/raid1/www/Hosts/bankrupt/TCRLA_Public/100217.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, February 17, 2010, Vol. 11, No. 033
Headlines
B E R M U D A
BELVEDERE LTD: Creditors' Proofs of Debt Due on February 26
BELVEDERE LTD: Members to Receive Wind-Up Report on March 15
BENEFIT RESOURCE: Creditors' Proofs of Debt Due on March 3
BENEFIT RESOURCE: Members to Receive Wind-Up Report on March 22
CANTEMERLE LTD: Creditors' Proofs of Debt Due on February 26
CANTEMERLE LTD: Members to Receive Wind-Up Report on March 15
NEW STAR: Creditors' Proofs of Debt Due on February 24
NEW STAR: Members to Receive Wind-Up Report on March 16
NEW STAR: Creditors' Proofs of Debt Due on February 24
NEW STAR: Members to Receive Wind-Up Report on March 16
R.K. CARVILL: Creditors' Proofs of Debt Due on February 24
R.K. CARVILL: Members to Receive Wind-Up Report on March 16
B R A Z I L
COMPANHIA SIDERURGICA: Holds Talks to Buy BCP Stake in Cimpor
COMPANHIA SIDERURGICA: EU Commission Clears Purchase of Cimpor
GENERAL GROWTH: Reports Public Offering of Aliansce Stock
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Commences Liquidation Proceedings
ASAT HOLDINGS: Shareholders Push for Voluntary Winding Up
BROOKLANDS EURO: S&P DowngradesRatings on Seven 2004-1 Notes
CARINA CDO: Commences Liquidation Proceedings
CASOP CRACKER: Commences Liquidation Proceedings
CHILTON EUROPEAN: Commences Liquidation Proceedings
CHILTON SMALL: Commences Liquidation Proceedings
CLINTON ARBITRAGE: Commences Liquidation Proceedings
CLINTON ARBITRAGE: Commences Liquidation Proceedings
CLINTON MADISON: Commences Liquidation Proceedings
CLINTON MADISON: Commences Liquidation Proceedings
CLINTON RIVERSIDE: Commences Liquidation Proceedings
CREDIT LINKED: Commences Liquidation Proceedings
DUAL DEAL: Commences Liquidation Proceedings
FUKO DEAL: Commences Liquidation Proceedings
FUKO DEAL: Commences Liquidation Proceedings
GOSER VENTURES: Commences Wind-Up Proceedings
HSH DELAWARE: Wants to Hire Walkers as Cayman Islands Counsel
INDOCHINA INDUSTRIAL: Commences Wind-Up Proceedings
INDOCHINA INDUSTRIAL: Commences Wind-Up Proceedings
INDOCHINA LAND: Commences Wind-Up Proceedings
INDOCHINA LAND: Commences Wind-Up Proceedings
INTEGRATED FINANCIAL: Commences Liquidation Proceedings
INVESCO CBO: Commences Liquidation Proceedings
ISC CAYMAN: Commences Liquidation Proceedings
MOGAMI COMPANY: Commences Wind-Up Proceedings
PERLAGONIA CAYMAN: Commences Wind-Up Proceedings
PILOTROCK LIQUIDFUND: Commences Liquidation Proceedings
PILOTROCK LIQUIDFUND: Commences Liquidation Proceedings
PORT ROYAL: Commences Liquidation Proceedings
RUWAFU DEAL: Commences Liquidation Proceedings
SEVEN BRIDGES: Commences Liquidation Proceedings
SIRIOS RECOVERY: Commences Liquidation Proceedings
C H I L E
* CHILE: Copper Exports Doubled in January on Price Gain
C O L O M B I A
ECOPETROL SA: Non-Consolidated Net Profit Drops 15% to COP1.69T
* COLOMBIA: Venezuela Not Interested in Electricity Offer
G U Y A N A
* GUYANA: Drought Threatening Huge Loses in Agriculture Sector
J A M A I C A
AIR JAMAICA: Closes New Kingston Ticket Office
AIR JAMAICA: Pilots Will Not Stop Protests on Divestment Plan
JAMAICA PUBLIC SERVICE: Unveils Plan for Munro Wind Energy Project
SUGAR COMPANY OF JAMAICA: First Sugar Shipment Sent Off to Europe
* JAMAICA: Demands for Loans Down Due to Economic Downturn
M E X I C O
AXTEL SAB: Registers for Mexico Airwaves Auction Without Partner
BANCO MERCANTIL: Moody's Cuts Rating on Junior Notes to 'Ba1'
RDS ULTRA-DEEPWATER: Moody's Assigns 'B3' Rating on Senior Notes
* MEXICO: Auto Output May Rise 20% in 2010, Economy Official Says
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Failures in Upgraders Complicate Logistics
PETROLEOS DE VENEZUELA: ONGC Buys US$1.05 Billion JV Stake
* VENEZUELA: Spurns Colombian Electricity Offer
* VENEZUELA: Starts a New With the Orinoco Socialist Project
- - - - -
=============
B E R M U D A
=============
BELVEDERE LTD: Creditors' Proofs of Debt Due on February 26
-----------------------------------------------------------
The creditors of Belvedere Ltd. are required to file their proofs
of debt by February 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on February 9, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
BELVEDERE LTD: Members to Receive Wind-Up Report on March 15
------------------------------------------------------------
The members of Belvedere Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on February 9, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
BENEFIT RESOURCE: Creditors' Proofs of Debt Due on March 3
----------------------------------------------------------
The creditors of Benefit Resource Life Insurance Company (Bermuda)
Ltd. are required to file their proofs of debt by March 3, 2010,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on February 12, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
BENEFIT RESOURCE: Members to Receive Wind-Up Report on March 22
---------------------------------------------------------------
The members of Benefit Resource Life Insurance Company (Bermuda)
Ltd. will receive, on March 22, 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 February 12, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
CANTEMERLE LTD: Creditors' Proofs of Debt Due on February 26
------------------------------------------------------------
The creditors of Cantemerle Ltd. are required to file their proofs
of debt by February 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on February 9, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
CANTEMERLE LTD: Members to Receive Wind-Up Report on March 15
-------------------------------------------------------------
The members of Cantemerle Ltd. will receive, on March 15, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on February 9, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
NEW STAR: Creditors' Proofs of Debt Due on February 24
------------------------------------------------------
The creditors of New Star UK Gemini Hedge Fund Limited are
required to file their proofs of debt by February 24, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on January 29, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
NEW STAR: Members to Receive Wind-Up Report on March 16
-------------------------------------------------------
The members of New Star UK Gemini Hedge Fund Limited will receive,
on March 16, 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 January 29, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
NEW STAR: Creditors' Proofs of Debt Due on February 24
------------------------------------------------------
The creditors of New Star Apollo Hedge Fund Limited are required
to file their proofs of debt by February 24, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on January 29, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
NEW STAR: Members to Receive Wind-Up Report on March 16
-------------------------------------------------------
The members of New Star Apollo Hedge Fund Limited will receive, on
March 16, 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 January 29, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
R.K. CARVILL: Creditors' Proofs of Debt Due on February 24
----------------------------------------------------------
The creditors of R.K. Carvill (Insurance) Limited are required to
file their proofs of debt by February 24, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on February 9, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
R.K. CARVILL: Members to Receive Wind-Up Report on March 16
-----------------------------------------------------------
The members of R.K. Carvill (Insurance) Limited will receive, on
March 16, 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 February 9, 2010.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
===========
B R A Z I L
===========
COMPANHIA SIDERURGICA: Holds Talks to Buy BCP Stake in Cimpor
-------------------------------------------------------------
Companhia Siderurgica Nacional S.A. is said to be holding talks to
buy the 10% stake in Cimpor-Cimentos de Portugal SGPS SA that is
held by Banco Comercial Portugues SA's pension fund, Joao Lima at
Bloomberg News reports, citing Diario Economico.
According to the report, the newspaper said that CSN also aims to
buy a 10% stake in Cimpor that is held by Portuguese investor
Manuel Fino.
As reported in the Troubled Company Reporter-Latin America on
December 22, 2009, Reuters said that CSN offered to buy Cimpor 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. CSN Managing Director Juarez
Avelar told Reuters the company expects little difficulty in
buying the stake.
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 January 12, 2010, 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+.
COMPANHIA SIDERURGICA: EU Commission Clears Purchase of Cimpor
--------------------------------------------------------------
The European Commission cleared the acquisition of Portugal cement
maker CIMPOR by Companhia Siderurgica Nacional (CSNA3.SA), Reuters
reports.
"The transaction would not significantly impede effective
competition in the European Economic Area," the report quoted the
Commission as saying. "The parties are not active on the same
markets in Europe. Also, CSN does not produce not sell any cement
additives in Europe," it added.
According to the report, CNS plans to buy one third plus one share
of CIMPOR in a deal valued at EUR1.39 billion (US$1.89 billion).
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 January 12, 2010, 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+.
GENERAL GROWTH: Reports Public Offering of Aliansce Stock
---------------------------------------------------------
General Growth Properties, Inc. ("GGP") announced that Aliansce
Shopping Centers S.A. ("Aliansce") has completed an initial public
offering of Aliansce's common shares on the Brazilian Stock
Exchange, or BM&FBovespa. GGP did not sell any of its Aliansce
shares in the offering and now has approximately a 31.4% ownership
interest in Aliansce, which develops, owns and manages shopping
centers in Brazil.
The initial public offering involved 65,000,000 of Aliansce's
common shares, with each share priced at R$9.00 (equivalent to
approximately US$4.86). Aliansce sold 50,000,000 shares in the
offering and selling shareholders other than GGP sold 15,000,000
shares.
The securities were not registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act"), or any state
securities laws, and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws.
About General Growth Properties
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
==========================
C A Y M A N I S L A N D S
==========================
ANTHRACITE BALANCED: Commences Liquidation Proceedings
------------------------------------------------------
Anthracite Balanced Company (R-23) Limited commenced liquidation
proceedings on December 4, 2009.
Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
ASAT HOLDINGS: Shareholders Push for Voluntary Winding Up
---------------------------------------------------------
ASAT Holdings Limited said the shareholders have passed
resolutions to the effect that the Company be placed into
voluntary winding up and that Kris Beighton of KPMG be appointed
joint voluntary liquidators of the Company. Since the Company is
insolvent, the liquidators will be applying to the Grand Court of
the Cayman Islands for court supervision over the liquidation
process.
About ASAT Holdings Limited
ASAT Holdings Limited (OTC Bulletin Board: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines.
ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and flip
chip. ASAT was the first company to develop moisture sensitive
level one capability on standard leaded products. The Company has
operations in the United States, Asia and Europe.
The Company has suffered recurring losses from operations and is
in breach of certain covenants of its 9.25% Senior Notes due 2011
issued through its indirect wholly owned subsidiary New ASAT
(Finance) Limited and the Purchase Money Loan Agreement with
certain lenders to the Company.
In September 2009, the Company expanded the restructuring plan to
incorporate strategic alternatives, including a possible sale of
the whole Company or a partial sale or other form of financing.
The Company has hired Macquarie Capital Partners to conduct the
exercise, and several potential investors are currently engaged in
the process of due diligence.
BROOKLANDS EURO: S&P DowngradesRatings on Seven 2004-1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on seven classes in
Brooklands Euro Referenced Linked Notes 2004-1 Ltd. At the same
time, S&P affirmed its rating on one class.
These rating actions follow S&P's analysis of the effect that its
updated corporate collateralized debt obligation criteria have on
these ratings.
On Sept. 17, 2009, S&P placed its ratings on 1,626 European cash
flow, hybrid, and synthetic CDO transactions on CreditWatch
negative, in tandem with the publication of its updated criteria.
The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.
In its review, S&P considered both the updated criteria and the
current credit quality of the portfolio. S&P will include these
tranches in its January global synthetic rated
overcollateralization report, which will include the
SROC ratios for synthetic corporate CDO transactions under its
updated criteria.
Ratings List
Brooklands Euro Referenced Linked Notes 2004-1 Ltd.
EUR182.5 Million And ?677.5 Million Fixed- And Floating-Rate Notes
Ratings Lowered And Removed From Creditwatch Negative
Rating
------
Class To From
----- -- ----
A1-a AA- AAA/Watch Neg
A1-b BBB+ AAA/Watch Neg
A2 BB+ A-/Watch Neg
B B+ BBB-/Watch Neg
C-E B- BB+/Watch Neg
C-Y CCC+ BB-/Watch Neg
D CCC- CCC/Watch Neg
Rating Affirmed
Rating
------
Class To From
----- -- ----
E CCC- CCC-
CARINA CDO: Commences Liquidation Proceedings
---------------------------------------------
Carina CDO Ltd. commenced liquidation proceedings on December 10,
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.
David Dyer is the company's liquidator.
CASOP CRACKER: Commences Liquidation Proceedings
------------------------------------------------
Casop Cracker Ltd. commenced liquidation proceedings on December
7, 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:
Linburgh Martin
c/o Neil Gray
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman, KY1-1102
CHILTON EUROPEAN: Commences Liquidation Proceedings
---------------------------------------------------
Chilton European Liquidfund, Ltd commenced liquidation proceedings
on November 30, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CHILTON SMALL: Commences Liquidation Proceedings
------------------------------------------------
Chilton Small Cap Liquidfund, Ltd commenced liquidation
proceedings on November 30, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CLINTON ARBITRAGE: Commences Liquidation Proceedings
----------------------------------------------------
The Clinton Arbitrage Fund, Ltd. commenced liquidation 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 liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CLINTON ARBITRAGE: Commences Liquidation Proceedings
----------------------------------------------------
The Clinton Arbitrage Portfolio Limited commenced liquidation
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 liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CLINTON MADISON: Commences Liquidation Proceedings
--------------------------------------------------
Clinton Madison Fund, Ltd. commenced liquidation 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 liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CLINTON MADISON: Commences Liquidation Proceedings
--------------------------------------------------
Clinton Madison Master Fund, Ltd. commenced liquidation
proceedings on December 10, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CLINTON RIVERSIDE: Commences Liquidation Proceedings
----------------------------------------------------
Clinton Riverside Convertible Euro Feeder Fund, Ltd. commenced
liquidation proceedings on December 10, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
CREDIT LINKED: Commences Liquidation Proceedings
------------------------------------------------
Credit Linked Notes Ltd. 2004-1 commenced liquidation proceedings
on December 10, 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.
David Dyer is the company's liquidator.
DUAL DEAL: Commences Liquidation Proceedings
--------------------------------------------
Dual Deal Limited commenced liquidation proceedings on December
10, 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.
David Dyer is the company's liquidator.
FUKO DEAL: Commences Liquidation Proceedings
--------------------------------------------
Fuko Deal II Limited commenced liquidation proceedings on
December 10, 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.
David Dyer is the company's liquidator.
FUKO DEAL: Commences Liquidation Proceedings
--------------------------------------------
Fuko Deal Limited commenced liquidation proceedings on
December 10, 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.
David Dyer is the company's liquidator.
GOSER VENTURES: Commences Wind-Up Proceedings
---------------------------------------------
Goser Ventures Limited commenced wind-up proceedings on December
7, 2009.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694, Grand Cayman KY1-1107
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
P.O. Box 694, Grand Cayman KY1-1107
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
HSH DELAWARE: Wants to Hire Walkers as Cayman Islands Counsel
-------------------------------------------------------------
HSH Delaware GP LLC, et al., have sought permission from the U.S.
Bankruptcy Court for the District of Delaware to employ Walkers
Global as Cayman Islands counsel, nunc pro tunc to the
commencement date.
Walkers will, among other things:
a. advise the Debtors in respect of any Cayman Islands law
issues arising in the course of their Chapter 11 cases;
and
b. represent the Debtors' interests in any proceedings in the
Cayman Islands.
Leil Lupton, a partner of Walkers, says that the firm will be paid
based on the hourly rates of its personnel:
Rolf Lindsay $750
Colette Wilkins $750
Neil Lupton $750
Vahid Chittleborough $650
Lindsay Luttermann $625
Paraprofessionals $225
Ms. Lupton assures the Court that Walkers is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Code.
By separate applications, the Debtors are seeking to employ and
retain Richards, Layton & Finger, P.A., as general bankruptcy and
reorganization counsel, McCarthy Tetrault LLP as Canadian counsel
to the Debtors, and Barlow Lyde & Gilbert LLP as United Kingdom
counsel to the Debtors. Due to the complexity and international
nature of the Chapter 11 cases, the Debtors submit that it is
essential to employ Canadian, Cayman Islands and United Kingdom
counsel in order to fully protect the rights of the Debtor.
HSH Delaware GP LLC is based in Wilmington, Delaware.
Nine HSH partnerships were created in 2006 to buy a 26% stake in
HSH Nordbank AG, the world's largest shipping financier, from
WestLB AG for about EUR1.25 billion ($1.76 billion). The
partnerships received unsecured term and revolving loans of
EUR375 million from ABN AMRO bank to fund the purchase of HSH
Nordbank shares.
As reported by the Troubled Company Reporter on September 9, 2009,
creditors with claims aggregating $27.8 million filed a petition
to send affiliate HSH Delaware LP to Chapter 7 liquidation (Bankr.
D. Del. Case No. 09-13145). Commerzbank AG, Lloyds TSB Bank Plc,
ABN Amro Bank NV, Calyon, Royal Bank of Scotland Plc and
Landsbanki Islands HF filed the involuntary Chapter 7 petition.
HSH Delaware filed for Chapter 11 bankruptcy protection on
January 21, 2010 (Bankr. D. Delaware Case No. 10-10187). The
Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
HSH Delaware's affiliates -- HSH Delaware L.P.; HSH Luxembourg
S.a.r.l.; HSH Luxembourg Coinvest S.a.r.l.; HSH Delaware GP LLC;
HSH Alberta I L.P.; HSH Alberta II L.P.; HSH Alberta V L.P.; HSH
Coinvest (Alberta) L.P.; JCF HSH (DE) GP LP; HSH Delaware L.P.;
HSH Luxembourg S.a.r.l.; and HSH Luxembourg Coinvest S.a.r.l. --
also filed separate Chapter 11 petitions.
INDOCHINA INDUSTRIAL: Commences Wind-Up Proceedings
---------------------------------------------------
Indochina Industrial Properties commenced wind-up proceedings on
December 10, 2009.
Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Thanh Oai Nguyen
Capital Place, 9th Floor
6 Thai Van Lung Street
District 1, HCM City, Vietnam
Telephone: +84 8 3 910 4855
Facsimile: +84 8 3 910 4860
INDOCHINA INDUSTRIAL: Commences Wind-Up Proceedings
---------------------------------------------------
Indochina Industrial Properties II commenced wind-up proceedings
on December 10, 2009.
Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Thanh Oai Nguyen
Capital Place, 9th Floor
6 Thai Van Lung Street
District 1, HCM City, Vietnam
Telephone: +84 8 3 910 4855
Facsimile: +84 8 3 910 4860
INDOCHINA LAND: Commences Wind-Up Proceedings
---------------------------------------------
Indochina Land Bach Dang Towers commenced wind-up proceedings on
December 10, 2009.
Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Thanh Oai Nguyen
Capital Place, 9th Floor
6 Thai Van Lung Street
District 1, HCM City, Vietnam
Telephone: +84 8 3 910 4855
Facsimile: +84 8 3 910 4860
INDOCHINA LAND: Commences Wind-Up Proceedings
---------------------------------------------
Indochina Land Plaza commenced wind-up proceedings on December 10,
2009.
Only creditors who were able to file their proofs of debt by
January 18, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Thanh Oai Nguyen
Capital Place, 9th Floor
6 Thai Van Lung Street
District 1, HCM City, Vietnam
Telephone: +84 8 3 910 4855
Facsimile: +84 8 3 910 4860
INTEGRATED FINANCIAL: Commences Liquidation Proceedings
-------------------------------------------------------
Integrated Financial Products Corp. commenced liquidation
proceedings on December 10, 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.
David Dyer is the company's liquidator.
INVESCO CBO: Commences Liquidation Proceedings
----------------------------------------------
Invesco CBO 2000-1 Ltd commenced liquidation proceedings on
December 10, 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.
David Dyer is the company's liquidator.
ISC CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
ISC Cayman Ltd. commenced liquidation proceedings on December 10,
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.
David Dyer is the company's liquidator.
MOGAMI COMPANY: Commences Wind-Up Proceedings
---------------------------------------------
Mogami Company Limited commenced wind-up proceedings on
December 10, 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.
David Dyer is the company's liquidator.
PERLAGONIA CAYMAN: Commences Wind-Up Proceedings
------------------------------------------------
Perlagonia Cayman commenced wind-up proceedings on December 2,
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:
Ogier
Jody Powery-Gilbert
Telephone: (345) 815-1763
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
PILOTROCK LIQUIDFUND: Commences Liquidation Proceedings
-------------------------------------------------------
Pilotrock Liquidfund GP, Ltd commenced liquidation proceedings on
December 10, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
PILOTROCK LIQUIDFUND: Commences Liquidation Proceedings
-------------------------------------------------------
Pilotrock Liquidfund, Ltd. commenced liquidation proceedings on
December 10, 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:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
PORT ROYAL: Commences Liquidation Proceedings
---------------------------------------------
Port Royal Synthetic CDO, Ltd commenced liquidation proceedings on
December 10, 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.
David Dyer is the company's liquidator.
RUWAFU DEAL: Commences Liquidation Proceedings
----------------------------------------------
Ruwafu Deal Limited commenced liquidation proceedings on
December 10, 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.
David Dyer is the company's liquidator.
SEVEN BRIDGES: Commences Liquidation Proceedings
------------------------------------------------
Seven Bridges Inc. commenced liquidation proceedings on December
4, 2009.
The company's liquidator is:
UBS Nominees Ltd.
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
SIRIOS RECOVERY: Commences Liquidation Proceedings
--------------------------------------------------
Sirios Recovery Fund, Ltd. commenced liquidation proceedings on
December 10, 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:
John F. Brennan, Jr.
One International Place, 30th Floor
Boston, MA 02110-2649, USA
=========
C H I L E
=========
* CHILE: Copper Exports Doubled in January on Price Gain
--------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Chile's copper
export revenue more than doubled in January from a year earlier
after prices for the metal used in plumbing and wiring surged.
The report relates that country's copper exports rose to US$3.37
billion last month, from US$1.6 billion a year earlier.
According to the report, copper sales last month accounted for
57.4 percent of all exports in Chile. The report notes that
prices more than doubled last year as China led a recovery in
demand for the metal.
In 2009, the report relates, copper exports fell 18% to US$26.9
billion from US$32.8 billion in 2008.
===============
C O L O M B I A
===============
ECOPETROL SA: Non-Consolidated Net Profit Drops 15% to COP1.69T
---------------------------------------------------------------
Ecopetrol S.A.'s fourth quarter non-consolidated net profit
dropped 14% to COP1.69 trillion (US$878 million) from the same
period in 2008, Inti Landauro at Dow Jones Newswires reports. The
net profit is lower than the COP2 trillion expected by five
analysts polled by Dow Jones Newswires.
According to the report, the company's non-consolidated net profit
for the full 2009 was COP5.26 trillion, down from COP11.63
trillion in 2008. The report relates that earnings per share were
COP129.87 for the full 2009.
Analysts, the report relates, said that the decline is mainly due
to lower oil prices. The report notes that the decline is much
smaller than the 30%, 77% and 70% declines registered in the first
three quarters of 2009, as oil price recovered and as the company
boosted output.
Dow Jones Newswires discloses that Ecopetrol's average gross
output, before royalties transferred to the government, was
576,000 barrels of oil equivalent a day in the fourth quarter, up
from 456,000 barrels a day in the fourth quarter 2008. The report
relates that average output in 2009 was 521,000 barrels of oil
equivalent a day, up from 447,000 barrels of oil equivalent a day.
Ecopetrol's consolidated net profit in the fourth quarter was
COP1.72 trillion, while the consolidated net profit for the full
2009 was COP5.13 trillion, the report notes.
Ecopetrol acquired stakes in several companies in Colombia and
abroad in 2009, the report adds.
About Ecopetrol
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+';
* COLOMBIA: Venezuela Not Interested in Electricity Offer
---------------------------------------------------------
The Venezuela government said that it isn't interested in buying
electricity from neighboring Colombia despite its struggles with
severe energy shortages, The Associated Press reports. The report
relates that Colombian Energy Minister Hernan Martinez said that
his country is producing more electricity than it consumes and
could supply Venezuela with power.
However, the report notes, Venezuelan Vice President Elias Jaua
spurned the offer, saying his country "is going to power up its
own electricity system."
According to the report, critics call the shortages a result of
the President Hugo Chavez's failure to invest enough in
electricity production over the last decade.
Venezuelan Energy Minister Ali Rodriguez, the report notes,
suggested that rocky relations between Caracas and Bogota probably
induced Venezuela to reject Colombia's offer.
The AP recalls that long-standing tensions between the South
American neighbors have worsened in recent months over Colombia's
agreement to give the U.S. military more access to its military
bases -- a deal that Chavez calls a threat to Venezuela.
===========
G U Y A N A
===========
* GUYANA: Drought Threatening Huge Loses in Agriculture Sector
--------------------------------------------------------------
A drought condition in Guyana, caused by a lingering El Nino, is
threatening to cause billions of dollars in damage to the
agriculture sector, Caribbean360.com reports.
According to the report, Guyana is struggling with water shortages
and Agriculture Minister Robert Persaud said that the resultant
losses could be around GUY$3 billion (US$14.7 million). The
report relates Mr. Persaud said that his ministry is aiming to
minimize losses by ensuring that water is being provided where it
is needed.
"So far we have close to 10,000 acres of rice land under stress;
we have cattle, too, going through some very difficult conditions;
we have some acreage in terms of crops under pressure . . . in the
hinterland areas where they did not get rains," the report quoted
Mr. Persaud as saying. "Across the country we have mobilized
resources in all the regions and local officials to try and work
very closely with farmers . . . to develop the type of system that
we need so that we can respond, address, provide the type of
assistance in all the areas," Mr. Persaud added.
Caribbean360.com notes that the drought is currently costing the
ministry approximately GUY$3.2 million (US$15,709) per day to
operate pumps and conduct other works. The report points out that
since the drought conditions started, government has spent in
excess of GUY$250 million (US$1.2 million) in infrastructure works
to support farmers countrywide with GUY$49 million (US$240,549)
allocated to hinterland locations.
=============
J A M A I C A
=============
AIR JAMAICA: Closes New Kingston Ticket Office
----------------------------------------------
Air Jamaica Limited will be closing its New Kingston ticket
office, Jamaica Observer reports. The report relates that
customers will now have to book by telephone, or in person at the
Ticket Office at the Norman Manley Airport in Kingston.
"Most airline tickets are now purchased at AirJamaica.Com or
through travel agencies, and it makes sense to absorb those
functions into our Reservations and Airport offices", the report
quoted Bruce Nobles, Air Jamaica's president and chief executive
officer, as saying.
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.
AIR JAMAICA: Pilots Will Not Stop Protests on Divestment Plan
-------------------------------------------------------------
Air Jamaica Limited workers will not end their protest until the
government will sell them the national airline to them, Go-Jamaica
News reports.
According to the report, Jamaica Airline Pilots Association
spokesman Captain Russell Capleton said that so far the
association received US$60 million in equity and is prepared to
take over Air Jamaica. The report relates that the airline's
employees have indicated that their plan will not need any
financial support from the government or taxpayers.
Captain Capleton, the report notes, also said the necessary
professionals will be employed to operate the airline. The
government and the divestment committee have not been forthcoming
with the necessary information that would facilitate the pilot's
bid being given consideration, he added.
As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, RadioJamaica said that the government appears
to have all but shut the door on Air Jamaica's pilots who have
been gunning for a chance to buy the. The report related that
Prime Minister Bruce Golding, while steering clear of commenting
on the viability of the proposal submitted by the Jamaica Airline
Pilots Association, told Parliament that time is of "immense
essence" to get the airline off public funding.
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.
JAMAICA PUBLIC SERVICE: Unveils Plan for Munro Wind Energy Project
------------------------------------------------------------------
The Jamaica Public Service Co. Ltd. plans for the Munro Wind Power
Project, to the residents of St. Elizabeth, Ewind News reports.
The report relates that the Jamaica government wants to increase
the use of renewable energy, from 5%, to 15% by 2015.
According to the report, JPSCO Project Planning and Development
Analyst, Richard Gordon, presented a technical overview of the
wind farm, which among other things explained the suitability of
the Hermitage/Munro location from which the power of the North
East Trade Winds will be harvested.
The company, the report relates, assured that the environmental
footprint of the wind energy project would be a small one, with
the development leaving no deleterious effects on the plant or
animal life of the environment.
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.
SUGAR COMPANY OF JAMAICA: First Sugar Shipment Sent Off to Europe
-----------------------------------------------------------------
The first batch of sugar to be exported to Europe, under an
agreement between Sugar Company of Jamaica and Eridania Suisse,
has been shipped from the Reynolds Pier in Ocho Rios, St Ann,
Jamaica Gleaner reports. The report relates the shipment amounted
to 19,884 tonnes and was the first of four consignments with the
others scheduled for March, April and July.
According to the report, Agriculture Minister Dr. Christopher
Tufton said that Jamaica was on course to meeting the balance of
the amount stipulated under the contract. The report relates Mr.
Tufton said that Jamaica was also to ship 12,000 tonnes of sugar
to the United States during this crop.
As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Suisse. Caribbean Net News related that the
government has negotiated an interim funding with Eridania Suisse
to ensure the continued operation of Sugar Company of Jamaica's
three sugar estates -- Frome in Westmoreland, Monymusk in
Clarendon, and Bernard Lodge in St Catherine. The report said the
money will be used to undertake field maintenance work on the
three estates, as well as preparatory works for the Frome and
Monymusk factories. According to the report, Agriculture and
Fisheries Minister Christopher Tufton said the Cabinet has
approved the arrangement, which should "effectively ensure" the
factories' sugar production output for the 2009/10 crop year,
while the process of divestment continues. Caribbean Net News
noted Eridania and Energen Development Limited are the two short-
listed entities with which the administration is pursuing
negotiations toward the sale of the factories and Petrojam Ethanol
Limited (PEL).
About SCJ
The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited. The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica. In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts. The loss was incurred by the SCJ's four factories
during the 2008/2009 season. The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.
* JAMAICA: Demands for Loans Down Due to Economic Downturn
----------------------------------------------------------
There is more indication that the economic downtown has taken a
further toll on the demand for loans from financial institutions,
RadioJamaica reports. The report, citing a data from the Bank of
Jamaica, relates the stock of personal loans declined by 1.3%
during the October to December quarter, following a marginal fall
of 0.2% in the previous three months.
According to the report, the outturn for the review quarter was in
contrast to average growth of 6.1% for the last five December
quarters and reflects the slowdown in consumption expenditure.
The report relates that in terms of personal loans, credit for the
purchase of motor cars declined by 2.4%, following a 1.6%
reduction in the previous quarter.
The BoJ, the report notes, said that the increase in the rate of
decline was influenced by a reduction in household income, as well
as a fall off in spending which may be influenced by the
government's announcement of public sector rationalization.
===========
M E X I C O
===========
AXTEL SAB: Registers for Mexico Airwaves Auction Without Partner
----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Axtel SAB applied
to participate in a government auction of wireless airwaves to add
mobile-phone service in a market dominated by America Movil SAB.
Axtel registered without a partner for the auction, a company
spokesman said in an e-mail obtained by the news agency.
According to the report, Chief Financial Officer Felipe Canales
said in October that the company had been exploring a partnership
with an "international player" to help finance a wireless network.
Bloomberg News notes that mobile-phone services could help Axtel
attract more users from Carlos Slim's Telefonos de Mexico SAB,
which has about 80% of the landline phone market and doesn't offer
wireless service. Axtel SAB, the report adds, has also said that
it plans to start offering satellite TV this year to recruit more
customers.
About Axtel
Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a
Mexican telecommunications company that provides local and long
distance telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities. The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 25, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior
Unsecured Notes due January 2017. It also affirmed its 'BB-'
long-term corporate credit rating on Axtel. S&P said the
outlook is negative.
As reported in the Troubled Company Reporter-Latin America on
Jan. 23, 2007, Moody's Investors Service has confirmed Axtel,
S.A.B. de C.V.'s Ba3 corporate family rating and changed the
rating outlook to stable.
BANCO MERCANTIL: Moody's Cuts Rating on Junior Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has lowered the foreign currency
subordinated debt rating of Banco Mercantil del Norte, S.A.'s non-
cumulative junior subordinated notes eligible for Tier 1 capital
treatment by two notches to Ba1 from Baa2, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt,
published on November 18, 2009. The rating action concludes the
review for possible downgrade initiated on December 2, 2009. The
outlook for the rating is now stable. Moody's also said that all
other ratings and outlooks for Banorte were unaffected by this
action.
Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit subordinated debt holders as well as senior
creditors. The systemic support for these instruments has not
been forthcoming in many cases. The abovementioned revised
guidelines largely remove previous assumptions of systemic support
and generally widen the notching on a hybrid's rating based on the
instrument's particular features, thereby resulting in the rating
action.
The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA), which reflects the bank's stand alone credit strength and
includes uplift only for parental or cooperative support, if
applicable, but excludes systemic support. The Adjusted BCA for
Banorte is Baa2 and is the same as its Baa2 BCA (mapped from the
C- BFSR) because it does not receive uplift from parental or
cooperative support.
The Ba1 subordinated debt rating for Banorte's deeply subordinated
non-cumulative junior subordinated notes eligible for Tier 1
capital treatment is now two notches below the bank's Adjusted
BCA, and reflects the structure of the securities. Key features
of the notes driving the rating outcome are the 10 year maturity,
non-cumulative coupon skip mechanism, and deep subordination in
liquidation. Coupon skip features include mandatory cancellation
of interest based on the breach of regulatory triggers. In the
event of Banorte's bankruptcy, liquidation or dissolution, the
notes will rank junior to all senior and subordinated debt, pari
passu with the most junior subordinated debt, and senior only in
priority to holders of common stock.
The two notch differential from the bank's Adjusted BCA also
reflects the very good fundamentals of the bank including a high
level of common equity and a Tier 1 ratio of 12% as of
December 31, 2009. This capital strength together with the bank's
systemic importance in Mexico's developing market, suggests a very
low probability of coupon skip at this juncture. Banorte ranks as
the fourth largest banking institution with a deposit market share
of nearly 12%. Moody's highlighted at the same time the relative
newness of the hybrid market in Mexico and that it will continue
to monitor the approach of regulators toward this type of
security.
Banorte is headquartered in Monterrey, N.L., Mexico. As of
December 31, 2009, the bank had US$40.6 billion in assets and
US$2.9 billion in equity.
The last rating action on Banorte was on December 2, 2009 when
Moody's placed under review for possible downgrade the foreign
currency subordinated debt rating assigned to the bank's deeply
subordinated non-cumulative Tier 1-eligible junior subordinated
notes.
This rating action was taken on Banco Mercantil del Norte, S.A.'s
deeply subordinated non-cumulative Tier 1-eligible junior
subordinated notes issued through Banorte's Cayman Branch:
-- Long term foreign currency junior subordinated debt rating:
Downgrade to Ba1 from Baa2, with stable outlook
These ratings of Banco Mercantil del Norte, S.A. were affirmed:
-- Long term local currency deposit rating: A3, with stable
outlook
-- Long term foreign currency deposit rating: Baa1, with stable
outlook
-- Short term local currency deposit rating: Prime 2
-- Short term foreign currency deposit rating: Prime 2
-- Long term local currency subordinated debt rating (Tier 2):
Baa1
-- Long term foreign currency subordinated cumulative debt
rating (Tier 2): Baa1
-- Long term local currency junior subordinated cumulative debt
rating (Tier 1): Baa2
-- Bank Financial Strength Rating; C-, with negative outlook
RDS ULTRA-DEEPWATER: Moody's Assigns 'B3' Rating on Senior Notes
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B3 rating to
RDS Ultra-Deepwater, Ltd.'s proposed US$260 million senior secured
second lien notes due 2017. At the same time, Moody's assigned a
provisional (P)B2 Corporate Family Rating to the issuer's parent,
Rubicon Drilling Services-Alguer de Equipamentos Tecnol¢gicos,
Unipessoal, LDA (Zona Franca da Madeira), an entity registered
under Portuguese law. Moody's has assigned the ratings on a
provisional basis pending the successful issuance of the proposed
notes and the review of the final project documentation. This is
the first time that Moody's has rated RDS. The rating outlook is
stable.
RDS UDW is a special purpose finance subsidiary of RDS that
conducts no business operations and will lend the net issuance
proceeds to RDS on terms that mirror those of the proposed notes.
RDS will use the issuance proceeds to partly finance the purchase
of a new sixth generation ultra-deepwater semi-submersible
drilling rig, PetroRig III, which it plans to lease to Petroleos
Mexicanos (Baa1, stable) for use in the Gulf of Mexico under a
five-year charter contract. The rig is currently in final stages
of construction in the Jurong shipyard in Singapore, with delivery
scheduled for around March 16, 2010. Shortly after delivery, RDS
plans to transport the rig to Mexican waters with delivery to
PEMEX for acceptance on July 1, 2010, the expected start date of
the charter contract.
The (P)B2 Corporate Family Rating reflects RDS's material
financial leverage, lack of direct operating history, dependence
on a single asset, exposure to price risk during three out of five
years under the PEMEX charter contract, and the refinancing and
re-contracting risk as the contract's life falls short of the
notes' seven-year tenor. The ratings also incorporate Grupo R's
so far limited experience in ultra-deepwater drilling and PEMEX's
unproven strategy in this area.
These credit challenges are partly balanced by the expectation of
solid longer term demand for ultra-deepwater rigs (which should
support currently healthy dayrate trends), the rig's state-of-the-
art design, and the short but generally favorable performance
history of several rigs of similar build that are owned by other
operators. The rating also reflects certain structural provisions
which, while generally weaker than those of other project
financings, somewhat enhance the visibility for RDS' financial
profile compared to corporate peers. RDS and its various related
entities are limited purpose vehicles created exclusively for the
purchase and operation of PetroRig III.
RDS will severally and unconditionally guarantee the notes on a
senior secured second lien basis. RDS will finance the balance of
the purchase price and transaction-related costs with a
US$225 million senior secured first lien term loan (not rated)
with BBVA Bancomer and a US$170 million equity contribution from
the project's sponsors, Jos‚ Ramiro Garza Cant£ and Jos‚ Ramiro
Garza Vargas (the Garza family). The Garza family owns Grupo R, a
conglomerate of privately-held Mexican oilfield services companies
with substantial history as a supplier to PEMEX, including the
provision of drilling services since the late 1980s.
RDS expects PEMEX to assign the charter contract over the coming
weeks to Grupo R Exploraci¢n Marina, S.A. de C.V., a newly formed
entity that is part of Grupo R and also owned by the Garza Family.
GREM will assign the charter contract payments to a trustee who
will then pay GREM's operating expenses and will direct the
remaining funds to a waterfall to service RDS's debt obligations,
among other things.
Noteholders have no recourse to Grupo R except for obligations
related to certain defined corporate services under a sponsor
agreement with IPC, Grupo R's main drilling company. The notes
issuance is conditional on the concurrent closing of the term loan
and the Garza equity contribution. It also requires that no later
than April 16, 2010, Jurong will deliver the rig to RDS and GREM
will enter the PEMEX charter contract.
The (P)B3 rating on the proposed second lien notes is one notch
below the (P)B2 CFR to reflect the notes' reduced recovery
prospects in the case of default because of the existence of
material senior first lien bank debt. The gap between the notes'
rating and the CFR is limited to one notch given the expectation
that senior bank debt will be reduced over the coming year,
gradually improving the notes' recovery prospects. The notes'
rating also reflects relatively solid coverage of debt by the
rig's estimated commercial value. Using the lower end of reviewed
desk appraisals, US$485 million of total debt at inception would
be covered around 1.1 times.
Under the PEMEX contract, RDS will receive a fixed dayrate of
US$495 thousand for the first two years and variable dayrates in
years three to five, with the annual dayrate resetting once a year
to an average of the worldwide high limits for dayrates for ultra-
deepwater rigs reported by ODS-Petrodata in its Offshore Rig
Locator publication. PEMEX has the option of extending the
charter contract after year five by around one year without budget
approval.
RDS will initially have material financial leverage, with
Debt/Capitalization of 74%, although its base case cash flow
scenario implies full repayment of the first lien term loan by
early 2013 and thus improving credit metrics over the next several
years. Under the RDS base case, Debt/EBITDA, Debt/Capitalization
and EBIT/Interest would average around 2.5 times, 49% and 2.1
times, respectively, from 2011 to 2014. Using a more conservative
dayrate forecast of US$375 thousand for years three to five under
the contract (Moody's case), these average metrics would look
weaker although still acceptable at 3.2 times, 52% and 1.3 times.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.
Rubicon Drilling Services-Alguer Equipamentos Tecnologicos,
Unipersonal, LDA (Zona Franca Madeira) and its various related
entities are limited purpose vehicles created exclusively for the
purchase and operation of PetroRig III, a new sixth generation
ultra-deepwater semi-submersible drilling rig. RDS plans to
charter the rig to Petroleos Mexicanos under a five-year contract
commencing on July 1, 2010.
* MEXICO: Auto Output May Rise 20% in 2010, Economy Official Says
-----------------------------------------------------------------
Mexican auto production may rise 20% this year as demand locally
and in the neighboring U.S. rebounds after the global economic
crisis, Thomas Black at Bloomberg News reports, citing Ana Ruth
Solano, the Economy Ministry official who oversees the industry.
Mexican auto plants are using more of their existing capacity and
expanding to build new models after a 28% fall in output last
year, Ms. Solano told the news agency in an interview. Output may
rise to 2.8 million units by 2014, from 1.5 million last year,
outpacing gains in the U.S. and Canada, she added. "We definitely
expect to win market share in North America," the report quoted
Ms. Solano as saying. "The idea is to attract production of
vehicles with new technologies," she added.
According to the report, Ms. Solano said that automakers will
invest about US$800 million to $900 million this year, including
$550 million by Chrysler LLC at a plant in the city of Toluca.
Ms. Solano, the report notes, said that auto sales in Mexico may
rise about 10% this year.
The Mexican Association of Automobile Distributors predicts auto
sales will rise about 7 percent to 809,000 vehicles this year, the
trade group's President Jose Gomez Baez, the report relates. Last
year, the report recalls, auto sales fell 26% to 754,918.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Failures in Upgraders Complicate Logistics
------------------------------------------------------------------
Petroleos de Venezuela's logistics have been affected by recurrent
failures since August 2009 in oil facilities used to upgrade heavy
crude in the Orinoco Oil Belt and transform it into a lighter
product for export, El Universal News reports.
"There were (imports) of diluted crude oil that we had stored
while we solved the problem of the upgrader that was restarted in
January," the report quotes PDVSA Vice President Eulogio Del Pino.
El Universal, citing reuters, relates that according to a report
released by the Ministry of Energy, and audited by an independent
firm, showed that Venezuela imported in January about 105,019
barrels per day (bpd), of which 82,373 bpd of crude oil were
diluted.
According to El Universal, the upgraders of Petroanzoategui
company, operated by PDVSA and Petrocedeno, where the French
company Total and the Norwegian company Statoil have a minority
stake, restarted in January after several months closed for non-
scheduled stoppages.
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
PETROLEOS DE VENEZUELA: ONGC Buys US$1.05 Billion JV Stake
----------------------------------------------------------
An international consortium headed by India's ONGC Videsh is
buying 40% equity of Petroleos de Venezuela for US$1.05 billion,
Emii News reports, citing Reuters. The report relates that the
merger will invest another US$9 billion in developing the oil
project.
According to the report, the group, which includes Indian Oil, Oil
India, Repsol YPF of Spain and Petronas of Malaysia, has purchased
two oil blocks. PDVSA unit, Corporacion Venezolana del Petroleo
(CVP), holds the remaining 60% equity. The report says that the
deal between CVP and the consortium is expected to close before
March this year.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/R
* VENEZUELA: Spurns Colombian Electricity Offer
-----------------------------------------------
The Venezuela government said that it isn't interested in buying
electricity from neighboring Colombia despite its struggles with
severe energy shortages, The Associated Press reports. The report
relates that Colombian Energy Minister Hernan Martinez said that
his country is producing more electricity than it consumes and
could supply Venezuela with power.
However, the report notes, Venezuelan Vice President Elias Jaua
spurned the offer, saying his country "is going to power up its
own electricity system."
According to the report, critics call the shortages a result of
the President Hugo Chavez's failure to invest enough in
electricity production over the last decade.
Venezuelan Energy Minister Ali Rodriguez, the report notes,
suggested that rocky relations between Caracas and Bogota probably
induced Venezuela to reject Colombia's offer.
The AP recalls that long-standing tensions between the South
American neighbors have worsened in recent months over Colombia's
agreement to give the U.S. military more access to its military
bases -- a deal that Chavez calls a threat to Venezuela.
* VENEZUELA: Starts a New With the Orinoco Socialist Project
-------------------------------------------------------------
The president of the Bolivarian Republic of Venezuela, Hugo
Chavez, and the People's Minister for Energy and Petroleum and
President of Petroleos de Venezuela SA, Rafael Ramirez, have
announced the winning consortiums that will operate the projects
in the areas Carabobo 1 and 3 of the Orinoco Oil Belt.
"We're starting to write new history, the grand project of the
Orinoco Oil Belt Magna Reserve: comprehensive wealth for the
advancement of Venezuela and for the country to develop relations
of cooperation, friendship and economic exchange, financial,
scientific and technology with countries and companies of the
world," said the National Chief Executive, who referred to current
estimates that indicate that there is oil in the Belt for another
200 years.
He also noted that after regaining sovereignty over energy
resources, "now we that recovered our independence have made
available to the world the Orinoco Oil Belt," and expressed the
interest of the Republic to maintain the "strategic alliance with
all companies but under the sovereignty of Venezuela within the
framework of the Constitution. We reserve the strategic
management and the mastery of our natural resources. We thank
you, those who have accepted the principle of sovereignty ".
The Selected Companies
The consortium of Mitsubishi and Inpex of Japan, Chevron, USA and
Suelopetrol, Venezuela, managed to be selected to operate the
project Carabobo 3, consisting of 2 Sur, Carabobo 3 Norte and
Carabobo 5 and to build an upgrader in the region of Soledad,
Anzoategui state. This group entered a bond of US$500 million and
expects production between 400 and 480 barrels of crude per day.
The consortium formed by Repsol from Spain, Petronas, Malaysia
(the state oil company of that Asian nation) and Oil and Natural
Gas Corporation (state-owned Indian oil), Oil India Limited and
Indian Oil Corporation of India will carry out the Carabobo 1
project, composed of Carabobo 1 Centro and Carabobo 1 Norte. This
company gave 50 million thousand dollars and estimates to produce
480 thousand barrels of crude oil per day and the construction of
an upgrader also to be located in Soledad, Anzoategui state. The
project Carabobo 2 is reserved for PDVSA.
Selection Made Under Full Oil Sovereignty
On his part, the People's Minister for Energy and Petroleum and
President of Petroleos de Venezuela, Rafael Ramirez, pointed out
that this process has been facilitated by the implementation of
the policy of Full Oil Sovereignty held by the Revolutionary
Government, for the rescue of the sovereign management of our
resources and the recovery of its values by policies developed
within the OPEC. Likewise, the People's National and
Revolutionary Vision have managed to restore the oil fiscal regime
and the operational control by the Bolivarian Republic of
Venezuela, through PDVSA.
Mr. Ramirez indicated that within the targets set under the Oil
Sowing Plan it has been achieved the certification of oil reserves
in Venezuela of the amount of 210 billion oil barrels by the
beginning of 2010.
In relation to the Oil Belt, Ramirez said that investments will be
made on the order of 80 thousand million dollars until the year
2016, of which 30 thousand millions will be allocated to the two
blocks of Carabobo and 50 thousand million dollars in the
development of Junin.
With these projects Venezuela will reach a production of 6 million
barrels of oil in 2016, which will result in better life quality
for the Venezuelan people and a better economy for the country.
There are estimated resources of over 25 thousand 900 million
dollars directed at supporting projects that will positively
impact the quality of life of the population.
The selected consortiums, whose first volumes of oil will be
produced starting in 2016, will unfold within the legal and fiscal
framework of the Republic, as provided in the Organic Law of
Hydrocarbons, such as royalty payments of 33.3%; a rate of 50% in
Income Tax and 50% for sales of oil by Venezuela, said Minister
Ramirez, who also reported on the collection for the Republic of
more than 2 thousand 230 million dollars in bonds during the
partner selection phase.
The Orinoco Socialist Project
The Orinoco Oil Belt has an extension of 55 thousand 314 square
kilometers and covers the states of Guarico, Anzoategui and
Monagas, a region that has 1.3 billion barrels of oil in place.
This area will run the Orinoco Socialist Project, which is
developing the areas of Boyaca, Junin, Ayacucho and Carabobo. The
latter will include new investments that conforms the addition of
nine companies grouped in two consortiums, a selection process
which involved a total of 21 national and transnational firms,
launched in October 2008 and culminating during the signing of
contracts for the establishment of joint ventures that have a
majority stake of 60% from the Bolivarian Republic of Venezuela,
through PDVSA.
With the addition of the Carabobo project, PDVSA foresees the
increase in oil production from the Belt into a million 290
thousand barrels per day by 2010 to 2016, boosting the Orinoco
Socialist Project, consolidating the achievements of the Full Oil
Sovereignty policy and maximizing economic benefits for
distribution to all of Venezuela
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
***********
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 * * *