/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100224.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 24, 2010, Vol. 11, No. 038 Headlines A R G E N T I N A CAVACO SA: Creditors' Proofs of Debt Due on April 16 EMBELL SA: Creditors' Proofs of Debt Due on March 23 EMPRENDIMIENTOS: Creditors' Proofs of Debt Due on April 1 GALERNA SRL: Creditors' Proofs of Debt Due on May 5 BANCO GANDERO: Joins IFC Program to Develop Trade Financing B R A Z I L BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on US$250 Mil. Notes BANCO IBI: Banco Bradesco Deal Cues Moody's to Withdraw Ratings COMPANHIA SIDERURGICA: US$5.7BB Takeover Bid for Cimpor Fails INVESTIMENTOS E PARTICIPACOES: Moody's Puts 'Ba3' Corporate Rating * BRAZIL: Retail Sales Unexpectedly Drop in December C A Y M A N I S L A N D S ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report AVENUE CLO: Shareholders Receive Wind-Up Report BOSCHETTO INTERNATIONAL: Shareholders Receive Wind-Up Report CAMBRIDGE CAPITAL: Commences Wind-Up Proceedings CASTLEGROVE CAYMAN: Commences Wind-Up Proceedings EP RE: Shareholders Receive Wind-Up Report FAIRHEADS INTERNATIONAL: Shareholders Receive Wind-Up Report FAMILY INTERNATIONAL: Shareholders Receive Wind-Up Report FENICE INVESTMENTS: Commences Wind-Up Proceedings GRACE INVESTMENTS: Members Receive Wind-Up Report GREEN RAPID: Shareholders Receive Wind-Up Report JAKOBSHORN INVESTMENTS: Shareholders Receive Wind-Up Report LAMARMOTTA LTD: Shareholders Receive Wind-Up Report LEHMAN BROTHERS: Shareholders Receive Wind-Up Report LEUMI CI: Shareholders Receive Wind-Up Report LILLO HOLDING: Shareholders Receive Wind-Up Report LOTUS EXPLORER: Shareholders Receive Wind-Up Report PANDORA LIMITED: Shareholders Receive Wind-Up Report PIGGY INTERNATIONAL: Shareholders Receive Wind-Up Report ROCK CAPITAL: Members Receive Wind-Up Report SALOMONE LTD: Shareholders Receive Wind-Up Report SCOY OVERSEAS: Shareholders Receive Wind-Up Report SPARQ (CAYMAN): Members Receive Wind-Up Report SR BOONE: Commences Liquidation Proceedings SR BOONE: Commences Liquidation Proceedings SR CRITERION: Commences Liquidation Proceedings SR EDINBURGH: Commences Liquidation Proceedings SR LOEB: Commences Liquidation Proceedings SR LUCERNE: Commences Liquidation Proceedings SR MW: Commences Liquidation Proceedings C O L O M B I A ECOPETROL SA: To Hold General Shareholders' Meeting on March 25 PACIFIC RUBIALES: Seeks US$200 Million Credit Line With BofA's Aid J A M A I C A AIR JAMAICA: Pilots Still Hopeful on Airline Bid M E X I C O ALESTRA SA: Sees Return to Growth in 2010 CEMEX SAB: to Get US$100MM Cash Proceeds From JV Asset Sale URBI DESARROLLOS: Net Profit Drops 6% to MXN599.8 Million * MEXICO: To Sell Up to US$2 Billion of Local Bonds * MEXICO: Economy Shrank 6.5% in 2009 Amid Global Crisis V E N E Z U E L A PETROLEOS DE VENEZUELA: Performs Operations Diagnostics of JVs PETROLEOS DE VENEZUELA: Tests New Technology to Enhance Production - - - - - ================= A R G E N T I N A ================= CAVACO SA: Creditors' Proofs of Debt Due on April 16 ---------------------------------------------------- Hugo Angarolla, the court-appointed trustee for Cavaco SA's reorganization proceedings, will be verifying creditors' proofs of claim until April 16, 2010. Mr. Angarolla will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, 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: Hugo Angarolla Olazabal 2060 Argentina EMBELL SA: Creditors' Proofs of Debt Due on March 23 ---------------------------------------------------- Jorge Osvaldo Stanislavsky, the court-appointed trustee for Embell SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 23, 2010. Mr. Stanislavsky will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 33, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge Osvaldo Stanislavsky Talcahuano 768 Argentina EMPRENDIMIENTOS: Creditors' Proofs of Debt Due on April 1 --------------------------------------------------------- Juan Carlos de la Piedra, the court-appointed trustee for Emprendimientos Editoriales SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 1, 2010. Mr. de la Piedra will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, 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: Juan Carlos de la Piedra Avenida Juan B. Justo 5096 Argentina GALERNA SRL: Creditors' Proofs of Debt Due on May 5 --------------------------------------------------- Estudio Rego Saavedra, the court-appointed trustee for Galerna SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 5, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on February 9, 2011. The Trustee can be reached at: Estudio Rego Saavedra Arenales 2552 Argentina BANCO GANDERO: Joins IFC Program to Develop Trade Financing ----------------------------------------------------------- Banco Ganadero SA joined IFC's Global Trade Finance Program, which provides guarantees for banks operating in emerging markets to help them expand trade financing for their clients. IFC is a member of the World Bank Group. IFC's trade guarantee program helps mitigate risks that otherwise might stop a bank from financing trade in developing economies. "This relationship with the Global Trade Finance Program will help us increase our capacity to deliver trade products at competitive pricing to a broad number of Bolivian clients, expanding our geographic coverage," said Ronald Gutierrez Lopez, Banco Ganadero's General Manager. Giri Jadeja, IFC's Global Financial Markets Regional Senior Manager for Latin America and the Caribbean, said, "The entry of Banco Ganadero into the program is a key element of IFC's efforts to continue supporting Bolivian small and midsize enterprises active in trade." Since launching the Global Trade Finance Program, IFC has issued $2.2 billion in guarantees to facilitate trade flows with Latin America and the Caribbean, with a network of 50 issuing banks in the region. More than 40% of the guarantees issued have benefited local small and midsize businesses and supported interregional trade flows between emerging markets. IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries-including by helping extend trade financing in Latin America and the Caribbean. About IFC IFC is a member of the World Bank Group. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC's new investments totaled US$14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. About IBDR The International Bank for Reconstruction and Development aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services. Established in 1944 as the original institution of the World Bank Group, IBRD is structured like a cooperative that is owned and operated for the benefit of its 186 member countries. About Banco Ganadero Banco Ganadero is headquartered in Santa Cruz de la Sierra, Bolivia, and had assets of Bs.3.6 billion and deposits of Bs.3.2 billion, as of June 30, 2009. * * * As reported in the Troubled Company Reporter-Latin America on December 7, 2009, Moody's Latin America assigned a "B2" rating to Banco Ganaderos' Global Local Currency Debt Rating. =========== B R A Z I L =========== BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on US$250 Mil. Notes ----------------------------------------------------------------- Moody's Investors Service assigned a Ba2 long-term foreign currency debt rating to the US$250 million senior unsecured notes issued by Banco Cruzeiro do Sul S.A. The notes, due in February 2015, were issued under the bank's existing US$1 billion Global Medium Term Note Program. The outlook on the rating is negative. Moody's stated that the Ba2 debt rating incorporates BCSul' fundamental credit quality and all relevant country risks. At Ba2, the bond rating is not constrained by the Baa2 country ceiling for foreign currency bonds and notes for Brazil. The last rating action on BCSul was on September 11, 2009, when Moody's rated the bank's 2012 senior unsecured notes at Ba2. BCSul is headquartered in Sao Paulo, Brazil, and it had total assets of BRL7,391 million (US$4.1 billion) and total equity of BRL1,042 million (US$497 million) as of September 30, 2009. This rating was assigned to the US$250 million senior unsecured notes due 2015: * Ba2 long-term foreign currency debt rating, negative outlook. BANCO IBI: Banco Bradesco Deal Cues Moody's to Withdraw Ratings --------------------------------------------------------------- Moody's Investors Service has withdrawn all of its ratings for Banco Ibi S.A. -- Banco Multiplo. The rating action reflects the acquisition of Ibi by Banco Bradesco S.A. in October 2009 and its integration into Bradesco's operating platform. The bank has no rated foreign currency debt outstanding. Moody's last rating action on Ibi was on September 22, 2009, when Moody's upgraded Ibi's foreign currency deposit ratings to Baa3 and Prime 3, with positive outlook, from Ba2 and Not Prime, following the conclusion of the review of Brazil's foreign currency deposit ceiling. Banco Ibi S.A. -- Banco Multiplo was headquartered in Barueri, Sao Paulo, Brazil and had total assets of BRL4.0 billion (US$2.3 billion) and equity of BRL889.8 million (US$500.5 million) as of September 30, 2009. These ratings assigned to Ibi were withdrawn: -- Bank Financial Strength Rating: B-, stable outlook -- Global Local Currency Deposit Ratings: A1 for long-term and Prime-1 for short-term, stable outlook -- Foreign Currency Deposit Ratings: Baa3 for long-term and Prime-3 for short-term, positive outlook -- Brazilian National Scale Ratings: Aaa.br for long-term and BR-1 for short-term, stable outlook COMPANHIA SIDERURGICA: US$5.7BB Takeover Bid for Cimpor Fails ------------------------------------------------------------- Joao Lima at Bloomberg News reports that the EUR4.15 billion (US$5.7 billion) takeover bid of Cia. Siderurgica Nacional SA for Cimpor-Cimentos de Portugal SGPS SA failed to entice enough Cimpor shareholders even after sweetening its bid for Cimpor by 7.5% to EUR6.18 a share. The report relates that the company raised its proposal after Brazilian cement makers Camargo Correa SA and Votorantim Cimentos SA announced agreements to acquire stakes in Cimpor. "In the next few weeks, the new board of directors' election will be key to understand how the new shareholders will get along," Rita Carles, an analyst at Banif Banco de Investimento SA with a "neutral" rating on the stock, said in a note obtained by the news agency. "We are somewhat worried. Further destabilisation of the management team could have a negative impact on the company's operational performance," she added. As reported in the Troubled Company Reporter-Latin America on February 19, 2010, Reuters said that Cimpor-Cimentos de Portugal'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. The report related that the board said it recommended to shareholders not to sell their shares in Cimpor. 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+. INVESTIMENTOS E PARTICIPACOES: Moody's Puts 'Ba3' Corporate Rating ------------------------------------------------------------------ Moody's America Latina Ltda assigned a Ba3 corporate family rating on the global scale and A2.br corporate family rating on the Brazilian national scale to Investimentos e Participacoes em Infra-Estrutura S.A and withdrew the Ba3 corporate family rating on the global scale and A3.br corporate family rating on the Brazilian national scale that had been previously assigned to its subsidiary, Concessao Metroviaria Rio de Janeiro S/A. At the same time, Moody's assigned a Ba3 issuer rating on the global scale and A3.br on the Brazilian national scale to Metro Rio and withdrew the BR-2 short term rating in the Brazilian national scale assigned to a 180-day BRL100 million promissory notes that matured in January. The outlook is stable for all ratings. The Ba3 corporate family rating of INVEPAR reflects the inherently stable and predictable cash flow of all its subsidiaries, which are supported by long-term concession contracts for toll roads and subway services, INVEPAR's experienced management and the implicit support of its major shareholders. The Ba3 issuer rating of Metro Rio reflects the inherently stable and predictable cash flow derived from a long-term concession contract, the financially strong shareholders and experienced management. INVEPAR's high leverage and the large amount of near-term debt on a consolidated basis, its sizeable capital expenditure programs and high dependence on the injection of new equity capital from shareholders over the next several years to meet a rather aggressive business plan constrain the corporate family rating. Metro Rio's aggressive capital expenditures program and the risks associated with obtaining adequate and timely long-term funding coupled with the risks associated with the execution of the current expansion plans to the existing mass transportation system constrain the issuer rating. INVEPAR's A2.br national scale corporate family rating and Metro Rio's A3.br national scale issuer rating reflect the standing of their credit quality relative to domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issuances and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Brazil are designated by the ".br" suffix. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The last rating action for INVEPAR was on February 12, 2010, when Moody's assigned a Ba2 rating on the global scale and A1.br rating on the Brazilian National scale to the 10-year BRL450 million amortizing local unsecured debentures to be issued by Investimentos e Participacoes em Infra-Estrutura S.A that are to be guaranteed by its wholly-owned subsidiary Linha Amarela S.A. The outlook is stable. The last rating action for Metro Rio was on June 26, 2009, when Moody's assigned a Ba3 corporate family rating on the global scale and A3.br corporate family rating on the Brazilian National Scale. At the same time Moody's assigned a Br-2 rating to Metro Rio's 180-day BRL100 million promissory notes. INVEPAR was created in March 2000 as a result of an association between Brazil's largest pension fund and the construction company OAS (unrated) to invest in other companies in the infrastructure segment, with toll road concessions a priority. In 2009, INVEPAR's equity capital was increased by BRL799 million with the entrance of two major pension funds (PETROS and FUNCEF). The capital increase was used to partially fund the acquisition of Metro Rio (Ba3/A3.br/ Stable) in March 2009, which required an investment of approximately BRL1 billion. INVEPAR reported consolidated net revenues of approximately BRL156 million and EBITDA of approximately BRL98 million in 2008. During the same period, Metro Rio reported net revenues of BRL326 million and EBITDA of BRL127 million. * BRAZIL: Retail Sales Unexpectedly Drop in December ---------------------------------------------------- Camila Fontana and Andre Soliani at Bloomberg News report that retail sales in Brazil unexpectedly fell in December from the previous month, reducing the odds of an interest rate increase next month. The country's retail sales fell 0.4% in December from November, surprising 17 analysts who had been expecting a 0.2% increase according to the median estimate in a Bloomberg survey. The country's sales climbed 9.1% from a year ago, the national statistics agency said in a report obtained by the news agency. According to the report, Luciano Rostagno, economic analyst at CM Capital Markets, said that the weaker-than-expected retail report should push back expectations for an increase in the benchmark interest rate to April from March. "Given that the outlook for demand is less heated, the bets for a hike in March lost strength," Mr. Rostagno told the news agency in a phone interview. The statistics agency, the report notes, also said that inflation through mid-February quickened to the fastest pace since April 2003. The report says that Consumer prices, as measured by the IPCA-15 index, rose 0.94% in the month through mid-February. ========================== C A Y M A N I S L A N D S ========================== ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Anchorage Capital Partners Offshore II, Ltd received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands AVENUE CLO: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Avenue CLO VII, Ltd. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands BOSCHETTO INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Boschetto International Ltd. received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands CAMBRIDGE CAPITAL: Commences Wind-Up Proceedings ------------------------------------------------ Cambridge Capital Products 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: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 64 Earth Close, 1st Floor West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands CASTLEGROVE CAYMAN: Commences Wind-Up Proceedings ------------------------------------------------- Castlegrove Cayman Inc commenced wind-up 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: 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 EP RE: Shareholders Receive Wind-Up Report ------------------------------------------ The shareholders of EP RE LDC received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands FAIRHEADS INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Fairheads International Securities Limited received, on January 21, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Gray c/o Lesli Schutte Telephone: (345) 949 6960 Facsimile: (345) 949 6961 PO Box 1814, Grand Cayman KY1-1109 Cayman Islands FAMILY INTERNATIONAL: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Family International Ltd. received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands FENICE INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------- Fenice Investments 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: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 GRACE INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------- The members of Grace Investments Inc. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Brott Limited c/o Michelle R. Bodden-Moxam Telephone: 946-6145 Facsimile: 946-6145 Bridge Street Services Limited Marquee Place, Suite 300 430 West Bay Road, P.O. Box 30691, Grand Cayman KY1-1203 Cayman Islands GREEN RAPID: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Green Rapid Limited received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands JAKOBSHORN INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Jakobshorn Investments Ltd. received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands LAMARMOTTA LTD: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Lamarmotta Ltd. received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands LEHMAN BROTHERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lehman Brothers Global Bond Fund, (Offshore) Ltd received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Phil Hughes Telephone: (345) 815 1402 Facsimile: (345) 949-1986 LEUMI CI: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Leumi CI, Ltd. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands LILLO HOLDING: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Lillo Holding Inc. received, on December 7, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands LOTUS EXPLORER: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Lotus Explorer Fund received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands PANDORA LIMITED: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pandora Limited received, on January 5, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands PIGGY INTERNATIONAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Piggy International received, on December 12, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands ROCK CAPITAL: Members Receive Wind-Up Report -------------------------------------------- The shareholders of Rock Capital (GP) Ltd. & Rock Real Estate Securities Fund L.P. received, on December 30, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew David Law Montague Sterling Centre P.O. Box N-3924 Nassau, The Bahamas SALOMONE LTD: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Salomone Ltd. received, on January 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. c/o Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands SCOY OVERSEAS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Scoy Overseas Partners Ltd. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SPARQ (CAYMAN): Members Receive Wind-Up Report ---------------------------------------------- The members of SPARQ (Cayman) Corp. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chang, Chia-Hsiang c/o Michelle R. Bodden Telephone: 946-6145 Facsimile: 946-6146 Bridge Street Services Limited Marquee Place, Suite 300 430 West Bay Road, P.O. Box 30691 Grand Cayman KY1-1203, Cayman Islands SR BOONE: Commences Liquidation Proceedings ------------------------------------------- SR Boone Capital Offshore Feeder MA 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: Swiss Re Services Limited 30 St Mary's Axe London SR BOONE: Commences Liquidation Proceedings ------------------------------------------- SR Boone Capital Master Ma Ltd. commenced liquidation proceedings on December 8, 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: Swiss Re Services Limited 30 St Mary's Axe London SR CRITERION: Commences Liquidation Proceedings ----------------------------------------------- SR Criterion Master MA Ltd. commenced liquidation proceedings on December 8, 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: Swiss Re Services Limited 30 St Mary's Axe London SR EDINBURGH: Commences Liquidation Proceedings ----------------------------------------------- SR Edinburgh Limited commenced liquidation proceedings on December 11, 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: Swiss Re Services Limited 30 St Mary's Axe London SR LOEB: Commences Liquidation Proceedings ------------------------------------------ SR Loeb Arbitrage Master MA Ltd. commenced liquidation proceedings on December 8, 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: Swiss Re Services Limited 30 St Mary's Axe London SR LUCERNE: Commences Liquidation Proceedings --------------------------------------------- SR Lucerne Mid Cap Master MA Ltd. commenced liquidation proceedings on December 8, 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: Swiss Re Services Limited 30 St Mary's Axe London SR MW: Commences Liquidation Proceedings ---------------------------------------- SR MW Eureka Master Ma Ltd. commenced liquidation proceedings on December 8, 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: Swiss Re Services Limited 30 St Mary's Axe London =============== C O L O M B I A =============== ECOPETROL SA: To Hold General Shareholders' Meeting on March 25 --------------------------------------------------------------- Ecopetrol SA Chief Executive Officer calls on the company's shareholders to attend the Annual General Shareholders' Meeting to be held on March 25, 2010, starting at 9 a.m., at the International Center of Business and Exhibitions, located at Carrera 37 No. 24-67, Bogota, Colombia. The agenda for the Meeting will be: 1. Safety guidelines 2. Quorum Verification 3. Opening Statement by the Chairman of the Board of Directors 4. Approval of the Agenda 5. Appointment of the Meeting's President 6. Appointment of the Commission in charge of scrutinizing elections and polling 7. Appointment of the Commission in charge of reviewing and approving the minutes of the Meeting 8. Presentation of the report concerning the Board of Directors' activities, the Board of Directors' evaluation of the Chief Executive Officer's performance, as well as the Company's compliance with the Corporate Governance Code 9. Presentation of 2009 performance reports by the Board of Directors and by the Chief Executive Officer of the Company 10. Report by the Minority Shareholders' Representative 11. Review of the Company's unconsolidated and consolidated Financial statements as of December 31, 2009 (the "2009 Financial Statements") 12. Review of the External Auditor's Report 13. Approval of (i) the reports presented by the Company's Management and External Auditor and (ii) the 2009 Financial Statements 14. Approval of proposal for dividend distribution 15. Election of the External Auditor and determination of compensation in connection therewith 16. Election of the Board of Directors 17. Authorization for public issuance of non-convertible bonds 18. Shareholder Proposals and miscellaneous matters As of March 3, 2010, Shareholders will be able to exercise their right to inspect the Company's books, records and other documents referred to in the Colombian Commercial Code. This information will be made available to Shareholders at the Company's main offices (Calle 37 No. 8-43 Bogota, Colombia), at prescheduled times from 7:30 a.m. to 4:00 p.m. The resumes of the candidates up for election for the open Board of Directors positions and for External Auditor will also be made available to Shareholders on the Company's website. 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+'; PACIFIC RUBIALES: Seeks US$200 Million Credit Line With BofA's Aid ------------------------------------------------------------------ Pacific Rubiales Energy Corp. has engaged Banc of America Securities as lead arranger for an unsecured two-year credit facility of up to US$200 million, Matthew Bristow at Dow Jones Newswires reports. The report relates that the company expects the creditors to be both international and Colombian lenders. According to the report, the closing is expected to occur on or before March 31, 2010. According to the report, the company said it does not expect to fully draw down the facility during 2010. Pacific Rubiales, the report notes is now trading at volumes in Bogota that could allow it to be included in Colombia's benchmark IGBC stock index next quarter. About Pacific Rubiales Pacific Rubiales Energy Corporation produces heavy crude oil. The company focuses on the exploration, development, and production of heavy crude oil in the Llanos Basin of Colombia. * * * As of December 21, 2009, the company continues to carry Standard and Poor's B+ LT Issuer Credit ratings. ============= J A M A I C A ============= AIR JAMAICA: Pilots Still Hopeful on Airline Bid ------------------------------------------------ The Jamaica Airline Pilots Association is making a desperate attempt to keep its bid for Air Jamaica Limited alive despite strong indication from the government that the cash-strapped carrier is to be sold to Caribbean Airlines, RadioJamaica reports. According to the report, JALPA spokesman John Eyre said that the group is pressing ahead with its business proposal buoyed by strong public sentiment that Air Jamaica should remain locally owned. The report relates that Mr. Eyre said JALPA is still expecting to sit down with the Government to discuss its plans for Air Jamaica. "We continue to press for our cause, we believe it is in the interest of Jamaica to keep an airline in Jamaica and so we will be heading along those lines. We will ensure that our plan is fine tuned day by day to learn what is needed to make the airline successful and we will keep pressing that case to the government," the report quoted Mr. Eyre as saying. As reported in the Troubled Company Reporter-Latin America on February 5, 2010, RadioJamica said that JALPA is to make a last ditch bid for control of Air Jamaica. The report related that JALPA is to select an equity partner who will provide it with funding in the event that it gets the nod from the government to acquire the national airline. According to the report, JALPA said that three local and foreign equity partners are jostling for selection. 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 =========== ALESTRA SA: Sees Return to Growth in 2010 ----------------------------------------- Alestra S. de R.L. de C.V. expects to return to growth in 2010 after a recession damped sales last year, Ken Parks at Dow Jones Newswires reports, citing Chief Executive Rolando Zubiran. The report relates that Mr. Zubiran said the company is seeing demand for its services from growing sectors like automobile and financial services. According to the report, Company Chief Financial Officer Bernardo Garcia said that the company has budgeted capital expenditures of more than MXN1 billion (US$78 million) this year, up from MXN936 million last year and MXN793 million in 2008. The report notes that Mexico's central bank has forecast growth in gross domestic product of between 3.2% and 4.2% this year as the economy rebounds from a deep recession in 2009, when gross domestic product likely contracted close to 7%. Dow Jones Newswires says that Alestra's sales were virtually unchanged last year at MXN4.68 billion, although the percentage of revenue from value-added services rose to 70% from 63% in 2008; while operating income dipped 1% to MXN568 million, and Ebitda rose 6% to MXN1.42 billion. The report relates that Alestra reported net debt of US$207 million at the end of December. Mr. Zubiran, the report discloses, said that Alestra plans to put more emphasis on small and medium-sized firms during the next five years. The company might bid for rights to lease fiber optic infrastructure from state-run electric utility Comision Federal de Electricidad in an auction later this year, he added. About Alestra S. de R.L Alestra S. de R.L. de C.V. is a Mexican telecommunications company. * * * As reported in the Troubled Company Reporter-Latin America on August 11, 2009, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Alestra S. de R.L. de C.V. CEMEX SAB: to Get US$100MM Cash Proceeds From JV Asset Sale ----------------------------------------------------------- CEMEX, S.A.B. de C.V.'s 49.9% owned Ready Mix USA LLC joint venture has completed the sale of 12 active quarries and certain other assets to SPO Partners & Co. for US$420 million. The active quarries, which consist of 2 granite quarries in Georgia, 9 limestone quarries in Tennessee, and 1 limestone quarry in Virginia, are operated by Ready Mix USA LLC and were deemed non strategic by CEMEX and Ready Mix USA LLC, its joint venture partner. The proceeds from the sale will be partly used to reduce debt held by Ready Mix USA LLC, and to effect a cash distribution of approximately US$100 million to each joint venture partner, including CEMEX. CEMEX, which does not consolidate the results of Ready Mix USA LLC, expects to use its cash proceeds from this divestment to reduce outstanding debt and to enhance its liquidity position. According to the company, the asset divestment marks another milestone in CEMEX's efforts to regain its financial flexibility. Other such milestones include the completion of the refinancing of US$15 billion of CEMEX's outstanding debt and the issuance of close to US$2.3 billion in notes, including the US$500 million raised last month. Additionally, CEMEX has raised US$2.2 billion in equity and mandatorily convertible securities and sold its Australian operations to Holcim for US$1.7 billion. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. URBI DESARROLLOS: Net Profit Drops 6% to MXN599.8 Million --------------------------------------------------------- Urbi Desarrollos Urbanos SAB's fourth-quarter net profit fell 6% to MXN599.8 million (US$46.8 million) from MXN637.9 million a year ago due to a higher tax bill, Ken Parks at Dow Jones Newswires reports. According to the report, the company's revenue slipped 2.1% to MXN4.31 billion as the company boosted sales of low income homes. The report relates that Urbi said it sold 13,988 homes during the quarter, up 13.1% from a year earlier, of which 12,229 were low- income units. Dow Jones Newswires discloses that the company's Ebitda rose 6.6% to MXN1.28 billion, while operating income rose 6.3% to MXN952.8 million, thanks to cost savings. However, the report notes, taxes rose nearly 21% to MXN289.8 million. About Urbi Desarrollos Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately $30.8 billion Mexican pesos and equity of approximately $16 billion Mexican pesos at June 30, 2009. * * * As reported in the Troubled Company Reporter-Latin America on October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s Ba3 global scale, local and foreign currency, senior unsecured debt rating and A3.mx national scale rating, as well as Urbi's short-term MX-2 national scale rating (Not Prime, global scale). The rating outlook remains stable. The company's Ba3 corporate family rating was also affirmed. * MEXICO: To Sell Up to US$2 Billion of Local Bonds --------------------------------------------------- Veronica Navarro Espinosa and Ye Xie at Bloomberg News report that Mexico plans to sell as much as US$2 billion of peso-denominated bonds in its first local debt offering through a syndicate of banks, part of an effort to lure more foreign investors to its domestic market. The 10-year bonds will carry a coupon of 8%, the central bank said in a statement obtained by the news agency. Banco Santander SA, JPMorgan Chase & Co., Grupo Financiero BBVA Bancomer and Bank of America Corp. will arrange the deal, the statement added. According to Bloomberg News, citing research firm 4Cast Inc., speculation that Mexico's peso bonds will be included in Citigroup Inc.'s World Government Bond Index is boosting investor demand for the securities. The report relates that Gerardo Rodriguez, head of the Finance Ministry's Public Credit Department, said that Citigroup may announce the inclusion of Mexican debt in the index in the next four months. Bloomberg News points out that the so-called syndicated mechanism, instead of the central bank's weekly auction, will allow Mexico to place the maximum of issuance in one single sale and accelerate the process of being added to Citigroup's index, according to Barclays Plc. * MEXICO: Economy Shrank 6.5% in 2009 Amid Global Crisis -------------------------------------------------------- Thomas Black and Jens Erik Gould at Bloomberg News report that Mexico's economy contracted 6.5% last year as the global financial crisis sapped demand for its exports. The report relates that the national statistics agency said that gross domestic product fell 2.3% in the fourth quarter from a year earlier. Analysts had forecast a 2.6% decline, according to the median estimate of 19 economists surveyed by Bloomberg. According to the report, the recession in the U.S., which buys about 80% of Mexico's exports, crippled the country's economy as a fall in exports led to job losses, falling production and declining domestic demand. The report relates that industrial production fell for 19 straight months beginning in May 2008 before rising in December, and retail sales have dropped for 15 months. "Mexico suffered a lot because it is very exposed to the industrial sector," the report quoted Italo Lombardi, a Latin America economist and strategist at BNP Paribas in New York, as saying. "But 2010 is looking pretty good. You have signs of improvement, and it's broad based," he added. Bloomberg News notes that Mexico's government raised its estimate for 2010 economic growth to 3.9%, from a previous forecast of 3% growth, citing signs of recovery in internal and external demand. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Performs Operations Diagnostics of JVs -------------------------------------------------------------- Authorities of Petroleos de Venezuela SA through its subsidiary Corporacion Venezolana del Petroleo, held a meeting with the directive and representatives of the companies comprising the Venezuelan Association of Hydrocarbons, to analyze the functioning and operation of joint ventures after nearly four years of its creation. The meeting, held at the premises of the Institute for Energy Studies of La Tahona, was attended by Vice President of Exploration and Production of PDVSA, Eulogio Del Pino, who emphasized that the importance of the activity was aimed at "knowing the strengths and weaknesses of existing joint ventures". "It's a good time to review how the performance of the companies has been and take care of those core points that would meet the requirements of the value chain of the petroleum industry," said Del Pino, who also added, "we guarantee an integration model of society and industry ". For its part, the director of Venezuela's Repsol, Ramiro Paez, endorsed the event, because in his view it allows "the interchange between state representatives and partners involved in different businesses that are in the value chain of the national oil industry". According to the company statement, the presence of the Spanish consortium in the country it's made clear in their participation in the Joint Venture and Gas License Petroquiriquire, Block Cardon and was one of the partners in the bid that was selected to participate in the Carabobo field, Block 1 of the Oil Belt Orinoco. 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: Tests New Technology to Enhance Production ------------------------------------------------------------------ The Cabrutica District of PDVSA E & P Orinoco Belt's Division is moving forward in the evaluation of a pilot project in deep electric heating, a technology that will increase crude production by 14% in low production wells. A team of oil professionals successfully completed the installation of a heater wire of 480-volt current, submerged at 3 thousand 500 feet down a well, using variable frequency drives to control the levels of heat transferred to the well's flow, a maneuver that could increase the temperature to 20 � F. Leonardo Jorge, Chief in Technology for the Cabrutica District, said the aim of this work is to decrease the viscosity of crude oil in the bottom of the wells, in order to reduce friction losses in the management of the hydrocarbon, thereby increasing production. Mr. Jorge continued to explain that they have developed several tests on surface, thermo graphic records in the short circuit cable and mechanical arrangements, which proved the feasibility and practicality from this method. However, in the coming days new tests will be made to verify the system. Mr. Jorge said that these operational adjustments were made with Petroleos de Venezuela's oil workers and existing resources within the Corporation, like wires from electro-submersible pumps, frequency variator and mechanical arrangements. Additionally, the automatic control logic was executed, for local monitoring in the San Diego Operating Center and remote monitoring from the district of San Tome. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *