only be making interest payments on that date. According to the report, the bondholders will discuss two proposals presented by AIC on the repayment of the principal: -- to take 30% of the principal now and the balance over two years; and -- to take enforcement and have the shares on certain assets that have been pledged, transferred to the bondholders. RadioJamaica says that the unnamed source said that the setback appears to have resulted from challenges the company is facing in raising funds to make payments. As reported in the Troubled Company Reporter-Latin America on October 1, 2009, RadioJamaica said that AIC Barbados Chairman Michael Lee Chin said he is confident that the company will meet the November deadline to repay its bondholders. According to the report, Mr. Chin said the company's liquidity position has improved and the company is in a better position to fulfill its obligations. The November 27 deadline to make payments is definitely on, he added. "My reputation is what is paramount so, we'll do everything to make sure that it happens without a further extension. What happened with the extensions wouldn't have happened any where else in the world and for that, I'm happy that this situation happened to me in Jamaica, the report quoted Mr. Chin as saying. "Note holders had a lot of trust in us because of the reputation that we have in Jamaica. The note holders are well collateralized and they're getting premium interest so, it's been a win, win situation," said Mr. Lee Chin added. About AIC Barbados AIC Barbados Limited, which is valued at more than US$1 billion, comprises several Caribbean holdings including Jamaica's largest deposit taking institution the National Commercial Bank. * * * As reported in the Troubled Company Reporter-Latin America on June 8, 2009, RadioJamica said AIC Barbados asked its creditors for another extension to make payments on maturing instruments as divestment of the sale of assets in its portfolio is taking longer than expected. The Jamaica Gleaner related Mr. Lee-Chin is selling his Pan Caribbean fibre optic cable business, Columbus Communications, to pay off the debt. According to Jamaica Gleaner, Mr. Chin failed to come up with the US$155 million (J$13.8 billion) that AIC Barbados owes bond holders. The Gleaner related that based on an internal document, about US$108 million of the debt is owed to Jamaican investors, of which US$47 million is due this year. Mr. Lee Chin, The Gleaner said, was already granted one extension to June 11 to repay the bonds, however, he asked investors again to extend the wait to November. ============= B E R M U D A ============= CIRRUS COMPANY: Creditors' Proofs of Debt Due on December 4 ----------------------------------------------------------- The creditors of Cirrus Company Limited are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda CIRRUS COMPANY: Members to Receive Wind-Up Report on December 23 ---------------------------------------------------------------- The members of Cirrus Company Limited will receive, on December 23, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda MAN GLENWOOD: Creditors' Proofs of Debt Due on December 4 --------------------------------------------------------- The creditors of Man Glenwood Multi-Strategy GB Ltd are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited, Argonaut House 5 Park Road, Hamilton HM O9 Bermuda MAN GLENWOOD: Members to Receive Wind-Up Report on January 14 ------------------------------------------------------------- The members of Man Glenwood Multi-Strategy GB Ltd will receive, on January 14, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited, Argonaut House 5 Park Road, Hamilton HM O9 Bermuda NEW HIBERNIA: Creditors' Proofs of Debt Due on December 4 --------------------------------------------------------- The creditors of New Hibernia Investments Limited are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda NEW HIBERNIA: Members to Receive Wind-Up Report on December 22 -------------------------------------------------------------- The members of New Hibernia Investments Limited will receive, on December 22, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda PLM WORLDWIDE: Creditors' Proofs of Debt Due on December 4 ---------------------------------------------------------- The creditors of PLM Worldwide Management Services Limited are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda PLM WORLDWIDE: Sole Member to Receive Wind-Up Report on Dec. 21 --------------------------------------------------------------- The sole member of PLM Worldwide Management Services Limited will receive, on December 21, 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 17, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda REVLON EUROPE: Creditors' Proofs of Debt Due on December 4 ---------------------------------------------------------- The creditors of Revlon Europe, Middle East and Africa Ltd. are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda REVLON EUROPE: Members to Receive Wind-Up Report on December 23 --------------------------------------------------------------- The members of Revlon Europe, Middle East and Africa Ltd. will receive, on December 23, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda TRANSPORT-PROVIDER: Creditors' Proofs of Debt Due on December 4 --------------------------------------------------------------- The creditors of Transport-Provider Ltd. are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 6, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda TRANSPORT-PROVIDER: Member to Receive Wind-Up Report on Dec. 21 --------------------------------------------------------------- The sole member of Transport-Provider Ltd. will receive, on December 21, 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 6, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda =========== B R A Z I L =========== BRASKEM SA: Participates in Tax Debit Repayment Program ------------------------------------------------------- Braskem SA said its management has decided to include under the Tax Debit Repayment Program offered by the Office of the General Counsel to the National Treasury and the Internal Revenue Service the pending administrative procedures and lawsuits in which it claims: (i) the right to IPI (federal VAT) tax credits on purchases of raw materials subject to a zero tax rate ("Zero IPI"), (ii) the benefits from the IPI Premium tax credits on export transactions ("IPI Premium"), and (iii) the res judicata effect that exempts Braskem from paying Social Contribution on Profit ("CSSL"). The total amount of the debits included in the repayment program is approximately R$1.9 billion, given that the Company chose to pay in 12 monthly installments the Zero IPI and the IPI Premium, in the amount of R$1.1 billion, and the CSSL within 180 months, in the amount of R$795 million. Management's decision was based on the very attractive benefits introduced by Executive Order 470 and Federal Law 11,941/2009, which include up to 90% reduction in interest payments and 100% reduction in penalties, as well as the possibility of using accrued tax losses as currency for payment, which in Braskem's case represents an average discount of 70% on the total amount disputed. Management's decision also took into account the complexity of the matters that are the object of the administrative processes and lawsuits described above. With this decision, Braskem concludes its most relevant lawsuits without compromising its financial strength. About Braskem Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of November 10, 2009, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating. GERDAU SA: To Focus Growth in Brazil, CEO Says ---------------------------------------------- Gerdau SA will focus growth in Brazil where investment in infrastructure is surging, Guillermo Parra-Bernal at Reuters reports, citing Chief Executive Andre Gerdau Johannpeter in an interview with O Estado de S. Paulo newspaper. According to the report, Mr. Johannpeter told Estado newspaper that the overseas acquisition drive that he has presided over since taking over in 2007 was the right decision, but that Brazil currently offers the best growth prospects along Gerdau's markets. The report, citing the local newspaper, relates Mr. Johannpeter said it was unlikely that the largest Brazilian steel companies seek to combine operations at this point because "all of them are growing well." Bloomberg News notes that Mr. Johannpeter said expansion in China could happen if the company finds the "right partner." New investments in the United States may only take place once the economy there is fully recovered from the impact of the credit crisis, he added. Reuters says that Gerdau SA has been grappling with declining activity as a recession in key markets such as the United States and Spain has curbed demand. About Gerdau SA Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. * BRAZIL: Posted BRL1 Billion October Budget Deficit ---------------------------------------------------- Iuri Dantas and Maria Luiza Rabello at Bloomberg News report that Brazil posted a budget deficit for a 12th straight month in October as the government increased spending and cut taxes in a bid to stoke growth in the economy. According to the report, the central bank said that the deficit, including the federal government, local governments and state companies, narrowed to BRL1 billion (US$578 million) last month from BRL22.4 billion in September. Economists expected a BRL4.03 billion surplus, according to the median forecast in a Bloomberg survey. The report notes that the government increased spending 16.5% in the first 10 months of 2009 compared with last year as President Luiz Inacio Lula da Silva seeks to fuel the economy�s recovery from its first recession since 2003. Bloomberg News relates that Jankiel Santos, chief economist at BES Investimento, said that an increase in tax revenue last month to a high for 2009, buoyed by extraordinary items, played the biggest role in paring the deficit. �The figures were expected after extraordinary revenue, though the government didn�t make any fiscal effort,� Mr. Santos told the news agency in a telephone interview. The central bank, the report relates, said that Brazil posted a primary budget surplus of BRL13.8 billion last month. Economists expected a 14 billion real surplus, according to the median of 17 forecasts compiled by Bloomberg. The report adds that the country's net debt-to-gross domestic product ratio fell to 44.8% in October from 44.9% in September. Economists expected net debt-to-GDP to fall to 44.7%, according to the median of 10 forecasts compiled by Bloomberg. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== BASALT INVESTMENTS: Sole Shareholder Receives Wind-Up Report ------------------------------------------------------------ On November 26, 2009, the sole shareholder of Basalt Investments, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815 1802 Facsimile: (345) 949 1986 CARASIA INCOME: Shareholders Receive Wind-Up Report --------------------------------------------------- On November 30, 2009, the shareholders of Carasia Income Management received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 CASTLEHILL LIMITED: Members Receive Wind-Up Report -------------------------------------------------- On November 10, 2009, the members of Castlehill Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman GOROH LTD: Members Receive Wind-Up Report ----------------------------------------- On November 10, 2009, the members of Goroh Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman HELIUM CAPITAL: S&P Puts 'BB-' Rating on EUR4.5 Mil. Notes ---------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch negative its 'BB-' credit rating on Helium Capital Ltd.'s EUR4.5 million secured fixed-rate notes, series 37. The rating action follows a recent rating change on the underlying collateral in the transaction, to which series 37 is weak-linked. LESLI LIMITED: Members Receive Wind-Up Report --------------------------------------------- On November 10, 2009, the members of Lesli Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman LINCOLN PARK: Shareholders Receive Wind-Up Report ------------------------------------------------- On November 27, 2009, the shareholders of Lincoln Park 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 LUCERNE MID-CAP: Shareholders Receive Wind-Up Report ---------------------------------------------------- On November 27, 2009, the shareholders of The Lucerne Mid-Cap Offshore 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 LUCERNE MID-CAP: Shareholders Receive Wind-Up Report --------------------------------------------------- On November 27, 2009, the shareholders of The Lucerne Mid-Cap Master 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 LUCERNE NORDIC: Shareholders Receive Wind-Up Report --------------------------------------------------- On November 27, 2009, the shareholders of The Lucerne Nordic 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 LUCERNE NORDIC: Shareholders Receive Wind-Up Report --------------------------------------------------- On November 27, 2009, the shareholders of The Lucerne Nordic Master 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 MARLEBONE INVESTMENTS: Members Receive Wind-Up Report ----------------------------------------------------- On November 10, 2009, the members of Marlebone Investments Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman MITA HOLDING: Shareholders Receive Wind-Up Report ------------------------------------------------- On November 27, 2009, the shareholders of Mita Holding, Inc. 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 MODE INVESTMENT: Members to Receive Wind-Up Report on December 30 ----------------------------------------------------------------- The members of Mode Investment Ltd. will receive, on December 30, 2009, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands OAKBROOK INVESTMENTS: Members Receive Wind-Up Report ---------------------------------------------------- On November 10, 2009, the members of Oakbrook Investments Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman OLD DOMINION: Members to Receive Wind-Up Report on December 11 -------------------------------------------------------------- The members of Old Dominion Ltd. will receive, on December 11, 2009, at 10:00 a.m., 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 PO Box 258, Grand Cayman KY1-1104 Cayman Islands PARTNER RE: Shareholders Receive Wind-Up Report ----------------------------------------------- On November 27, 2009, the shareholders of Partner Re Feeder 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 POSITIVE FUND: Members to Receive Wind-Up Report on December 18 --------------------------------------------------------------- The members of The Positive Fund SPC will receive, on December 18, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David A.K. Walker c/o Jodi Jones Telephone: (345) 914 8694 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands RAB DIVERSIFIED: Shareholders Receive Wind-Up Report ---------------------------------------------------- On November 27, 2009, the shareholders of Rab Diversified Commodities (Master) Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 RIGHT CHANCE: Members Receive Wind-Up Report -------------------------------------------- On November 10, 2009, the members of Right Chance Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SESAME LIMITED: Members Receive Wind-Up Report ---------------------------------------------- On November 10, 2009, the members of Sesame Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SIVIK GLOBAL: Shareholder Receives Wind-Up Report ------------------------------------------------- On November 30, 2009, the shareholder of Sivik Global Healthcare Long Fund Offshore received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Norman Schleifer Sivik Global Healthcare LLC 733 Third Avenue, 18th Floor New York, NY 10017 SUCCESSOR I: Shareholder Receives Wind-Up Report ------------------------------------------------ On November 27, 2009, the shareholder of Successor I Ltd received the liquidators' 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 SUCCESSOR III: Shareholder Receives Wind-Up Report -------------------------------------------------- On November 27, 2009, the shareholder of Successor III Ltd received the liquidators' 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 SUCCESSOR IV: Shareholder Receives Wind-Up Report ------------------------------------------------- On November 27, 2009, the shareholder of Successor IV Ltd received the liquidators' 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 SUCCESSOR V: Shareholder Receives Wind-Up Report ------------------------------------------------ On November 27, 2009, the shareholder of Successor V Ltd received the liquidators' 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 SUCCESSOR CAL: Shareholder Receives Wind-Up Report -------------------------------------------------- On November 27, 2009, the shareholder of Successor Cal Quake Industry Ltd received the liquidators' 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 SUCCESSOR EURO: Shareholder Receives Wind-Up Report --------------------------------------------------- On November 27, 2009, the shareholder of Successor Euro Wind Ltd received the liquidators' 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 SUCCESSOR HURRICANE: Shareholder Receives Wind-Up Report -------------------------------------------------------- On November 27, 2009, the shareholder of Successor Hurricane Modeled Ltd received the liquidators' 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 SUCCESSOR JAPAN: Shareholder Receives Wind-Up Report ---------------------------------------------------- On November 27, 2009, the shareholder of Successor Japan Quake Ltd received the liquidators' 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 TOSCANINI LIMITED: Members Receive Wind-Up Report ------------------------------------------------- On November 10, 2009, the members of Toscanini Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman =============== C O L O M B I A =============== BANCOLOMBIA SA: Works W/ Actimize for Fraud Management Program -------------------------------------------------------------- Actimize, a NICE Systems company, and Unisys Corporation disclosed that Bancolombia is working with both firms to strengthen its ability to fight fraud across the entire bank. Bancolombia is implementing Actimize ATM/Debit, Remote Banking, Wire & ACH Fraud prevention solutions. As a strategic Actimize partner, Unisys is working on deployment of the solutions. As a leader in the Colombian market, Bancolombia strives to best protect customer and firm assets by combating the threat of fraud across all its lines of business. Once deployed, the Actimize suite of fraud prevention solutions will monitor all types of transactions enterprise-wide, alerting on suspicious behavior and blocking truly risky transactions. "We performed an exhaustive review of all the top fraud prevention solutions in the market, looking for a single vendor who can cover our entire enterprise fraud needs," said Joaquin Fernando Yepes, IT security and compliance director at Bancolombia. "Actimize solutions and Unisys services are a major component of Bancolombia's strategy to provide greater levels of security to our customers." Financial institutions are being confronted with new types of fraud attacks on a daily basis. In the past, fraud criminals typically specialized in a single channel, but now high loss fraud events increasingly incorporate multiple channels. The Actimize enterprise-wide fraud solution suite protects across all channels, from ATM/Debit cards, remote banking, deposit, electronic payment and more. Additionally, Actimize solutions monitor many types of employee behavior, looking for and alerting investigators to suspicious activities. "Fraud is a global problem that has no boundaries," said Amir Orad, executive vice president and chief marketing officer at Actimize. "Our strategic partnership with Unisys helps Actimize ensure quality deployments around the globe. Our cross-channel financial crime prevention solutions are today used by firms around the world because they scale to meet the challenges faced by large, complex enterprises while maintaining the flexibility to exceed group level and individual expectations." About Actimize Actimize -- http://www.actimize.com/-- a NICE Systems company, is the world's largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry. Actimize empowers its clients to prevent financial crime, mitigate risk, reduce operational costs, minimize losses and improve compliance. Actimize provides real-time and cross-channel fraud prevention, anti-money laundering, enterprise investigations, risk management and trading surveillance solutions; built upon the Actimize Core Platform which has been enhanced by the company's acquisitions of Syfact and Fortent (Searchspace) analytics and technology. With offices across North America, Europe, and Asia, Actimize serves more than 200 clients globally including all of the world's 10 largest financial institutions. About NICE Systems NICE Systems -- http://www.nice.com/-- is the leading provider of Insight from Interactions(TM) solutions and value-added services, powered by the convergence of advanced analytics of unstructured multimedia content and transactional data - from telephony, web, email, radio, video, and other data sources. NICE's solutions address the needs of the enterprise and security markets, enabling organizations to operate in an insightful and proactive manner, and take immediate action to improve business and operational performance and ensure safety and security. NICE has over 24,000 customers in more than 150 countries, including over 85 of the Fortune 100 companies. 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. ECOPETROL SA: Confirms CB&I as Contractor for Cartagena Refinery ---------------------------------------------------------------- Ecopetrol S.A. (NYSE: EC) said its subsidiary, Refineria de Cartagena S.A., on November 25, 2009, appointed Chicago, Bridge & Iron (CB&I) as the leading contractor for the expansion of the Cartagena Refinery. 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. Colombia owns 90% of 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. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BBB-'; -- Outstanding senior unsecured debt at 'BB+'; -- Country ceiling at 'BBB-'. ============= J A M A I C A ============= AIR JAMAICA: BITU Calls Flight Attendants to Meetings ----------------------------------------------------- The Bustamante Industrial Trade Union, the union representing most of Air Jamaica Limited's employees, met the airline's flight attendants in two separate meetings to discuss new proposals to save the latter's jobs as the airline continues to cut its operational expenses, RadioJamaica reports. According to the report, the first meeting was scheduled in the afternoon of November 27 in Montego Bay, St. James; while the second meeting was held at in Kingston in the evening. "We had an agreement with the company that saved the jobs of flight attendants from lay offs (but) that agreement expired in November, so what we're now trying to do is get an extension of that agreement. We meet with the company on [November 24] and put forward several proposals and we're to meet again come [November 30] but we have to meet with our membership to update them on the status of those discussions," Mr. Gayle said. Bustamante Industrial Trade Union represents 300 flight attendants at Air Jamaica. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. CHURCHES COOPERATIVE: Waives December Principal ----------------------------------------------- Churches Cooperative Credit Union Limited (CCCU) said it will free its members from making loan payments in December, RadioJamaica reports. The report relates that the company said the waiver would apply only to principal payments on both secured and unsecured loans, and is available only to members who are up to date on servicing their debt. "Many of our members have dealt with unprecedented financial challenges this year and even without a recession, December is always a month where there are increasing demands on personal spending, so we are offering a loan moratorium to ease some of the pressure we know our members are facing," Janyce Robinson, assistant general manager in charge of credit administration and operations, in a company statement obtained by the news agency. According to the report, the company move follows adjustments on the pricing of the credit union's car loans, which starts at 19.95% interest and a 50% cut in processing fees. CCCU has a membership base of 115,000. JOBQUEST INTERNATIONAL: Assures Clients It Is "Not Closing Down" ---------------------------------------------------------------- Jobquest International seeks to assure its clients it is not closing down operations, RadioJamaica reports, citing a company statement. The report says the company is in the process of relocating. The report relates Jobquest will make a disclosure as soon as the new office is established. According to the report, scores of clients stormed Jobquest's Kingston offices last month demanding that they be refunded their registration fees as the company had not succeeded in finding jobs for them. The report relates that the company said it is currently working on its finances in order to ensure that all creditors are paid. RadioJamaica says that some persons have already received registered mail outlining the payment schedule and clients who have not yet received a letter should check with their local post office. The company, the report points out, insisted that it has had proven success in linking Jamaicans with employers in several countries, including the United State, United Kingdom, Singapore and Canada. Last month, the RadioJamaica recalls, Christine Kelly, Jobquest Managing Director, said that the company had run into problems as a result of the refusal of overseas employers to pay for the H2B visas for prospective employees. SUGAR COMPANY: Government to Receive Word From Eridania Suisse -------------------------------------------------------------- The Jamaican Government is to receive crucial information within the next two weeks which will determine the way forward for the divestment of the remaining state-own sugar factories, RadioJamaica reports. The report relates Agriculture Minister Dr. Christopher Tufton said that the Italian firm Eridania Suisse is to signal its next move concerning the acquisition of the factories. According to the report, the company has presented a bid to buy out Frome in Westmorland, Moneymusk in Clarendon and Bernard Lodge in St. Catherine, the three remaining sugar estates. "We're still waiting on the final world from the Italian company and we expect to get that by the end of the month or early next month," the report quoted Dr. Tufton as saying. As reported in the Troubled Company Reporter-Latin America on August 25, 2009, the Jamaica Observer said that the Jamaica government has received the US$15-million capital injection from Italian firm Eridania Eridania Suisse. Caribbean Net News related that the government has negotiated an interim funding with Eridania Suisse to ensure the continued operation of Sugar Company of Jamaica's three sugar estates -- Frome in Westmoreland, Monymusk in Clarendon, and Bernard Lodge in St Catherine. The report said the money will be used to undertake field maintenance work on the three estates, as well as preparatory works for the Frome and Monymusk factories. According to the report, Agriculture and Fisheries Minister Christopher Tufton said the Cabinet has approved the arrangement, which should �effectively ensure� the factories� sugar production output for the 2009/10 crop year, while the process of divestment continues. Caribbean Net News noted Eridania and Energen Development Limited are the two short-listed entities with which the administration is pursuing negotiations toward the sale of the factories and Petrojam Ethanol Limited (PEL). About SCJ The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =========== M E X I C O =========== CIMINO BROKERAGE: Files for Chapter 11 in San Jose -------------------------------------------------- According to Bill Rochelle at Bloomberg News, Cimino Brokerage Co., also known as Cimino Brother Produce, filed a Chapter 11 petition. Bloomberg notes the Debtor is intent on keeping its business operating. Secured lender Wells Fargo Bank NA wants the operations terminated and the business liquidated. The report relates that the Company said revenue in 2007 was US$20.7 million. The business was hurt by heavy rains and then by defective cartons which caused US$6.5 million in damage to the business. Cimino Brokerage is the largest importer of broccoli from Mexico to the U.S. The company has a cooling facility in Laredo, Texas, where the vegetables enter the U.S. The Company filed for Chapter 11 on Nov. 24, 2009, in San Jose, California (Bankr. N.D. Calif. Case No. 09-60291). Todd M. Arnold, Esq., at Levene, Neale, Bender, Rankin, and Brill, represents the Debtor in its restructuring effort. The petition says assets and debt are both less than US$50 million. Secured lenders are owed US$15.6 million, including US$6.6 million to Wells Fargo. ======= P E R U ======= * PERU: Economy Shrank 0.6% in Third Quarter -------------------------------------------- John Quigley at Bloomberg News reports that Peru�s economy contracted for a second quarter in the three months through September, led lower by manufacturing, fishing and retail sales. According to the report, citing Peru�s National Statistics Institute, gross domestic product shrank 0.6% from a year earlier after contracting 1.1% in the second quarter. The figure was worse than the median forecast for a 0.4% decline in a Bloomberg News survey of eight economists. Bloomberg News notes that manufacturing output led by textiles fell 11%, fishing declined 6% and retail sales slid 1.7%. The institute, the report relates said that consumer demand expanded 0.7% in the third quarter, down from 1.9% growth in the second. Central Bank President Julio Velarde, the report notes, said that Peru�s economy will post the fastest growth in Latin America in 2010 on rising private investment and consumer demand. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Clico Insurance to Close Cayman Branch ---------------------------------------------------- Colonial Life Insurance Co. (Trinidad) Limited will officially close its doors December 2, 2009, The Associated Press reports, citing British territory's Health Insurance Commission. According to the report, the company will now stop providing coverage to hundreds of clients in the Cayman Islands. CLICO is a unit of CL Financial Limited. CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Still Settling Payables to Providers ------------------------------------------------------------ Petroleos de Venezuela is still trying to settle its bulky accounts payable with service providers, despite having issued billionaire debt obligations to repay them, El Universal News reports. The report relates that this could speed up company's need to raise new funds. According to the report, at the end of the first half of the year, PdVSA's debt with suppliers of goods and services amounted to US$8.15 billion, 8% more than the figure recorded at the end of 2008. The report notes that although the issue of US$3 billion in debt bonds allowed PDVSA to repay part of the debt, in recent months the Venezuelan oil industry has been paying the debt little by little. "The current situation of PDVSA is even worse than the crisis in the first half of the year," an unnamed oil executive said, referring to the debt of Venezuela's main industry, which has prevented many oil-related companies to pay year-end benefits to their employees, the report adds. As reported in the Troubled Company Reporter-Latin America on November 13, 2009, Bloomberg News said PDVSA President Rafael Ramirez indicated on Nov. 4 that the company will issue more bonds before the end of the year to pay down debts with service suppliers that stand at as much as US$5 billion. The report related that the Venezuelan government and PDVSA sold a combined US$11.3 billion in bonds this year, after declines in oil prices last year dragged down revenue. The government needs money to cover budget shortfalls, pay suppliers and meet demand for foreign currency in the local market, Bloomberg News added. 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+/R * VENEZUELA: Pres. Chavez Threatens to Nationalize Local Banks -------------------------------------------------------------- Walker Simon at Reuters reports that Venezuelan President Hugo Chavez said that he could nationalize private banks unless they comply with the law, adding he had "no problem with that because the banks don't want to extend credit to the poor." The report relates that President Chavez said that the purpose of banks was not to enrich a small group of people but "should be to collect funds and savings to help aid the country's development by making loans, extending credits for housing." According to the report, President Chavez's nationalization threats appeared to be broader in scope than his well-publicized warnings in recent years to nationalize Spanish-owned banks in Venezuela. The report relates that President Chavez repeatedly threatened to seize Spanish bank subsidiaries in Venezuela unless Spain's king apologized for telling him to "shut up" in November 2007 at a regional summit where Chavez branded a recent ex-Spanish prime minister a fascist. However, the report notes that the only major private bank to fall into state hands under President Chavez's rule was Spain's Banco Santander unit Banco de Venezuela, sold to Venezuela in July for US$1.05 billion. The report recalls that the government's last banking takeover was on November 20, when it seized four small banks, accounting for about 6% of Venezuela's deposits. The report says that Finance Minister Ali Rodriguez then said the move stemmed from concerns about credit portfolios, problems explaining the source of funds and failure to comply with some obligations. Reuters notes that Venezuela's banking sector is dominated by 10 banks that control 70 percent of the total funds. * * * 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$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- 1CPMON BZ CIA PETROLIFERA 377602195.17 -3014291.72 1CPMPN BZ CIA PETROLIF-PRF 377602195.17 -3014291.72 1GASON BZ GASCOIGNE EMPREE 1123596482 -536003485.59 1GASPN BZ GASCOIGNE EMP-PF 1123596482 -536003485.59 1NOVON BZ NOVA AMERICA SA 21287489 -183535527.21 1NOVPN BZ NOVA AMERICA-PRF 21287489 -183535527.21 1TSSON BZ TRESSEM PART SA 1018389001.17 -160218400.52 330902Q GR IMPSAT FIBER NET 535007008 -17165000 3M11 GR MMX MINERACA-GDR 1018389001.17 -160218400.52 81370Z BZ TELECOMUNICA-ADR 219200060.46 -3774997.87 ALICON BZ ARTHUR LANGE SA 21333792.82 -16295577.05 ALICPN BZ ARTHUR LANGE-PRF 21333792.82 -16295577.05 APDSF US AUTOPISTAS SOL 351681166.85 -2858782.1 ARLA1 BZ ARTHUR LANG-RT C 21333792.82 -16295577.05 ARLA10 BZ ARTHUR LANG-RC P 21333792.82 -16295577.05 ARLA11 BZ ARTHUR LAN-DVD C 21333792.82 -16295577.05 ARLA12 BZ ARTHUR LAN-DVD P 21333792.82 -16295577.05 ARLA2 BZ ARTHUR LANG-RT P 21333792.82 -16295577.05 ARLA3 BZ ARTHUR LANGE 21333792.82 -16295577.05 ARLA4 BZ ARTHUR LANGE-PRF 21333792.82 -16295577.05 ARLA9 BZ ARTHUR LANG-RC C 21333792.82 -16295577.05 AUSO AR AUTOPISTAS SOL 351681166.85 -2858782.1 AZEV3 BZ AZEVEDO 58171856.05 -4288079.64 AZEV4 BZ AZEVEDO-PREF 58171856.05 -4288079.64 AZEVON BZ AZEVEDO E TRAVAS 58171856.05 -4288079.64 AZEVPN BZ AZEVEDO E TRA-PR 58171856.05 -4288079.64 BDFC US B&D FOOD CORP 16631180 -1448544 BDFCE US B&D FOOD CORP 16631180 -1448544 BLDR3 BZ BALADARE 141215707.17 -12257915.87 BMBBF US BOMBRIL 289000173.95 -166589139.96 BMBBY US BOMBRIL SA-ADR 289000173.95 -166589139.96 BMBPY US BOMBRIL SA-ADR 289000173.95 -166589139.96 BOBR1 BZ BOMBRIL-RIGHTS 289000173.95 -166589139.96 BOBR2 BZ BOMBRIL-RGTS PRE 289000173.95 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966298025.55 -4695211316.33 VARGON BZ VARIG SA 966298025.55 -4695211316.33 VARGPN BZ VARIG SA-PREF 966298025.55 -4695211316.33 VPSC3 BZ VARIG PART EM SE 101177852.25 -318442006.32 VPSC4 BZ VARIG PART EM-PR 101177852.25 -318442006.32 VPTA3 BZ VARIG PART EM TR 49432124.18 -399290425.77 VPTA4 BZ VARIG PART EM-PR 49432124.18 -399290425.77 VSPT10 BZ FER C ATL-RCT PF 1189275625.36 -35605725.65 VSPT11 BZ FERROVIA CEN-DVD 1189275625.36 -35605725.65 VSPT12 BZ FERROVIA CEN-DVD 1189275625.36 -35605725.65 VSPT3 BZ FER C ATLANT 1189275625.36 -35605725.65 VSPT4 BZ FER C ATLANT-PRF 1189275625.36 -35605725.65 VSPT9 BZ FER C ATL-RCT CM 1189275625.36 -35605725.65 WISA3 BZ WIEST 39838113.86 -93371563.06 WISA4 BZ WIEST-PREF 39838113.86 -93371563.06 WISAON BZ WIEST SA 39838113.86 -93371563.06 WISAPN BZ WIEST SA-PREF 39838113.86 -93371563.06 XIMPT SM IMPSAT FIBER NET 535007008 -17165000 XMM CN MMX MINERACA-GDR 1018389001.17 -160218400.52 *********** 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 * * *