/raid1/www/Hosts/bankrupt/TCRLA_Public/100106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, January 6, 2010, Vol. 11, No. 003
Headlines
A R G E N T I N A
ADVANCED CONSTRUCTION: Asks for Preventive Contest
AGUAS DE LIMA: Trustee Verifying Proofs of Claim Until April 12
COOPERATIVA DE TRABAJO: Creditors' Proofs of Debt Due on March 26
DINNING SRL: Asks for Declaration of Bankruptcy
DISTRIBUIDORA EMANUEL: Creditors' Proofs of Debt Due on March 24
DROGUERIA CONGRESO: Creditors' Proofs of Debt Due on March 1
GRUPPO PRETTO: Asks for Preventive Contest
IMPRESSION SA: Requests for Preventive Contest
LERMED SRL: Trustee Verifying Proofs of Claim Until April 1
LOBONEGRO SRL: Creditors' Proofs of Debt Due on March 19
LOGIRANCHS SA: Creditors' Proofs of Debt Due on March 5
MONICA SACIFA: Trustee Verifying Proofs of Claim Until March 29
OROCORP SA: Creditors' Proofs of Debt Due on March 11
REPSOL YPF: Parent and Eskenazis Family Seeks Investors for Firm
SECURUS SA: Requests for Preventive Contest
TODO FIBRA: Creditors' Proofs of Debt Due on March 26
B E R M U D A
ESG REINSURANCE: Provisional Liquidators Appointed to Firm
MAN IPB: Creditors' Proofs of Debt Due on January 13
MAN IPB: Members to Receive Wind-Up Report on February 3
NEW STAR: Creditors' Proofs of Debt Due on January 13
NEW STAR: Members to Receive Wind-Up Report on February 3
SCOTTISH RE: Creditors' Proofs of Debt Due on January 13
SCOTTISH RE: Members to Receive Wind-Up Report on February 3
B R A Z I L
BRASKEM SA: May Purchase Quattor Petroquimica Soon
BRASKEM SA: Inks Green Plastic Manufacturing With Novozymes
CAMARGO CORREA: WorleyParsons to Acquire CNEC Engenharia
COMPANHIA SIDERURGICA: Must Boost Cimpor Offer After Shares Rally
* BRAZIL: GDP to Grow 5.2% in 2010 on Investment Rebound
C A Y M A N I S L A N D S
ALBO INTERNATIONAL: Placed Under Voluntary Wind-Up
AMELIE INVESTMENT: Placed Under Voluntary Wind-Up
ATLANTIC MEDICAL: Commences Liquidation Proceedings
BD NO. 1: Placed Under Voluntary Wind-Up
BEAVER INVESTMENT: Placed Under Voluntary Wind-Up
CAPITOL OPPORTUNITIES: Placed Under Voluntary Wind-Up
CLOCKWISE I ? MIXED: Placed Under Voluntary Wind-Up
DRAGONE PROPERTIES: Placed Under Voluntary Wind-Up
FARA INTERNATIONAL: Placed Under Voluntary Wind-Up
GLOBAL ASCENT: Placed Under Voluntary Wind-Up
HENDERSON PAN: Commences Liquidation Proceedings
HENDERSON PAN: Commences Liquidation Proceedings
HENDERSON PAN: Commences Liquidation Proceedings
HUTON BUSINESS: Placed Under Voluntary Wind-Up
KURRAJONG LIMITED: Placed Under Voluntary Wind-Up
MARSHALL WACE: Commences Liquidation Proceedings
MARSHALL WACE: Commences Liquidation Proceedings
MARTORA INTERNATIONAL: Placed Under Voluntary Wind-Up
MUTUAL FUND: Commences Liquidation Proceedings
MW TOPS: Commences Liquidation Proceedings
ONDA PROPERTIES: Placed Under Voluntary Wind-Up
PAVONE INTERNATIONAL: Placed Under Voluntary Wind-Up
PIGGY INTERNATIONAL: Placed Under Voluntary Wind-Up
POLAR CAPITAL: Placed Under Voluntary Wind-Up
POLAR CAPITAL: Placed Under Voluntary Wind-Up
RAB-NORTHWEST COBRA: Placed Under Voluntary Wind-Up
RAB-NORTHWEST COBRA: Placed Under Voluntary Wind-Up
SAN MARCO: Placed Under Voluntary Wind-Up
TONY GERBER: Placed Under Voluntary Wind-Up
VOYAGER PILLAR: Placed Under Voluntary Wind-Up
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Economy to Reach 3.5% Growth This Year
J A M A I C A
AMR CORP: JCAA to Give Update on Airlines' Crash
DIGICEL LIMITED: Apologizes for BlackBerry Outage
JAMAICA PUBLIC SERVICE: Workers Take Up Voluntary Redundancies
JAMAICA PUBLIC SERVICE: Workers to Bid for Government's Shares
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Liquid Asphalt Spill Under Control
- - - - -
=================
A R G E N T I N A
=================
ADVANCED CONSTRUCTION: Asks for Preventive Contest
--------------------------------------------------
Advanced Construction Technology SA asked for preventive contest.
The company stopped making payments last March 17, 2009.
AGUAS DE LIMA: Trustee Verifying Proofs of Claim Until April 12
---------------------------------------------------------------
The court-appointed trustee for Aguas de Lima S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 12, 2010.
The trustee will present the validated claims in court as
individual reports on May 24, 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
July 6, 2010.
COOPERATIVA DE TRABAJO: Creditors' Proofs of Debt Due on March 26
-----------------------------------------------------------------
The court-appointed trustee for Cooperativa de Trabajo Los
Marplatenses Limitada's reorganization proceedings will be
verifying creditors' proofs of claim until March 26, 2010.
DINNING SRL: Asks for Declaration of Bankruptcy
-----------------------------------------------
Dinning SRL asked for declaration of bankruptcy. The company
stopped making payments on October 2009.
DISTRIBUIDORA EMANUEL: Creditors' Proofs of Debt Due on March 24
----------------------------------------------------------------
The court-appointed trustee for Distribuidora Emanuel S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 24, 2010.
DROGUERIA CONGRESO: Creditors' Proofs of Debt Due on March 1
------------------------------------------------------------
Silvia Rosa Pirraglia, the court-appointed trustee for Drogueria
Congreso SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 1, 2010.
Ms. Pirraglia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk No.
22, 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:
Silvia Rosa Pirraglia
Talcahuano 426
Argentina
GRUPPO PRETTO: Asks for Preventive Contest
------------------------------------------
Gruppo Pretto SA asked for preventive contest.
IMPRESSION SA: Requests for Preventive Contest
----------------------------------------------
Impression SA requested for preventive contest. The company
stopped making payments last October 26, 2009.
LERMED SRL: Trustee Verifying Proofs of Claim Until April 1
-----------------------------------------------------------
The court-appointed trustee for Lermed S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 1, 2010.
The trustee will present the validated claims in court as
individual reports on May 14, 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
June 14, 2010.
LOBONEGRO SRL: Creditors' Proofs of Debt Due on March 19
--------------------------------------------------------
Mirian Graciela De Luca, the court-appointed trustee for Lobonegro
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 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.
27, 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:
Mirian Graciela De Luca
Viamonte 1785
Argentina
LOGIRANCHS SA: Creditors' Proofs of Debt Due on March 5
-------------------------------------------------------
Silvia Jorgelina Zajac, the court-appointed trustee for Logiranchs
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 5, 2010.
Ms. Zajac will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 33, 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:
Silvia Jorgelina Zajac
Panama 984
MONICA SACIFA: Trustee Verifying Proofs of Claim Until March 29
---------------------------------------------------------------
The court-appointed trustee for Monica S.A.C.I.F.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 29, 2010.
The trustee will present the validated claims in court as
individual reports on May 11, 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
June 23, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on November 29, 2010.
OROCORP SA: Creditors' Proofs of Debt Due on March 11
-----------------------------------------------------
Silvia Monica Tauschek, the court-appointed trustee for Orocorp
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 11, 2010.
Ms. Tauschek 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.
24, 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:
Silvia Monica Tauschek
Viamonte 658
Argentina
REPSOL YPF: Parent and Eskenazis Family Seeks Investors for Firm
----------------------------------------------------------------
Paul Tobin and Rodrigo Orihuela at Bloomberg News report that
Repsol YPF SA joined forces with the Eskenazi family to find
investors for the company's Argentine unit, YPF S. A. The report
relates that company spokesman Kristian Rix Repsol YPF is working
with the Eskenazis, who are YPF shareholders, to find buyers for a
stake in the unit. Repsol may sell the shares to one investor or
through a public offering, Mr. Rix said in a telephone interview.
Bloomberg News recalls that in 2008, the company sold a 15%
interest in YPF SA for US$2.2 billion to Enrique Eskenazi, who has
an option to buy another 10%. The report relates that Repsol
Chief Operating Officer Miguel Martinez said in November that the
timing of a possible sale of as much as 25% of YPF would depend on
market conditions.
An unnamed YPF SA spokesman told Bloomberg News in a telephone
interview that the Eskenazis are interested in adding Argentine
partners to the company. The Eskenazis agree with Repsol that 25%
of the company should be listed, the spokesman added.
"Ideally, Repsol would own 50% of YPF, Argentine businessmen would
hold 25% and the remaining shares would be listed," the report
quoted Sebastian Eskenazi, one of Enrique Eskenazi's sons and
chief executive officer of YPF, as saying.
The report, citing the Madrid-based newspaper El Mundo, adds that
Repsol had agreed to give the Eskenazi family six months to seek a
local partner for Buenos Aires-based YPF.
About Repsol
Repsol YPF, S.A. is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals and natural gas. The company operates in four
segments: Exploration and Production, Refining and Marketing,
Chemicals, and Gas and Electricity.
About YPF SA
Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream). The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares. Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008. (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.
SECURUS SA: Requests for Preventive Contest
-------------------------------------------
Securus SA requested for preventive contest. The company stopped
making payments last October 2009.
TODO FIBRA: Creditors' Proofs of Debt Due on March 26
-----------------------------------------------------
Berta Liliana Kravetz, the court-appointed trustee for Todo Fibra
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 26, 2010.
Ms. Kravetz will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:
Berta Liliana Kravetz
Lavalle 1527
Argentina
=============
B E R M U D A
=============
ESG REINSURANCE: Provisional Liquidators Appointed to Firm
----------------------------------------------------------
The Supreme Court of Bermuda has appointed Mike Morrison and
Charles Thresh of KPMG Advisory Ltd. in Bermuda and Michael Walker
of KPMG LLP in the UK as joint provisional liquidators of ESG
Reinsurance (Bermuda) Ltd on December 24, 2009, Business Credit
Management reports.
"Unfortunately ESG's financial position is such that it does not
have sufficient assets to cover its liabilities. We are currently
determining a more detailed understanding of ESG's financial
position and would urge creditors and other counter parties of ESG
to make contact with us as soon as possible," the report quoted
Mr. Morrison as saying.
About ESG
ESG provided accident, medical, financial and special risk
reinsurance but has not written new reinsurance business since
1998. ESG is managed by Quest Management Services Ltd in Bermuda.
MAN IPB: Creditors' Proofs of Debt Due on January 13
----------------------------------------------------
The creditors of Man IPB Multi-Strategy Dollar Trading Ltd are
required to file their proofs of debt by January 13, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on December 29, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MAN IPB: Members to Receive Wind-Up Report on February 3
--------------------------------------------------------
The members of Man IPB Multi-Strategy Dollar Trading Ltd will
receive, on February 3, 2010, 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 December 29, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
NEW STAR: Creditors' Proofs of Debt Due on January 13
-----------------------------------------------------
The creditors of New Star Firefly Hedge Fund Limited are required
to file their proofs of debt by January 13, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on December 29, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
NEW STAR: Members to Receive Wind-Up Report on February 3
---------------------------------------------------------
The members of New Star Firefly Hedge Fund Limited will receive,
on February 3, 2010, 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 December 29, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
SCOTTISH RE: Creditors' Proofs of Debt Due on January 13
--------------------------------------------------------
The creditors of Scottish Re International (Bermuda) Ltd. are
required to file their proofs of debt by January 13, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on December 23, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
SCOTTISH RE: Members to Receive Wind-Up Report on February 3
------------------------------------------------------------
The members of Scottish Re International (Bermuda) Ltd. will
receive, on February 3, 2010, 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 December 23, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BRASKEM SA: May Purchase Quattor Petroquimica Soon
--------------------------------------------------
Braskem SA and Petroleo Brasileiro SA may reveal next month the
purchase of Quattor Petroquimica SA, Francisco Marcelino at
Bloomberg News reports, citing O Estado de S. Paulo.
According to the report, the newspaper said that Braskem SA will
own 51% of the acquisition's voting shares while state-controlled
Petrobras will have the rest.
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
BRASKEM SA: Inks Green Plastic Manufacturing With Novozymes
-----------------------------------------------------------
Braskem SA disclosed a research partnership to develop large-scale
production of polypropylene from sugarcane.
"Braskem was the first company in the world to produce a 100%
certified green polypropylene on an experimental basis. The
partnership with Novozymes will further boost Braskem's technology
development and be a key step in the company's path to consolidate
its worldwide leadership in green polymers, all leveraged by
Brazil's competitive advantages within renewable resources," says
Bernardo Gradin, CEO of Braskem.
Sugar is the New Oil
Polypropylene is a plastic used in a wide range of everyday
products, from food containers, drinking straws, and water bottles
to washing machines, furniture, and car bumpers. It is the second
most widely used thermoplastic with a global consumption in 2008
of 44 million metric tons. The market is estimated to be USD 66
billion, with an annual growth rate of 4%.
Today, polypropylene is primarily derived from oil, but Braskem
and Novozymes will develop a green alternative based on Novozymes'
core fermentation technology and Braskem's expertise in chemical
technology and thermoplastics. Initial development will run for
at least five years.
"We live in a world where oil is limited and expensive, and the
chemical industry is looking for alternatives to its petroleum-
based products. Novozymes' partnership with Braskem is a move
toward a green, bio-based economy, in which sugar will be the new
oil," said Steen Riisgaard, CEO of Novozymes.
Both companies have ongoing interests in a bio-based economy:
Braskem is currently building a 200,000-tons-per-year green
polyethylene plant in Brazil with ethanol from sugarcane as the
raw material. Novozymes is producing enzymes to turn agricultural
waste into advanced biofuels and has partnered to convert
renewable raw materials into acrylic acid.
About Braskem S.A.
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
CAMARGO CORREA: WorleyParsons to Acquire CNEC Engenharia
--------------------------------------------------------
Australia-based WorleyParsons agreed to acquire Sao Paulo-based
CNEC Engenharia for US$98 million, Hydro Power News reports. CNEC
Engenharia is the stand-alone engineering and project management
operation of Brazil's Camargo Correa SA.
According to the report, in addition to being established in
Brazil's hydropower market, CNEC Engenharia is also involved in
thermoelectric plants, oil and gas refining and other industries.
CNEC has around 700 employees and has offices in Brazil, Argentina
and Peru.
Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil. The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing. It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses. During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:
-- Foreign currency Issuer Default Rating 'BB';
-- Local currency IDR 'BB';
COMPANHIA SIDERURGICA: Must Boost Cimpor Offer After Shares Rally
-----------------------------------------------------------------
Cia. Siderurgica Nacional SA must increase its EUR3.86 billion
(US$5.58 billion) takeover offer for Cimpor - Cimentos de Portugal
SGPS SA if it wants to win control of Portugal's biggest cement
maker, Diana Kinch at Bloomberg News reports, citing investors.
The offer by CSN, as Brazil's third biggest steelmaker is known,
"won't move ahead if CSN doesn't improve it," because of the
subsequent rise in Cimpor's stock, Bruno Menezes, investor at Rio
de Janeiro-based Opportunity Asset Management, which holds about
1.4% of CSN, told the news agency in an interview.
According to the report, Alexandre Miguel, a Sao Paulo based
analyst with Itau Unibanco Holding SA, which also holds CSN
shares, said: "From a financing point of view CSN would have no
restrictions" in raising its offer to match the current share
price. "CSN has nearly BRL9 billion cash and has apparently
obtained financing offers from various banks," Mr. Miguel said in
a telephone interview with Bloomberg. "It's most probable they'll
increase the offer with a reasonable chance of success," he added.
As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Portuguese
cement producer Cimpor for EUR3.86 billion (US$5.6 billion) as the
steelmaker slowly diversifies from its core business outside its
home base. The report related that the bid underscores efforts by
CSN's Chief Executive Benjamin Steinbruch to grow in areas other
than steel and mining.
About CSN
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate. The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects. The group also operates in Brazil, Portugal, and the
U.S.
* * *
As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1. The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.
* BRAZIL: GDP to Grow 5.2% in 2010 on Investment Rebound
--------------------------------------------------------
Brazil's economy will grow 5.2% this year, the most since 2007,
Iuri Dantas and Katia Cortes at Bloomberg News reports, citing a
weekly central bank survey of economists. Then report notes that
the survey revealed that Brazil's gross domestic product likely
shrank 0.24% in 2009.
According to the report, an increase in company investments will
help spur growth this year after Brazil's economy emerged from a
six-month recession in the second quarter of 2009. The report
relates that the government cut taxes and the central bank reduced
interest rates to a record low to stimulate domestic demand last
year.
"The industry is taking investment plans up again after ensuring
domestic demand recovered," Zeina Latif, chief economist for
Brazil at ING Bank, told the news agency in a telephone interview.
"Domestic consumption is putting pressure on installed capacity,
and such a squeeze will also speed up new investments," he added.
The central bank, the report notes, said that the Brazilian
economy will expand 5.8% this year and inflation will quicken to
4.6% from 4.3% in 2009. The government targets inflation at 4.5%,
the report adds.
* * *
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
==========================
ALBO INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 12, 2009, the shareholder of Albo International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
AMELIE INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On November 12, 2009, the shareholder of Amelie Investment Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
ATLANTIC MEDICAL: Commences Liquidation Proceedings
---------------------------------------------------
Atlantic Medical Center Limited commenced liquidation proceedings.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Sam Kolawole
c/o SME Manager Limited
C & C Towers (8th Floor)
Plot 1684 Sanusi Fafunwa Street
Victoria Island, Lagos 100241, Nigeria
BD NO. 1: Placed Under Voluntary Wind-Up
----------------------------------------
BD No. 1 Limited commenced wind-up proceedings.
Only creditors who were able to file their proofs of debt by
December 22, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Annie Chapman
69 Dr. Roy's Drive, P.O. Box 1043
George Town, Grand Cayman KY1-1102
BEAVER INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On November 12, 2009, the shareholder of Beaver Investment Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
CAPITOL OPPORTUNITIES: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On November 12, 2009, the shareholder of Capitol Opportunities
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
CLOCKWISE I ? MIXED: Placed Under Voluntary Wind-Up
---------------------------------------------------
On November 12, 2009, the shareholders of Clockwise I ? Mixed Bond
Leverage Fund Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
DRAGONE PROPERTIES: Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 12, 2009, the shareholder of Dragone Properties Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
FARA INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On November 12, 2009, the shareholder of Fara International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
GLOBAL ASCENT: Placed Under Voluntary Wind-Up
---------------------------------------------
On November 20, 2009, the shareholders of Global Ascent Funds
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 15, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jonathan McLean
Telephone: (345) 815 1805
Facsimile: (345) 949-1986
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
HENDERSON PAN: Commences Liquidation Proceedings
------------------------------------------------s
Henderson Pan European Active Engagement Fund I Limited commenced
liquidation proceedings on October 21, 2009.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
HENDERSON PAN: Commences Liquidation Proceedings
------------------------------------------------
Henderson Pan European Active Engagement Fund II Limited commenced
liquidation proceedings on October 21, 2009.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
HENDERSON PAN: Commences Liquidation Proceedings
------------------------------------------------
Henderson Pan European Active Engagement Master Fund Limited
commenced liquidation proceedings on October 21, 2009.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
HUTON BUSINESS: Placed Under Voluntary Wind-Up
----------------------------------------------
On November 12, 2009, the shareholder of Huton Business Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
KURRAJONG LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
Kurrajong Limited commenced wind-up proceedings.
Only creditors who were able to file their proofs of debt by
December 22, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Annie Chapman
69 Dr. Roy's Drive, P.O. Box 1043
George Town, Grand Cayman KY1-1102
MARSHALL WACE: Commences Liquidation Proceedings
------------------------------------------------
Marshall WACE European Emerging Markets Fund Limited commenced
liquidation proceedings on November 12, 2009.
Only creditors who were able to file their proofs of debt by
December 21, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
MARSHALL WACE: Commences Liquidation Proceedings
------------------------------------------------
Marshall Wace Tops Trading J Limited commenced liquidation
proceedings on November 12, 2009.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
MARTORA INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On November 12, 2009, the shareholder of Martora International
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
MUTUAL FUND: Commences Liquidation Proceedings
----------------------------------------------
Mutual Fund Basket Reference Fund (8-C) U.S. Focus Limited
commenced liquidation proceedings on November 10, 2009.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Graham Robinson
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, One Capital Place, George Town
Grand Cayman KY1-1103, Cayman Islands
MW TOPS: Commences Liquidation Proceedings
------------------------------------------
MW Tops K (Asia Ex-Japan) New Issues Limited commenced liquidation
proceedings on November 12, 2009.
Only creditors who were able to file their proofs of debt by
December 14, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
ONDA PROPERTIES: Placed Under Voluntary Wind-Up
-----------------------------------------------
On November 12, 2009, the shareholder of Onda Properties Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
PAVONE INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On November 12, 2009, the shareholder of Pavone International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
PIGGY INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On November 12, 2009, the shareholder of Piggy International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
POLAR CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
Polar Capital Paragon Fund Limited commenced wind-up proceedings
on November 5, 2009.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
POLAR CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
Polar Capital Paragon 2007 Fund Limited commenced wind-up
proceedings on November 6, 2009.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
RAB-NORTHWEST COBRA: Placed Under Voluntary Wind-Up
---------------------------------------------------
Rab-Northwest Cobra Fund Limited commenced wind-up proceedings on
November 12, 2009.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
RAB-NORTHWEST COBRA: Placed Under Voluntary Wind-Up
---------------------------------------------------
Rab-Northwest Cobra (Master) Fund Limited commenced wind-up
proceedings on November 12, 2009.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
SAN MARCO: Placed Under Voluntary Wind-Up
-----------------------------------------
On November 12, 2009, the shareholder of San Marco Investment Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
TONY GERBER: Placed Under Voluntary Wind-Up
-------------------------------------------
On November 12, 2009, the shareholder of Tony Gerber International
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.
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
VOYAGER PILLAR: Placed Under Voluntary Wind-Up
----------------------------------------------
On November 12, 2009, the shareholder of Voyager Pillar 1 Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
December 23, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Economy to Reach 3.5% Growth This Year
------------------------------------------------------------
The increase in bank credit to the private sector helped
reactivate the Dominican economy, which will grow this year by
around 3.5%, Dominican Today reports, citing the Central Bank.
The report relates that due to a strong correlation between the
private credit and the GDP growth, the Dominican economy has
experienced an important recovery, mainly in 2009's second
quarter.
According to the report, the Central Bank pointed out that the
growth has become one of the highest growth rates in Latin America
this year and has been progressively larger: 1% in the first
quarter, 1.8% in the second quarter, 3.4% in the third, with an
overall 2.1% for the first three-quarters.
The entity, the report adds, also said the international reserves
will close at record highs, the current account in the balance of
payments will have an improvement in its deficit of 4.5% of GSP,
lower than the 9.7 of 2008 by 5.2%.
=============
J A M A I C A
=============
AMR CORP: JCAA to Give Update on Airlines' Crash
------------------------------------------------
The Jamaica Civil Aviation Authority has provided an update on the
December 22 American Airlines plane crash in Kingston, Go-Jamaica
reports.
According to the report, the head of the Aviation authority,
Lieutenant Colonel Oscar Derby, said that some of the American
entities probing the crash have left Jamaica. The report relates
that these include the National Transportation and Security Board,
the Federal Aviation Authority and several American Airlines
personnel.
Colonel Derby, the report notes, said that the teams are leaving
the country because investigation has reached a stage, which
allows them to. The civil aviation authority will be paying a
closer watch to see whether landing procedures are being followed,
he added.
As reported in the Troubled Company Reporter-Latin America on
December 30, 2009, RadioJamaica said that Attorney Anthony Hylton
said that American Airlines Inc. could face legal action from the
Airports Authority of Jamaica and the operators of the Norman
Manley International Airport following an accident at the Jamaican
airport. The report related that following the incident, the
airport was forced to close for several hours resulting in a major
disruption in flights. The report noted that the airport as well
as the AAJ also incurred expenses associated with its emergency
response system.
About AMR Corporation
Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline. At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
AMR Corp. reported a net loss of US$390 million for the second
quarter of 2009, or US$1.39 per share. At June 30, 2009, the
Company had US$24.1 billion in total assets; US$8.2 billion in
total current liabilities, US$8.3 billion in long- term debt, less
current maturities, US$572 million in obligations under capital
leases, less current obligations, US$6.8 billion in pension and
postretirement benefits, and US$3.1 billion in other liabilities,
deferred gains and deferred credits; resulting in a US$3.0 billion
stockholders' deficit.
* * *
As reported in the Troubled Company reporter on November 4, 2009,
Moody's Investors Service assigned a B1 rating to the US$276
million of senior secured notes due August 2016 of American
Airlines, Inc., which were privately-placed on July 31, 2009.
Moody's is maintaining its other ratings of American and its
parent AMR Corporation, including the Caa1 Corporate Family and
Probability of Default ratings and the SGL-2 Speculative Grade
Liquidity rating. The outlook is stable.
DIGICEL LIMITED: Apologizes for BlackBerry Outage
-------------------------------------------------
Alex Wright at Bloomberg News reports that Digicel Limited has
issued an apology to its BlackBerry customers after thousands
suffered a black out on their devices last month due to a software
glitch. The report relates that the problem, which occurred on
the manufacturer RIM's side, caused a service interruption on
Tuesday December 22, with users unable to access their
applications.
According to the report, Digicel Limited said that it was not an
issue with its network and had in actual fact resulted in delayed
or intermittent message delivery for BlackBerry users worldwide.
The company, the report relates, said that RIM had since taken
action to restore service and also provided an updated version of
BlackBerry Messenger (version 5.0.0.57), advising customers who
have downloaded or upgraded the service since December 14 to
upgrade to the latest version to resolve the issue.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of June 25, the company continues to carry these low ratings
from Moody's:
-- LT Corp Family Rating at B2
-- Senior Undecured Debt Rating at Caa1
-- probability of Default at B2
JAMAICA PUBLIC SERVICE: Workers Take Up Voluntary Redundancies
--------------------------------------------------------------
Jamaica Public Service Company Limited's employees have reportedly
taken up an offer of voluntary redundancy, RadioJamaica reports.
The report relates that last month, the power company invited
employees to apply for voluntary redundancy in an effort to cut
its operational expenses.
According to the report, the offer closed on January 5, and the
Union of Clerical, Administrative and Supervisory Employees
(UCASE) said that there was a strong response from the workers.
The report relates that Senator Navel Clarke, UCASE General
Secretary attributed this to the deteriorating industrial
relations climate at the JPS. Industrial relations situation at
the JPSCO was no longer consultative but more confrontational, he
added.
"The workers felt that the atmosphere was not as harmonious as it
was before and decided to take their chances now with the money
they have gotten rather than stay there until they retired," the
report quoted Senator Clarke as saying.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.
JAMAICA PUBLIC SERVICE: Workers to Bid for Government's Shares
--------------------------------------------------------------
Unions representing Jamaica Public Service Company Limited's
employees are preparing to submit a formal bid to the Government
for a portion of the shares in the power company, RadioJamaica
reports. The report relates that JPSCO's workers have expressed
an interest in the Government's remaining 20% stake in the
company.
According to the report, a union official said that a formal
purchase offer is to be presented this month.
The report points out that Prime Minister Bruce Golding recently
announced that the JPSCO shares will be sold to raise much needed
funds for Central Government.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Liquid Asphalt Spill Under Control
----------------------------------------------------------
Petroleos de Venezuela, Guayaquil's Port Authority, and other
institutions controlled the spill of 100 gallons of liquid asphalt
that occurred in the area of Campo Alegre, nearby the island of
Puna, El Universal News reports.
According to the report, the National Direction of Aquatic Spaces
of the Ecuadorian Army (Dirnea) said that the spill was also
controlled by the community of the area of Campo Alegre.
The accident, the report says, happened at 02.00 GMT on January 3,
Sunday when the "San Jose" barge was unloading an auto-tank of the
Mamut company with a capacity of 10,000 gallons of liquid asphalt
of the Venezuelan oil company.
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
***********
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 2010. 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 * * *