/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100219.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 Friday, February 19, 2010, Vol. 11, No. 035 Headlines A R G E N T I N A APICAL SA: Creditors' Proofs of Debt Due on May 3 DELTA METALSUR: Requests for Preventive Contest FUROR SA: Creditors' Proofs of Debt Due on March 18 HOSS SA: Creditors' Proofs of Debt Due on April 6 MARSANS INTERNACIONAL: Asks for Preventive Contest MOUNTY SA: Creditors' Proofs of Debt Due on March 19 B R A Z I L BANCO NACIONAL: Petrobras May Tap US$10.9 Billion Credit Line COMPANHIA SIDERURGICA: "New Offer Still Too Low," Cimpor Says MARGRIG ALIMENTOS: Acquires Land to Build Feedlot C A Y M A N I S L A N D S ALPHA CAPITAL: Commences Liquidation Proceedings BCI INVESTMENTS: Commences Liquidation Proceedings BULL PATH: Commences Liquidation Proceedings BULL PATH: Commences Liquidation Proceedings CADOGAN TERTIUS: Commences Liquidation Proceedings CHEYNE PAN: Commences Wind-Up Proceedings FORMOSA GROWTH: Commences Wind-Up Proceedings HARBERT STRATEGIC: Commences Wind-Up Proceedings HARBERT CAPITAL: Commences Wind-Up Proceedings HARBERT STRATEGIC: Commences Wind-Up Proceedings HELIOS STRATEGIC: Commences Wind-Up Proceedings HELIOS STRATEGIC: Commences Wind-Up Proceedings HELIOS STRATEGIC: Commences Wind-Up Proceedings HEWETT LEASING: Commences Wind-Up Proceedings KENMAR GLOBAL: Commences Wind-Up Proceedings MFS FLOATING: Commences Liquidation Proceedings OLD MUTUAL: Commences Liquidation Proceedings OLD MUTUAL: Commences Liquidation Proceedings PRIMAX ELECTRONICS: Commences Liquidation Proceedings STEALTH OFFSHORE: Commences Wind-Up Proceedings TARAWERA LIMITED: Commences Wind-Up Proceedings TESSERACT CAPITAL: Commences Liquidation Proceedings TEQUESTA CONVEXITY: Grand Court Enters Wind-Up Order TEQUESTA CORE: Grand Court Enters Wind-Up Order TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order TEQUESTA MORTGAGE: Grand Court Enters Wind-Up Order VEGA RISK: Commences Liquidation Proceedings WT INVESTMENTS: Commences Liquidation Proceedings XT INVESTMENTS: Commences Liquidation Proceedings C O L O M B I A ECOPETROL SA: Seeks Up to US$3.5 Billion Debt This Year ECOPETROL SA: Units to Borrow US$2.3BB for Capital Spending * COLOMBIA: Economy Showing Signs of Recovery, IMF Says D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Economy Remains Weak, IMF Says H A I T I * HAITI: Reconstruction Cost May Near US$14BB, IDB Study Shows J A M A I C A AIR JAMAICA: To End Service at Orlando International AIR JAMAICA: Workers' Fight for Ownership Could Go to Court M E X I C O CEMEX SAB: S&P Puts Three Ratings on CreditWatch Negative RDS ULTRA-DEEPWATER: S&P Assigns 'B-' Rating on $260 Mil. Notes - - - - - ================= A R G E N T I N A ================= APICAL SA: Creditors' Proofs of Debt Due on May 3 ------------------------------------------------- Juan Carlos Toledo, the court-appointed trustee for Apical SA's reorganization proceedings, will be verifying creditors' proofs of claim until May 3, 2010. Mr. Toledo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on December 13, 2010. The Trustee can be reached at: Juan Carlos Toledo Mario Bravo 58 Argentina DELTA METALSUR: Requests for Preventive Contest ----------------------------------------------- Delta Metalsur SA requested for preventive contest. FUROR SA: Creditors' Proofs of Debt Due on March 18 --------------------------------------------------- Stella Maris Diaz, the court-appointed trustee for Furor SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 18, 2010. Ms. Diaz will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Stella Maris Diaz Colombres 1070 Argentina HOSS SA: Creditors' Proofs of Debt Due on April 6 ------------------------------------------------- Mabel Herrera, the court-appointed trustee for Hoss SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 6, 2010. Ms. Herrera will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34 will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mabel Herrera Rodriguez Pena 694 Argentina MARSANS INTERNACIONAL: Asks for Preventive Contest -------------------------------------------------- Marsans Internacional Argentina asked for preventive contest. The company stopped making payments last November 2009. MOUNTY SA: Creditors' Proofs of Debt Due on March 19 ---------------------------------------------------- Mario Gabriel Sogary, the court-appointed trustee for Mounty SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 19, 2010. Mr. Sogary will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37 will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mario Gabriel Sogary Montevideo 708 Argentina =========== B R A Z I L =========== BANCO NACIONAL: Petrobras May Tap US$10.9 Billion Credit Line ------------------------------------------------------------- Petrobras may tap a BRL20-billion (US$10.9 billion) credit line from Banco Nacional de Desenvolvimento Economico e Social SA if lawmakers delay the approval of the firm's capitalization plan, Elzio Barreto at Reuters reports, citing Valor Economico newspaper. According to the report, the newspaper, citing estimates from Credit Suisse, said that Petrobras may raise as much as US$50 billion from minority shareholders and the Brazilian government in the capitalization plan to fund investments on oil exploration. The report notes that legislation on the Petrobras capital raising plans may be put to a lower house vote on March 2 or 3. The report relates that if the bill is not approved by April, Petrobras may tap the line from BNDES, which already lent BRL25 billion to the company in 2009 as credit dried up because of the turmoil in global markets. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. COMPANHIA SIDERURGICA: "New Offer Still Too Low," Cimpor Says ------------------------------------------------------------- Cimpor-Cimentos de Portugal SGPS SA.'s board said that a modified offer by Companhia Siderurgica Nacional S.A.'s to buy at least a third of the company at EUR6.18 a share did not reflect the company's fair value, Andrei Khalip and Shrikesh Laxmidas at Reuters report. The report relates that the board said it recommended to shareholders not to sell their shares in Cimpor. According to the report, CSN raised its bid for Cimpor from EUR5.75 but offered to buy a smaller stake rather than control of the company. The report recalls that Cimpor's board had previously rejected CSN's initial takeover bid. "After a careful analysis of the terms of the modified offer, the administrative board still considers that it does not reflect the real value of Cimpor," a company statement obtained by the news agency. Cimpor, the report notes, added that the price offered by CSN was below the EUR6.5-a-share seen in the recent deals where Camargo Correa bought minority stakes in Cimpor. The report adds that CSN's offer runs out on Feb. 22. The Troubled Company Reporter-Latin America, citing Reuters, reported on December 22, 2009, that CSN offered to buy Cimpor for 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. The company considers the price for Cimpor fair and would not enter into a bidding war for the stake, he added. 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+. MARGRIG ALIMENTOS: Acquires Land to Build Feedlot ------------------------------------------------- Marfrig Alimentos S.A. has acquired 150 hectares (370.6 acres) of land in the Cordoba province of Argentina to build a 22,000-head feedlot in line with its expansion into Argentina, Feed Stuffs News reports. According to the report, the feedlot will be a 77.2 million-peso (US$20 million) project. The report relates that the company also plans to build a second feedlot in a neighboring province. Brazil-based Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. The company operates in Southern America, the united states, and Europe. * * * As of August 13, 2009, the company continues to carry these low ratings from the major rating agencies: -- Moody's "B1" LT Corp Family Rating; -- Standard and Poor's "B+" LT Foreign Issuer Credit rating; and -- Fitch ratings' "B+" LT Issuer Credit ratings ========================== C A Y M A N I S L A N D S ========================== ALPHA CAPITAL: Commences Liquidation Proceedings ------------------------------------------------ Alpha Capital Commodity Master Fund 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: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: jchailler@deloitte.com BCI INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------- BCI Investments Ltd. commenced liquidation proceedings on December 4, 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: Peter Anderson c/o Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands BULL PATH: Commences Liquidation Proceedings -------------------------------------------- Bull Path Liquidfund GP commenced liquidation proceedings on December 10, 2009. Only creditors who were able to file their proofs of debt by January 26, 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 House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 BULL PATH: Commences Liquidation Proceedings -------------------------------------------- Bull Path 2X Fund Ltd commenced liquidation proceedings on December 10, 2009. Only creditors who were able to file their proofs of debt by January 26, 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 House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 CADOGAN TERTIUS: Commences Liquidation Proceedings -------------------------------------------------- Cadogan Tertius Fund (Cayman), Ltd. commenced liquidation proceedings on November 24, 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: Stuart Sybersma c/o Trudy-Ann Baines Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: tabaines@deloitte.com CHEYNE PAN: Commences Wind-Up Proceedings ----------------------------------------- Cheyne Pan Asia Long/Short Fund Inc. commenced wind-up proceedings on November 25, 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 FORMOSA GROWTH: Commences Wind-Up Proceedings --------------------------------------------- The Formosa Growth Fund Limited commenced wind-up proceedings on December 11, 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 HARBERT STRATEGIC: Commences Wind-Up Proceedings ------------------------------------------------ Harbert Strategic Commodities Offshore Fund, Ltd. commenced wind-up 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: Ogier c/o Sailaja Alla Telephone: (345) 915 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands HARBERT CAPITAL: Commences Wind-Up Proceedings ---------------------------------------------- Harbert Capital Structure and Convertible Arbitrage Master Fund, Ltd. commenced wind-up 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: Ogier c/o Sailaja Alla Telephone: (345) 915 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands HARBERT STRATEGIC: Commences Wind-Up Proceedings ------------------------------------------------ Harbert Strategic Commodities Master Fund, Ltd. commenced wind-up 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: Ogier c/o Sailaja Alla Telephone: (345) 915 1767 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands HELIOS STRATEGIC: Commences Wind-Up Proceedings ----------------------------------------------- Helios Strategic Limited II commenced wind-up proceedings on December 2, 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 HELIOS STRATEGIC: Commences Wind-Up Proceedings ----------------------------------------------- Helios Strategic Fund II, LLC commenced wind-up proceedings on December 2, 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 HELIOS STRATEGIC: Commences Wind-Up Proceedings ----------------------------------------------- Helios Strategic Fund II commenced wind-up proceedings on December 2, 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 HEWETT LEASING: Commences Wind-Up Proceedings --------------------------------------------- Hewett Leasing 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. 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 KENMAR GLOBAL: Commences Wind-Up Proceedings -------------------------------------------- Kenmar Global Resource Fund II SPC 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. 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 MFS FLOATING: Commences Liquidation Proceedings ----------------------------------------------- MFS Floating Rate Income Fund commenced liquidation proceedings on December 7, 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: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 OLD MUTUAL: Commences Liquidation Proceedings --------------------------------------------- Old Mutual Multi-Strategy SPC commenced liquidation proceedings on December 11, 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: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 OLD MUTUAL: Commences Liquidation Proceedings --------------------------------------------- Old Mutual Asset Managers (Cayman) Limited commenced liquidation proceedings on December 11, 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: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 PRIMAX ELECTRONICS: Commences Liquidation Proceedings ----------------------------------------------------- Primax Electronics Holdings, Ltd. commenced liquidation proceedings on December 7, 2009. The company's liquidator is: Raymond Liang 669, Ruey Kuang Road Neihu, Taipei, Taiwan, R.O.C. STEALTH OFFSHORE: Commences Wind-Up Proceedings ----------------------------------------------- The Stealth Offshore Fund 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. 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 TARAWERA LIMITED: Commences Wind-Up Proceedings ----------------------------------------------- Tarawera 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. 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 TESSERACT CAPITAL: Commences Liquidation Proceedings ---------------------------------------------------- Tesseract Capital Trading, Ltd commenced liquidation proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by January 26, 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 House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 TEQUESTA CONVEXITY: Grand Court Enters Wind-Up Order ---------------------------------------------------- On December 3, 2009, the Grand Court of Cayman Islands entered an order to have Tequesta Convexity Fund Ltd's operations wound up. The company's liquidators are: David Walker Ian Stokoe PwC Corporate Finance & Recovery (Cayman) Limited PO Box 258, Strathvale House George Town, KY1- 1104 Grand Cayman, Cayman Islands TEQUESTA CORE: Grand Court Enters Wind-Up Order ----------------------------------------------- On December 3, 2009, the Grand Court of Cayman Islands entered an order to have Tequesta Core Mortgage Fund Ltd's operations wound up. The company's liquidators are: David Walker Ian Stokoe PwC Corporate Finance & Recovery (Cayman) Limited PO Box 258, Strathvale House George Town, KY1- 1104 Grand Cayman, Cayman Islands TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order --------------------------------------------------- On December 3, 2009, the Grand Court of Cayman Islands entered an order to have Tequesta Enhanced Convexity Fund Ltd's operations wound up. The company's liquidators are: David Walker Ian Stokoe PwC Corporate Finance & Recovery (Cayman) Limited PO Box 258, Strathvale House George Town, KY1- 1104 Grand Cayman, Cayman Islands TEQUESTA ENHANCED: Grand Court Enters Wind-Up Order --------------------------------------------------- On December 3, 2009, the Grand Court of Cayman Islands entered an order to have Tequesta Enhanced Convexity Master Fund Ltd's operations wound up. The company's liquidators are: David Walker Ian Stokoe PwC Corporate Finance & Recovery (Cayman) Limited PO Box 258, Strathvale House George Town, KY1- 1104 Grand Cayman, Cayman Islands TEQUESTA MORTGAGE: Grand Court Enters Wind-Up Order --------------------------------------------------- On December 3, 2009, the Grand Court of Cayman Islands entered an order to have Tequesta Mortgage Fund Ltd's operations wound up. The company's liquidators are: David Walker Ian Stokoe PwC Corporate Finance & Recovery (Cayman) Limited PO Box 258, Strathvale House George Town, KY1- 1104 Grand Cayman, Cayman Islands VEGA RISK: Commences Liquidation Proceedings -------------------------------------------- Vega Risk Management Solutions 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. The company's liquidator is: Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands WT INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------- WT Investments Ltd. commenced liquidation proceedings on December 4, 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: Peter Anderson c/o Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands XT INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------- XT Investments Ltd. commenced liquidation proceedings on December 4, 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: Peter Anderson c/o Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: Seeks Up to US$3.5 Billion Debt This Year ------------------------------------------------------- Ecopetrol SA will seek up to US$3.5 billion in financing for its capex plan of US$6.9 billion in 2010, Business News Americas reports, citing company president Javier Gutierrez. The report relates that the estimate is based on a WTI oil price of US$56.68/b. "However, if oil prices are more than that, our debt will of course be lower,'" the report quoted CFO Adriana Echeverry as saying. "We have made a very conservative estimate for the price of oil," he added. According to the report, Mr. Gutierrez said that financing could include bond issues, credit from banks and multilateral organizations and divesting non-essential assets. "Ecopetrol subsidiaries will require an additional US$2.3 billion of debt in 2010, but these resources will be raised by them," the report quoted Mr. Gutierrez as saying. The capex program includes US$951 million for exploration, including the drilling of 20 exploratory wells and 5,700km2 of seismic, and US$3.5 billion to increase production by 12% over the course of the year, the company reported in a separate statement obtained by the news agency. Another US$1.2 billion will go towards refining, the statement added. Mr. Gutierrez, the report adds, said that about 90% of all investments in 2010 will be directed to company initiatives in Colombia. 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+'; ECOPETROL SA: Units to Borrow US$2.3BB for Capital Spending ----------------------------------------------------------- The different units of Ecopetrol SA will borrow as much as US$2.3 billion in 2010 to finance capital expenditures, Inti Landauro at Dow Jones Newswires reports, citing Chief Executive Javier Gutierrez. According to the report, Mr. Gutierrez said that the units will each raise the amount they will require. Ecopetrol's units are: -- Colombian oil-producing company Hocol SA, -- refinery Refineria de Cartagena SA (Reficar), -- petrochemical unit Propilco, -- pipeline operators Ocensa and ODL; and -- Peruvian oil-producing operation Savia, which is 50% owned by South Korea's KNOC. 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+'; * COLOMBIA: Economy Showing Signs of Recovery, IMF Says ------------------------------------------------------- An International Monetary Fund mission headed by Marco Pinon, Advisor in the Western Hemisphere Department, said, "An IMF team has been in Colombia over the past two weeks as part of the periodical Article IV consultation process. The team held discussions with the authorities and the private sector about recent economic and financial developments, and the near- and medium-term outlook. The mission will prepare a report to be presented to the IMF Executive Board in April to conclude the Article IV consultation. "The Colombian economy is showing signs of recovery. Economic activity improved in the second half of 2009 as countercyclical policies took effect and external conditions improved, despite the impact of lower trade with Venezuela. Inflation declined to 2 percent by end- 2009, as inflation pressures abated with the reversal of food price increases and weak aggregate demand. The external current account deficit declined as lower imports more than offset the drop in exports, and it was comfortably financed with official and private capital inflows." "Economic policies before and after the global crisis were appropriate to ameliorate the impact on Colombia. The central bank lowered its policy rate by 650 basis points since late 2008 and fiscal policy was countercyclical. The flexible exchange rate and the sound financial system were also instrumental in mitigating the effects of the external shocks." "Output growth is expected to pick up to about 2-2.5 percent in 2010 as monetary and fiscal policy remain supportive of domestic demand and the sound financial system provides a strong basis for a resumption of credit. Inflation is expected to rise due to temporary increases in food prices related to El Nino but nonetheless remain within the 2-4 target range during the year. The balance of payments position is expected to improve, with strong capital flows expected to more than cover the increase in the external current account deficit. "Colombia's public debt remains moderate, and is projected to decline over the medium term, as sustained growth resumes. Colombia has a strong institutional fiscal framework, and is well placed to strengthen it further by adopting a fiscal rule. The mission highlighted the international experience with fiscal rules, and welcomed the authorities' plans to adopt one in the future." =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Economy Remains Weak, IMF Says ---------------------------------------------------- Alejandro Santos, chief of the International Monetary Fund mission to the Dominican Republic, said, "An IMF mission visited Santo Domingo during the last two weeks for discussions under the first review of the Stand-By Arrangement (SBA), approved by the IMF Executive Board in November 2009 (Press Release No. 09/393). The mission met with Central Bank Governor H�ctor Valdez, Minister of Finance Vicente Bengoa, Minister of Economy Tem�stocles Montas, Vice-President of the Public Electricity Corporation Celso Marranzini, other members of the Economic and Social Cabinet, senior government officials, the private sector, and the international community. "The mission made significant progress in the discussions and will conduct the final assessment of the review in Washington in the coming weeks. An agreement in principle on a letter of intent (LOI) for policies in 2010-in line with the program-has been reached. While there are some limited deviations in the targets for end-2009, the policies originally envisaged in the program for 2010 are maintained. Signing of the LOI is expected during March 2010. "Performance under the current SBA has been largely positive. While the economy remains weak, there is evidence of a rebound in activity in the last several months of 2009 and it is estimated that real GDP grew 3.5 percent for the whole year. There is no evidence of price pressures in the economy. Inflation closed at 5.8 percent by the end of 2009 (below the lower end of the Central Bank's target), and core inflation (excluding food and fuels) closed at 3 percent. The exchange rate has remained stable. The international community's efforts to reconstruct Haiti-which is expected to count with the active participation of the Dominican Republic-may increase net exports going forward. The economy has enough unutilized capacity to deal with this potential increase in demand. "The fiscal deficit of the consolidated public sector reached almost 4.5 percent of GDP in 2009, in line with the authorities' economic program, while the fiscal deficit of the Central Administration amounted to 3.5 percent of GDP, which is 0.4 percent of GDP higher than programmed due mostly to higher electricity subsidies and revenue shortfalls. The deviation of the Central Administration's deficit was offset by improvements in the financial position of the rest of the public sector. "Monetary conditions improved significantly. Following an earlier contraction, new lending to the private sector rebounded at the end of 2009 and expanded by 8.5 percent for the year as a whole. After the approval of the SBA, significant disbursements from the World Bank and the Inter-American Development Bank in December 2009 led to a large increase in the level of international reserves of the Central Bank by the end of the year. "Two quantitative performance criteria for end-December 2009 under the IMF-supported program were not observed: (i) the limit on the fiscal deficit of the Central Administration; and (ii) clearance of arrears to electricity generators. The authorities are taking corrective actions to address temporary program deviations. With the approval of the 2010 budget, the authorities are implementing policies to ensure that fiscal targets are within the program limits, and taking measures to eliminate arrears with electricity generators. "All structural benchmarks under the program were met. The authorities designed a strategy of reforms in the electricity sector to reduce indiscriminate subsidies and improve service, and are working on the definition of quantitative targets for its implementation. Also as agreed under the program, the coverage of the conditional cash transfer program (Solidaridad) designed to buffer the poorest from the worst effects of the economic downturn was increased to cover 70,000 new families living in extreme poverty. The authorities are working to meet structural benchmarks for 2010 and, in some cases, are using technical assistance from the IMF for this purpose. "The mission would like to thank the authorities and the citizens of the Dominican Republic for their warmth and hospitality." ========= H A I T I ========= * HAITI: Reconstruction Cost May Near US$14BB, IDB Study Shows -------------------------------------------------------------- The cost of rebuilding Haiti's homes, schools, roads and other infrastructure could soar to nearly US$14 billion, according to a new study by economists at the Inter-American Development Bank. The study offers a preliminary estimate of the potential damages resulting from the January 12 earthquake, using simple regression techniques employing data from past natural disasters and their damage estimates. It takes into account several variables including the magnitude of the disaster, the number of fatalities, and the affected country's population and per capita GDP. A detailed accounting of the cost of reconstruction will emerge in coming months as a full Post Disaster Needs Assessment is completed. But the new IDB study indicates the cost is likely to be larger than anticipated. The study calculates damages assuming either 200,000 or 250,000 people dead or missing (as of Feb. 11, the Haitian government had reported 230,000 dead). IDB economists Andrew Powell, Eduardo Cavallo and Oscar Becerra calculated a base estimate of US$8.1 billion for a 250,000 dead- or-missing toll, but they estimate this figure is likely to be at the low end and conclude that an estimate of US$13.9 billion is within the statistical margin of error. While the results are subject to many caveats, the study confirms that the Haitian earthquake is likely to be the most destructive natural disaster in modern times, when viewed in relation to the size of the Haiti's population and its economy. Indeed, in this respect the Haiti earthquake was vastly more destructive than the Indonesian Tsunami of 2004 and the cyclone that hit Myanmar in 2008. It caused five times more deaths per million inhabitants than the second-ranking natural killer, the 1972 earthquake in Nicaragua. Powell, Cavallo and Becerra conclude that the scale of the damages in Haiti will require unprecedented coordination among the multiple bilateral, multilateral and private donors. To ensure the efficient use of billions of dollars in reconstruction funds, for example, individual donors may need to surrender the kind of control and conditionality they typically demand of projects they finance. This will in turn require extraordinary mechanisms to ensure transparency and accountability. Moreover, a separate forthcoming study by Cavallo and others indicates that countries hit by disasters on this scale suffer an economic setback that can take decades to reverse. In several such countries, investigators found that even with big inflows of outside aid, GDP per capita was up to 30 percent lower 10 years after the disaster than it would have been if the country had been spared. "Of course this does not necessarily mean that aid does not work, perhaps the negative growth effect would have been even worse if aid had not increased," the study notes. "However, this does underline the challenge ahead for Haiti and for the international community attempting to support the country." ============= J A M A I C A ============= AIR JAMAICA: To End Service at Orlando International ---------------------------------------------------- Air Jamaica Limited is ending service at Orlando International Airport after March 8, as it scales back service across its network, the Orlando Sentinel reports. According to the report, airport spokeswoman Carolyn Fennell said that Air Jamaica started service at OIA in 1990, and operated four flights a week from the airport. The report notes that low-cost carriers AirTran Airways and JetBlue Airways recently launched service to Montego Bay, Jamaica, adding competition for the airline. As reported in the Troubled Company Reporter-Latin America on February 11, 2010, Go-Jamaica News said that Air Jamaica will sell two of the eight aircraft it owns to settle outstanding debts with the Internal Revenue Service in the United States. According to the report, the Jamaican government will set aside US$27 billion, which will include US$25 million for redundancy costs, in the next budget to cover exit costs associated with the Air Jamaica. Mr. Golding, the report noted, said that Air Jamaica is divesting: -- routes, -- real estate, -- spare parts, -- maintenance facility that provides service for other Airplanes, and -- five floors at the Air Jamaica offices on Harbour Street Go-Jamaica related that Mr. Golding said the proceeds from the sale will be pumped into the airline. 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: Workers' Fight for Ownership Could Go to Court ----------------------------------------------------------- The battle between the government and Jamaica Airline Pilots' Association over Air Jamaica Limited could be heading to courts, RadioJamaica reports. According to the report, the Office of the Contractor General threatened to step into the matter if the government bows to pressure and breaches the law to facilitate the bid by the JALPA to acquire the airline. However, the report says JALPA indicated an arbiter may have to be brought in to the settle the legal issue involved in the proposed divestment of the airline. The report points out that if the pilot's association decides to take the matter to court to settle the ESOP issue, it could effectively block Air Jamaica's sale to Caribbean Airlines, derailing the government's plans. 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. =========== M E X I C O =========== CEMEX SAB: S&P Puts Three Ratings on CreditWatch Negative --------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on three synthetic structured financings with first-to-default structures that are credit-linked to Cemex S.A.B. de C.V., on CreditWatch with negative implications. On Dec. 14, 2009, ISDA determined that Cemex's August 2009 refinancing of debt was a credit restructuring event, as it relates to ISDA-based contracts, which are the basis of the credit default swaps underlying the transactions. Standard & Poor's did not view Cemex's actions as a distressed exchange. The investors in the credit-linked notes are taking the credit risk of Cemex (as the CDS reference entity). Under the CDS for the transactions, a process has begun where ISDA will determine an auction price on Feb. 18, 2010, related to Cemex debt. If the swap counterparty elects to terminate the transaction's CDS, they will use the auction price as one of several components in the settlement calculation when making payment to the issuer and subsequently, payouts to investors. ISDA also determined Feb. 26, 2010, as the settlement date for this credit restructuring event. The CreditWatch actions indicate that noteholders are at risk of losing their principal amounts, depending on several factors: whether the swap counterparty decides to terminate the CDS or continue the transaction; the actual ISDA determined auction price; the inflation-rate index component (if applicable) and the actual exchange rate used within the calculations of the termination amount. As these variables are not all known at this time, it is uncertain whether the investors will incur a loss or not. S&P will continue to surveil the ratings on these asset-backed transactions and revise the ratings as necessary, to reflect any changes in the transactions' underlying credit quality. Ratings Placed On Creditwatch Emblem Finance Co. No. 2 Ltd. Series 3 Rating ------ To From -- ---- B/Watch Neg B Signum Verde Ltd. Series 2007-03 Rating ------ To From -- ---- B/Watch Neg B UDICX Bonos Series 2008-1 Rating ------ To From -- ---- mxBB+/Watch Neg mxBB+ RDS ULTRA-DEEPWATER: S&P Assigns 'B-' Rating on $260 Mil. Notes --------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned a preliminary 'B-' rating to $260 million in senior secured notes due 2017 proposed by RDS Ultra-Deepwater Ltd. RDS plans to use proceeds of these notes as part of a financing package to purchase a sixth-generation, semi-submersible, offshore drilling rig. The preliminary rating assumes that all project documents are finalized on comparable terms as presented to Standard & Poor's, and that the project meets S&P's criteria for special-purpose entities. The final rating will depend on meeting these criteria and on a review of all finalized project documents. RDS is a wholly owned special-purpose finance subsidiary of Rubicon Drilling Services - Aluguer de Equipamentos Tecnologicos, Unipessoal LDA (Rubicon; not rated), a limited liability company organized under the laws of Portugal. RDS is to issue the notes and make an intercompany loan to Rubicon, which has agreed to purchase PetroRig III, a sixth-generation, ultradeepwater, semisubmersible drilling rig. Through a related company, Grupo R Exploracion Marina S.A. de C.V. (not rated), which is part of a conglomerate of companies, Grupo R, servicing the Mexican energy and industrial sector, S&P expects that the rig will enter into a long-term charter contract with PEMEX Exploracion y Produccion (not rated), a wholly owned subsidiary of Petroleos Mexicanos (BBB/Stable/A). The notes are to be secured by a security interest in all of RDS' assets. The issuer's only asset is to be an intercompany note with Rubicon. Rubicon's guarantee of the notes is to be secured by a security interest in substantially all of the assets of Rubicon, including PetroRig III. The liens securing the guarantee are to be contractually subordinated to the liens that secure a senior bank loan credit facility. The preliminary ratings on RDS's notes are supported by these strengths: Grupo R has a long-standing business relationship with PEMEX and as participated in the development of many of PEMEX E&P's exploration nd production projects. Since 1987, Grupo R has been an offshore contractor and maritime platform service provider to PEMEX E&P. Equity contribution of approximately $170 million by Grupo R, compared to total project cost of around $655 million. Valuable asset as collateral. The rig's estimated fair market value according to an Independent Engineer's report results in $650 - $675 million. PetroRig III is a new rig with up-to-date technology in the market. In the past, the fleet of higher specification semi- submersible rigs has maintained higher utilization rates with more meaningful dayrate premiums in comparison to the fleet consisting of lower generation semi-submersibles, particularly during downturns in the energy industry. Construction risk is considered limited. According to the Independent Engineer report, the rig is around 97% complete and its delivery is expected to be on time on mid-March. These weaknesses offset these strengths: The notes are expected to be exposed to recontracting and/or refinancing risk given their 7 year tenor vs. a 5 year charter contract with PEMEX. The notes will be subordinated to a senior bank loan in both interest and principal payments. The only source of income for the payment of the senior bank loan and the notes will be PetroRig III. Under certain defined conditions, PEMEX could cancel the bareboat charter agreement. The charter agreement entails a fixed dayrate to be paid by PEMEX for the first two years. After this period, project income will be exposed to a variable dayrate risk on a yearly basis. First ultra-deep water project for Grupo R. No debt service reserve account for bondholders, except one created for the first coupon payment only. The project's legal structure is complex and entails several special purpose vehicles in different geographies. In S&P's opinion, this could limit future claims and potential recovery in a distressed scenario. At project beginning, a temporary escrow account could be used to receive funds from the senior bank loan and the notes. In S&P's opinion, this account could not be considered as bankruptcy remote. PetroRig III is expected to post strong operating results based on the contracted and anticipated day rates and daily operating expenses. However, during the first three years of operations, the DSCR will be close to 1x given that, according to the senior bank loan credit facility, all excess cash (that is, cash after operating costs, working capital needs and scheduled principal and interest payments) has to be used for the prepayment of such loan. After this period, once the senior bank loan is expected to be fully prepaid, the DSCR increases to 3x. Nevertheless, according to the company's base case scenario, at the termination of the bareboat charter agreement with PEMEX at year five, the net debt balance (after subtracting the cash position) on the notes will be around $60 million. Given the significant amount of excess cash that is expected to be generated and used for prepayments of the senior bank loan, and taking into consideration that the dayrate is fixed for the first two years of the charter agreement, Standard & Poor's performed a breakeven analysis for 2012 (when the variable rate starts to apply) such that the excess cash flow sweep equals zero. The resulting rate is an average of $312,000. Considering the base case average rate for 2012 of $478,000, the breakeven implied decline in the rate is -34.7%, which in S&P's opinion provides a certain level of comfort. *********** 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 * * *