/raid1/www/Hosts/bankrupt/TCRLA_Public/100428.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, April 28, 2010, Vol. 11, No. 082
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Former Banking Regulator Extradited to U.S.
* ANTIGUA & BARBUDA: Former Banking Regulator Extradited
A R G E N T I N A
DOME CONSTRUCTORA: Creditors' Proofs of Debt Due on July 8
GUIAMAGNA SA: Creditors' Proofs of Debt Due on June 22
MARSANS INTERNACIONAL: Creditors' Proofs of Debt Due on June 3
B R A Z I L
BANCO FIBRA: Moody's Assigns 'Ba2' Rating on US$200 Mil. Notes
MARFRIG ALIMENTOS: Fitch Assigns 'B+/RR4' Rating on Senior Notes
MARFRIG OVERSEAS: S&P Assigns 'B+' Rating on Senior Unsec. Bonds
MARFRIG OVERSEAS: Moody's Assigns 'B1' Rating on Senior Notes
B E R M U D A
ARTHUR J GALLAGHER: Creditors' Proofs of Debt Due on May 13
ARTHUR J. GALLAGHER: Members to Receive Wind-Up Report on May 31
CARVILL (BERMUDA): Members to Receive Wind-Up Report on May 12
CENTRAL EUROPEAN: S&P Raises Corporate Credit Rating to 'B'
HONEYWELL BERMUDA: Members to Receive Wind-Up Report on May 7
HONEYWELL BERMUDA: Members to Receive Wind-Up Report on May 7
KARELTJE HOLDINGS: Members to Receive Wind-Up Report on May 11
MLA INSURANCE: Intends to Declare Dividend
NORTH SEA: Creditors' Proofs of Debt Due on May 13
NORTH SEA: Members to Receive Wind-Up Report on May 31
T.H.O.R. INSURANCE: Creditors' Proofs of Debt Due on May 13
T.H.O.R. INSURANCE: Members to Receive Wind-Up Report on May 31
ZCM AUSTRALIA: Creditors' Proofs of Debt Due on May 13
ZCM AUSTRALIA: Members to Receive Wind-Up Report on May 31
C A Y M A N I S L A N D S
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
AJB LIMITED: Creditors' Proofs of Debt Due on May 27
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on May 27
CALYON INVESTMENT: Creditors' Proofs of Debt Due on May 26
CANTILLON EUROPE: Creditors' Proofs of Debt Due on May 26
CANTILLON WORLD: Creditors' Proofs of Debt Due on May 26
CASA ASSET: Creditors' Proofs of Debt Due on May 26
CHINA TAIZI: Grand Court Enters Wind-Up Order
DALMATIAN MASTER: Creditors' Proofs of Debt Due on May 26
EVERGREEN INTERNATIONAL: Creditors' Proofs of Debt Due on May 26
FAIRFIELD KOREAN: Creditors' Proofs of Debt Due on May 27
JB BLACK: Creditors' Proofs of Debt Due on May 27
KAYNE ANDERSON: Creditors' Proofs of Debt Due on May 26
KRUG REALTY: Creditors' Proofs of Debt Due on May 24
LOOMIS SAYLES: Creditors' Proofs of Debt Due on May 26
LOOMIS SAYLES: Creditors' Proofs of Debt Due on May 26
MSK INVESTOR: Creditors' Proofs of Debt Due on May 27
REINDEER LTD: Creditors' Proofs of Debt Due on June 11
REVEILLE MASTER: Creditors' Proofs of Debt Due on May 26
S.A.C. STRUCTURED: Creditors' Proofs of Debt Due on May 26
SECURION II: Creditors' Proofs of Debt Due on May 24
SMITH BREEDEN: Creditors' Proofs of Debt Due on May 26
SPM COMPOSITE: Creditors' Proofs of Debt Due on May 26
SSF III: Creditors' Proofs of Debt Due on May 26
SWISS & GLOBAL: Creditors' Proofs of Debt Due on May 27
WESLEY CAPITAL: Creditors' Proofs of Debt Due on May 26
C O L O M B I A
ECOPETORL SA: Books COP2.1-Tril. Net Profit in First Quarter
J A M A I C A
AIR JAMAICA: Workers' Statutory Deductions Not Up to Date
AIR JAMAICA: Information on Takeover to be Revealed
* JAMAICA: Sugar Industry Suffers JM$87MM Loss to Metal Thieves
* JAMAICA: Opposition Concerned on Sugar Commission of Enquiry
M E X I C O
CEMEX SAB: Participates in Peru Cement Project
CEMEX SAB: Mulls Stakes Sale to Cut Debt Burden
DESARROLLADORA HOMEX: 1Q Net Profit Drops 2.8% to MXN187.8 Mln
P E R U
DOE RUN PERU: Union to Meet With Government on Tuesday
P U E R T O R I C O
FIRSTBANK PUERTO RICO: First BanCorp Posts US$107MM Net Loss in 1Q
- - - - -
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A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Former Banking Regulator Extradited to U.S.
-----------------------------------------------------------
Antigua's former top banking regulator, Leroy King, was ordered
extradited to the United States to face charges he helped
financier Robert Allen Stanford conceal a US$7 billion fraud
scheme, Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg
News reports, citing Director of Public Prosecutions Anthony
Armstrong.
According to the report, Mr. Armstrong said that Chief Magistrate
Ivan Walters ordered Mr. King removed to the U.S. in a decision
issued. The report relates Mr. Armstrong, who argued for the
removal, said King has 15 days to appeal the decision to the
nation's High Court.
As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King is under house arrest
and required to check in with police twice a day and cannot leave
home except for medical appointments. The Associated Press
related Antigua and Barbuda fired Mr. King four days after U.S.
prosecutors charged that he accepted more than $100,000 in bribes
to help Mr. Stanford with an alleged multi-billion swindle.
According to the report, Attorney General Justin Simon said the
government accepted the recommendation of the country's Financial
Services Regulatory Commission that Mr. King "be dismissed from
the commission with immediate effect." AP noted prosecutors said
Mr. King, who was the Caribbean islands' top regulator, should
have caught the fraud but instead took bribes to let it continue.
Caribbean360.com related Mr. King is facing charges of conspiracy
to commit wire and mail fraud, conspiracy to launder illegal
proceeds, and conspiracy to obstruct the U.S. Securities and
Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.
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).
* ANTIGUA & BARBUDA: Former Banking Regulator Extradited
--------------------------------------------------------
Antigua's former top banking regulator, Leroy King, was ordered
extradited to the United States to face charges he helped
financier Robert Allen Stanford conceal a US$7 billion fraud
scheme, Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg
News reports, citing Director of Public Prosecutions Anthony
Armstrong.
According to the report, Mr. Armstrong said that Chief Magistrate
Ivan Walters ordered Mr. King removed to the U.S. in a decision
issued. The report relates Mr. Armstrong, who argued for the
removal, said King has 15 days to appeal the decision to the
nation's High Court.
As reported in the Troubled Company Reporter-Latin America on
Jun 30, 2009, CaribWorldNews said Mr. King is under house arrest
and required to check in with police twice a day and cannot leave
home except for medical appointments. The Associated Press
related Antigua and Barbuda fired Mr. King four days after U.S.
prosecutors charged that he accepted more than $100,000 in bribes
to help Mr. Stanford with an alleged multi-billion swindle.
According to the report, Attorney General Justin Simon said the
government accepted the recommendation of the country's Financial
Services Regulatory Commission that Mr. King "be dismissed from
the commission with immediate effect." AP noted prosecutors said
Mr. King, who was the Caribbean islands' top regulator, should
have caught the fraud but instead took bribes to let it continue.
Caribbean360.com related Mr. King is facing charges of conspiracy
to commit wire and mail fraud, conspiracy to launder illegal
proceeds, and conspiracy to obstruct the U.S. Securities and
Exchange Commission investigations into Mr. Stanford and the
Stanford International Bank Limited.
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).
=================
A R G E N T I N A
=================
DOME CONSTRUCTORA: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------------
The court-appointed trustee for Dome Constructora S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 8, 2010.
GUIAMAGNA SA: Creditors' Proofs of Debt Due on June 22
------------------------------------------------------
The court-appointed trustee for Guiamagna S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 22, 2010.
The trustee will present the validated claims in court as
individual reports on August 19, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceedings known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 30, 2010.
MARSANS INTERNACIONAL: Creditors' Proofs of Debt Due on June 3
--------------------------------------------------------------
The court-appointed trustee for Marsans Internacional Argentina
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until June 3, 2010.
The trustee will present the validated claims in court as
individual reports on July 16, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceedings known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 10, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on April 21, 2011.
===========
B R A Z I L
===========
BANCO FIBRA: Moody's Assigns 'Ba2' Rating on US$200 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the US$200 million senior unsecured notes
issued by Banco Fibra S.A. The notes, due in April 2013, were
issued under the bank's existing US$1 billion Global Euro Medium-
term Note Program rated Ba2 by Moody's. The outlook on the rating
is positive.
Moody's stated that the Ba2 debt rating incorporates Fibra's
fundamental credit quality and all relevant country risks.
Fibra's foreign currency debt ratings remain unconstrained by
Brazil's country ceiling.
The last rating action on Fibra was on March 23, 2010, when
Moody's affirmed Fibra's ratings and changed the outlook to
positive from stable. At the same time, Moody's upgraded Fibra's
long-term national scale deposit rating to Aa3.br from A1.br,
which was also placed on positive outlook.
Banco Fibra is headquartered in Sao Paulo, Brazil. As of
December 31, 2009, Fibra had total consolidated assets of
BRL11.8 billion (US$6.8 billion) and equity of BRL784 million
(US$399.8 million).
This rating was assigned to the US$200 million senior unsecured
notes due 2013:
* Ba2 long-term foreign currency debt rating, positive outlook.
MARFRIG ALIMENTOS: Fitch Assigns 'B+/RR4' Rating on Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to Marfrig's proposed
US$500 million senior unsecured notes due 2020 to be issued by
Marfrig Overseas Limited (a special-purpose vehicle wholly-owned
by Marfrig and incorporated in the Cayman Islands), which is
unconditionally guaranteed by Marfrig Alimentos S.A. (Marfrig).
Proceeds are expected to be used to refinance debt maturities in
2010 and 2011, and for working capital needs.
Fitch also maintains these ratings on Marfrig:
Marfrig Alimentos S.A.
-- Local currency Issuer Default Rating 'B+';
-- Foreign currency IDR 'B+';
-- National scale rating 'BBB+(bra)'.
Marfrig Overseas Ltd
-- US$375 million senior unsecured notes due 2016 'B+/RR4'.
The Outlook for all these ratings is Stable.
Marfrig's ratings are supported by the company's business position
as one of Brazil's largest producers and exporters of beef,
poultry and pork as well as its diversified production base and
increasing focus on non-commodity products. The company's
activities are evenly distributed between the domestic market and
export sales with a more diversified business profile than most of
its peers.
The ratings continue to reflect the company's aggressive growth
strategy based on acquisitions, which have totaled 38 in the last
three years. This strategy, which has been financed with a mix of
debt and equity, has lead to increasing working capital
requirements and resulted in negative free cash flow generation
over the past few years.
Marfrig's capital structure is highly leveraged with
US$3.06 billion total debt on its balance sheet at the end of
December 2009. Total debt to EBITDA was 8.4 times, and net debt
to EBITDA was 3.6x. Short-term debt amounted to US$898 million
while cash on hand was US$1.74 billion due to an equity issuance
of approximately US$840 million for the Seara acquisition which
closed in January 2010. Pro forma this acquisition, which helps
Marfrig become Brazil's second largest exporter of both poultry
and pork products, net leverage was 7.7x. Fitch expects net
leverage to decline to close to 4.0x by year end as negative
EBITDA margins at Seara improve over time, the company realizes
synergies, increases capacity utilization and gains market share
in the Brazilian market.
The ratings are also constrained by Marfrig's exposure to the
volatility of commodity prices mitigated by the low cost
production of proteins in Brazil.
MARFRIG OVERSEAS: S&P Assigns 'B+' Rating on Senior Unsec. Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
rating to the senior unsecured, unsubordinated bonds to be issued
by Marfrig Overseas Ltd. in the amount of $500 million with a
tenor of 10 years.
The rating reflects the credit quality of Brazil-based Marfrig
Alimentos S.A., which will irrevocably and unconditionally
guarantee the bonds. The bond issuance is part of Marfrig's
liability-management strategy for strengthening its financial
profile by extending debt tenors and lowering its funding cost.
The company is improving its business profile through
acquisitions, with a more geographically diversified and consumer-
branded product portfolio. The equity-financed acquisition of
Brazil-based poultry processor Seara Alimentos S.A. diversified
the company's portfolio, and will generate synergies with Moy
Park, Marfrig's existing processed-poultry operation in Europe.
Seara's strong brand recognition and large production scale will
help boost Marfrig's revenues in Brazil. Indeed, domestic
operations remain among the strongest for the group. S&P also
expects export sales to improve gradually, as global commodity
markets recover. S&P expects Marfrig's margins to improve. This,
coupled with incremental cash flows from Seara, will allow it to
report an adjusted total debt-to-EBITDA ratio of about 5x by year-
end 2010.
S&P's ratings on Marfrig reflect the company's exposure to the
volatile fresh-meat export market; the risks inherent in the
animal protein industry (which includes disease outbreaks,
volatile cattle prices, and cattle availability risks);
integration risks associated with the acquisition of Seara; and
the company's still-aggressive, although gradually improving,
financial profile. The company's adequate liquidity, increasing
economies of scale, more diversified and branded product mix, and
geographic dispersal of its production sites--both in Brazil and
elsewhere -- partly offset these risks.
Ratings List
Marfrig Alimentos S.A.
Counterparty Credit Rating B+/Stable/--
New Rating
Marfrig Overseas Ltd.
Senior Unsecured $500 Million 10-Yr. Notes B+
MARFRIG OVERSEAS: Moody's Assigns 'B1' Rating on Senior Notes
-------------------------------------------------------------
Moody's has assigned a B1 foreign currency rating to the proposed
senior unsecured guaranteed notes in the amount of US$500 million
maturing in 2020 to be issued by Marfrig Overseas Limited, a
wholly owned subsidiary of Marfrig Alimentos S.A. The notes will
be guaranteed by Marfrig and all its relevant subsidiaries. At
the same time, Marfrig's existing B1 senior unsecured and
corporate family ratings were affirmed. The proceeds of this
issuance will be mainly used to refinance short term debt and to
fund working capital needs. The outlook for the ratings is
stable.
Rating assigned is:
* US$500 million senior unsecured guaranteed notes due 2020: B1
(foreign currency)
Ratings affirmed:
-- Corporate family rating: B1 (Global scale)
-- US$375 million 9.625% senior unsecured guaranteed notes due
2016: B1 (foreign currency)
The outlook for all ratings is stable.
Marfrig's B1 rating reflects the company's increasingly
diversified portfolio of products in five animal proteins (lamb,
pork, turkey, poultry and beef), its growing portfolio of brands,
its geographic footprint and competitive cost-structure. However,
the rating also incorporates Marfrig's currently weak cash flow
from operations, relatively high leverage, and the challenges in
successfully integrating and improving the margins and cash flow
generation of its recent acquisition of Seara.
The proposed US$500 million notes issuance is part of Marfrig's
liability management, around 70% of the proceeds will be used to
refinance of part of its short term debt, while the balance will
be used to address working capital needs. The B1 rating of the
proposed notes assumes that the final transaction documents will
not be materially different from draft legal documentation
reviewed by Moody's to date and that these agreements are legally
valid, binding and enforceable.
In 2009 Marfrig's net revenues increased 55% from a year ago;
however, the increase was mostly due to the acquisitions made in
the recent past rather than organic growth. More importantly,
gross margin and EBITDA margin decreased to 14.5% and 9.7% in 2009
from 21.5% and 16.0% respectively in 2008. The drop in margins
were mainly caused by a 25.5% appreciation of the BRL against the
US$ during the year that, combined with the overall global
economic crisis, led to weaker protein (beef, poultry and pork)
prices in BRL terms in the export markets. The weaker margins was
also due to the consolidation of the European OSI assets that
operated with lower margins than Marfrig's average margins for
other geographic regions. The weaker EBITDA margins also impacted
the company's leverage. Total Adjusted Debt to EBITDA grew to
6.1x from 4.7x in 2008, although Moody's recognize that on a Net
Debt to EBITDA basis it decreased to 2.9x from 3.7x in the same
period. Moody's expect Marfrig's leverage (Total Debt to EBITDA)
to fall back to around 4.5x thanks to the cash flow from Seara and
benefits of acquisition synergies. Marfrig's EBITDA is also
expected to improve based on the gradual recovery of export market
conditions and by the continued growth in the domestic Brazilian
market that continues to benefit from higher income levels and
per-capita consumption. These factors should offset the overall
expected weaker outlook for Marfrig's Argentinean operations this
year.
Liquidity improved after the issuance of BRL 1.4 billion in new
equity during the 4th quarter of 2009, bringing Marfrig's cash
position to around BRL 3.0 billion versus company's BRL 1.6
billion in short term debt maturing in 2010 and 2011. The
proposed US$500 million issuance will further lengthen Marfrig's
debt maturity schedule as approximately 70% will be used for
short-term debt repayment.
The stable outlook is based on Moody's expectation that Marfrig
will remain focused on integrating its newly acquired acquisitions
in 2010, while maintaining adequate liquidity.
Marfrig's rating would likely come under downward pressure if the
company faces greater than expected integration or operating
challenges at Seara that leads Marfrig's EBITDA margins to drop
significantly below 10% for two consecutive quarters (margin was
9.7% in2009). Negative pressure is also likely if Marfrig's
liquidity were to deteriorate. Quantitatively, downward pressure
on Marfrig's B1 rating or outlook is likely if Total Debt / EBITDA
is sustained above 6.0x (6.1x as of 12/31/09), EBITA to gross
interest expense falls below 1.0x (1.1x 12/31/09) or if Retained
Cash Flow to Net Debt is below 10% (26.1% 12/31/09). All credit
metrics are according to Moody's standard adjustments and
definitions.
The ratings or outlook could be upgraded if Marfrig is able to
better manage its working capital needs, especially after the
Seara acquisition, to boost cash flow from operations. An upgrade
would also require evidence that the company's integration with
Seara is on-track and free cash flow approaches break-even levels.
Quantitatively, an upgrade would require CFO/ Net Debt approaching
20% (4.8% 12/31/09) and Total Debt / EBITDA of near 4.0x (6.1x,
12/31/09).
Moody's last rating action on Marfrig was on December 10th, 2009,
when Moody's changed Marfrig's rating outlook to stable from
negative.
Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
animal protein processing companies in Brazil. With processing
plants in Brazil, Argentina, Uruguay, Chile, England, Northern
Ireland, France, the Netherlands, and USA. Marfrig processes,
prepares packages and delivers fresh, chilled and processed beef,
pork, chicken and lamb products to customers in Brazil and abroad,
with approximately 40% of its sales derived from exports. Along
with its beef products, the company also operates a wholesale food
distribution business, which delivers additional food products
that it imports or acquires in the local market.
=============
B E R M U D A
=============
ARTHUR J GALLAGHER: Creditors' Proofs of Debt Due on May 13
-----------------------------------------------------------
The creditors of Arthur J. Gallagher Intermediaries (Bermuda)
Limited are required to file their proofs of debt by May 13, 2010,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
ARTHUR J. GALLAGHER: Members to Receive Wind-Up Report on May 31
----------------------------------------------------------------
The members of Arthur J. Gallagher Intermediaries (Bermuda)
Limited will receive, on May 31, 2010, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
CARVILL (BERMUDA): Members to Receive Wind-Up Report on May 12
--------------------------------------------------------------
The members of Carvill (Bermuda) Ltd. will receive, on May 12,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company commenced wind-up proceedings on April 5, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
CENTRAL EUROPEAN: S&P Raises Corporate Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on Bermuda-based emerging
markets TV broadcaster Central European Media Enterprises Ltd. to
'B' from 'B-'. The outlook is stable.
S&P also raised to 'B' from 'B-' the long-term debt ratings on
CME's $475 million senior secured convertible notes due 2013,
?440 million notes due 2016, and ?150 million notes due 2014.
"The upgrade mainly reflects S&P's view that CME's liquidity and
business risk profile have materially improved following the
recent completion of the Ukrainian disposal and Bulgarian
acquisition," said Standard & Poor's credit analyst Melvyn Cooke.
In particular, S&P believes that liquidity, which was its main
concern at the previous rating level, is now adequate under its
scenario of relatively flat advertising markets in 2010 in the
countries where CME operates. S&P also understands the group's
financial policy to be less aggressive going forward, especially
regarding M&A transactions, and view this shift as a rating
support.
The stable outlook primarily reflects S&P's opinion that CME's
liquidity -- mainly supported by large cash balances -- stands to
remain adequate over the next few quarters, despite expected
significant negative free cash flow in 2010. The outlook
incorporates S&P's expectation that CME's negative free cash flow
is likely to decrease progressively in the next few quarters,
thanks to a slowly improving advertising market, its exit from the
heavily loss-making Ukraine operations, and from the integration
of the newly acquired free cash flow generating bTV businesses.
"S&P therefore anticipate, under its scenario of slow recovery in
CME's advertising markets in 2010 and 2011, that the group may
generate -- or approach -- positive free cash flow in 2011," said
Mr. Cooke.
S&P also expect CME to continue sustaining or improving its
audience and its advertising market shares in the foreseeable
future. The outlook does not factor in any material debt-funded
acquisition.
Downward rating pressure could stem from significant operating
underperformance and/or materially larger-than-expected
deterioration in CME's liquidity over the next few quarters,
including higher-than-expected negative free cash flows in 2010
and 2011.
A return to a more aggressive financial policy, such as a
significant debt-funded acquisition resulting in reduced liquidity
and significantly higher-than-expected leverage, would also weigh
on the ratings.
A positive rating action could stem from a material improvement in
advertising spending in the company's key markets that would
translate into strong EBITDA margin growth, significantly improved
prospects for free cash flow generation, and faster-than-expected
deleveraging.
HONEYWELL BERMUDA: Members to Receive Wind-Up Report on May 7
-------------------------------------------------------------
The members of Honeywell Bermuda Holdings Ltd. will receive, on
May 7, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on March 31, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
HONEYWELL BERMUDA: Members to Receive Wind-Up Report on May 7
-------------------------------------------------------------
The members of Honeywell Bermuda Holdings III Ltd. will receive,
on May 7, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on March 31, 2010.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson
Bermuda
KARELTJE HOLDINGS: Members to Receive Wind-Up Report on May 11
--------------------------------------------------------------
The members of Kareltje Holdings Limited will receive, on May 11,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company commenced wind-up proceedings on March 31, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
MLA INSURANCE: Intends to Declare Dividend
------------------------------------------
MLA Insurance Co., Ltd. intends to declare dividend.
Only creditors who were able to file their proofs of debt by
April 21, 2010, will be included in the company's dividend
distribution.
Mike Morrison is the company's liquidator.
NORTH SEA: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------
The creditors of North Sea Oil Company Ltd. are required to file
their proofs of debt by May 13, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
NORTH SEA: Members to Receive Wind-Up Report on May 31
------------------------------------------------------
The members of North Sea Oil Company Ltd. will receive, on May 31,
2010, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
T.H.O.R. INSURANCE: Creditors' Proofs of Debt Due on May 13
-----------------------------------------------------------
The creditors of T.H.O.R. Insurance Company Limited are required
to file their proofs of debt by May 13, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
T.H.O.R. INSURANCE: Members to Receive Wind-Up Report on May 31
---------------------------------------------------------------
The members of T.H.O.R. Insurance Company Limited will receive, on
May 31, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
ZCM AUSTRALIA: Creditors' Proofs of Debt Due on May 13
------------------------------------------------------
The creditors of ZCM Australia Asset Holdings Limited are required
to file their proofs of debt by May 13, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
ZCM AUSTRALIA: Members to Receive Wind-Up Report on May 31
----------------------------------------------------------
The members of ZCM Australia Asset Holdings Limited will receive,
on May 31, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
==========================
C A Y M A N I S L A N D S
==========================
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
---------------------------------------------------
Absolute Insight Plus Currency Limited commenced liquidation
proceedings on March 24, 2010.
The company's liquidators are:
James Cleaver
Richard E.L. Fogerty
Zolfo Cooper (Cayman) Limited
PO Box 1102, 4th Floor Building 3
Cayman Financial Centre
Grand Cayman KY1-1102, Cayman Islands
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
---------------------------------------------------
Absolute Insight Plus Emerging Markets Debt Limited commenced
liquidation proceedings on March 24, 2010.
The company's liquidators are:
James Cleaver
Richard E.L. Fogerty
Zolfo Cooper (Cayman) Limited
PO Box 1102, 4th Floor Building 3
Cayman Financial Centre
Grand Cayman KY1-1102, Cayman Islands
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
---------------------------------------------------
Absolute Insight Plus Europe Equity Market Neutral Limited
commenced liquidation proceedings on March 24, 2010.
The company's liquidators are:
James Cleaver
Richard E.L. Fogerty
Zolfo Cooper (Cayman) Limited
PO Box 1102, 4th Floor Building 3
Cayman Financial Centre
Grand Cayman KY1-1102, Cayman Islands
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
---------------------------------------------------
Absolute Insight Plus International Equity Market Neutral Limited
commenced liquidation proceedings on March 24, 2010.
The company's liquidators are:
James Cleaver
Richard E.L. Fogerty
Zolfo Cooper (Cayman) Limited
PO Box 1102, 4th Floor Building 3
Cayman Financial Centre
Grand Cayman KY1-1102, Cayman Islands
ABSOLUTE INSIGHT: Commences Liquidation Proceedings
---------------------------------------------------
Absolute Insight Plus UK Equity Market Neutral Limited commenced
liquidation proceedings on March 24, 2010.
The company's liquidators are:
James Cleaver
Richard E.L. Fogerty
Zolfo Cooper (Cayman) Limited
PO Box 1102, 4th Floor Building 3
Cayman Financial Centre
Grand Cayman KY1-1102, Cayman Islands
AJB LIMITED: Creditors' Proofs of Debt Due on May 27
----------------------------------------------------
The creditors of AJB Limited are required to file their proofs of
debt by May 27, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Juan A. Bacardi
Lyford Financial Centre
Lyford Manor, P.O. Box N-7776-521, Nassau
Bahamas
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on May 27
------------------------------------------------------------
The creditors of Anthracite Balanced Company (IR-17) Limited are
required to file their proofs of debt by May 27, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 7, 2010.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
CALYON INVESTMENT: Creditors' Proofs of Debt Due on May 26
----------------------------------------------------------
The creditors of Calyon Investment Products Limited are required
to file their proofs of debt by May 26, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on April 8, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
CANTILLON EUROPE: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------------
The creditors of Cantillon Europe Ltd. are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 29, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
CANTILLON WORLD: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Cantillon World Ltd. are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 29, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
CASA ASSET: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
The creditors of Casa Asset Funding Corporation are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2010.
The company's liquidator is:
John Cullinane
Telephone: (345) 916 6001
Suite # 4-201, Governors Square
P.O. Box 32311, Grand Cayman KY1-1209
Cayman Islands
CHINA TAIZI: Grand Court Enters Wind-Up Order
---------------------------------------------
On April 12, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of China Taizi
Foods Company Limited.
The company's liquidators are:
Kenneth M. Krys
Krys & Associates Cayman Ltd.
Governors Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237, Grand Cayman KY1-1205
Cayman Islands; and
Cosimo Borrelli
Michael Chan
Borrelli Walsh Limited
Level 17, Tower 1,
Admiralty Centre, 18 Harcourt Road
Hong Kong
DALMATIAN MASTER: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------------
The creditors of Dalmatian Master Fund Ltd. are required to file
their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 23, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
EVERGREEN INTERNATIONAL: Creditors' Proofs of Debt Due on May 26
----------------------------------------------------------------
The creditors of Evergreen International SMID Cap Absolute Return
Offshore Fund Ltd are required to file their proofs of debt by
May 26, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 6, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
FAIRFIELD KOREAN: Creditors' Proofs of Debt Due on May 27
---------------------------------------------------------
The creditors of Fairfield Korean Equity Fund Ltd are required to
file their proofs of debt by May 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 6, 2010.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
JB BLACK: Creditors' Proofs of Debt Due on May 27
-------------------------------------------------
The creditors of JB Black Sea Frontier Fund Ltd. are required to
file their proofs of debt by May 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2010.
The company's liquidator is:
Stuart Sybersma
c/o Trudy-Ann Baines
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 814 2294
Facsimile: (345) 949 8258
e-mail: tabaines@deloitte.com
KAYNE ANDERSON: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of Kayne Anderson Capital Income Fund, Ltd. are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 31, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
KRUG REALTY: Creditors' Proofs of Debt Due on May 24
----------------------------------------------------
The creditors of Krug Realty Fund are required to file their
proofs of debt by May 24, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 9, 2010.
The company's liquidator is:
Wilton McDonald
Telephone: (345) 325 4040
c/o 260 Old Prospect Road
P.O. Box 2083GT, Grand Cayman KY1-1105
Cayman Islands
LOOMIS SAYLES: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of Loomis Sayles Energy Hedge Fund Ltd. are required
to file their proofs of debt by May 26, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on April 13, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
LOOMIS SAYLES: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of Loomis Sayles Hedged Loan Alpha, Ltd. are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 13, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
MSK INVESTOR: Creditors' Proofs of Debt Due on May 27
-----------------------------------------------------
The creditors of MSK Investor, Inc. are required to file their
proofs of debt by May 27, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on April 1, 2010.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
REINDEER LTD: Creditors' Proofs of Debt Due on June 11
------------------------------------------------------
The creditors of Reindeer Ltd. are required to file their proofs
of debt by June 11, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 12, 2010.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
REVEILLE MASTER: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------------
The creditors of Reveille Master, Ltd. are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 8, 2010.
The company's liquidator is:
Reid Services Limited
Clifton House, 75 Fort Street
PO Box 1350, Grand Cayman KY1-1108
Cayman Islands
S.A.C. STRUCTURED: Creditors' Proofs of Debt Due on May 26
----------------------------------------------------------
The creditors of S.A.C. Structured Investments GP, Ltd. are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 6, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
SECURION II: Creditors' Proofs of Debt Due on May 24
-----------------------------------------------------
The creditors of Securion II Ltd. are required to file their
proofs of debt by May 24, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 9, 2010.
The company's liquidator is:
Kevin Ross
333 E. City Ave., Suite 300
Bala Cynwyd, Pennsylvania PA 19004, USA
Telephone: 610-668-1400
Facsimile: 215-893-4863
SMITH BREEDEN: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of Smith Breeden Alpha Strategies Funding Ltd. are
required to file their proofs of debt by May 26, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 6, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
SPM COMPOSITE: Creditors' Proofs of Debt Due on May 26
------------------------------------------------------
The creditors of SPM Composite Offshore Fund, Ltd. are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 7, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
SSF III: Creditors' Proofs of Debt Due on May 26
------------------------------------------------
The creditors of SSF III Fino Holdings GP, Ltd. are required to
file their proofs of debt by May 26, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 31, 2010.
The company's liquidator is:
Ogier
c/o Andrew Morehouse
Telephone: (345) 815 1801
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
SWISS & GLOBAL: Creditors' Proofs of Debt Due on May 27
-------------------------------------------------------
The creditors of Swiss & Global Asset Management (Cayman) Ltd are
required to file their proofs of debt by May 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2010.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
WESLEY CAPITAL: Creditors' Proofs of Debt Due on May 26
-------------------------------------------------------
The creditors of Wesley Capital I, Ltd. are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 9, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
===============
C O L O M B I A
===============
ECOPETORL SA: Books COP2.1-Tril. Net Profit in First Quarter
------------------------------------------------------------
Ecopetrol S.A. booked a net profit of COP2.1 trillion (US$1.08
billion) in the first quarter, 30% more than in the same period of
2009, Inti Landauro at Dow Jones Newswires reports.
According to the report, Ecopetrol SA's sale revenues rose 71%, to
COP8.74 trillion from COP5.11 trillion in the same period a year
ago. The report relates that company attributed the increase to
higher oil prices and higher oil and gas production.
Dow Jones Newswires notes that the company's total output,
including the production of the companies bought since last year,
rose to an average 586,000 barrels of oil equivalent a day from
461,000 barrels of oil equivalent a day at the end of the first
quarter 2009. Five analysts polled by Dow Jones Newswires had
expected a median COP2 trillion.
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol. The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019. Proceeds will be used for investments and general
corporate purposes.
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:
-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Short-term foreign currency IDR at 'B';
-- Outstanding senior unsecured debt at 'BB+';
=============
J A M A I C A
=============
AIR JAMAICA: Workers' Statutory Deductions Not Up to Date
---------------------------------------------------------
As the April 30 deadline draws near, workers at Air Jamaica say
they have received disturbing news that their statutory deductions
are not up to date, RadioJamaica reports.
According to the report, Khurt Fletcher, Chief Union Delegate for
Air Jamaica workers, said that it appears statutory deductions
have not been passed on to the relevant schemes for some time.
"We have found out that our NHT (National Housing Trust) and NIS
(National Insurance Scheme) statutory deductions are not up to
date, some as far back as 2007 and we're very concerned that once
the winding up process is complete, the staff will be left on
their own because we would then not be unionized as (Air Jamaica)
would be closed," the report quoted Mr. Fletcher as saying.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government owned 25% of the company after it went private
in 1994. However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable. The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010. The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica. The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.
As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The
outlook is negative.
AIR JAMAICA: Information on Takeover to be Revealed
---------------------------------------------------
Crucial information on Caribbean Airline's takeover of the
operations of Air Jamaica could be made public by April 27,
RadioJamaica reports. The report relates that the matter is high
on the agenda in the Steering Committee meeting involving the
airline's management and the worker's unions.
According to the report, President-General of the Bustamante
Industrial Trade Union Kavon Gayle said that he received a
response on Monday to queries regarding the hiring of Air Jamaica
employees by Caribbean Airlines. However, the report relates, Mr.
Gayle said it did not provide any new information on questions
raised by the union.
"In terms of the terms and conditions of employment under which
these workers are going to be operating under also the number of
workers that are going to be required to be employed to Caribbean
Airlines," the report quoted Mr. Gayle as saying. "There has been
no indication from the company that they would like to outline to
us this information. We are awaiting the Steering Committee
meeting this afternoon to which we will further continue to
clamour for some level of cooperation from Air Jamaica," Mr. Gayle
added.
Caribbean Airlines is scheduled to assume control of all Air
Jamaica routes on Friday, however, unions representing the
airline's workers are predicting that the deadline will again be
missed.
As reported in the Troubled Company Reporter-Latin America on
April 26, 2010, the Jamaica Observer said that NWU wrote to Mr.
Nobles to answer a number of outstanding concerns. The Observer
related that in a letter to the president, the union said that in
order to guarantee a seamless transition to Caribbean Airlines,
information must be provided by April 23, 2010.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government owned 25% of the company after it went private
in 1994. However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable. The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010. The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica. The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.
As reported in the TCR-LA on November 5, 2009, Standard & Poor's
Ratings Services said that it lowered its long-term corporate
credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The
outlook is negative.
* JAMAICA: Sugar Industry Suffers JM$87MM Loss to Metal Thieves
---------------------------------------------------------------
Patrick Foster at Jamaica Observer reports that scrap metal
thieves have hit the sugar cane industry hard over the past 21
months, removing more than JM$87 million worth of irrigation
equipment and frustrating CEO of the Sugar Company of Jamaica
Holdings Limited Aubyn Hill. "Vanda2ls have been stealing our
pumps, our electrical cables, we buy them back and put them back
and they steal them again," the report quoted Mr. Hill as saying.
According to the report, Mr. Hill said that the JM$87 million
represents metal theft in the sugar industry since July 2009. The
report relates Mr. Hill said that JM$75 million of the loss,
primarily of irrigation equipment, was from the Monymusk factory
in Clarendon and Bernard Lodge in St Catherine alone.
Mr. Hill, the report notes, said that the effects of the thefts
proved even more detrimental, given the ongoing drought,
especially at the Bernard Lodge and Monymusk factories where the
use of irrigation pumps were critical.
The Observer says ariculture has been hit hard by vandals, leading
up to last week when the Colbeck irrigation pumping system in St
Catherine was vandalised twice in three days. The report relates
the Colbeck incident, which cost the agriculture sector in excess
of JM$5 million, spurred to intensify the call for a halt to the
scrap metal trade and a review of its operations. The report adds
that after a meeting with scrap metal dealers, Industry Minister
Karl Samuda put a stop to all scrap metal trade effective
tomorrow, with the exception of manufacturers who generate their
own material, and do not buy from other sources.
* * *
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.
* JAMAICA: Opposition Concerned on Sugar Commission of Enquiry
--------------------------------------------------------------
The Parliamentary Opposition is raising objection to aspects of
the Commission of Enquiry into the regulatory, institutional and
pricing arrangements in the sugar industry, RadioJamaica reports.
According to the report, the Enquiry, which is expected to cost
just over JM$15 million, will be chaired by Pro Vice Chancellor of
the University of the West Indies, Professor Alvin Wint.
The report relates opposition Spokesman on Agriculture, Roger
Clarke, he has a problem with the way in which the Commission has
been structured. "I do have some reservations in the way it is
being structured. I don't believe enough consultation has taken
place; the Opposition was not included in any significant way in
the discussions," the report quoted Mr. Clarke as saying.
The government, the report notes, said that the Enquiry has become
necessary given the prospect that the sugar cane industry will be
dominated by private players, the change in the sugar market in
Europe, as well as the prospect of new value added projects
emerging from the divestment.
* * *
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
===========
CEMEX SAB: Participates in Peru Cement Project
----------------------------------------------
CEMEX, S.A.B. de C.V. confirmed that investment company Blue Rock
Cement Holdings, S.A., will invest in a cement project in Peru.
CEMEX, which agreed to participate as a minority investor in Blue
Rock, will assist in the development, building, and operation of
the plant.
Fernando Gonzalez, CEMEX Executive Vice President of Planning and
Finance said, "Our participation in this project will allow us to
enhance our footprint in the attractive Peruvian market, and will
complement our business portfolio in the region."
Blue Rock's project consists of the construction of a new cement
plant with an initial production capacity of 1 million metric tons
per year. The plant is expected to be completed in early 2013
with a total investment of around US$230 million. The
construction industry in Peru has seen sustained annual growth of
over 10% in the past years, which makes Peru an attractive market.
CEMEX agreed to contribute an investment of up to US$100 million
into the share capital of Blue Rock, for a minority stake. This
investment falls under permitted terms under CEMEX's debt
financing agreements.
About CEMEX SAB
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings. The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings. Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets. The government of
President Hugo Chavez has offered about a third of that.
The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.
Cemex hopes to use compensation from Venezuela to reduce its US$15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide. Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.
CEMEX SAB: Mulls Stakes Sale to Cut Debt Burden
-----------------------------------------------
CEMEX, S.A.B. de C.V. is considering selling off minority stakes
in some of its operations worldwide, in a bid to cut its debt,
Reuters reports, citing the Financial Times.
According to the report, Lorenzo Zambrano, Cemex's chairman and
chief executive, told the Times that the company was considering
other ways to reduce its US$19.1 billion debt.
"We are analyzing selling minorities in some areas," Mr. Zambrano
told the FT, the report relates. "So instead of having 100% of X
company in a country we are going to have 51-plus% ...it is one of
the things we are considering," Mr. Zambrano added.
As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Reuters said that Cemex SAB has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.
About CEMEX SAB
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings. The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings. Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets. The government of
President Hugo Chavez has offered about a third of that.
The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.
Cemex hopes to use compensation from Venezuela to reduce its US$15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide. Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.
DESARROLLADORA HOMEX: 1Q Net Profit Drops 2.8% to MXN187.8 Mln
--------------------------------------------------------------
Desarrolladora Homex S.A.B. de C.V.'s net profit fell 2.8% in the
first quarter due to higher costs, Ken Parks at Dow Jones
Newswires reports.
According to the report, the company's net profit was MXN187.8
million (US$15.5 million) down from MXN193.1 million in the first
quarter of 2009. The report relates revenue increased 12.2% to
MXN3.59 billion thanks to higher middle-income home sales, while
operating income fell 14.2% to MXN305.7 million due to accounting
changes that pushed up operating costs.
Dow Jones Newswires notes that earnings before interest, taxes,
depreciation and amortization (Ebitda) rose 19.1% to MXN803.5
million on an adjusted basis, while the Ebitda margin widened to
22.4% from 21.1%.
The report says that the number of homes sold during the quarter
dipped to 9,777 units from 9,859 in the first quarter of 2009 as
the company sold fewer entry-level homes.
About Desarrolladora Homex
Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico. It is one of the most
geographically diverse homebuilders in the country. Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.
* * *
As of March 8, 2010, the company continues to carry Moody's "Ba3"
LC Curr Issuer and Senior Usecured Debt ratings. The company also
continues to carry Standard and Poor's "BB-" LT Issuer Credit
ratings.
=======
P E R U
=======
DOE RUN PERU: Union to Meet With Government on Tuesday
------------------------------------------------------
Doe Run Peru and unionized workers at its polymetallic smelter in
La Oroya planned to meet with government officials yesterday,
April 27, 2010, to discuss solutions to restart operations at its
facility, Ryan Dube at Business News Americas reports, citing head
of Peru's mining, metals and steelworkers federation FNTMMSP Luis
Castillo.
According to the report, Mr. Castillo said that the meeting will
also include deputy mining minister Fernando Gala and lawmakers
from Peru's congress. The report relates Mr. Castillo said that
Doe Run Peru has the concentrates and financing to restart
operations, but was still unable to fulfill part of the
regulations related to its environmental cleanup agreement PAMA.
According to a TCRLA report on January 26, 2010, Bloomberg News
said that Doe Run Peru is "close" to reaching an agreement on
US$156 million of debt to reopen its zinc and lead smelter. The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations. Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.
About Doe Run Peru
Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.
* * *
As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.
====================
P U E R T O R I C O
====================
FIRSTBANK PUERTO RICO: First BanCorp Posts US$107MM Net Loss in 1Q
------------------------------------------------------------------
First BanCorp, the bank holding company for FirstBank Puerto Rico,
reported results for the quarter ended March 31, 2010. The net
loss for the first quarter of 2010 totaled US$107.0 million, or
US$(1.22) per diluted share, compared to a net loss of US$53.2
million, or US$(0.64) per diluted share, for the fourth quarter of
2009 and net income of US$21.9 million, or US$0.07 per diluted
share, for the first quarter of 2009.
The net loss for the first quarter of 2010 was primarily driven by
a US$171.0 million provision for loan and lease losses compared to
a provision for loan and lease losses of US$137.2 million for the
trailing fourth quarter of 2009.
Total assets decreased by US$777.5 million to US$18.9 billion as
of March 31, 2010 from US$19.6 billion as of December 31, 2009.
Non-accrual loans increased by US$75.5 million, or 4.83%, to
US$1.64 billion as of March 31, 2010 from US$1.56 billion as of
December 31, 2009. Meanwhile, the allowance to total loans ratio
increased to 4.33% as of March 31, 2010 from 3.79% as of
December 31, 2009.
A copy of the company's first quarter financial results is
available free at http://ResearchArchives.com/t/s?60c4
About FirstBank Puerto Rico
FirstBank Puerto Rico is a full-service bank. The bak accepts
deposits, make loans and provides other servies for the public.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1). Following the downgrade, the
rating outlook is negative.
***********
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 * * *