/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100215.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, February 15, 2010, Vol. 11, No. 031 Headlines B E R M U D A CONTENDER 2: Creditors' Proofs of Debt Due on March 5 CONTENDER: Members & Creditors to Hear Wind-Up Report on March 22 B R A Z I L BANCO SANTANDER BRASIL: Plans to Share ATMs with Other Banks BES INVESTIMENTO: Scraps Int'l Bond Offering of Up to US$350MM CAMARGO CORREA: Cimpor Deal May Be Hindered by Signs of Cartel CAMARGO CORREA: Fitch Downgrades Issuer Default Rating to 'BB-' CAMARGO CORREA: S&P Changes CreditWatch on 'BB' Rating to Negative C A Y M A N I S L A N D S ARTISAN BARREL: Commences Liquidation Proceedings AVLAVAS CAPITAL: Commences Wind-Up Proceedings BAJA COMPANY: Commences Liquidation Proceedings BATABANO LIMITED: Commences Liquidation Proceedings BGI ALPEX: Commences Wind-Up Proceedings BGI ALPEX: Commences Wind-Up Proceedings BGI ALPEX: Commences Wind-Up Proceedings CAPRA GLOBAL: Commences Wind-Up Proceedings CAT-MEX LTD: Commences Wind-Up Proceedings COTTON HALL: Commences Wind-Up Proceedings DACANA LIMITED: Commences Wind-Up Proceedings DURANGO CAPITAL: Commences Wind-Up Proceedings EDUARDOS INVESTMENTS: Commences Liquidation Proceedings FOLLY LIMITED: Commences Wind-Up Proceedings FRIEDBERG TOTAL: Commences Wind-Up Proceedings KENYABOY LTD: Commences Liquidation Proceedings KIWI, LDC: Commences Liquidation Proceedings LATAM STRUCTURED: Commences Wind-Up Proceedings MACCHIAIOLI LIMITED: Commences Wind-Up Proceedings MALACLA FINANCE: Commences Wind-Up Proceedings NEW STAR: Commences Wind-Up Proceedings NEW STAR: Commences Wind-Up Proceedings NEW STAR: Commences Wind-Up Proceedings ORAL-B LABORATORIES: Commences Liquidation Proceedings PARROTS LANDING: Commences Liquidation Proceedings PETALIA INVESTMENTS: Commences Liquidation Proceedings RADISH INVESTMENT: Commences Wind-Up Proceedings SECURED AIRCRAFT: Commences Wind-Up Proceedings TARBENIAN LEASING: Commences Wind-Up Proceedings URUGUAY CREDIT: Commences Wind-Up Proceedings C O L O M B I A ECOPETROL SA: To Invest US$3.6 Billion in 2010 E C U A D O R PETROECUADOR: To Sell Crude to Brazil' Petrobras G R E N A D A * GRENADA: Tourism & Foreign Direct Investment Weakened by Crisis J A M A I C A AIR JAMAICA: PM's Statement Angers Workers P E R U * PERU: Seeks US$5 Billion for Infrastructure Projects V E N E Z U E L A PETROLEOS DE VENEZUELA: Implemented 526 Environment Clean Up BANCO OCCIDENTAL: Fitch Affirms 'B-' Issuer Default Rating X X X X X X X X * Caribbean Tourism Organization Forecasts Growth in 2010 * BOND PRICING: For the Week February 8, to February 12, 2010 - - - - - ============= B E R M U D A ============= CONTENDER 2: Creditors' Proofs of Debt Due on March 5 ----------------------------------------------------- The creditors of Contender 2 Ltd are required to file their proofs of debt by March 5, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 22, 2010. The company's liquidator is: John C. McKenna Finance & Risk Services Ltd International Centre, Suite 502 26 Bermudiana Road Hamilton CONTENDER: Members & Creditors to Hear Wind-Up Report on March 22 ----------------------------------------------------------------- The members and creditors of Contender 2 Ltd will receive, on March 22, 2010, at 9:30 a.m. and 9:45 a.m. respectively, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 22, 2010. The company's liquidator is: John C. McKenna Finance & Risk Services Ltd International Centre, Suite 502 26 Bermudiana Road Hamilton =========== B R A Z I L =========== BANCO SANTANDER BRASIL: Plans to Share ATMs with Other Banks ------------------------------------------------------------ Banco do Brasil SA, Banco Bradesco SA and Banco Santander Brasil SA, are planning to share automated teller machines to reduce operational costs, Rogerio Jelmayer at Dow Jones Newswires reports, citing an unnamed source. According to the report, the three banks started a preliminary study to evaluate the potential amount of costs reduction with the measure and other operational issues. The report relates that the banks will hold a press conference to announce details of the plan. The source, the report notes, said that the banks intend to conclude the study in the next five months. In the year 2009, Brazil banks recorded total ATMS of: -- Bradesco ended 2009 with a total of 30,657 ATMs, -- Banco do Brasil had 40,000 in the period, and -- Banco Santander ended last year with a total of 18,600 ATMs. Banco Santander Brasil SA attracts deposits and offers retail, commercial and private banking, and asset management services. The bank offers consumer credit, mortgage loans, lease financing, mutual funds, insurance, commercial credit, investment banking services, and structured finance. * * * As of September 3, 2009, the company continues to carry Moody's "Ba2" Foreign LT bank Deposits rating. About Banco Bradesco Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As of October 12, 2009, Banco Bradesco S.A. continues to carry Moody's "Ba2" long-term foreign bank deposits. The company also continues to carry Fitch rating's "BB" Support Rating Floor. BES INVESTIMENTO: Scraps Int'l Bond Offering of Up to US$350MM -------------------------------------------------------------- Veronica Navarro Espinosa and Fabiola Moura at Bloomberg News report that BES Investimento do Brasil scrapped an international bond offering of as much as US$350 million. BES Investimento do Brasil postponed the offering because it would have been more expensive given the "market volatility," Paulo Augusto Saba, the bank's managing director for global markets, sales and fixed- income trading in Brazil, told the news agency in a phone interview. BES was planning to issue five year bonds, he added. "If we were to do the issuance now, we would have to pay much more, and we didn't need to do so," the report quoted Mr. Saba as saying. "I want to do a beautiful deal. I don't want to do a Frankenstein deal in the market," he added. According to the report, global markets plunged as concern governments will struggle to fund themselves triggered a selloff in riskier assets. The report relates that Mr. Saba would not forecast when the company will resume the bond sale. "As soon as the market gives signs it has started to come out of the stress mode, we will" consider it, the report quoted Mr. Saba as saying. About BES Investimento BES Investimento do Brasil S.A is headquartered in Sao Paulo, Brazil. In June 2009, the bank had total assets of approximately R$3.6 billion (US$1.8 billion) and equity of R$305 million (US$156 million). As reported in the Troubled Company Reporter-Latin America on October 5, 2009, Moody's ratings retained its D+ bank financial strength rating on the bank. CAMARGO CORREA: Cimpor Deal May Be Hindered by Signs of Cartel -------------------------------------------------------------- Camargo Correa SA's planned acquisitions of stakes in Cimpor- Cimentos de Portugal SGPS may face regulatory hurdles in Brazil amid "robust" indications that a cement cartel already exists, Iuri Dantas and Lucia Kassai at Bloomberg News report, citing Arthur Badin, president of antitrust agency Cade. "We cannot close our eyes to robust signs of a cartel in the cement industry currently under investigation," Mr. Badin told the news agency in an interview. "It's a matter of reputation," he added. According to the report, Mr. Badin said that Brazil's Justice Ministry is probing Camargo Correa and nine other companies for allegedly colluding to prop up prices. As reported in the Troubled Company Reporter-Latin America on January 14, 2010, Bloomberg News said that Camargo Correa offered to buy an unspecified stake in Cimpor-Cimentos de Portugal and merge its Portuguese unit into the company to repel a rival EUR3.86 billion (US$5.6 billion) offer from Cia. Siderurgica Nacional. According to the report, citing a regulatory filing, Camargo Correa will hold a stake of between 15% and 25% for the transaction to close, and will "necessarily" have a stake of less than 50 percent in Cimpor. The report related that Camargo also agreed to pay as much as EUR350 million to Cimpor's shareholders. About Camargo Correa 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'; CAMARGO CORREA: Fitch Downgrades Issuer Default Rating to 'BB-' --------------------------------------------------------------- Fitch Ratings has downgraded the ratings of Brazilian Conglomerate Camargo Correa S.A.'s and its special-purpose vehicle CCSA Finance Limted: Camargo -- Foreign currency Issuer Default Rating to 'BB-' from 'BB'; -- Local currency IDR to 'BB-' from 'BB'; -- National Scale rating to 'A+(bra)' from 'AA-(bra)'; -- BR400 million Debentures Series 1 (due 2012) to 'A+(bra)' from 'AA-(bra)'; -- BR700 million Debentures Series 2 (due 2014) to 'A+(bra)' from 'AA-(bra)'. CCSA Finance Limited -- US$250 million senior unsecured bonds due 2016 to 'BB-' from 'BB'. CCSA Finance Limited is wholly-owned by Camargo and incorporated in the Cayman Islands. Camargo unconditionally guarantees CCSA Finance Limited's debt. The Rating Outlook has been revised to Stable from Negative. Fitch's downgrade of Camargo's ratings follows the company's announcement that it had reached an agreement to acquire a 22.17% stake in Cimentos de Portugal S.A. from Teixeira Duarte-Engenharia e Construcoes SA for EUR968.3 million (about USD1.33 billion or BRL2.50 billion). The downgrade reflects the leveraging effect this transaction will have on Camargo's credit protection measures, which were already weak for the rating category on a net debt basis. Camargo's net debt is expected to increase to BRL10.1billion from BRL 7.7.billion on a pro forma basis, while its pro forma net leverage ratio would climb to 3.5 times from 2.7x. Camargo's credit profile has been trending negative since early 2009, when the company purchased a 50% stake in VBC Energia from Votorantim for BRL2.6 billion, funded primarily with debt. Camargo has a history of maintaining large cash balances to facilitate acquisitions and mitigate market volatility. The company's liquidity position measured by the ratio of cash to short-term was 0.9x by the end of June 2009. With the Cimpor transaction the company's ratio is expected to weaken to around 0.6x. The Stable Outlook reflects Fitch's expectations that Camargo will continue managing its balance sheet to a targeted ratio of net-debt-to-EBITDA in the 3.5x to 3.0x range. An increase in equity or the sale of non-core assets would be viewed positively and could result in a positive rating action, depending upon the size and timing. Strategically, the acquisition is viewed positively by Fitch. It allows Camargo to increase its presence in the global cement market, and it should result in synergies with Camargo's highly correlated core businesses (cement, engineering and construction). Cimpor's presence in 13 countries, including Brazil where it operates six cement plants and 32 ready mix units, would further improve Camargo's geographic diversification. This transaction, along with Votorantim's recent acquisition of a 17% stake in Cimpor, also lowers the probability that CSN, a Brazilian steel and iron ore company, will be successful in its efforts to acquire more than 50% of Cimpor, thereby maintaining the current dynamics of the Brazilian cement industry. Camargo's credit ratings reflect the company's diversified portfolio of operations, adequate market position in the industries in which it participates, and high leverage. Further factored into Camargo's ratings is the high correlation of its core businesses of cement, engineering and construction, as well as the diversification provided by the company's other two core businesses, textiles and footwear. Camargo's ratings are supported by the company's long track record of successful acquisitions such as Loma Negra, Tavex, and Alpargatas Argentina. Camargo Correa is one of the largest private industrial conglomerates in Brazil generating BRL14.1 billion of net revenues and around BRL2.8 billion of EBITDA for the last-twelve month period, ended in June 30, 2009. Camargo is a holding company with full ownership interests in cement, engineering and construction companies. Control position in homebuilding, textiles, footwear and sportswear manufacturing companies. Camargo also has equity interests in energy, transportation (highway concessions) and steel businesses. A large proportion of the company's equity investments are in companies that are publicly traded and liquid. The company is controlled by the Camargo family through their direct holdings in Participacoes Morro Vermelho, which in turn owns 100% of Camargo. CAMARGO CORREA: S&P Changes CreditWatch on 'BB' Rating to Negative ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it has revised the CreditWatch listing on Camargo Correa Cimentos S.A.'s 'BB' rating to Negative from Positive, and kept its 'BB' rating on parent, Camargo Correa S.A., on CreditWatch Negative, where it was placed on Jan. 14, 2010. S&P's rating on CCSA remains on CreditWatch with negative implications following the announcement that it has entered into an agreement to acquire Teixeira Duarte-Engenharia e Construcoes S.A.'s (Teixeira Duarte; unrated) 22.17% share in Portugal-based Cimpor for approximately EUR970 million. The transaction is, therefore, different from CCSA's previous offer, made on Jan. 14, 2010, to buy a stake in Cimpor, then merge CCC into Cimpor, and pay Cimpor's shareholders a EUR350 million one-off dividend. Under the current proposal, CCC will remain a subsidiary of CCSA, thus, its rating will align with the parent. "Despite allowing CCSA to maintain control of CCC's cash flows and to benefit from a share of Cimpor's dividend stream, S&P believes that an eventual increase in debt to finance the acquisition could depress CCSA's credit metrics, already aggressive for its rating category," said Standard & Poor's credit analyst Marcelo Schwarz. "Nevertheless, S&P acknowledge that CCSA has an adequate cash position and benefits from noncore assets that could be divested to boost liquidity." On the other hand, the change in CCC's CreditWatch listing reflects S&P's view that its assets would no longer be merged (as they would have been under the previous proposal) into Cimpor--a stronger and more geographically diversified cement group. As a result, S&P will continue to consider CCC to be an integral part of the CCSA group. "S&P expects to resolve the CreditWatch listing within the next few months, as the proposed transactions unfold and S&P get a better grasp of any potential business and financial implications these may have on both CCSA and CCC," Mr. Schwarz added. ========================== C A Y M A N I S L A N D S ========================== ARTISAN BARREL: Commences Liquidation Proceedings ------------------------------------------------- Artisan Barrel Company commenced liquidation proceedings on December 2, 2009. The company's liquidator is: Tyler J. Comstock c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands AVLAVAS CAPITAL: Commences Wind-Up Proceedings ---------------------------------------------- Avlavas Capital Corporation commenced wind-up proceedings on December 4, 2009. Only creditors who were able to file their proofs of debt by January 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 949 9876 Facsimile: (345) 949 1986 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands BAJA COMPANY: Commences Liquidation Proceedings ----------------------------------------------- The Baja Company commenced wind-up proceedings on December 3, 2009. Only creditors who were able to file their proofs of debt by January 14, 2010, will be included in the company's dividend distribution. The company's liquidator is: Trulaw Directors Ltd PO Box 866 GT, Grand Cayman Cayman Islands Telephone: 345-949-7555 Facsimile: 345-815-0566 BATABANO LIMITED: Commences Liquidation Proceedings --------------------------------------------------- Batabano Limited commenced liquidation proceedings on November 30, 2009. Only creditors who were able to file their proofs of debt by January 12, 2010, will be included in the company's dividend distribution. The company's liquidator is: Gregory E. Merren P.O. Box 31013, Grand Cayman, KY1-1205 Cayman Islands BGI ALPEX: Commences Wind-Up Proceedings ---------------------------------------- The BGI Alpex Fund (Australia I) Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands BGI ALPEX: Commences Wind-Up Proceedings ---------------------------------------- The BGI Alpex Fund (Japan I) Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands BGI ALPEX: Commences Wind-Up Proceedings ---------------------------------------- The Bgi Alpex Fund (UK I) Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands CAPRA GLOBAL: Commences Wind-Up Proceedings ------------------------------------------- Capra Global Managed Assets, Ltd. commenced wind-up proceedings on December 8, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands CAT-MEX LTD: Commences Wind-Up Proceedings ------------------------------------------ Cat-Mex Ltd. commenced wind-up proceedings on December 7, 2009. Only creditors who were able to file their proofs of debt by October 4, 2009, will be included in the company's dividend distribution. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands COTTON HALL: Commences Wind-Up Proceedings ------------------------------------------ Cotton Hall Global Small Companies Fund, Ltd. commenced wind-up proceedings on December 8, 2009. Only creditors who were able to file their proofs of debt by January 13, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands DACANA LIMITED: Commences Wind-Up Proceedings --------------------------------------------- Dacana Limited commenced wind-up proceedings on October 29, 2009. Only creditors who were able to file their proofs of debt by January 31, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robert E. Gibb Fordsar (Cayman) Limited Telephone: (345) 945-5799 Facsimile: (345) 945-5899 P. O. Box 335, Grand Cayman KY1-1301 Cayman Islands DURANGO CAPITAL: Commences Wind-Up Proceedings ---------------------------------------------- Durango Capital Ltd. commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands EDUARDOS INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------------- Eduardos Investments Ltd commenced liquidation proceedings on December 8, 2009. Only creditors who were able to file their proofs of debt by January 21, 2010, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 FOLLY LIMITED: Commences Wind-Up Proceedings -------------------------------------------- Folly Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 FRIEDBERG TOTAL: Commences Wind-Up Proceedings ---------------------------------------------- Friedberg Total Return Fixed Income Fund Ltd. commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 11, 2010, will be included in the company's dividend distribution. The company's liquidator is: Enrique Z. Fenig Brookfield Place 181 Bay Street, Suite 250 Toronto, ON M5J 2T3, Canada KENYABOY LTD: Commences Liquidation Proceedings ----------------------------------------------- Kenyaboy Ltd. commenced liquidation proceedings on November 23, 2009. Only creditors who were able to file their proofs of debt by December 31, 2009, will be included in the company's dividend distribution. The company's liquidator is: UBS Nominees Ltd. Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands KIWI, LDC: Commences Liquidation Proceedings -------------------------------------------- Kiwi, LDC commenced liquidation proceedings on November 23, 2009. Only creditors who were able to file their proofs of debt by December 31, 2009, will be included in the company's dividend distribution. The company's liquidator is: UBS Nominees Ltd. Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands LATAM STRUCTURED: Commences Wind-Up Proceedings ----------------------------------------------- Latam Structured Finance, Ltd. commenced wind-up proceedings on November 20, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands MACCHIAIOLI LIMITED: Commences Wind-Up Proceedings -------------------------------------------------- Macchiaioli Limited commenced wind-up proceedings on December 7, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 MALACLA FINANCE: Commences Wind-Up Proceedings ---------------------------------------------- Malacla Finance Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 NEW STAR: Commences Wind-Up Proceedings --------------------------------------- New Star Credit Hedge Fund Limited commenced wind-up proceedings on December 3, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 949 1040 Facsimile: (345) 949 1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands NEW STAR: Commences Wind-Up Proceedings --------------------------------------- New Star European Opportunities Hedge Fund Limited commenced wind- up proceedings on December 3, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 949 1040 Facsimile: (345) 949 1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands NEW STAR: Commences Wind-Up Proceedings --------------------------------------- New Star Real Estate Hedge Fund Limited commenced wind-up proceedings on December 3, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 949 1040 Facsimile: (345) 949 1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands ORAL-B LABORATORIES: Commences Liquidation Proceedings ------------------------------------------------------ Oral-B Laboratories Islands Limited commenced liquidation proceedings on December 8, 2009. Only creditors who were able to file their proofs of debt by January 15, 2010, will be included in the company's dividend distribution. 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 PARROTS LANDING: Commences Liquidation Proceedings -------------------------------------------------- Parrots Landing Watersports Park Ltd. commenced liquidation proceedings on November 30, 2009. Only creditors who were able to file their proofs of debt by January 12, 2010, will be included in the company's dividend distribution. The company's liquidator is: Gregory E. Merren P.O. Box 31013, Grand Cayman, KY1-1205 Cayman Islands PETALIA INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------------ Petalia Investments Ltd. commenced wind-up proceedings on December 8, 2009. Only creditors who were able to file their proofs of debt by January 21, 2010, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 RADISH INVESTMENT: Commences Wind-Up Proceedings ------------------------------------------------ Radish Investment Corporation commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 21, 2010, will be included in the company's dividend distribution. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands SECURED AIRCRAFT: Commences Wind-Up Proceedings ----------------------------------------------- Secured Aircraft Loan Company commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 21, 2010, will be included in the company's dividend distribution. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands TARBENIAN LEASING: Commences Wind-Up Proceedings ------------------------------------------------ Tarbenian Leasing Limited commenced wind-up proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 14, 2010, will be included in the company's dividend distribution. The company's liquidators are: Scott Aitken Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 URUGUAY CREDIT: Commences Wind-Up Proceedings --------------------------------------------- Uruguay Credit Opportunities, SPC commenced wind-up proceedings on November 20, 2009. Only creditors who were able to file their proofs of debt by January 20, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: To Invest US$3.6 Billion in 2010 ---------------------------------------------- Ecopetrol on Thursday announced plans to invest US$3.558 billion in production this year, Colombia reports, citing Portfolio.com. The report relates that Ecopetrol SA intends to increase production to 600,000 barrels of oil-equivalent per day in 2010, up from 2009's rate of 521,000. "Everything is directed towards meeting the production goal of 1 million barrels per day in 2015," the report quoted Company President Javier Gutierrez. According to the report, Ecopetrol SA plans to drill 13 oil wells in Colombia this year, and seven more will be located variously in Brazil, Peru, and the U.S. Gulf of Mexico. The report notes that that the company's output grew 12% in both 2008 and 2009, and it plans to maintain the same rate of growth this year. However, the report relates, Mr. Gutierrez stated that the planned growth would not come at the expense of safety or quality standards. About Ecopetrol S.A Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. 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'; -- Outstanding senior unsecured debt at 'BB+'; ============= E C U A D O R ============= PETROECUADOR: To Sell Crude to Brazil' Petrobras ------------------------------------------------- State-owned Petroecuador will sell 1,080,000 barrels of crude to Brazilian state-controlled energy giant Petrobras following completion of a bidding process for the occasional sale of domestic oil, latin America Herald Tribune. The report relates that the consignment will include three 360,000-barrel shipments of crude, two of the Oriente type and another of the Napo variety. "The negotiation was beneficial for the state because the Oriente crude was sold with a differential of less than US$5.38 per barrel (compared to its benchmark) and the Napo with (a differential of) less than USA$7.88 per barrel," the report quoted the company as saying. According to the report, the company also said it sold two 190,000-barrel shipments of fuel oil (an oil residue-one to Chinese oil company PetroChina and another to U.S. firm Citizens. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa has authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. In previous years, Petroecuador, according to published reports, was faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much- needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. In 2008, a new management team was appointed to turn around the company's operations. ============= G R E N A D A ============= * GRENADA: Tourism & Foreign Direct Investment Weakened by Crisis ----------------------------------------------------------------- An International Monetary Fund mission led by Nita Thacker of the IMF's Western Hemisphere Department visited Grenada during February 1-10 to conduct the fifth review of the government's home-grown economic program supported by an IMF financial arrangement under the Extended Credit Facility and to discuss a successor three-year arrangement. The mission met with Finance Minister Nazim Burke, Permanent Secretary Timothy Antoine, other senior government officials, representative of the Official Opposition, and representatives of the business and financial community and labor unions. The mission thanks the authorities for their warm hospitality and close cooperation it received during its stay in Grenada. The following statement was issued by the IMF mission led by Ms. Thacker: "Grenada has been hit hard by the global economic slowdown with the two mainstays of the economy -- tourism and foreign direct investment (FDI) -- weakening significantly. Real gross domestic product is estimated to have declined by 7.7%in 2009, after 2.2% growth in 2008. Tourism dropped by about 13% year-on-year and FDI-related construction is estimated to have contracted by about 50 percent for the year, although the pace of decline slowed in the last quarter of 2009, reflecting an uptick in FDI inflows. Prices fell by 2.4% in the 12 months to December 2009, reflecting weak domestic demand and lower international food and fuel prices. "While economic activity is expected to improve in 2010, the recovery is likely to be very slow, reflecting the gradual improvement in source countries -- in particular, the US and UK. Continued growth in the agricultural sector and some recovery of FDI-financed construction activity are expected to raise growth to 0.8 percent in 2010. However, there are downside risks to this outlook, if weakness in advanced economies continues to adversely affect tourism and FDI. "Despite these difficult circumstances, all but two of the targets under the current program were met. The primary deficit (excluding grants) was higher-than-expected, reflecting increased spending on goods and services and higher spending on social assistance programs. The government was late with a few external debt service payments to its official creditors, but has subsequently taken steps to ensure timely payments. "Progress on the structural front was more promising. The value added tax (VAT) to broaden the tax base and enhance the efficiency of tax collection was introduced on February 1, 2010, as initially planned. The government is also working with the Organization for Economic Co-operation and Development (OECD) to revise the Public Procurement Act in line with international best practices and establish a Public Procurement Department. "The mission reached agreement in principle on a new three-year arrangement that would be supported under the IMF's Extended Credit Facility, which has replaced the Poverty Reduction and Growth Facility. The government's key objectives in the new program are: ensuring fiscal and debt sustainability by placing the debt-to-GDP ratio on a firm downward trajectory; reducing vulnerabilities in the financial system and strengthening the supervision of the nonbank financial sector; generating high and sustainable growth through structural reforms that will encourage private sector-led growth; and reducing poverty by creating more effective social safety nets. "The medium-term fiscal program is underpinned by the need to achieve fiscal and debt sustainability. In light of the difficult economic environment, the fiscal adjustment will be phased in. On the revenue side, the government will focus on improving compliance and simplifying tax collections. The VAT is expected to enhance the coverage and buoyancy of the tax system, and other post-VAT measures are also being considered to improve revenue performance, including facilitating voluntary compliance by continuing the taxpayer education and service program; implementing enforcement programs to deal promptly with non-filers and stop-filers; and developing audit capacity. On the expenditure side, the government plans to control current expenditures by containing the wage bill, reducing the spending on goods and services by improving procurement procedures and reducing waste, and improving the efficiency of social spending. These measures will make room for higher capital spending over the medium-term to improve the productive capacity of the economy and place growth on a sustained upward trajectory. "The government is working to improve the supervision of the nonbank financial sector through the Grenada Authority for the Regulation of Financial Institutions (GARFIN). Insurance sector supervision will be enhanced under the new Insurance Act, through onsite supervision and enforcement of statutory fund requirements. GARFIN is also working to improve the supervision of credit unions, building societies, pension funds, and money service businesses. In partnership with the other Eastern Caribbean Currency Union (ECCU) governments, the authorities are working toward creating a new company to take over the ECCU operations of the British American Insurance Company, in line with the recommendations of the judicial managers, who assessed the company to be insolvent. "The government has set out an ambitious agenda for structural reforms. This includes an updated technology infrastructure for customs which in combination with the new Customs Act will speed processing times while improving enforcement. Other reforms, including a separate Registrar of Companies and Intellectual Property, are intended to reduce the time required to incorporate a company and to start a business. The Lands and Deeds Registry will expedite the transfer of property, and an additional Civil Court will reduce the delays at courts and enhance contract enforcement. "The recently completed Country Poverty Assessment reveals that 38 percent of population lived below the poverty line in June 2008, even before the crisis hit and the unemployment rate reached levels now believed to be about 30 percent. In this context, the government plans to further strengthen and rationalize the social safety net. The government is preparing a full Poverty Reduction Strategy Paper, developing a measure of social spending to monitor efforts to protect the most vulnerable groups, and establishing a central registry of beneficiaries. "The staff team thanks the Grenadian government officials for their close cooperation and looks forward to a continued constructive dialogue on the economic challenges and opportunities facing Grenada. Upon the team's return to Washington, it will prepare the necessary documentation for presentation to the IMF's Executive Board to consider Grenada's request to complete the fifth review and to approve a new arrangement under the Extended Credit Facility. The mission wishes the authorities success in their endeavors and is encouraged by their commitment to undertake reforms to improve the prospects for its population." ============= J A M A I C A ============= AIR JAMAICA: PM's Statement Angers Workers ------------------------------------------ Air Jamaica Limited workers withdrew their services at the Sangster International Airport in Montego Bay on February 11, leaving several passengers stranded, as they were reportedly upset over Prime Minister Bruce Golding's statement that Jamaica Airlines Pilots' Association's bid to buy the airline would not be accommodated, RadioJamaica reports. According to the report, at midday Thursday, passengers scheduled to leave on the flight to New York were still at the airport although they are allowed to board the aircraft at 9:30am. The report relates that boarding was done by a member of the management team but without assistance from other ground staff the aircraft remained grounded. RadioJamaica notes that the ground staff remained off the job while check in lines grew longer. The report relates that the workers asserted that they are tired of operating in an air of uncertainty as they await the sale of the airline. The report points out that the workers insistent that they will not resume duties unless instructed to do so by their union representatives. 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 January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA 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. ======= P E R U ======= * PERU: Seeks US$5 Billion for Infrastructure Projects ------------------------------------------------------ John Quigley at Bloomberg News reports that Peru is seeking about US$5 billion of private investment to develop the country's infrastructure, including US$2.3 billion in energy projects. According to the report, citing Jorge Leon, the head of the country's private investment promotion agency (Proinversion), the government plans to seek bids for US$2 billion of energy, transport, and irrigation projects this year. Mr. Leon, the report relates, projects include a 500-kilovolt transmission line in southern Peru that may require US$450 million of investment, and two 200-kilovolt lines that may total US$70 million. Bloomberg News notes that the government is also studying a US$1.3 billion pipeline to supply natural gas to cities between Ayacucho in the central Andes and the northern port of Chimbote. The government plans to secure the gas for the pipeline from the Camisea fields in the southern Amazon jungle, the report says. Mr. Leon, the report adds, said that the government is seeking private investment in 50 projects, including US$461 million in ports, US$371 million in telecommunications, US$237 million in airports and US$609 million in irrigation. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Implemented 526 Environment Clean Up ------------------------------------------------------------ With the solid commitment to settle the environmental debt to the country and the people of Venezuela, PDVSA E & P Orinoco Belt Division, in coordination with the East Division, successfully implemented the clean up of 526 petroleum waste pits during 2009, in the Districts San Tome and Morichal. The Waste Pit Clean Up Plan 2009, executed by the Corporate Management of Environment and Occupational Hygiene, achieved the successful recovery of an area of 45.6 hectares belonging to operational areas of the oil industry located in the southern states of Anzoategui and Monagas. Until the decade of the '90s, the pits were built around the oil wells for storage of waste generated during their construction, operation and maintenance. This practice led to potential sources of contamination through leaks and overflows that affect agricultural production units. For nearly a century transnational companies operating in the country exploded crude in out of proportion and unlimited ways building numerous pits, which represent environmental liabilities that are now being clean up by the Petroleos de Venezuela, as a responsibility towards the country and the Venezuelan people. Cleaning up these pits represents for PDVSA a line of work to honor its commitment to the revolutionary government led by the Commander President Hugo Chavez, to settle the environmental debt. Currently, in accordance with existing environmental regulations these pits are not being built during the construction of oil wells, as this represents a potential contamination risk to flora, fauna and the ecosystems in general. All waste generated is managed properly without producing risks to peoples health and the environment. That is why, E & P Orinoco Belt Division works hard to recover new spaces through the consolidation and restoration plans that will eliminate environmental liabilities and run oil operations in harmony with the society and the environment. 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 BANCO OCCIDENTAL: Fitch Affirms 'B-' Issuer Default Rating ---------------------------------------------------------- Fitch Ratings has affirmed Venezuela-based Banco Occidental de Descuento's long-term foreign currency and local currency Issuer Default Ratings at 'B-' and removed the Rating Watch Negative assigned in February 2009. Fitch has assigned a Negative Rating Outlook. Also in the same rating action Fitch has downgraded the long-term National Rating and short-term National Rating to 'BB(ven)' from 'BBB-' and 'B(ven)' from 'F3(ven)', respectively. The full list of rating actions is: -- Long-term foreign and local currency Issuer Default Ratings affirmed at 'B-'; Outlook Negative; -- Short-term foreign and local currency rating at 'B'; -- Individual affirmed at 'D/E'; -- Support affirmed at '5'; -- Support Floor affirmed at 'NF'; -- Long-term National rating downgraded to 'BB(ven)' from 'BBB- (ven)'; -- Short-term National rating downgraded to 'B(ven)' from 'F3(ven)'. The rating actions reflect the positive effects of a capital injection made by BOD's shareholder in late 2009 and the expected capitalization of the foreign exchange gains resulting from the January 2010 devaluation of the Venezuelan Bolivar that will significantly boost BOD net income during the first two months of the year, although such extraordinary income is non-recurrent in its nature. Despite the former, BOD's capital position is still weak compared to its local and international peers. The Negative Outlook (as well as the 'E' component of the Individual rating) reflects Fitch's concerns that the weak capitalization may come under further pressure, requiring the bank to raise further capital to support future growth and/or pressure on asset quality. BOD's already weak capital base has been pressured by the burden created due the sizable goodwill generated by the acquisition of a mid-size bank in 2009 (Corp Banca C.A.), which left the bank with negative core and eligible capital and the time of the acquisition (-2.3% as of June 2009). In October 2009, BOD shareholders increased its capital by VEB 460 billion (+70%), which returned the bank to compliance with minimum regulatory capital requirements. The positive effects on its net income in early 2010 due to the foreign exchange gains resulting from the valuation of its long foreign exchange position have also aided in rebuilding part of its core capital. Despite the former, the estimated core capital to total assets ratio of the bank remains quite tight, estimated at about 2.5%, especially considering the challenges imposed by the operating environment and the expected merger with Corp Banca (yet to be approved by the regulators), while profitability and assets quality ratios still compared unfavorably with its peers. The expected merger with Corp Banca will aid the bank in starting to rebuild its capital base, but sustaining that trend will depend on the ability of the bank to capitalize on the expanded market share and deal with the hurdles of the operating environment. Given the significant challenges of the bank in regards to its capital position, jointly with still below average profitability ratios, further deterioration of the bank's capital base, asset quality ratios, or profitability could trigger negative changes in all the bank's ratings. Additionally, as is the case with its Venezuelan peers, exacerbation of government measures could negatively affect BOD's performance. Should the bank sustain improvement of its weak capital base, while improving profitability without a weakening of asset quality, Fitch could revise the Outlook to Stable. The bank's ratings are limited by a weak capital base, volatile asset quality ratios, low profitability, and the negative effects of government intervention over the bank business. BOD's ratings reflect its strong regional presence and thorough knowledge in its area of influence. The expansion of the balance sheet, credit costs, and the fierce control over interest rates and fees have undermined BOD's profitability, being that the nonrecurring nature of some income recorded in 2009 just provided a temporary upturn in those ratios. At June 30, 2009, its net interest revenue to average earning assets decreased to a tight 6%, while its operating profit to average assets ratio was 2.75% (0.8% excluding some extraordinary trading gains). Profits in 2010 will be benefited by the non- recurring nature of the aforementioned foreign exchange gain, although high operating expenses and the increased burden of loan loss provisioning could pressure its profitability in the short and medium terms. Asset quality ratios compare unfavorably with peers (past due loans to total loans of almost 2% at June 30, 2009), with loan loss reserves just covering past due loans 110%. The deterioration of the operating environment and the incorporation of Corp Banca's loan portfolio will imply further efforts to improve such metrics. BOD was Venezuela's fifth largest bank in terms of funds under management (assets plus ceded investments) at June 30, 2009, with a 6.6% market share. It has a privileged market position in Venezuela's leading oil-producing region, Zulia. BOD is controlled by Cartera de Inversiones de Venezuela, which, in turn, is controlled by the bank's president. =============== X X X X X X X X =============== * Caribbean Tourism Organization Forecasts Growth in 2010 --------------------------------------------------------- The Caribbean Tourism Organization is forecasting a rebound in visitor arrivals in 2010 with moderate growth expected for the region on the heels of positive indicators from the fourth quarter of 2009, Caribbean Net News reports. According to the report, Winfield Griffith, director of research and information technology, said that the CTO is expecting tourism in the region to grow by up to three percent in 2010 as the global economy continues to see recovery. The report relates that a total of 22.1 million people visited the Caribbean in 2009, down from 22.9 million in 2008. Caribbean Net News notes that the first quarter saw a 6.6% decline in visitation yet that percentage dropped to 6.0% in the second quarter, 2.0% in the third quarter and then actually saw an increase in year-over-year visitation of 1.0% in the fourth quarter. CTO Secretary General Hugh Riley, the report relates, said that obvious challenges exist for the region but several factors offer hope for a successful 2010. * BOND PRICING: For the Week February 8, to February 12, 2010 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT-$DIS 8.28 12/31/2033 USD 65.03896 ARGENT-$DIS 8.28 12/31/2033 USD 62.27346 ARGENT-PAR 1.18 12/31/2038 ARS 33.16608 ARGENT-=DIS 7.82 12/31/2033 EUR 55.229343 ARGNT-BOCON PR11 2 12/3/2010 ARS 20.84616 ARGNT-BOCON PR13 2 3/15/2024 ARS 65.89173 BANCO MACRO SA 9.75 12/18/2036 USD 83.5 BOGAR 2018 2 2/4/2018 ARS 112.0826 BONAR X 7 4/17/2017 USD 74.99008 BUENOS AIRE PROV 9.375 9/14/2018 USD 63.978636 BUENOS AIRE PROV 9.625 4/18/2028 USD 62.625454 BUENOS-$DIS 9.25 4/15/2017 USD 70.649462 MENDOZA PROVINCE 5.5 9/4/2018 USD 75.550508 BRAZIL CESP 9.75 1/15/2015 BRL 64.688802 CAYMAN ISLAND BANIF FIN LTD 3 12/31/2019 EUR 69.917 BARION FUNDING 1.44 12/20/2056 GBP 30.111577 BARION FUNDING 0.63 12/20/2056 GBP 16.981382 BCP FINANCE CO 4.239 #N/A N Ap EUR 68.607143 BCP FINANCE CO 5.543 #N/A N Ap EUR 68.897739 BISHOPSGATE ASSE 4.808 8/14/2044 GBP 68.15627 CHINA MED TECH 4 8/15/2013 USD 60.79 CHINA PROPERTIES 9.125 5/4/2014 USD 83.998508 CHINA SUNERGY 4.75 6/15/2013 USD 66.509 DUBAI HLDNG COMM 4.75 1/30/2014 EUR 66.21665 DUBAI HLDNG COMM 6 2/1/2017 GBP 60.25061 ESFG INTERNATION 5.753 #N/A N Ap EUR 77.416667 FERTINITRO FIN 8.29 4/1/2020 USD 65.75 LDK SOLAR CO LTD 4.75 4/15/2013 USD 72 MAZARIN FDG LTD 1.44 9/20/2068 GBP 27.613881 PUBMASTER FIN 6.962 6/30/2028 GBP 68.19794 PUBMASTER FIN 8.44 6/30/2025 GBP 72.46 SHINSEI FIN CAYM 6.418 #N/A N Ap USD 59.2375 SHINSEI FIN CAYM 6.418 #N/A N Ap USD 59.419736 SHINSEI FINANCE 7.16 #N/A N Ap USD 60.425 SHINSEI FINANCE 7.16 #N/A N Ap USD 60.5 XL CAPITAL LTD 6.5 #N/A N Ap USD 74. ECUADOR REP OF ECUADOR 9.375 12/15/2015 USD 92.984999 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 54.85 PUERTO RICO CONS 6.5 4/1/2016 USD 47.5 VENEZUELA PETROLEOS DE VEN 5.5 4/12/2037 USD 47.213983 PETROLEOS DE VEN 5 10/28/2015 USD 59.207199 PETROLEOS DE VEN 4.9 10/28/2014 USD 62.930864 PETROLEOS DE VEN 5.125 10/28/2016 USD 55.695313 PETROLEOS DE VEN 5.25 4/12/2017 USD 60.431064 PETROLEOS DE VEN 5.375 4/12/2027 USD 48.630404 SIDETUR FINANCE 10 4/20/2016 USD 67.25 VENEZUELA 7 12/1/2018 USD 68.02292 VENEZUELA 7.75 10/13/2019 USD 68.16442 VENEZUELA 6 12/9/2020 USD 58.24231 VENEZUELA 9 5/7/2023 USD 71.44607 VENEZUELA 8.25 10/13/2024 USD 65.00909 VENEZUELA 7.65 4/21/2025 USD 62.47083 VENEZUELA 9.25 9/15/2027 USD 72.474297 VENEZUELA 9.25 5/7/2028 USD 71.09834 VENEZUELA 5.75 2/26/2016 USD 69.81154 VENEZUELA 7 3/31/2038 USD 56.42727 VENZOD - 189000 9.375 1/13/2034 USD 71.2166 *********** 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 * * *