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/raid1/www/Hosts/bankrupt/TCRLA_Public/100408.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, April 8, 2010, Vol. 11, No. 068 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Allowed to Switch Lawyers One Last Time B R A Z I L BRASKEM SA: Reinforces South America's Importance in Operations GLOBAL CROSSING: Launches Satellite Network in Brazil C A Y M A N I S L A N D S ALERIAN OPPORTUNITY: Shareholders' Final Meeting Set for April 30 ALEXISLAND LTD: Shareholders' Final Meeting Set for April 30 ANALYTIC GLOBAL: Members' Final Meeting Set for May 6 ANALYTIC US: Members' Final Meeting Set for May 6 ANALYTIC US: Members' Final Meeting Set for May 6 ANALYTIC US: Members' Final Meeting Set for May 6 CAPELLA FINANCE: Creditors' Proofs of Debt Due on April 29 COAST ALPHA: Creditors' Proofs of Debt Due on April 29 COAST SEACLIFF: Creditors' Proofs of Debt Due on April 29 CORRELL GLOBAL: Shareholders' Final Meeting Set for April 28 EMERGING MARKET: Shareholders' Final Meeting Set for June 30 FINCHLEY INVESTMENTS: Shareholders' Final Meeting Set for April 29 GUNNISON INVESTMENTS: Shareholders' Final Meeting Set for April 30 HELENE TOKYO: Creditors' Proofs of Debt Due on April 29 J.P. MORGAN: Shareholders' Final Meeting Set for April 30 LEAP LTD: Creditors' Proofs of Debt Due on April 29 MAINSTAY FUND: Shareholders' Final Meeting Set for April 30 MARATHON NIGERIA: Shareholders' Final Meeting Set for April 30 MARATHON OFFSHORE: Shareholders' Final Meeting Set for April 30 MILKY WAY: Creditors' Proofs of Debt Due on April 29 MS RETAIL: Members' Final Meeting Set for May 6 MS RETAIL: Members' Final Meeting Set for May 6 MULTIPLUS CORPORATION: Creditors' Proofs of Debt Due on April 29 PORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 19 SPICA REAL: Creditors' Proofs of Debt Due on April 29 UBP TURKISH: Shareholders' Final Meeting Set for April 19 UNITY HOLDCO: Creditors' Proofs of Debt Due on April 29 UNITY MULTI-TECH: Creditors' Proofs of Debt Due on April 20 WIJO JAPAN: Shareholders' Final Meeting Set for April 30 YK FUNDING: Creditors' Proofs of Debt Due on April 29 C O L O M B I A BANCOLOMBIA SA: Arranges $350-Mil. Financing for AEI Power Plant D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: To Sell 49% of Refinery to Venezuela J A M A I C A AIR JAMAICA: Trade Unions Still "in the Dark" on Divestment NATIONAL COMMERCIAL BANK: Creates JM$10-Million Fund * JAMAICA: Drought Could Have Implications for Inflation Targets M E X I C O CREDITO REAL: S&P Assigns 'BB-' Rating on $180 Mil. Senior Notes PRUDENTIAL BANK: Moody's Confirms 'E+' Bank Strength Rating SATMEX SA: Puts US$2 Million Down on New Satellite V E N E Z U E L A PETROLEOS DE VENEZUELA: Reports Normal Operations at Cardon Unit * VENEZUELA: Dominican Republic to Sell 49% Refinery 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: Owner Allowed to Switch Lawyers One Last Time ------------------------------------------------------------- Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News report that U.S. District Judge David Hittner in Houston allowed Robert Allen Stanford to switch criminal defense lawyers for the last time. The report relates Judge Hittner permitted attorneys Michael Essmyer and Robert Bennett take over Mr. Stanford's defense. "You've had 10 attorneys enter or attempt to enter this case on your behalf," the report quoted Judge Hittner as saying. "If I grant this I will not entertain any further substitutions." The report relates that the judge also said the swap wouldn't alter Mr. Stanford's scheduled Jan. 24 trial date. According to the report, Houston lawyers Kent Schaffer and George "Mac" Secrest had most recently been defending the financier. The report notes that Mr. Schaffer entered the case in September when Stanford was briefly represented by the Federal Public Defender's office in Houston. As reported in the Troubled Company Reporter-Latin America on April 1, 2010, The Associated Press said that Mr. Stanford, in a motion filed March 30, sought new attorneys, his fourth set of lawyers in less than a year. About Stanford International Bank 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, 2009, 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 2009 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). =========== B R A Z I L =========== BRASKEM SA: Reinforces South America's Importance in Operations --------------------------------------------------------------- Braskem S.A. strengthened its relationship with the Argentine consumer market, main destination for its exports and the first step in its internationalization process. Argentina is the main destination for Braskem's exports and it represents the company's first step in its internationalization process. "This is where we began our journey towards internationalization. That's why operating in Argentina is as natural as operating in Brazil. After all, we have a local structure that allows us to serve our client with quality and in a complete manner," explains Rui Chammas, vice-president of the Braskem polymers unit. According to Mr. Chammas, the other Mercosul and South American countries are a priority at Braskem and its natural market for coming years. "The Argentine transformation industry is comprised of clients that valorize innovation and technology and are at the forefront of industry," underscores the executive. 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 March 8, 2010, 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 GLOBAL CROSSING: Launches Satellite Network in Brazil ----------------------------------------------------- VT iDirect, Inc., a company of VT Systems Inc., disclosed that Global Crossing launched a next-generation satellite network based on iDirect's platform to support Brazilian Internet Service Providers and enterprises. Global Crossing has purchased an iDirect Series 15000 universal satellite hub along with an initial order of 600 X3 satellite remotes, with plans to expand its service to as many as 2,000 sites. iDirect considers itself a world leader in satellite-based IP communications technology. Global Crossing is extending the reach of its fiber-based terrestrial network to help ISPs reach new subscribers located among South America's extreme terrain. Global Crossing selected iDirect's Evolution platform to replace its incumbent satellite network and upgrade to DVB-S2 capabilities to meet South America's high bandwidth demands and rapidly growing enterprise market. The company needed to ensure higher Quality of Service and chose iDirect after a thorough evaluation phase testing DVB-S2 systems that lasted several months. The iDirect platform also improves integration of customers in more than 400 cities in 45 countries that have terrestrial links to the Global Crossing Network. Global Crossing will benefit from several of the platform's key features, such as minimal round-trip time which provides customers with improved performance. In addition, Global Crossing can leverage the platform to reduce jitter, the time variation or latency of a signal, which is critical for conserving satellite resources and providing high- quality voice and video services. "The next-generation infrastructure provided by iDirect will allow us to offer superior connectivity to meet growing customer demands. This means greater availability, more traffic capacity, minimized delays and enhanced jitter control - all essential to supporting our converged services strategy." About Global Crossing Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC) and its subsidiaries are a global communications service provider, serving many of the world's largest corporations, government entities and many other telecommunications carriers, providing a full range of Internet Protocol and managed data and voice products and services. The Company's network delivers services to nearly 700 cities in more than 60 countries and six continents around the world. The Company operates as an integrated global services provider with operations in North America, Europe, Latin America and a portion of the Asia/Pacific region, providing services that support a migration path to a fully converged IP environment. * * * As reported in the Troubled Company Reporter-Latin America on March 31, 2010, Standard & Poor's Ratings Services said it raised all its ratings on Bermuda-based global communications solutions provider Global Crossing Ltd., including the corporate credit rating to 'B' from 'B-'. The outlook is stable. ========================== C A Y M A N I S L A N D S ========================== ALERIAN OPPORTUNITY: Shareholders' Final Meeting Set for April 30 ----------------------------------------------------------------- The shareholders of Alerian Opportunity Partners VIII Limited will hold their final meeting on April 30, 2010, at 9:30 a.m., to receive 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 ALEXISLAND LTD: Shareholders' Final Meeting Set for April 30 ------------------------------------------------------------ The shareholders of Alexisland Ltd. will hold their final meeting on April 30, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Raymond E. Whittaker c/o FCM Ltd. Telephone: 345-946-5125 Facsimile: 345-946-5126 PO Box 1982, Grand Cayman KY-1104 Cayman Islands ANALYTIC GLOBAL: Members' Final Meeting Set for May 6 ----------------------------------------------------- The members of Analytic Global Opportunity Fund I, Ltd. will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 ANALYTIC US: Members' Final Meeting Set for May 6 ------------------------------------------------- The members of Analytic US Market Neutral Offshore M, Ltd. will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 ANALYTIC US: Members' Final Meeting Set for May 6 ------------------------------------------------- The members of Analytic US Market Neutral Offshore II, Ltd. will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 ANALYTIC US: Members' Final Meeting Set for May 6 ------------------------------------------------- The members of Analytic US Market Neutral Offshore II Master, Ltd. will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 CAPELLA FINANCE: Creditors' Proofs of Debt Due on April 29 ---------------------------------------------------------- The creditors of Capella Finance Corporation are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2010. The company's liquidators are: Connan Hill Bronwynne R. Arch c/o Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands COAST ALPHA: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------ The creditors of Coast Alpha Strategy Investments Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 15, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands COAST SEACLIFF: Creditors' Proofs of Debt Due on April 29 --------------------------------------------------------- The creditors of Coast Seacliff Strategy Investments Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 15, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CORRELL GLOBAL: Shareholders' Final Meeting Set for April 28 ------------------------------------------------------------ The shareholders of Correll Global Markets Fund will hold their final meeting on April 28, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Maricorp Services Ltd. c/o Steven J. Barrie Telephone: 345 949 9710 Facsimile: 345 945 2188 31 The Strand, P O Box 2075 Grand Cayman KY1-1105 EMERGING MARKET: Shareholders' Final Meeting Set for June 30 ------------------------------------------------------------ The shareholders of Emerging Market Debt Limited will hold their final meeting on June 30, 2010, at 9:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Stuart Brankin Desmond Campbell Telephone: (345) 949 5586 c/o Aston Corporate Managers, Ltd. P.O. Box 1981, Grand Cayman, KY1-1104 FINCHLEY INVESTMENTS: Shareholders' Final Meeting Set for April 29 ------------------------------------------------------------------ The shareholders of Finchley Investments Limited will hold their final meeting on April 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 GUNNISON INVESTMENTS: Shareholders' Final Meeting Set for April 30 ------------------------------------------------------------------ The shareholders of Gunnison Investments Ltd. will hold their final meeting on April 30, 2010, at 9:00 a.m., to receive 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 HELENE TOKYO: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Helene Tokyo are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands J.P. MORGAN: Shareholders' Final Meeting Set for April 30 --------------------------------------------------------- The shareholders of J.P. Morgan Leveraged Multistrategy Fund II, Ltd. will hold their final meeting on April 30, 2010, at 8:45 a.m., to receive 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 LEAP LTD: Creditors' Proofs of Debt Due on April 29 --------------------------------------------------- The creditors of Leap Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MAINSTAY FUND: Shareholders' Final Meeting Set for April 30 ----------------------------------------------------------- The shareholders of Mainstay Fund, Ltd. will hold their final meeting on April 30, 2010, at 9:15 a.m., to receive 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 MARATHON NIGERIA: Shareholders' Final Meeting Set for April 30 -------------------------------------------------------------- The shareholders of Marathon Nigeria Holding will hold their final meeting on April 30, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yvonne R. Kunetka Marathon Oil Company 5555 San Felipe Street Houston, Texas 77056-2799 United States of America Telephone: 713-296-2517 Facsimile: 713-513-4219 e-mail: YRKunetka@Marathonoil.com MARATHON OFFSHORE: Shareholders' Final Meeting Set for April 30 --------------------------------------------------------------- The shareholders of Marathon Offshore Holding Limited will hold their final meeting on April 30, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yvonne R. Kunetka Marathon Oil Company 5555 San Felipe Street Houston, Texas 77056-2799 United States of America Telephone: 713-296-2517 Facsimile: 713-513-4219 e-mail: YRKunetka@Marathonoil.com MILKY WAY: Creditors' Proofs of Debt Due on April 29 ---------------------------------------------------- The creditors of Milky Way Capital Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MS RETAIL: Members' Final Meeting Set for May 6 ----------------------------------------------- The members of MS Retail Limited will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 MS RETAIL: Members' Final Meeting Set for May 6 ----------------------------------------------- The members of MS Retail II Limited will hold their final meeting on May 6, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 MULTIPLUS CORPORATION: Creditors' Proofs of Debt Due on April 29 ---------------------------------------------------------------- The creditors of Multiplus Corporation are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 19 ----------------------------------------------------------- The creditors of Portland Capital (Cayman) Limited are required to file their proofs of debt by April 19, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 25, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SPICA REAL: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------- The creditors of Spica Real Estate Investment Corporation are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2010. The company's liquidators are: Connan Hill Bronwynne R. Arch c/o Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands UBP TURKISH: Shareholders' Final Meeting Set for April 19 --------------------------------------------------------- The shareholders of UBP Turkish Equity Fund Ltd. will hold their final meeting on April 19, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814 7366 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands UNITY HOLDCO: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Unity Holdco Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands UNITY MULTI-TECH: Creditors' Proofs of Debt Due on April 20 ----------------------------------------------------------- The creditors of Unity Multi-Tech Holdings, Ltd. are required to file their proofs of debt by April 20, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 17, 2010. The company's liquidator is: Ogier c/o Martina de Lima Telephone: (345) 815-1790 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay WIJO JAPAN: Shareholders' Final Meeting Set for April 30 -------------------------------------------------------- The shareholders of Wijo Japan Value Fund Inc. will hold their final meeting on April 30, 2010, at 8:30 a.m., to receive 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 YK FUNDING: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------- The creditors of YK Funding Corporation are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 10, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands =============== C O L O M B I A =============== BANCOLOMBIA SA: Arranges $350-Mil. Financing for AEI Power Plant ---------------------------------------------------------------- AEI's wholly owned subsidiary, Jaguar Energy Guatemala LLC, closed long-term financing for the construction of a new 300 MW solid fuel-fired power plant located near Puerto Quetzal, Guatemala. The $350 million facility is a 10-year construction and term loan formed by a syndicate of regional and international banks led by Banca de Inversion Bancolombia Corporacion Financiera, S.A. and the Central American Bank for Economic Integration. The power plant, which will be built by China Machine New Energy Corp. pursuant to a "turn-key" EPC contract, consists of two solid fuel fired circulated fluidized bed boilers using advanced technology designed to comply with the Equator Principles and International Finance Corporation's Performance Standards and Environmental, Health and Safety Guidelines. Jaguar Energy is contracted to sell 200 MW of its power to Gas Natural's local Guatemalan electricity distribution companies through 15-year PPA's entered into in 2008 with the remainder expected to be sold in the local Guatemalan and regional wholesale power markets. Notice to commence under the EPC contract was issued on March 29, 2010, and commercial operation is anticipated in 2013. "This energy infrastructure investment underpins AEI's continued commitment to Guatemala and the Central American region and is indicative of the company's confidence in the electricity sector's legal and regulatory frameworks", said Jim Hughes, AEI's Chief Executive Officer. "The project's financing has been a successful joint effort between AEI and the lead arrangers; the result is a facility with sound fundamentals that demonstrates the financial market potential for well structured development projects", said Mr. Rodrigo Velasquez Uribe and Mr. Nick Rischbieth respective CEO's from BI Bancolombia and CABEI, in a joint statement. "On completion, Jaguar Energy will provide Guatemala with reliable and affordable energy, which will contribute to improving the overall economic environment and investment conditions for Guatemala", added Roberto Figueroa, AEI's Executive Vice President for Central America and the Caribbean. About AEI AEI owns and operates essential energy infrastructure businesses in emerging markets, with more than $8.2 billion in revenues in 2009. AEI has approximately 4.9 million electric power customers, 2.5 million natural gas customers and 15,430 employees. AEI operates businesses in Power Distribution, Power Generation, Natural Gas Transportation and Services, Natural Gas Distribution, and Retail Fuel, with approximately 121,000 miles of power distribution and transmission lines, 2,277 MW of electric power generation capacity, 4,920 miles of natural gas and gas liquids pipelines, 21,656 miles of natural gas pipeline distribution networks and over 1,800 owned and affiliated gasoline and compressed natural gas service stations. About Bancolombia 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. * * * As of March 14, 2010, the bank continues to carry Fitch ratings "BB+" LT Issuer default ratings and Subordinate debt rating. The company also continues to carry ST FC Issuer Default ratings. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: To Sell 49% of Refinery to Venezuela ---------------------------------------------------------- The Dominican Republic is working out the final terms of a long- discussed deal to sell nearly half the shares of the Caribbean nation's refinery to oil-rich Venezuela, Jamaica Observer reports, citing Treasury Minister Vicente Bengoa. According to the report, Mr. Bengoas said that the sale of 49% of Refineria Dominicana de Petroleo SA for US$131.5 million should become official April 19, 2010. Mr. Bengoa, the report notes, said that the sale will allow the Dominican Republic to become an oil distribution center for the Caribbean and possibly Central America. The agreement will be sent to the Dominican Congress for approval after it is signed in Venezuela's capital, Caracas, he added. The Observer notes that the refinery, on the outskirts of the Dominican capital, has been in operation since 1973 and produces 30,000 barrels of fuel a day. It was part-owned by Royal Dutch Shell until Fernandez's government bought its stake in 2008 for US$110 million, the report adds. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. ============= J A M A I C A ============= AIR JAMAICA: Trade Unions Still "in the Dark" on Divestment ----------------------------------------------------------- Trade unions representing workers at Air Jamaica Limited continue to complain that they are in the dark on critical aspects of the divestment exercise, RadioJamaica reports. According to the report, the Bustamante Industrial Trade Union, which represents several categories of Air Jamaica employees, including flight attendants, says it has not been officially informed if an agreement has been signed for Caribbean Airlines to acquire Air Jamaica. The report relates President-General of the BITU, Kavon Gayle, says other issues are being kept a secret by the authorities. "We still don't know if there is a divestment, we still haven't heard anything in terms of a signed deal with Caribbean Airlines, we still don't know the terms and conditions of employment that Caribbean Airlines is proposing to employ the Air Jamaica employees, we still don't know what areas of the business is going to be utilized," the report quoted Mr. Gayle as saying. Meanwhile, the report notes, BITU is claiming that it has received information that some members of Air Jamaica's flight crew are having difficulties renewing their work visas. The report relates that Mr. Gayle believes this is due to the cloud of uncertainty surrounding the sale of the airline. "And as we speak there are some groupings that have sought to apply for crew visas and have not been able to attain such crew visas and we estimate that they have not been able to acquire such visas because of the possible closure of Air Jamaica and it is not imminent that they will be employed anywhere else not having any signed deal," the report quoted Mr. Gayle as saying. As reported in the Troubled Company Reporter-Latin America on March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited's management has indicated a proposed date for the redundancy of all employee positions at the airline. The report related that in a memorandum to the staff, Airline President Bruce Nobles told the employees that the Air Jamaica management is working with Caribbean Airlines towards a major schedule change on April 12. 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. NATIONAL COMMERCIAL BANK: Creates JM$10-Million Fund ---------------------------------------------------- National Commercial Bank Jamaica Limited is providing grant funding of up to JM$10 million to staff members affected by the bank's major redundancy exercise last month through what it has titled a Post Redundancy Entrepreneurship Program, Jamaica Observer reports. According to the report, effective April 12, 2010, each successful applicant will receive a JM$250,000 grant towards the start up of a viable business venture intended to secure the applicants' financial independence. The offer will close on June 30. "We consider the PREP to be an excellent means by which we can enrich the lives of our former employees, while positively impacting the SME sector through the deployment of well-trained and talented business operators backed by the country's largest financial institution, NCB," the report quoted Patrick Hylton, group managing director, NCB, as saying. The bank, the report notes, said that since the March 5 separation activity, it has provided affected staff with free consultation sessions facilitated by qualified and experienced psychologists, outplacement services, resume preparation and posting and links to career search and placement engines, mock interview sessions and individual discussions with HR personnel to aid the process of transition. 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's Long-term foreign and local currency Issuer Default Rating to 'B-' from 'CCC'; Short- term foreign and local currency IDR to 'B' from 'C'; and Support floor to 'B-' from 'CCC'. * JAMAICA: Drought Could Have Implications for Inflation Targets ---------------------------------------------------------------- Concern is being raised that the effects of the worsening drought could have implications for the Government's inflation target this fiscal year, RadioJamaica reports. The report relates that there are fears that among other things, the dry spell will lead to a spike in the prices of agricultural produce as well as a shortage of supplies. According to the report, Economist Dr. Davidson Daway said that this will have an inflationary impact. "Of course there is less production at this point in time. It was the intention of the government to reduce the amount of imported food but as you can tell due to the uncanny situation we have to rely on imports because of course we have to feed the people," the report quoted Dr. Daway as saying. This also has implications for the Budget as the Government will have to find funds to assist farmers who have been hit hard by the drought, he added. Meanwhile, the report notes, farmers in Jamaica's southern farming belt continue to rack up huge losses as the drought takes a major toll on the agricultural sector. The report relates Chief Technical Director in the Ministry of Agriculture, Dr. Mark Panton, said that 11 parishes are currently facing moderate to severe drought. * * * According to the TCRLA on January 18, 2010, Fitch Ratings downgraded Jamaica's long-term local currency rating to 'C' from 'CCC'. In addition, Fitch has affirmed Jamaica's long-term and short-term foreign currency ratings at 'CCC' and 'C' respectively, and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign ratings Outlook remains Negative =========== M E X I C O =========== CREDITO REAL: S&P Assigns 'BB-' Rating on $180 Mil. Senior Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB-' rating to the up to $180 million five-year senior unsecured notes proposed by Credito Real S.A. de C.V. SOFOM E.N.R. The outlooks are stable. "The ratings on Credito Real reflect its high dependence on volatile funding sources, primarily market debt, somewhat increasing its refinancing risk," said Standard & Poor's credit analyst Alfonso J. Novelo. "Also, S&P consider the strong competition in payroll discount lending in Mexico." Somewhat offsetting these risks are the company's adequate asset quality, improved and more stable profitability, and improvements in adjusted capitalization. The rating on the notes also takes into consideration a full foreign-exchange hedge, of principal and interest, during the whole term of the notes. S&P believes a rolling swap hedge to be riskier, and S&P could review the ratings if such a swap is used. The counterparty credit rating on Credito Real remains at 'BB-' with a stable outlook. Ratings List Credito Real S.A. de C.V. SOFOM E.N.R. Counterparty Credit Rating BB-/Stable/-- New Rating $180 mil sr unsecd notes due 2015 BB- PRUDENTIAL BANK: Moody's Confirms 'E+' Bank Strength Rating ----------------------------------------------------------- Moody's Investors Service confirmed Prudential Bank, S.A.'s (Prudential Bank) bank financial strength rating of E+ and raised its baseline credit assessment to B1, from B2. At the same time, Moody's downgraded the bank's long term local and foreign currency deposit ratings to Ba3, from Ba2, while affirming the short term, local and foreign currency Not Prime deposit ratings. In line with this action, Moody's de Mexico downgraded Prudential Bank's Mexican National Scale deposit ratings to A3.mx, from A2.mx. These rating actions conclude Moody's review for possible downgrade of Prudential Bank's ratings that was initiated on May 28, 2009, following the announcement by Grupo Actinver, S.A. de C.V. that it had acquired Prudential Financial Inc.'s (Prudential USA) Mexican banking operations, among others, Prudential Bank. In raising the baseline credit assessment to B1, from B2, Moody's noted that Prudential Bank is likely to benefit from its new ownership by a major indigenous financial group, whose primary focus is fund management and brokerage activities in Mexico. As part of Grupo Actinver, the bank will likely enjoy access to a broader geographic and client bases, as well as a potentially more diverse product platform, which together may result in enhanced earnings generation going forward. Nevertheless, Moody's sees Prudential Bank as facing the challenges and execution risk posed by the transition and integration of its business and infrastructure into Grupo Actinver. Moody's also noted that the bank's deposit rating continues to incorporate its assessment of high probability of support from its shareholders -- an assessment that results in a one-notch uplift to Ba3, from its baseline credit assessment of B1. Previously, Moody's had assessed high parental support from Prudential USA to its banking operations in Mexico, with a resulting three-notch uplift on the deposit rating, to Ba2. Grupo Actinver ranks as the fifth largest fund manager in Mexico, with Mx$160 billion in assets under management as of year end 2009 The group's brokerage house, Actinver Casa de Bolsa, S.A. de C.V., is also well positioned in a highly competitive market segment, ranking as the ninth largest in securities under custody, and the second largest in terms of clients as of year end 2009 The group's operations are geographically dispersed in Mexico and have a predominantly retail profile, as suggested by the important contribution of fees to its earnings. Prudential Bank had total assets of Mx$1.1 billion and shareholders' equity of Mx$431 million as of December 31, 2009. The last rating action on Prudential Bank was on May 28, 2009, when Moody's placed the entity's deposit ratings and bank financial strength rating on review for possible downgrade. These actions were taken: Prudential Bank, S.A. -- Bank financial strength rating of E+, confirmed -- Baseline credit assessment raised to B1, from B2 -- Long term local currency deposit rating downgraded to Ba3, from Ba2 -- Long term foreign currency deposit rating downgraded to Ba3, from Ba2 -- Short term local currency deposit rating of Not Prime, affirmed -- Short term foreign currency deposit rating of Not Prime, affirmed -- Mexican National Scale long term deposit rating downgraded to A3.mx, from A2.mx -- Mexican National Scale short term deposit rating downgraded to MX-3, from MX-2 SATMEX SA: Puts US$2 Million Down on New Satellite -------------------------------------------------- Peter B. de Selding at SpaceNews reports that Satelites Mexicanos, S.A. de C.V. has paid US$2 million to manufacturer Space Systems/Loral to begin work on a Satmex 8 satellite to replace Satmex 5, whose fuel will run out in 31 months. However, the report relates the company has no authorization from its creditors to sign a full construction contract, Satmex announced April 1. According to the report, citing a filing with the U.S. Securities and Exchange Commission, Satmex said that its US$2 million Authorization to Proceed agreement with Palo Alto, Calif.-based Space Systems/Loral expires in June if it is not followed up by a full-scale Satmex 8 contract. The report relates that if Satmex's bondholders approve the investment by April 22, Satmex 8, carrying 64 C- and Ku-band transponders, could be made ready for launch by July 2012, Satmex said. A later approval would start the 27-month construction countdown at the time of the contract signature, the report notes. Satmex SA, the report says, estimates that Satmex 8, to replace Satmex 5 in geostationary orbit at 116.8 degrees west longitude, would cost about US$350 million to build, launch and insure. To meet the schedule, Satmex would need to make contract payments totaling US$65 million in the next five months, the report relates. The report discloses that replacing Satmex 5 became Satmex's highest priority in January, when the second of the satellite's two xenon-ion propulsion systems failed. Satmex 5 remains fully operational but is relying exclusively on its chemical propellant system and will be forced into retirement in 31 months, the report adds. About Satmex Satelites Mexicanos, S.A. de C.V., is the leading satellite service provider in Latin America. Satmex's fleet offers hemispheric and regional coverage throughout the Americas. * * * As of September 1, 2009, the company continues to carry these ratings placed by Moody's: -- Issuer Rating of C, -- Senior Secured Rating of Caa1, -- Long-term Corporate Family Rating of Ca, and -- Senior Unsecured Debt Rating of C. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Reports Normal Operations at Cardon Unit ---------------------------------------------------------------- Petroleos de Venezuela said that the catalytic unit of the Paraguana Refining Complex, in Cardon, is fully operational, with by-products meeting the standards required by the unit, El Universal News reports. According to the report, Jesus Luongo, the general manager of the refinery, said that the unit is working with the standard load and is operating normally. The report relates Mr. Luongo said that during repairs there was no impact on fuel production intended for domestic consumption and export. A multidisciplinary team, the report notes, is investigating the causes of a fire that caused minor damages to the plant on March 28. 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 of March 8, 2010, the company continues to carry Moody's "Ba1" LC Curr Issuer rating. The company also continues to carry Standard and Poor's "B+" LT Issuer credit ratings. * VENEZUELA: Dominican Republic to Sell 49% Refinery ---------------------------------------------------- The Dominican Republic is working out the final terms of a long- discussed deal to sell nearly half the shares of the Caribbean nation's refinery to oil-rich Venezuela, Jamaica Observer reports, citing Treasury Minister Vicente Bengoa. According to the report, Mr. Bengoas said that the sale of 49% of Refineria Dominicana de Petroleo SA for US$131.5 million should become official April 19, 2010. Mr. Bengoa, the report notes, said that the sale will allow the Dominican Republic to become an oil distribution center for the Caribbean and possibly Central America. The agreement will be sent to the Dominican Congress for approval after it is signed in Venezuela's capital, Caracas, he added. The Observer notes that the refinery, on the outskirts of the Dominican capital, has been in operation since 1973 and produces 30,000 barrels of fuel a day. It was part-owned by Royal Dutch Shell until Fernandez's government bought its stake in 2008 for US$110 million, the report adds. * * * 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 --------------------------------------------- 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 * * *