/raid1/www/Hosts/bankrupt/TCRLA_Public/100304.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
Thursday, March 4, 2010, Vol. 11, No. 044
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Stanford Trust Remains in Receivership
A R G E N T I N A
CONDOR RECORDS: Creditors' Proofs of Debt Due on May 3
CONFECCIONES MANUQUIN: Creditors' Proofs of Debt Due on April 20
CARSA SA: Moody's Assigns 'B3' Corporate Family Rating
FIDEICOMISO FINANCIERO: Moody's Assigns 'B1' Rating on Securities
MAVITRAN SA: Creditors' Proofs of Debt Due on March 30
ROVARELLA HERMANOS: Creditors' Proofs of Debt Due on March 19
SERVICEMASTER SA: Asks for Opening of Preventive Contest
TAIPESAR SA: Creditors' Proofs of Debt Due on March 31
TELECOM ARGENTINA: To Release 4Q Earnings Report on March 10
B R A Z I L
BRASKEM SA: Posts BRL893 Million Net Loss in Fourth Quarter
COMPANHIA SIDERURGICA: Posts R$2.60BB Net Income Last Year
COMPANHIA SIDERURGICA: To Hold Shareholders' Meeting on March 16
RB CAPITAL: Moody's Assigns 'Ba3' Provisional Rating on Certs.
C A Y M A N I S L A N D S
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
APPLETON LEE: Shareholders Receive Wind-Up Report
APPLETON GLOBAL: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
BAHANA ALPHA: Shareholders Receive Wind-Up Report
BARTHOLOMEW CAYMAN: Shareholders Receive Wind-Up Report
BLACK BEAR: Shareholders Receive Wind-Up Report
BLACK DIAMOND: Shareholders Receive Wind-Up Report
CHEYNE CARBON: Shareholders Receive Wind-Up Report
CHEYNE LATAM: Shareholders Receive Wind-Up Report
CHEYNE OCEANA: Shareholders Receive Wind-Up Report
MAKO ARBPLUS: Shareholders Receive Wind-Up Report
MAKO GFG: Shareholders Receive Wind-Up Report
MAKO VOLPLUS: Shareholders Receive Wind-Up Report
NEW ELLINGTON: Shareholders Receive Wind-Up Report
NEXT VENTURES: Shareholders Receive Wind-Up Report
RMF ALPHA: Shareholders Receive Wind-Up Report
SAPIC II: Shareholders Receive Wind-Up Report
SILVERSTREET STRATEGIES: Shareholders Receive Wind-Up Report
VEGA RISK: Shareholders Receive Wind-Up Report
C O L O M B I A
BANCOLOMBIA SA: Expects Lending Business To Grow Again In 2010
J A M A I C A
AIR JAMAICA: Caribbean Air to be Jamaica's New National Carrier
AIR JAMAICA: Moody's Raises Corporate Family Rating to 'B3'
DIGICEL LIMITED: FTC to Probe Claro's Anti-Competitive Claim
NATIONAL COMMERCIAL BANK: To Close Harbour View Shopping Centre
* JAMAICA: More Charges to be Laid Against Former NHT Employee
* JAMAICA: Moody's Upgrades Government Bond Ratings to 'B3'
M E X I C O
VITRO SAB: Net Sales Drop 20.2% in Fourth Quarter
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Power Outage Halts Ops at Curacao Refinery
* VENEZUELA: Economy Contracted by 3.3% in 2009 Amid Global Crisis
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Stanford Trust Remains in Receivership
------------------------------------------------------
Stanford Trust Company Limited remains in receivership and is not
in a position to formally agree claims with its clients and
creditors.
The Joint Liquidators of Stanford International Bank Limited,
Nigel Hamilton-Smith and Peter Wastell of Vantis Business Recovery
Services, said that they are aware of the position of STC, and its
clients and creditors. SIBL liquidators also know that STC's
clients' claims will be formally registered with SIB in due
course.
Vantis Business Recovery Services --- http://www.vantisplc.com/--
is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities. Vantis Group Ltd is a
Vantis plc group company.
Vantis is the AIM listed UK accounting, tax and business advisory
group.
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
CONDOR RECORDS: Creditors' Proofs of Debt Due on May 3
------------------------------------------------------
Fernando Agustin Delavault, the court-appointed trustee for Condor
Records SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 3, 2010.
Mr. Delavault will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Fernando Agustin Delavault
Avenida Belgrano 845
Argentina
CONFECCIONES MANUQUIN: Creditors' Proofs of Debt Due on April 20
----------------------------------------------------------------
Atilio R. Rossi, the court-appointed trustee for Confecciones
Manuquin SA's reorganization proceedings, will be verifying
creditors' proofs of claim until April 20, 2010.
Mr. Rossi will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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 15, 2010.
The Trustee can be reached at:
Atilio R. Rossi
Montevideo 536
Argentina
CARSA SA: Moody's Assigns 'B3' Corporate Family Rating
------------------------------------------------------
Moody's Latin America has assigned a first-time B3 local currency
corporate family rating and an A3.ar Argentina National Scale
Rating to Carsa S.A. The outlook is stable.
"The B3 and A3.ar ratings are underpinned by Carsa's position as
one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Red Megatone brand
name. The ratings reflect the well-developed diversification of
its product line, which has allowed Carsa to increase its share of
the consumer's wallet, and solid credit metrics for its rating
category", said Moody's AVP Analyst, Veronica Amendola. "The
ratings also reflect Carsa's solid position in selling recognized
brand names home appliances and its well-established relationships
with suppliers," said Mr. Amendola
Carsa's key credit negatives include the particularly challenging
business model given the weak retail profitability and significant
credit exposure for the consumer loans extended through Megatone
card, issued by Carsa. Moody's notes that Carsa's credit business
segment has been the principal earnings' generator and has been
funded by the securitization market. Moody's will closely monitor
Carsa's ability to continue to access the securitization funding
vehicle. Carsa's challenging competitive environment also
constrains the rating, as many new entrants have entered the
retail market in recent years, joining its traditional
competitors. Carsa's limited geographic diversity, operating in a
relatively low GDP per capita region, and reduced scale and size
also constrain the ratings.
Carsa's B3 local currency rating reflects its global default and
loss expectation, while the A3.ar national scale rating reflects
the standing of Carsa's credit quality relative to its domestic
peers. Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs in Argentina are designated by the ".ar"
suffix. Issuers or issues rated A3.ar present above-average
creditworthiness relative to other domestic issuers. 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 stable outlook is based on Moody's expectation that Carsa will
continue to successfully implement its business model, even in an
ongoing challenging economic environment, thus allowing the
retailer to maintain credit metrics for its rating category that
are overall strong. The stable ratings outlook reflects Moody's
expectation that revenue growth and operating margins will recover
after weakening in recent quarters. Finally, Moody's expects that
Carsa will be able to maintain adequate access to the
securitization market and credit card receivable discounting
facilities, even in the more adverse market conditions.
An upgrade of the ratings or outlook could result from a
strengthening of Carsa's qualitative business profile. In
addition upward pressure could result from increased size and
geographical diversification, along with an improving business
environment in Argentina leading to an improving retail business
segment. Quantitatively, upward momentum could result if Carsa's
total adjusted debt to EBITDA is sustained below 2 times (3.0
times as of last twelve months ended November 30, 2009) and
positive operating margins (-16.2% as of last twelve months ended
November 30, 2009). Additionally, a more predictable outlook for
economic activity in Argentina would be important for upward
pressure.
Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the
securitization funding vehicle. In addition, a greater than
expected loan delinquencies and the impact of the expected
downturn in the Argentinean economy on the availability of
consumer loans could cause negative pressure on ratings.
Quantitatively, a downgrade could result from a drop in Carsa's
EBIT margin to below 13% on a three-year average basis or a
significant increase in leverage, with total adjusted debt to
EBITDA of above 3.5 times. Indications of a weakening market
share in the domestic retail market could also drive negative
pressure.
Headquartered in Chaco province, Argentina, Carsa is a leading
regional appliance retailer operating 67 stores in 8 provinces.
With total revenues of US$ 153 million as of last twelve months
ended November 30, 2009, the company was founded in 1977 and is
one of the three retailers licensing "Red Megatone" brand name in
Argentina.
FIDEICOMISO FINANCIERO: Moody's Assigns 'B1' Rating on Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa2.ar (national
scale rating) and B1 (global rating, local currency) to the debt
securities of Fideicomiso Financiero Millennium 2011 -- Serie I, a
financial trust established under the Argentine Law. The debt
securities were issued by Deutsche Bank S.A. (Argentina), acting
solely as issuer and trustee.
The underlying assets of the trust are bonds issued by the City of
Buenos Aires on September 15, 2009, in order to pay debts to
providers and public work's construction advances. Several of the
City's contractors and service providers assigned these bonds to
the issuing trust. The rated debt securities will mirror the
payment terms of the underlying bonds.
Structure
The amortization schedule of the rated debt securities will
replicate that of the underlying bonds. The debt securities will
bear a floating interest rate of BADLAR plus 200 basis points,
without a minimum floor or cap. The underlying bonds bear the
same interest rate.
The interest and principal payment dates on the rated securities
will occur 3 business days after the payment date of the
underlying bonds. Trust expenses will be paid directly by the
trustee.
The promise to investors is to receive timely interest and
principal before legal final, which will occur on December 3,
2011.
Rating Rationale
The assigned ratings are primarily based in the rating of the City
of Buenos Aires as the obligor under the underlying bonds. The
City of Buenos Aires is currently rated Aa2.ar (national scale
rating) and B1 (global rating, local currency). Any future change
in the rating of the City of Buenos Aires is likely to impact the
rating of this transaction. The ratings are also based on the
ability of Deutsche Bank S.A. (Argentina) (rated TQ1.ar) to act as
trustee for the benefit of bondholders.
Since there is no excess spread or overcollateralization in this
transaction, any additional or unexpected taxes and/or expenses
can affect the repayment of the debt securities. However, if
extraordinary expenses or taxes become due, investors will have
the right to vote for an early liquidation of the transaction and
receive the underlying bonds as payment in kind on a pro rata
basis.
Moody's notes that there is a risk that a court may declare the
assignment of some bonds to the issuing trust void if a City's
contractor or service provider that assigned bonds to the issuing
trust files for bankruptcy shortly after the assignment date and
the price paid for the assets is not considered a "fair market
value". However, this risk is mitigated by the fact that the
rated securities are publicly offered and all the transaction's
sellers will receive the same price for the underlying bonds, as
determined by the public offering.
Rating Action
* Debt Securities of Fideicomiso Financiero Millennium Trust Serie
I, rated Aa2.ar (National Scale Rating) and B1 (Global Scale,
Local Currency).
MAVITRAN SA: Creditors' Proofs of Debt Due on March 30
------------------------------------------------------
Jose Maria Larrory, the court-appointed trustee for Mavitran SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 30, 2010.
Mr. Larrory will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, 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:
Jose Maria Larrory
Rodriguez Pena 231
Argentina
ROVARELLA HERMANOS: Creditors' Proofs of Debt Due on March 19
-------------------------------------------------------------
Isaac Jospe, the court-appointed trustee for Rovarella Hermanos
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 19, 2010.
Mr. Jospe 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. 47, 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:
Isaac Jospe
Jose Evaristo Uriburu 1054
Argentina
SERVICEMASTER SA: Asks for Opening of Preventive Contest
--------------------------------------------------------
Servicemaster SA asked for the opening of preventive contest. The
company stopped making payments last October 30, 2009.
TAIPESAR SA: Creditors' Proofs of Debt Due on March 31
------------------------------------------------------
Estido Canapeti y Llovera, the court-appointed trustee for
Taipesar SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 31, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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.
TELECOM ARGENTINA: To Release 4Q Earnings Report on March 10
------------------------------------------------------------
Telecom Argentina S.A. will release its fourth quarter earnings
report on March 10, 2010 at 10:00 AM (ET).
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.
* * *
As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating. The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.
===========
B R A Z I L
===========
BRASKEM SA: Posts BRL893 Million Net Loss in Fourth Quarter
-----------------------------------------------------------
Peter Millard and Lucia Kassai at Bloomberg News report that
Braskem SA's fourth-quarter net loss narrowed by more than half
from a year earlier after a rising currency reduced the cost of
its foreign debt and imports.
According to the report, the net loss of BRL893 million, or
BRL1.71 per share, narrowed from BRL2.14 billion, or BRL4.21, a
year earlier. Brazil's real rose 33% last year, the best
performance of the 16 most traded currencies tracked by Bloomberg.
The report notes that the appreciation reduced the cost of
interest on dollar-denominated debt and imported raw materials.
The company, the report relates, said that about 64% of the
company's debt and 73% of its supplies are denominated in dollars.
Bloomberg News says that net financial expenses fell to BRL655
million from BRL2.25 billion. The report notes that the company
booked a financial gain of BRL177 million from the currency
appreciation, compared with a charge of BRL1.93 billion a year
earlier. Net sales fell to BRL4.25 billion from BRL4.27 billion.
About Braskem S.A.
Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies. The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products. The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.
* * *
As of November 10, 2009, the company continues to carry Moody's
Ba1 rating. The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating
COMPANHIA SIDERURGICA: Posts R$2.60BB Net Income Last Year
----------------------------------------------------------
Companhia Siderurgica Nacional S.A. posted R$2.60 billion net
income in 2009 and R$745 million in fourth quarter.
The company's 4Q09 EBITDA margin reached 39.4%, 6.2 p.p. up on
3Q09, underlining the recovery of CSN's operating margins. CSN is
a highly capitalized company, with a cash position of R$8.1
billion.
The company's total steel product sales volume grew by 58% in the
second half of 2009 over first six months sales; while domestic
steel product sales volume reached 1.0 million tonnes in 4Q09, 14%
up on 3Q09; and crude steel production stood at 1.23 million
tonnes in 4Q09, 5% more than in 3Q09.
In a scenario marked by an economic slowdown, 2009 total domestic
sales of flat steel fell by 26% over 2008, while CSN recorded a
decline of 22%. Sales of finished iron ore products (CSN+Namisa)
totaled 22.4 million tonnes in 2009, 22% up on the year before and
a new Company record; while annual exports of finished iron ore
products (CSN+Namisa) reached a record of 21.8 million tonnes, a
48% improvement over 2008.
In 2009, CSN inaugurated its cement factory, adjacent to the
Presidente Vargas Steelworks in Volta Redonda, adding value to the
slag generated during steel production. 2009 cement sales reached
338,000 tonnes.
The company's net revenue totaled R$3.06 billion in 4Q09, with
increased domestic sales volume and an improved steel product mix.
Overcoming the effects of the economic crisis, in 2009 CSN's
shares appreciated by 108% on the BM&FBovespa and 168% on the
NYSE, well above the 87% recorded by the IBOVESPA and the 19%
recorded by the Dow Jones.
A full text copy of the company's 2009 earnings report is
available free at http://ResearchArchives.com/t/s?5630
About CSN
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate. The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects. The group also operates in Brazil, Portugal, and the
U.S.
* * *
As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1. The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.
COMPANHIA SIDERURGICA: To Hold Shareholders' Meeting on March 16
----------------------------------------------------------------
The Shareholders of Companhia Siderurgica Nacional S.A. are
summoned to attend the Extraordinary Shareholders' Meeting to be
held on March 16, 2010 at 11:00 a.m., at the Company's
headquarters, located at Rua Sao Jose, Rio de Janeiro, to resolve
these agenda:
(i) Approval of the Company's common shares split, in the
ratio of 2:1 (i.e., two new shares for each existing
share on the date of the resolution), with the
consequent amendment to article 5 of the Bylaws; and
(ii) Approval of the increase in the Company's authorized
capital limit to 2,400,000,000 (two billion four
hundred million) common shares, with the consequent
amendment to article 7 of the Bylaws, in order to reflect
the shares split.
Those shareholders whose shares are held in custody should present
a statement of their shareholdings issued by the custodian
institution, while those willing to be represented by an Attorney-
in-Fact should observe the provisions in Article 126, paragraph 1
of Law 6,404/76, duly delivering the respective power(s) of
attorney authorizing their representation at the Extraordinary
Shareholders' Meeting, which is the object of the Call Notice, at
the Company's headquarters no later than 72 (seventy-two) hours
prior to said Meeting, to facilitate services provided to
shareholders.
Documents related to the items included in the Agenda will be
available for Shareholders at the Company's headquarters, as well
as on the website of:
-- the Brazilian Securities and Exchange Commission (CVM),
http://atwww.cvm.gov.br; and
-- BM&FBovespa - Bolsa de Valores, Mercadorias e Futuros
S.A., at http://www.bmfbovespa.com.br
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+.
RB CAPITAL: Moody's Assigns 'Ba3' Provisional Rating on Certs.
--------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)A2.br (Brazilian National Scale) and of (P)Ba3 (Global Scale,
Local Currency) to the first issuance of the 39th Series of
certificates issued by RB Capital Securitizadora S.A. The
certificates will be backed by payments under a purchase and sale
agreement of the Top Center shopping mall and guaranteed by
certain assets held in trust (Alienacao Fiduciaria) for the
benefit of the certificate investors. The assets backing the
certificates are two Brazilian regional shopping mall properties:
"Top Center", located in the city of Sao Paulo, and "Shopping do
Vale", located in the City of Cachoeirinha do Sul. The
certificates will have 120 monthly scheduled principal and
interest payments based on a fully amortizing loan schedule.
The provisional ratings are based on these factors:
-- Full recourse to the properties with aggregate loan-to-value
of 82% considering Moody's stressed value for the two
properties,
-- Full recourse to Net Operating Income derived from the on-
going business activities of the properties, such as rental
payments, fees, merchandising income and other income derived
from use of the properties.
-- Projected debt-service-coverage ratio that is expected to
remain stable at 1.2x based on a 10 year fully amortizing
loan schedule,
-- Granularity of the cash flows backing the 111 separate
tenancy agreements,
-- Co-obligation of the owner/operator/sponsor of the shopping
malls, General Shopping Brazil ("GSB"), Not Rated, to
maintain the minimum 1.2x DSCR as well as the co obligation
under the purchase and sale agreement,
-- The structural and legal features of the transaction,
including reserve accounts, continuous cash sweeps of rental
payments into the segregated transaction account held by RB
Capital, the isolation of the assets and cash flows assigned
to the issuer (Alienacao Fiduciaria and Cessao Fiduciaria)
and that ultimately guarantee the certificates.
Certificates
The certificates will pay investors principal and interest monthly
over 120 monthly installments starting the first month after
closing of transaction. There will be no grace period on the
certificates. The interest rate will be fixed at a spread of 2.3%
p.a. over the yield of the NTN-B (Nota do Tesouro Nacional - Serie
B, or Brazilian Government Treasury Notes -- Series B) with
maturity in 2015. The outstanding loan amount will be indexed to
the IPCA index (Indice Nacional de Precos ao Consumidor Amplo, a
Brazilian consumer price index).
Collateral And Transaction Structure
The certificates are backed by a purchase and sale agreement in
the value of BRL60 million with co-obligation to GSB and
benefiting from a wide collateral package including:
-- Cash flows from rent payments arising from 111 separate
tenancy agreements (of which 67 agreements relate to Top
Center and 44 to Shopping do Vale). Moody's stressed net
cash flows for 2010 is BRL8.3 million which is 16% under the
base case cash flows derived from projections and information
received from GSB.
-- Full recourse to the real estate collateral. In the event of
a failure of GSB to guarantee timely payment of principal on
the certificates or insure the minimum 1.2x DSCR is
maintained, the administrator of the transaction has the
ability of enforce collateral. Moody's value for the two
properties, using a discounted cash flow model on the
stressed net cash flows, is BRL72.8 million, or circa 82%
Loan-to-Value.
-- Co-obligation of GSB under the purchase and sale agreement
and thereby ultimately guaranteeing the cash flows under the
certificates
Cash Management
The Receivables will be collected in two separate cash accounts
opened with a major financial institution contracted for this
purpose ("Payment Bank"). The Payment Bank will continuously
transfer payments received to a bank account in the name of RB
Capital for the benefit of the certificate holders.
Reserve Account
A reserve account with a minimum balance of BRL2.3 million in cash
and liquid assets is established to cover any shortfalls in
scheduled principal and interest payments. Should the reserve
account be drawn, GSB is obliged to top up the fund within 10
calendar days.
Rating Methodology
The ratings of the 39th series certificates are based on: (i)
available cash flows derived from 111 separate tenancy agreements
to service the debt schedule; (ii) stressed LTV of 82% at the
outset of the transaction; (iii) economic incentive of GSB, the
sponsor, owner and operator of the two shopping malls in servicing
the properties given the equity interest in the two transactions;
(iv) the fact that vacancy costs will be covered by GSB and (v)
co-obligation to GSB in case minimum 1.2x DSCR is not met.
Structural And Legal Protections
The legal and structural protections from which the certificates
benefit include: (i) assignment of the CCI (Cedulas de Credito
Imobiliario), which is backed by the tenancy payments from the
underlying properties to RB Capital for the benefit of certificate
holders; (ii) GSB's acknowledgement of the fund's issuance of the
CCI and its assignment to RB Capital, as well as GSB
acknowledgement for the Payment Bank to continuously transfer
rental proceeds from the properties to RB Capital, and (iii) the
isolation of the assets and cash flows assigned to the issuer that
back the payment of the certificates from claims from creditors of
the securitization company or creditors of GSB in the event of
default of either.
Rating Summary
* Certificates -- RB Capital Securitizadora S.A.-39th Series --
(P)A2.br (National Scale Rating) & (P)Ba3 (Global Scale, Local
Currency).
==========================
C A Y M A N I S L A N D S
==========================
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Alternative Strategies (USD) Ltd. received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Alternative Strategies (EUR) Ltd. received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
ALTERNATIVE STRATEGIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Alternative Strategies (CHF) Ltd. received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
APPLETON LEE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Appleton Lee Fund Limited received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
APPLETON GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Appleton Global Currency Fund Limited
received, on January 27, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Currency Fund Limited
received, on January 27, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Currency Fund Limited -
Series 3 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Currency Fund Limited -
Series 4 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Currency Fund Limited -
Series 5 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Currency Fund Limited -
Series 6 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Diversified Fund Limited -
Series 1 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Diversified Fund Limited -
Series 2 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Diversified Fund Limited -
Series 3 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
APPLETON PROTECTED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Appleton Protected Diversified Fund Limited -
Series 4 received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
BAHANA ALPHA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Bahana Alpha Capital 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
BARTHOLOMEW CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Bartholomew Cayman Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lucio Velo
c/o Velo & Associate
Piazza Riforma 5
CH6901 Lugano 1, Switzerland
BLACK BEAR: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Black Bear Offshore Fund Limited 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
BLACK DIAMOND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Black Diamond Convertible Ltd. received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
CHEYNE CARBON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Carbon Fund Limited 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
CHEYNE LATAM: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Cheyne Latam High Income Fund 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CHEYNE OCEANA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Oceana Investment Fund I 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
MAKO ARBPLUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Mako Arbplus Fund 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
MAKO GFG: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Mako GFG Multi-Sector Fund 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
MAKO VOLPLUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Mako Volplus Fund 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
NEW ELLINGTON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of New Ellington Overseas, 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
NEXT VENTURES: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Next Ventures Emerging Markets Opportunities
Fund 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
RMF ALPHA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of RMF Alpha Strategies Reference Fund (1)
Limited received, on January 27, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.
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
SAPIC II: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Sapic II Reference Fund (13) Limited received,
on January 27, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.
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
SILVERSTREET STRATEGIES: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Silverstreet Strategies SPC Ltd. received, on
January 27, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
VEGA RISK: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Vega Risk Management Solutions Limited
received, on January 27, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.
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
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Expects Lending Business To Grow Again In 2010
--------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that Bancolombia SA
expects its lending business to resume growth in 2010, after a
decline in 2009, as consumers borrow more. "In 2009, we had a
very cautious position because of the economic situation," the
report quoted Chief Executive Officer Jorge Londono as saying.
"This year, the economic growth will give us the possibility to be
more aggressive," he added.
According to the report, Mr. Londono expects that the overall
banking industry's loan portfolio to grow between 5% and 8% in
2010, but declined to give any estimate for Bancolombia. The
report recalls that in 2009, demand for consumer credit was
smaller as the economy slowed down and unemployment rose.
Additionally, the report relates that large companies took
advantage of market conditions to tap the capital markets with
bonds instead of taking bank loans.
Dow Jones Newswires says that as a result of slower lending,
Bancolombia's net profit in 2009 fell 2.6% from 2008 to COP1.26
trillion. The report notes that in the fourth quarter, the bank
benefited from a price increase of its investment portfolio, which
is mainly loaded with peso-denominated government bonds.
"Bancolombia is being conservative," the report quoted Fernando
Restrepo, a market analyst with local brokerage Interbolsa, as
saying. "The lending business will resume its growth pace," he
added.
Mr. Londono, the report relates, said that Colombian consumers,
who refrained from borrowing the past two years, will have two
incentives to borrow. First, the economic situation has improved,
with growth of 2% to 3% expected in 2010 after zero growth in
2009, and secondly, they probably paid all their consumer debts
and have room to borrow again, he added.
Mr. Restrepo, the report adds, said that Bancolombia will also
benefit from infrastructure projects encouraged by the government,
such as roads and ports, which will require financing.
About Bancolombia S.A.
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating. The outlook on the
BFSR was changed to "stable", from "positive". Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's. Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.
Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'. At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.
=============
J A M A I C A
=============
AIR JAMAICA: Caribbean Air to be Jamaica's New National Carrier
---------------------------------------------------------------
The Jamaican government has agreed that Caribbean Airlines will be
the exclusive national carrier of the country, Caribbean Life News
reports. The report relates that Jamaica will not request
designation of national carrier status for any other air carrier
for as long as the Jamaican operations maintain a minimum level of
service and meet certain other criteria, which will be set out in
the definitive agreements.
According to the report, Caribbean Airlines will commence its
Jamaican operations on or before July 1 after Air Jamaica ceases
operations. Air Jamaica currently flies to five destinations on
13 routes. Caribbean Life News discloses that Air Jamaica's
current destinations are:
-- the United States,
-- Canada,
-- Cuba,
-- The Bahamas, and
-- Curacao
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: Moody's Raises Corporate Family Rating to 'B3'
-----------------------------------------------------------
Moody's Investors Service raised its ratings of Air Jamaica
Limited; corporate family and senior unsecured notes each to B3
from Caa1. The outlook is stable. The upgrades follow the
March 2, 2010 upgrade of the foreign currency bond rating of The
Government of Jamaica to B3 from Caa1.
The ratings reflect Jamaica's unconditional and irrevocable
guarantee of the rated debt obligations of Air Jamaica.
Moody's ratings of Air Jamaica are based on the irrevocable
guarantee of the sovereign, The Government of Jamaica.
The last rating action on Air Jamaica was the change in the
outlook to stable on January 25, 2010.
Upgrades:
Issuer: Air Jamaica Limited
-- Corporate Family Rating, Upgraded to B3 from Caa1
-- Senior Unsecured Regular Bond/Debenture, Upgraded to B3 from
Caa1
Air Jamaica Limited and its parent company, Air Jamaica Holdings
Limited, are headquartered in Kingston, Jamaica.
DIGICEL LIMITED: FTC to Probe Claro's Anti-Competitive Claim
------------------------------------------------------------
The Fair Trading Commission has launched an investigation into
Claro Jamaica's complaint of anti-competitive practices against
Digicel Limited, RadioJamica reports. The report relates that
FTC's investigation comes two weeks after Claro announced that it
had filed the complaint.
According to the report, at that time, Digicel said it was not
aware of any complaint to the FTC and its competitor was merely
seeking attention.
Claro Jamaica, the report notes, said that it has received
correspondence from the FTC advising that the Commission has
launched a probe to determine whether Digicel is in breach of the
Fair Competition Act. The report relates Claro Jamaica maintained
that Digicel is engaging in anti-competitive practices and its
complaint to the FTC is legitimate and in the best interest of
Jamaican consumers.
As reported in the Troubled Company Reporter-Latin America on
February 16, 2010, RadioJamaica said that Claro Jamaica has filed
a complaint with the Fair Trading Commission regarding what it
claims are anti-competitive practices by Digicel Limited.
According to the report, Claro wrote to the FTC asking it to
investigate the actions of Digicel, in choosing to offer one
telecoms carrier a lower cross network rate than it offers Claro.
The report related that Claro said Digicel's action is in clear
violation of the Fair Competition Act which states that an entity
shall not apply dissimilar conditions to equivalent transactions
with other trading parties, which would place them at a
competitive disadvantage. Claro, the report noted, said it
negotiated agreements with two other telecoms providers to lower
the cross network charges and this has resulted in it being able
to pass on lower rates to consumers.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of January 14, 2010 the company continues to carry these low
ratings from Moody's:
-- LT Corp Family Rating at B2
-- Senior Undecured Debt Rating at Caa1
-- probability of Default at B2
NATIONAL COMMERCIAL BANK: To Close Harbour View Shopping Centre
---------------------------------------------------------------
Alicia Roache at Jamaica Observer reports that National Commercial
Bank will close its branch at the Harbour View Shopping Centre in
Kingston by early April as a result of "severe challenges with the
physical infrastructure" of the building.
According to the report, Audrey Tugwell-Henry, NCB senior general
manager of Retail Banking, said that the facility will be
relocated to the Windward Road, Kingston office at the end of
March to early April. "We don't consider it a closure, because it
is a merger of two units," the report quoted Ms. Tugwell-Henry as
saying. "We are located in the shopping mall and there are some
infrastructural issues in terms of the size and the space of the
premises. This has made it very difficult to operate there," she
added.
Ms. Tugwell-Henry, the report notes said that the move will result
in a full service operation at Windward Road, which was not
previously available at the location because the branch has been
operating as an agency. The report relates Ms. Tugwell-Henry said
that the move would not directly impact the more than 20 employees
currently at the Harbour View branch, but acknowledged that the
company will review the effectiveness and efficiency of its staff.
About NCB Jamaica
Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services. The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services. Founded in
1977, the bank primarily operates in West Indies and the U.K.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited:
-- Long-term foreign and local currency Issuer Default Rating to
'B-' from 'CCC';
-- Short-term foreign and local currency IDR to 'B' from 'C';
-- Support floor to 'B-' from 'CCC';
In addition, Fitch has affirmed these ratings for NCBJ:
-- Support Rating at '5';
-- Individual Rating at 'D/E'; removed from Rating Watch
Negative.
* JAMAICA: More Charges to be Laid Against Former NHT Employee
--------------------------------------------------------------
Former National Housing Trust employee, Stacy Ann Garvey, who is
accused of running a multi-million NHT scam, was taken back into
custody when she appeared in court, RadioJamaica reports. The
report relates that senior magistrate Judith Pusey revoked her
bail when she appeared before the Corporate Area Criminal Court.
According to the report, Ms. Garvey was out on bail on allegations
that she had fleeced more than US$10 million from persons seeking
NHT houses. The report notes that investigators reported that
they have fresh allegations against her involving another US$14
million.
RadioJamaica says that the investigators said additional charges
are to be laid against her.
The report discloses that Fraud Squad detectives reported that
between 2008 and last year, persons seeking houses on the auction
block paid large sums of money to Ms. Garvey in back door deals in
order to be placed at the top of the list of beneficiaries. The
report relates that after Ms. Garvey had been fired by the NHT,
she continued to defraud persons seeking NHT houses on the auction
block.
* JAMAICA: Moody's Upgrades Government Bond Ratings to 'B3'
-----------------------------------------------------------
Moody's has upgraded Jamaica's government bond ratings to B3 from
Caa1 (foreign currency) and Caa2 (local currency), to reflect
diminished credit risks following the domestic debt exchange
completed in February.
"The new ratings take into account a significant improvement in
the government's liquidity position due to lower debt-servicing
costs and substantial multilateral inflows while acknowledging
medium-term credit vulnerabilities due to a debt burden that
remains very high," said Moody's Alessandra Alecci, senior analyst
for Jamaica. "Despite the difficult fiscal adjustment required to
access multilateral funding, the population has broadly supported
the government's macroeconomic program."
In announcing the revised ratings, Moody's observed that last
month's domestic debt exchange proceeded in an orderly fashion
with a close to 100% participation rate, no pressure on the
currency, and limited repercussions on the local financial system,
at least for the time being. Unprecedented amounts of official
assistance, the equivalent of 20% of GDP, coupled with fiscal
relief as a result of lower debt servicing costs, have
significantly reduced liquidity risks in the short term. Over the
next few years, government's financing needs are projected to be
halved, due to lower interest payments on domestic debt and a
longer maturity profile.
"However, given Jamaica's still-high public debt levels, around
136% of GDP, and implementation risks associated with the
requirements of the IMF program, vulnerabilities remain high, as
reflected in the B3 ratings," said Ms. Alecci. "Plans to limit
public companies' losses and comprehensive public sector reforms
to further contract expenditures could run into difficulties once
Jamaica's economic situation stabilizes and political resolve
wanes."
Jamaica's structurally low economic growth poses challenges to
medium-term fiscal solvency. Real GDP growth has averaged 1.0% in
the decade prior to the global crisis, a rate that is low relative
to the country's stage of development and the complexity of its
debt dynamics. Medium-term growth projections point to growth
recovering to around 2.0% over the next few years, leaving most of
the improvement in debt levels to a fiscal adjustment.
Over the next year, Moody's will closely monitor Jamaica's
adherence to the structural benchmarks and quantitative targets
set out by the IMF program in order to assess whether public debt
dynamics have entered into a virtuous cycle that would reduce the
debt burden to more sustainable levels. Conversely, setbacks in
the fiscal adjustment could test Jamaica's still-fragile
macroeconomic equilibrium resulting in additional downward rating
actions.
The foreign and local currency government bond ratings are now at
the same level at B3, despite the clearly different treatment of
foreign-currency obligations, on which Jamaica's government
remained current during the distressed exchange. This is because,
in Moody's opinion, risks are similar in light of Jamaica's weak
external position and high foreign-currency debt burden. Moody's
has detailed its approach towards uniting local and foreign-
currency government bond ratings in a special comment titled
"Narrowing The Gap," published in February 2010.
Moody's also upgraded Jamaica's foreign-currency bond ceiling to
Ba3 from B1 and the foreign-currency bank deposit ceiling to B3
from Caa1. Although Moody's usual practice is to assign a
foreign-currency bank deposit ceiling lower than the government's
foreign currency bond rating, the strong precedent of no pressure
on deposits during challenging times supports a higher rating.
The local currency bond and bank deposit ceilings remain at Baa2.
All ratings have a stable outlook.
The last change to Jamaica's ratings was implemented on
January 22, 2010, when the government's Caa1 local currency
government bond rating was downgraded to Caa2 with a stable
outlook.
===========
M E X I C O
===========
VITRO SAB: Net Sales Drop 20.2% in Fourth Quarter
-------------------------------------------------
Vitro S.A.B. de C.V. said year-over-year consolidated net sales
declined 20.2% for the fourth quarter 2009. The results were
affected by lower volumes and the deconsolidation in December 2008
of Comegua -- the Company's glass container venture in Central
America. The Company said consolidated EBITDA increased 3.1% YoY
while the consolidated EBITDA margin increased to 14.1% from 10.9%
in the same period last year. On a comparable basis, excluding
Comegua, consolidated net sales during 4Q'09 declined 14.4% YoY
while EBITDA increased 13.2% during the same period.
FINANCIAL HIGHLIGHTS*
---------------------
4Q'09 4Q'08 % Change
----- ----- --------
Consolidated Net Sales 430 538 -20.2%
Glass Containers 212 275 -22.7%
Flat Glass 213 256 -16.8%
------------ --- --- -----
Cost of Sales 319 392 -18.6%
------------- --- --- -----
Gross Income 111 146 -24.3%
------------ --- --- -----
Gross Margins 25.8% 27.2% pp
------------- ---- ---- ---
SG&A 90 132 -31.7%
---- -- --- -----
SG&A % of sales 20.9% 24.5% pp
--------------- ---- ---- ---
EBIT 21 15 41.8%
---- -- -- ----
EBIT Margins 4.8% 2.7% pp
------------ --- --- ---
EBITDA 60 59 3.1%
Glass Containers 53 50 6.8%
Flat Glass 0 7 -95.6%
------------ - - -----
EBITDA Margins 14.1% 10.9% pp
Net Income (loss) 42 (340) -
----------------- -- ---- -
Net Income (loss) Margins 9.8% -63.2% +1594.99 pp
------------------------- --- ----- -----------
Total Debt(1) 1,539 1,595 -3.5%
Short Term Debt(2) 1,393 1,388 0.4%
Long Term Debt 146 207 -29.6%
Average life of debt 0.0 0.0
Cash & Cash Equivalents(3) 217 128 70.3%
Total Net Debt 1,322 1,467 -9.9%
-------------- ----- ----- ----
* Million US$ Nominal
(1) Total debt includes account receivables debt
programs debt according to a change in Mexican FRS
(2) Since we are not in full compliance under our
bond indentures, the outstanding amount of
the Senior Notes debt was reclassified from long-
term to short-term
(3) Cash & Cash Equivalents include restricted cash
which corresponded to interest payments,
rent payments, and cash on our accounts receivables
debt programs. In 4Q'08, restricted cash includes
interest payments and cash on our accounts
receivables
Commenting on the quarter, Hugo Lara, Chief Executive Officer,
said, "The sales declines of 23% in Glass Containers and 17% in
Flat Glass reflect current market conditions of weak demand and
excess capacity. At the same time, our cost reduction and
productivity programs, as well as the US$10 million benefit from
lower natural gas prices, support uninterrupted operations and
contributed to results as evidenced by a year-on-year increase in
consolidated EBITDA despite the decline in sales. During the
quarter we closed two transactions to strengthen Vitro's liquidity
and continue our efforts to reach a beneficial agreement with
bondholders."
Claudio Del Valle, Chief Restructuring Officer, noted, "The
factors that influenced results last quarter continue to have an
impact on Glass Containers' performance and are primarily the
slowdown in global demand, coupled with excess capacity in some of
our markets. Domestic volumes were down 19%, reflecting a sharp
drop in beer and soft drinks volumes. Although export volumes
declined by only 4.5%, the causes were the same -- lower volumes
in food and soft drinks segments. The 6.8% increase in EBITDA
reflected those factors, but also benefited from the cost
reduction initiatives taken to enhance profitability, and the
positive effect of lower energy costs which more than offset the
negative impact of lower fixed cost absorption and the effect of
the deconsolidation of Comegua.
"Flat Glass sales, down 16.8% this quarter, continued to reflect
our participation in the automotive and construction industries,
the two sectors most affected by the downturn in the NAFTA
economy. In addition, Vitro has broad exposure to two of the
world's poorest performing construction markets -- the US and
Spain. These construction markets, were the main drivers for a
32% decline in sales of our foreign subsidiaries YoY. Despite the
overall weakness in Flat Glass, we have experienced increased
sales to the auto glass OEM market as a result of an improved
sales mix skewed toward more value added products. AGR sales, in
turn, experience a slight decrease in both domestic and export
markets. Although prices for float glass were lower, export
volumes increased 21% year-on-year driven by continuing demand
from South American markets. Domestic float glass volumes to
third parties remained stable, however, prices decreased
reflecting excess capacity.
"Despite the challenging environment that affects flat glass
manufacturers in general, we continue to maintain the market share
of the Mexican float glass market achieved in 1Q'09. Although
cost reduction steps taken during the year had an impact, lower
sales volumes and soft prices resulting from the increasingly
competitive environment, were largely responsible for the 95.6
percent drop in EBITDA this quarter. In addition to
implementation of our cost reduction program, lower energy prices
also had a positive impact on results. As we move forward, our
strategy is clear: continue implementing cost reduction efforts,
maintain effective working capital management and strict cash
control as we continue operations as usual during this difficult
cyclical downturn and remain ready to benefit as these industries
recover.
"Looking ahead, we expect EBITDA for 2010 to range between US$205-
215 million reflecting continuation of many of the factors that
affected 2009. Demand, particularly in the US and Spain, is
expected to remain weak which coupled with excess production
capacity in many of our markets should result in continued pricing
softness. In addition, natural gas prices are expected to
increase from the 2009 level of US$3.7/ mmbtu having a direct
impact on EBITDA. We maintain our hedges with PEMEX, 32% at
US$6.8/mmbtu for 2010 and 19% at US$7.3/mmbtu for 2011, with no
margin call requirements. In 2009, the total amount of
settlements paid to PEMEX for natural gas hedging was
approximately US$64 million. It also reflects approximately US$10
million of rent payments regarding the real estate transaction
completed on December 2009."
Commenting on the restructuring process, Mr. Del Valle noted, "We
remain focused on reaching a consensual agreement with our
creditors with the objective of achieving an organized debt
restructuring that will solve our balance sheet challenges. On
October 13, Vitro submitted long-term projections to a group of
restricted bondholders and in the next few days we expect to
deliver a revised restructuring proposal to Chanin Capital, the
financial advisor for the bondholder group, and the bondholders
who sign a Confidentiality Agreement. On January 4, 2010, the
Company received from a group of its bondholders a Notice of
Acceleration of payment for the Senior Notes due 2012 and 2017.
This is standard operating procedure when an issuer is in default
and does not mean that Vitro has entered into a new litigation.
This action, which could have been taken at any time since
February 2009, was anticipated by the Company and does not in any
way impact Vitro's ability to operate as usual while we continue
the negotiation process with our bondholders. In fact, we believe
there is a consensual agreement between Vitro and the majority of
its creditors that negotiation is the best alternative to reach an
agreement that will maximize recovery for all parties. In terms of
the derivative counterparties, the judge again postponed the
hearing regarding the summary judgment pleads by the banks that
was scheduled for February 9, 2010. A new hearing is now expected
to take place on March 23, 2010."
"Maximizing liquidity remains a key priority at Vitro," Mr. Lara
noted, "evidenced by our US$200 million unrestricted cash position
at year-end. Our efforts to preserve strict control over our cash
position and working capital management resulted in a US$48
million reduction in working capital. The closing of two
important transactions in December 2009 further strengthened
liquidity. A real estate transaction contributed a US$75 million
cash injection into the Company, while the refinancing of the
trade receivable program at Flat Glass, extended maturities by
replacing the original US$21.5 million private debt issuance due
August 2010 with a Ps.300 million five year maturity issuance. We
believe these actions further strengthen our operations and our
ability to serve our customers under any future scenario as we
continue the debt restructuring process. They also will
contribute to a considerably improved liquidity outlook for 2010,"
continued Mr. Lara.
"As we move ahead in our negotiations with bondholders to achieve
a timely and mutually satisfactory resolution, we remain committed
to strengthening our operations and liquidity position while
continuing to serve our valued clients as we prepare for the
economic recovery," Mr. Lara concluded.
A full text copy of the company's fourth quarter earnings release
is available free at http://ResearchArchives.com/t/s?5631
About Vitro
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
* * *
In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Power Outage Halts Ops at Curacao Refinery
------------------------------------------------------------------
Hundreds of workers at a Petroleos de Venezuela refinery in
Curacao demonstrated over another halt in operations caused by a
power outage, Associated Press reports. The report relates that
the latest blackout at the Isla oil refinery, where problems with
electricity and water supplies led to at least five temporary
shutdowns last year.
According to the report, Angelo Meyer, president of the Petroleum
Workers' Federation of Curacao, said that the blackouts mean
bonuses for productivity will likely not be paid to union workers,
leading to the frustrations behind the protest rally. "Management
argues that the power outages have caused losses in the millions.
Here we are in 2010, and the problems continue," the report quoted
Mr. Meyer as saying.
Isla workers, the report points out, are also concerned that the
refinery might close because Venezuelan President Hugo Chavez
warned in early January, without giving details, that his
government could reconsider its involvement with the refinery.
As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Reuters said that Petroleos de Venezuela may
withdraw from the 320,000 barrel-per- day Isla refinery it
operates in Curacao to protest U.S. military operations on the
Caribbean island. The report related Oil Minister Rafael said
that Venezuela may order PDVSA to abandon its lease of the Isla
refinery because the U.S. military has been staging "provocations"
on Venezuela from Curacao.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/R
* VENEZUELA: Economy Contracted by 3.3% in 2009 Amid Global Crisis
------------------------------------------------------------------
The Venezuelan economy contracted by 3.3% last year amid the
global recession and a decline in oil revenues, Indo Asia News
reports, citing the Banco Central de Venezuela.
According to the report, Banco Central President Nelson Merentes
said that in December preliminary data indicated the Andean
nation's gross domestic product declined 2.9% in 2009. The report
relates that BCV said Venezuela's vital petroleum sector declined
7.2% in 2009.
Venezuela, the report notes, reduced output to comply with quotas
set by the Organization of Oil-Exporting Countries. The report
relates Petroleos de Venezuela SA said that the country's oil
production averaged about 3 million barrels per day in 2009.
However, the report says, declines were not limited to the oil
sector, as transportation services plunged 16.9 percent, retail
sank 13.9%, manufacturing was off 6.9% and mining dropped 4.8%.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 21-23, 2010
INSOL
International Annual Regional Conference
Madinat Jumeirah, Dubai, UAE
Contact: 44-0-20-7929-6679 or http://www.insol.org/
April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
Sheraton New York Hotel and Towers, New York, NY
Contact: http://www.turnaround.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
***********
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 * * *