/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100513.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, May 13, 2010, Vol. 11, No. 093 Headlines A R G E N T I N A AGRIBEST SA: Creditors' Proofs of Debt Due on August 4 BANCO HIPOTECARIO: Posts Ps.40.1 Million Net Income in First Qtr. BLAUSH SA: Asks for Preventive Contest CARSA SA: Moody's Assigns 'B3' Global Scale Rating on Bonds DEL PLATA: Creditors' Proofs of Debt Due on July 14 FLEMINIA SA: Trustee Verifying Proofs of Claim Until June 14 PORFIDI INTERNATIONAL: Creditors' Proofs of Debt Due on June 1 * ARGENTINA: May Postpone US$1-Bil. Bond Sale as Yields Surge B E R M U D A XL CAPITAL: XL Insurance Names Bob Shine as Exec. Vice President B R A Z I L INPAR SA: Moody's Assigns First-Time 'B1' Local Currency Rating USIMINAS SIDERURGICAS: Sees Benefit From April Price Hikes in H2 USIMINAS SIDERURGICAS: Stockholders Tap New Director-President USIMINAS SIDERURGICAS: Inks "Rio Doce" Bay Project With Ibio * BRAZIL: Passo Fundo City Gets US$9.8 Million IDB Loan C A Y M A N I S L A N D S BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10 BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10 CHINA TIME: Grand Court Enters Wind-Up Order FAIRFIELD ICAP: Creditors' Proofs of Debt Due on June 11 FIX ASSET: Creditors' Proofs of Debt Due on May 31 FP VULCAN: Creditors' Proofs of Debt Due on June 10 GCM CREDIT: Creditors' Proofs of Debt Due on June 10 GLOBOPAR OVERSEAS: Creditors' Proofs of Debt Due on June 10 HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10 HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10 KEYSTONE INVESTMENTS: Creditors' Proofs of Debt Due on June 10 LAND BROTHERS: Creditors' Proofs of Debt Due on June 10 NOONDAY OFFSHORE: Creditors' Proofs of Debt Due on June 10 NORTHERN LIGHTS: Commences Wind-Up Proceedings NRG ENERGY: Commences Liquidation Proceedings PICTET WATER: Creditors' Proofs of Debt Due on June 10 PICTET WATER: Creditors' Proofs of Debt Due on June 10 PICTET WATER: Creditors' Proofs of Debt Due on June 10 ROBECO WPG: Creditors' Proofs of Debt Due on May 31 WINDRUSH SECURITIES: Creditors' Proofs of Debt Due on June 10 C O L O M B I A BANCOLOMBIA SA: Ready to Boost Credit This Year J A M A I C A JAMAICA PUBLIC SERVICE: System Control Operators Resume Work T R I N I D A D & T O B A G O WATER AND SEWERAGE: Workers Protest Over Funds Owed V E N E Z U E L A PETROLEOS DE VENEZUELA: Inks Ship Construction Project With Cuba PETROLEOS DE VENEZUELA: Begins Treatment of Fuel Oil Reservoir PETROLEOS DE VENEZUELA: Damaged FCC Unit Ready for Restart X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AGRIBEST SA: Creditors' Proofs of Debt Due on August 4 ------------------------------------------------------ Viviana Santamarina, the court-appointed trustee for Agribest SA's reorganization proceedings, will be verifying creditors' proofs of claim until August 4, 2010. Ms. Santamarina will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on May 6, 2011. The Trustee can be reached at: Viviana Santamarina Jufre 250 Argentina BANCO HIPOTECARIO: Posts Ps.40.1 Million Net Income in First Qtr. ----------------------------------------------------------------- Banco Hipotecario S.A. disclosed its first quarter 2010 results. Total net income for the quarter was Ps. 40.1 million, compared to the Ps. 79.3 million of last quarter and Ps. 30.0 million of the same quarter of last year. Net financial margins of Ps. 125.3 million were 36.6% and 1.2% lower than the previous quarter and a year ago, respectively. Net income from services for the quarter was Ps. 61.1 million, 6.0% higher than the previous quarter and 9.9% higher than first quarter 2009. Loans to the private sector increased 3.0% in the quarter and 10.7% YoY. Deposits increased 8.8% in the quarter and 18.9% YoY. NPL ratio decreased from 6.6% to 3.8% in the year while coverage ratio increased from 83.8% to 114.0% in the same period. The company's recorded an equity ratio of 24.3%, higher than the 21.0% of March 2009. BH ranks fifth in terms of net worth, seventh in terms of household financing, and 11th in terms of assets in the local financial system. About Banco Hipotecario Banco Hipotecario SA is an important commercial bank in Argentina and the nation's premier mortgage lender. The bank attracts deposits and offers commercial banking services. The bank offers mortgage, personal, and corporate loans, credit cards, and insurance service. * * * As reported in the Troubled Company Reporter-Latin America on September 4, 2009, Moody's Investors Service has affirmed Banco Hipotecario S.A.'s D BFSR rating. The rating agency also downgraded the the global local currency deposit rating to Ba2 from Ba1, with negative outlook; and the global local currency debt rating lowered to Ba2 from Ba1 with negative outlook. BLAUSH SA: Asks for Preventive Contest -------------------------------------- Blaush SA asked for preventive contest. The company stopped making payments last October 2009. CARSA SA: Moody's Assigns 'B3' Global Scale Rating on Bonds ----------------------------------------------------------- Moody's Latin America assigned a B3 global scale rating and an A3.ar Argentina National Scale Rating to CARSA's proposed ARS30 million local bond issuance. At the same time, Moody's affirmed CARSA's corporate family rating of B3 on its global scale and A3.ar on the Argentina national scale rating. All of the ratings assigned are local currency ratings. Proceeds from the notes will be used principally for CARSA's working capital needs, to refinance outstanding short term debt and for general corporate purposes. The outlook for all ratings is stable. "The B3 and A3.ar ratings are underpinned by Carsa's position as one of the main dedicated consumer electronics and appliance retailers in Argentina, operating under the Red Megatone brand name. The ratings reflect the well-developed diversification of its product line, which has allowed Carsa to increase its share of the consumer's wallet, and solid credit metrics for its rating category", said Moody's AVP Analyst, Veronica Amendola. "The ratings also reflect Carsa's solid position in selling recognized brand names home appliances and its well-established relationships with suppliers," said AmＯdola Carsa's key credit negatives include the particularly challenging business model given the weak retail profitability and significant credit exposure for the consumer loans extended through Megatone card, issued by Carsa. Moody's notes that Carsa's credit business segment has been the principal earnings' generator and has been funded by the securitization market. Moody's will closely monitor Carsa's ability to continue to access the securitization funding vehicle. Carsa's challenging competitive environment also constrains the rating, as many new entrants have entered the retail market in recent years, joining its traditional competitors. Carsa's limited geographic diversity, operating in a relatively low GDP per capita region, and reduced scale and size also constrain the ratings Carsa's B3 local currency rating reflects its global default and loss expectation, while the A3.ar national scale rating reflects the standing of Carsa's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Argentina are designated by the ".ar" suffix. Issuers or issues rated A3.ar present above-average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The stable outlook is based on Moody's expectation that Carsa will continue to successfully implement its business model, even in an ongoing challenging economic environment, thus allowing the retailer to maintain credit metrics for its rating category that are overall strong. The stable ratings outlook reflects Moody's expectation that revenue growth and operating margins will recover after weakening in recent quarters. Finally, Moody's expects that Carsa will be able to maintain adequate access to the securitization market and credit card receivable discounting facilities, even in the more adverse market conditions. An upgrade of the ratings or outlook could result from a strengthening of Carsa's qualitative business profile. In addition upward pressure could result from increased size and geographical diversification, along with an improving business environment in Argentina leading to an improving retail business segment. Quantitatively, upward momentum could result if Carsa's total adjusted debt to EBITDA is sustained below 2 times (2.7 times as of last twelve months ended February 28, 2010) and positive operating margins (-16.2% as of last twelve months ended February 28, 2010). Additionally, a more predictable outlook for economic activity in Argentina would be important for upward pressure. Negative pressure on the ratings or outlook could result from the inability to maintain good liquidity and access to the securitization funding vehicle. In addition, a greater than expected loan delinquencies and the impact of a potential downturn in the Argentinean economy on the availability of consumer loans could cause negative pressure on ratings. Quantitatively, a downgrade could result from a drop in Carsa's EBIT margin to below 13% on a three-year average basis or a significant increase in leverage, with total adjusted debt to EBITDA of above 3.5 times. Indications of a weakening market share in the domestic retail market could also drive negative pressure. Headquartered in Chaco province, Argentina, Carsa is a leading regional appliance retailer operating 67 stores in 8 provinces. With total revenues of US$154 million as of last twelve months ended February 28, 2010, the company was founded in 1977 and is one of the three retailers licensing "Red Megatone" brand name in Argentina. DEL PLATA: Creditors' Proofs of Debt Due on July 14 --------------------------------------------------- The court-appointed trustee for Del Plata Salud S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until July 14, 2010. The trustee will present the validated claims in court as individual reports on September 9, 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 proceeding 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 October 22, 2010. FLEMINIA SA: Trustee Verifying Proofs of Claim Until June 14 ------------------------------------------------------------ The court-appointed trustee for Fleminia S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until June 14, 2010. The trustee will present the validated claims in court as individual reports on August 10, 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 proceeding 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 22, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on March 30, 2011. PORFIDI INTERNATIONAL: Creditors' Proofs of Debt Due on June 1 -------------------------------------------------------------- The court-appointed trustee for Porfidi International de Argentina S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until June 1, 2010. The trustee will present the validated claims in court as individual reports on July 14, 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 proceeding 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 August 27, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on November 16, 2010. * ARGENTINA: May Postpone US$1-Bil. Bond Sale as Yields Surge ------------------------------------------------------------- Fabiola Moura and Drew Benson at Bloomberg News report that Argentine Economy Minister Amado Boudou said that the jump in bond yields last week may prompt the government to shelve plans to sell as much as US$1 billion of bonds, its first international offer since defaulting in 2001. According to the report, the government aimed to price new 8.75% dollar bonds due in 2017 on May 14, part of its proposal to restructure US$20 billion of defaulted debt left out of a 2005 settlement. "If the conditions are not acceptable to our country, we won't do it," the report quoted Mr. Boudou as saying. "Argentina can change the deadline. We can postpone it because it is a very complex week," he added. Argentine bonds tumbled last week, pushing up the yield on dollar bonds due in 2015 by 236 basis points, or 2.36 percentage points, in three days as concern that Greece's financial crisis would spread reduced demand for riskier assets. The securities rallied as European leaders unveiled an almost US$1 trillion bailout plan, cutting yields by 166 basis points since May 7 to 12.55%. The government faces a financing gap of about US$4 billion this year and is drawing on central bank reserves to meet those needs, Eurasia Group analyst Daniel Kerner wrote in a report from New York last week. Mr. Boudou, 47, said there is no financial need for the bond sale. "For us, this is basically a symbolic act," he said. "The goal is to have a benchmark for a security issued in the market after many years. It doesn't have a fiscal goal." * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its local currency long-term issuer credit rating on the City of Buenos Aires. At the same time, Standard & Poor's affirmed its 'B-' foreign currency long-term issuer credit rating. The outlook on the local and foreign currency long-term issuer credit ratings is stable. ============= B E R M U D A ============= XL CAPITAL: XL Insurance Names Bob Shine as Exec. Vice President ---------------------------------------------------------------- XL Insurance has named Bob Shine as its new executive vice- president and chief casualty underwriting officer of its North American property/casualty unit, The Royal Gazette reports. According to the report, Mr. Shine, who most recently was president of Zurich North America's casualty group and specialty business unit, will join XL Capital Ltd.'s global insurance operations on June 14 in New York. Mr. Shine, the report notes, will manage the insurer's North America excess and surplus lines business, excess casualty lines, international casualty and US risk management, and upper middle- markets groups. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's "Ba1" preferred stock rating. =========== B R A Z I L =========== INPAR SA: Moody's Assigns First-Time 'B1' Local Currency Rating --------------------------------------------------------------- Moody's Investors Service has assigned first-time B1 local currency and a Baa2.br Brazil national scale corporate family ratings to Inpar S.A. The outlook for the ratings is stable. Inpar's B1 corporate family rating reflects its strong brand name in the homebuilding industry, where the company is one of the market leaders in the southeast region of Brazil, as well as the ownership by Paladin Prime Residential Investors (Brazil), LLC, a company with long experience in real-estate in many emerging markets. The ratings also reflect the strengthened capital structure following the issuance of BRL180 million in new equity in 2009 and an additional BRL280 million in 2010, the good liquidity in the company's assets, which enabled the company to raise BRL200 million from June 2008 to April 2009 and the company's solid track record of more than BRL7.0 billion in units launched and 15,000 units delivered (equivalent to around BRL5.0 billion in PSV) since 1995. The B1 rating is further supported by the benefits of pent-up housing demand in Brazil, especially among the lower-income market, the segment that will represent the vast majority of the future launches (83%), with units priced below BRL 350,000. The government support and incentives toward lower-income housing, management and corporate governance enhancements after the takeover by Paladin in 2008 as well as the committed lines for construction that Inpar has available with commercial banks and are funded by SFH ("Sistema Financeiro de Habita㌢o") are seen as rating positives. However, Inpar's B1 corporate family rating is constrained by the company's relatively small size when compared to its international peers and certain local competitors, and its poor financial strategy track record under the previous controlling group. Other factors constraining Inpar's rating include limited internal cash flow generation, given the stage of the projects that were launched after the IPO in 2007, and its dependence on Caixa Econ杜ica Federal (A3/STA) or other commercial banks for financing a large portion of its sales and the homebuyer's credit quality at the end of the construction process especially with the shift in focus towards the lower income segments. Furthermore, the ratings consider Inpar's geographic concentration of its landbank in the southeast region of Brazil and in the lower income segment, and execution risks associated with its strategy of growing in the low-income housing market, given the large number of competitors, some of which have a high level of expertise in this segment. The risk of operating in the lower- income segment is partially mitigated by Inpar's experience in operating in this segment since 2006 through joint ventures, and through its low and mid-income brand ViVer that has delivered 5,000 units valued at approximately BRL1.5 billion, and by the smaller size of many of its competitors which diminish their bargaining power with suppliers, land owners, banks and homebuyers. At the end of December, 2009 the company had BRL109 million of cash on balance sheet and BRL189 million of ST debt, although Moody's have to take in account that the company raised BRL280 million in new equity in March, 2010 increasing the cash balance and at same time secured an additional BRL300 million in SFH lines supplementing the previously signed BRL700 million, of which BRL167 million had already been disbursed. It is also important to note that most of the loans, including working capital and SFH are linked to construction and should in theory be automatically extinguished when the units are finally sold and the homebuyer's mortgage is approved by the financing institution at the end of the construction process. Inpar has a land bank with a potential sales value of BRL11.6 billion of which BRL3.6 billion (31%) can be launched during 2010, 2011 and 2012 according the company's current operating capacity. It is important to note that the company already has signed 100% of the financing to launch and build all the BRL3.6 billion. Ratings Assigned: * Corporate Family Rating: B1 (global scale) / Baa2.br (Brazilian national scale) * Outlook: stable A corporate family rating is an opinion on the expected loss associated with the debt obligations of a group of companies assuming that it had one single class of debt and is a single consolidated legal entity. Specific debt instruments for the same corporate family may be rated differently, depending on their seniority and guarantors, as compared to other debt instruments issued by the group. Inpar's B1 local currency corporate family rating reflects its global default and loss expectation, while the Baa2.br national scale rating reflects the standing of its credit quality relative to other domestic issuers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Brazil are designated by the ".br" suffix. Issuers or issues rated Baa2.br demonstrate average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The stable outlook assumes that the demand for lower income housing and financing to homebuyers will remain steady and Inpar will be able to execute its planned launches until 2012, and that the returns on cash invested in the construction of projects since 2007 will materialize in 2011 improving the company's cash flow based debt protection metrics. The stable outlook also assumes that the company will maintain the minimum cash balance of BRL200 million as to preserve healthy liquidity and a cushion to face eventual weaker economic environment and more difficult capital market conditions. Although unlikely in the near term Inpar's rating or outlook could experience upward pressure if the company improves its cash-flow based credit metrics through reduced working capital requirements over time. Mortgage availability at an earlier point in the construction cycle, which is more common in the lower income and middle-income segments in which the company is increasing its presence, are an important factor in Inpar's ability to reduce its sizable investments in working capital. Quantitatively, positive pressure could arise from sustainable positive cash flow from operations, total debt/capitalization maintained below 40% (44.3% at the end of December, 2009) and interest coverage (EBIT / Interest) above 6 times (1.3 times in the last twelve months ended in December, 2009) on a sustainable basis. Inpar's ratings or outlook would likely suffer downward pressure if Total Debt to Capitalization ratio is sustained above 50% or if the company were to face a significant deterioration in the quality of its receivables, especially in a more adverse macro- economic scenario. A downgrade could also be triggered by a deterioration in Inpar's liquidity profile due to a reduction in the availability and timeliness of disbursements from SFH credit lines that the company has actually available with CEF and commercial banks. Headquartered in Sao Paulo, Brazil, and founded in 1992, Inpar is an integrated homebuilder historically focused in high-rise construction for the middle and mid-high income families. Inpar has a solid track record of operations having delivered 15,000 units since 1995. Concentrated in the southeast region, mainly in Sao Paulo, Inpar has changed its main focus towards the middle and low income segments, the company although is also involved in commercial, tourism and land development segments spread across 17 states targeting all income brackets. Inpar had net revenues of BRL488 million during the fiscal year of 2009. USIMINAS SIDERURGICAS: Sees Benefit From April Price Hikes in H2 ---------------------------------------------------------------- Usinas Siderurgicas do Minas Gerais S.A. will benefit from the 15% price hike for steel products starting in H2, when new adjustments are likely to have a further positive impact as well, Rodrigo Ferraz and Pedro Montenegro at Business News Americas report, citing local brokerage Brascan in a report on estimates for the firm's Q1 results. Brascan's report was signed by analysts Rodrigo Ferraz and Pedro Montenegro. According to BNAmericas, demand for heavy plates is also forecast to improve in the coming quarters as a result of new investments and capital goods production increases. BNAmericas relates that Brascan expects Usiminas to post net earnings of BRL360 million (US$203 million) in Q1 versus BRL112 million loss in the year-ago period. BNAmericas notes that revenues are forecast to have risen 21.7% year-on-year to BRL3.25 billion, while Ebitda is expected to have soared 129% to BRL762 million. Brascan, BNAmericas says, expects the company's sales volumes rose 71% to 1.78Mt; while the domestic market absorbed 73% of the company's sales volumes in the period. Prices are forecast to have remained stable versus 4Q09, while Usiminas' profitability is expected to have improved due to a better product mix, BNAmericas adds. About Usinas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of May 7, 2010, the company continues to carry Moody's Ba1 Subordinate Debt rating. USIMINAS SIDERURGICAS: Stockholders Tap New Director-President -------------------------------------------------------------- Usiminas Management Council president, Wilson Nelio Brumer, was indicated by the Control Group stockholders to take over the company's executive management. The election is going to be on April 30, 2010, during the Management Council meeting after the Stockholders Meeting on the same day. The future president will succeed Marco Antonio Castello Branco, who mandates since 2008. It will also be proposed a new Management Council president, Israel Vainboim. "I am very happy and satisfied that Brumer is going to be Usiminas new president. This assures the transformation process continuity, without route changes," states Marco Antonio Castello Branco. With the chair renewal, Usiminas starts a new phase in the modernization and changes process. From a close relationship with customers, the company intends to anticipate the market future needs, beyond keeping a dialog open channel with the stockholders, suppliers, collaborators and with the communities where the company takes part. "I would like to thank Marco Antonio for all the developments in Usiminas. He had a very important role in this changes phase," stated Wilson Brumer. "We are starting a new phase in the company renewal process. I ask everyone much peace and serenity at this moment in order to achieve our goals". The new executive management will work in the premises that are already established by the controller stakeholders and has a target of fine tuning with the capital market in the permanent seek of value adding for the company and its stakeholders. "The company strategic line will be maintained. The management style will change", states Mr. Brumer. Usiminas high management change does not alter the investment plan announced for 2010 of R$3.2 billion. Beyond the finishing of coke oven 3, in Ipatinga, there are other operational improvement projects for Ipatinga and Cubatao plants. During the first months of the coming year Unigal expansion will be concluded and also the new hot strip Mill implementation in Cubatao. In 2009, important projects were accomplished, such as, the refurbishment of Blast Furnace 2, in Ipatinga, and the new thermal power station, also in Ipatinga. About Wilson Brumer Wilson Brumer was the Secretary of Economic Development in the state of Minas Gerais between 2003 and 2007, period when he also directed the Management Council from Cemig, Codemig and Indi and also worked as the BDMG Council Vice President. He was also Light Council president from 2006 to 2008. From 1998 to 2002, he was the BHP Billiton Management Council president and from 1997 to 1999 the president of the "Tubarao" Ironworks Company, from 1992 to 1998 he was the president of Acesita and from 1990 to 1992, president of "Vale", where he worked for 17 years. About Israel Vainboim Israel Vainboim started his activities in "Grupo Moreira Salles" in the late 60s and was "Unibanco" president from 1988 to 1992. He was also the president from Unibanco Holdings, between 1994 and 2007, and president of "Brasil Warrant Administra㌢o de Bens e Empresas", from 1992 to 2007. Vainboim was also the president of "Tubarao" Ironworks Company. Furthermore, he was part of several companies Council, among them "Portugal Telecom" (2001 to 2003), "Alcoa Latin America" (1998 to 2003) and "Korn/Ferry International" (Los Angeles, 1995 to 1999). Currently he is one of the members of the Management Council of "Itau Unibanco Multiplo", "Souza Cruz", "Embraer" (taking part also in the Executive Committee) and member of the "Cia Iochpe-Maxion" council. About Usinas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of May 7, 2010, the company continues to carry Moody's Ba1 Subordinate Debt rating. USIMINAS SIDERURGICAS: Inks "Rio Doce" Bay Project With Ibio ------------------------------------------------------------ Usinas Siderurgicas do Minas Gerais S.A. and Ibio (Instituto BioAtlantica) must start in the second semester of this year, a project of sustainable economic activities in one of the most degraded areas in Brazil, the "Rio Doce" Bay region. The project "Ribeirao do Boi Sustentavel" will comprehend the cities of "Bom Jesus do Galho", "Caratinga", "Entre Folhas" and "Vargem Alegre", in Minas Gerais state. The proposal is in the resources acquirement phase from the "Banco Nacional de Desenvolvimento Econ杜ico Social (BNDES)", and the goal is to gather resources of R$ 10 million. The project also accounts for Usiminas partnership on the actions planning and management with partners from "Ribeirao do Boi Sustentavel". "This project is focused on the identification of local vocations to increase sustainable economic activities, that is, projects that bring a better income for the region population, with the minimum environmental impact. This is Usiminas' perspective", states the environmental advisor, Eduardo Figueiredo. According to him, the ironworks company wants to contribute to the communities' sustainability. "The idea is to make possible the economic development of these communities, respecting capacities and particularities, and to improve the environmental, social and cultural quality in the region", states the advisor. The "Ribeirao do Boi" is a predominantly rural area. The region has 90% of its geography transformed into low productivity grazing and presents a permanent preservation area deficit of 1.1 million hectares. The population is concentrated in micro and small properties (on average 30 hectares) that use agricultural practices of little efficiency and incompatible with environment preservation practices. Due to this scenario, the soil is exposed and unproductive, rivers are contaminated, and the grazing degraded and showing low productivity. Among other improvements, there will be the productive and environmental restoration system installation in 80 properties, each with an average of 30 hectares; the availability improvement and the hydric resources quality improvement in the sub-bay in "Ribeirao do Boi"; the use of the best practices in handling and production practices adopted by the rural properties and the development of a rural producers cooperative. Since 2008, Usiminas sponsors the infra structure maintenance and the "Ibio" team, an entity dedicated to preserve and develop the "Mata Atlハtica". "The relationship between Usiminas and Ibio was born from a common interest in contributing to improve the quality in "Rio Doce" bay through sustainable development and region environmental restoration", states the company corporative communication and institutional relations director, Eduardo Lery Vieira. According to him, the experience and the technical capacity of the institute in the environmental area helps the sustainability projects developed by Usiminas in "Vale do A㎜" region. About Usinas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of May 7, 2010, the company continues to carry Moody's Ba1 Subordinate Debt rating. * BRAZIL: Passo Fundo City Gets US$9.8 Million IDB Loan ------------------------------------------------------- Passo Fundo, a city in the Brazilian state of Rio Grande do Sul, will get a US$9.8 million loan from the Inter-American Development Bank to improve the transportation system and the urban conditions in the city's outskirts, as well as promoting local economic activities. The loan is the 13th operation under Brazil's Procidades, the credit mechanism that finances integrated urban development programs for municipalities in Brazil to improve urban conditions and offer its residents a better quality of life. Passo Fundo, which has more than 185,000 residents, will use this new IDB financing to also build roads and access routes and modernize the traffic signal system using the newest "environment- friendly" technology. In addition, it will finance economic development activities, especially focused in the investment attraction for the logistics and distribution sector. Local counterpart funds for this latest IDB loan total US$9.8 million. "The program will support the city in addressing its key priorities," IDB project leader Marcia Casseb said. "In addition to improving transportation, the loan will promote green and recreational spaces, as well as support the creation of planning mechanisms in the municipal government to ensure a sustainable urban expansion". With the Passo Fundo financing, the Procidades credit mechanism has to date approved thirteen loans for a total of US$314 million, covering municipalities in eight Brazilian states, including Rio de Janeiro, Sao Paulo, Paran , Mato Grosso do Sul, Espirito Santo, Sergipe, Amazonas and Rio Grande do Sul. The program is now finishing the preparation of additional loans, with the most advanced being Itajai (Santa Catarina), Duque de Caxias (Rio de Janeiro), and Sao Luis (Maranhao). The main areas of integrated development supported by Procidades include neighborhood upgrading, mobility and transportation, sanitation, social services, local economic development and institutional strengthening. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10 --------------------------------------------------------- The creditors of Belvedere Japan Fund Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 5, 2009. The company's liquidator is: David Sargison 31 Woodland Drive, Lower Valley Bodden Town, Grand Cayman KY1 -1502 Cayman Islands Telephone: 345 925 7444 BELVEDERE JAPAN: Creditors' Proofs of Debt Due on June 10 --------------------------------------------------------- The creditors of Belvedere Japan Master Fund Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 5, 2009. The company's liquidator is: David Sargison 31 Woodland Drive, Lower Valley Bodden Town, Grand Cayman KY1 -1502 Cayman Islands Telephone: 345 925 7444 CHINA TIME: Grand Court Enters Wind-Up Order -------------------------------------------- On April 21, 2010, the Grand Court of the Cayman Islands entered an order that voluntarily winds up the operations of China Time Share Media Co. Ltd. The company's liquidator is: Mr. Kenneth Krys Krys and Associates Cayman Ltd. Govenors Square, Building 6, 2nd Floor 23 Lime Tree Bay Ave PO Box 31237, Grand Cayman KY1-1205 Cayman Islands FAIRFIELD ICAP: Creditors' Proofs of Debt Due on June 11 -------------------------------------------------------- The creditors of Fairfield ICAP Absolute Return Fund 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 liquidation proceedings on April 19, 2010. The company's liquidator is: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FIX ASSET: Creditors' Proofs of Debt Due on May 31 -------------------------------------------------- The creditors of Fix Asset Management Ltd. are required to file their proofs of debt by May 31, 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: Eleni Anna Papanastaspoulou 6, Athineon str P. Faliro. 175 61 Athens, Greece FP VULCAN: Creditors' Proofs of Debt Due on June 10 --------------------------------------------------- The creditors of FP Vulcan Holdings are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 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 KY1-9002, Cayman Islands GCM CREDIT: Creditors' Proofs of Debt Due on June 10 ---------------------------------------------------- The creditors of GCM Credit Opportunity Fund, Ltd. are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 15, 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 GLOBOPAR OVERSEAS: Creditors' Proofs of Debt Due on June 10 ----------------------------------------------------------- The creditors of Globopar Overseas Ltd. are required to file their proofs of debt by June 10, 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 HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10 -------------------------------------------------------- The creditors of Harness Liquid Macro Fund are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 16, 2010. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 HARNESS LIQUID: Creditors' Proofs of Debt Due on June 10 -------------------------------------------------------- The creditors of Harness Liquid Macro Master Fund Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 16, 2010. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 KEYSTONE INVESTMENTS: Creditors' Proofs of Debt Due on June 10 -------------------------------------------------------------- The creditors of Keystone Investments Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2010. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 LAND BROTHERS: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------- The creditors of Land Brothers Holdings are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 29, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands NOONDAY OFFSHORE: Creditors' Proofs of Debt Due on June 10 ---------------------------------------------------------- The creditors of Noonday Offshore II, Inc. are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 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 KY1-9002, Cayman Islands NORTHERN LIGHTS: Commences Wind-Up Proceedings ---------------------------------------------- Northern Lights Holding Ltd. commenced wind-up proceedings on April 28, 2010. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Roanne Limited 11-15 Seaton Place, St Helier, Jersey JE4 8XP Channel Islands Telephone: No: + 44 1534 497145 NRG ENERGY: Commences Liquidation Proceedings --------------------------------------------- NRG Energy Insurance Ltd. commenced liquidation proceedings on March 16, 2010. Only creditors who were able to file their proofs of debt by May 10, 2010, will be included in the company's dividend distribution. The company's liquidator is: Marsh Management Services Cayman Ltd. P.O. Box 1051GT, 23 Lime Tree Bay Avenue Governors Square, Building 4, Floor 2 Grand Cayman KYl-1102, Cayman Islands PICTET WATER: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------ The creditors of Pictet Water Opportunities Master Fund Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2010. The company's liquidators are: Frank Connolly Claire Cawley Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place Mespil Road, Dublin 4, Ireland PICTET WATER: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------ The creditors of Pictet Water Opportunities Fund Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2010. The company's liquidators are: Frank Connolly Claire Cawley Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place Mespil Road, Dublin 4, Ireland PICTET WATER: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------ The creditors of Pictet Water Opportunities Fund GP are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2010. The company's liquidators are: Frank Connolly Claire Cawley Clifton Fund Consulting Limited (trading as KB Associates) Fleming Court, Fleming's Place Mespil Road, Dublin 4, Ireland ROBECO WPG: Creditors' Proofs of Debt Due on May 31 --------------------------------------------------- The creditors of Robeco WPG Opportunistic Value Overseas Fund, Ltd. are required to file their proofs of debt by May 31, 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: Ogier c/o Bradley Kruger Telephone: (345) 815 1877 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands WINDRUSH SECURITIES: Creditors' Proofs of Debt Due on June 10 ------------------------------------------------------------- The creditors of Windrush Securities Limited are required to file their proofs of debt by June 10, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2010. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 =============== C O L O M B I A =============== BANCOLOMBIA SA: Ready to Boost Credit This Year ----------------------------------------------- Tighter interest margins kept Bancolombia's SA's first quarter earnings modest, up 10% from the year-ago quarter to COP341 billion (US$169 million), but CEO and President Jorge Londono said that the bank would bounce back from a drop in its loan book this year, Business News Americas reports. According to the report, the bank said that the first quarter result was down 8% compared to the fourth quarter last year, as the bank's net interest margin in 1Q10 dropped to 5.84% from 7.89% last quarter and 7.06% in 1Q09, thanks to the central bank's aggressive interest rate cuts during 2009. The report relates that at the same time, Bancolombia was held back by a shrinking loan book, with total credit dropping 9% in the 12 months to end- March, finishing the quarter at COP42.0 billion. "Growth is the name of the game during this year, and we are very carefully, but very strongly seeking it," the report quoted Mr. Londono as saying. "We have the perception that we're going to have growth in the [corporate segment], as well as in the consumer markets," he added. The report notes that the bank's 1Q10 earnings release chalked up the decline in its loan portfolio to a drop in US dollar- denominated credit granted by its El Salvador and Panama-based units, pointing out those peso-denominated loans grew by 2% during the quarter. Overall, nearly every segment of the bank's loan portfolio declined during the quarter compared to the year-ago quarter, the report adds. About Bancolombia S.A. Bancolombia S.A. is Colombia's largest full-service financial institution, formed by a merger of three leading Colombian financial institutions. Bancolombia's market capitalization is over US$5.5 billion, with US$13.8 billion asset base and US$1.4 billion in shareholders' equity as of Sept. 30, 2006. Bancolombia is the only Colombian company with an ADR level III program in the New York Stock Exchange. * * * 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. ============= J A M A I C A ============= JAMAICA PUBLIC SERVICE: System Control Operators Resume Work ------------------------------------------------------------ Unionized workers at the Jamaica Public Service Company, who went on sick out on May 10, 2010, are back on the job following a meeting involving the company's management and trade union officials at the Ministry of Labour, RadioJamaica reports. According to the report, the workers, who are attached to the systems control department, took industrial action to protest against a decision to change their job titles. The report relates that the Union of Clerical, Administrative and Supervisory Employees (UCASE), which represents the workers, said that an agreement was reached for the parties to return to the Labour Ministry yesterday afternoon, May 12, 2010. "In the meantime the management will not implement the decision that they have taken as it relates to the system control operators. The Minister of Labour who intervened in the discussions, indicated that if no agreement is reached at those talks on Wednesday, then the matter would be referred to the Industrial Disputes Tribunal (IDT) for settlement," the report quoted Senator Navel Clarke, General Secretary of UCASE, as saying. RadioJamaica notes that the workers were given letters indicating that their job titles had been changed. The report relates UCASE said that the change is a ploy by management to get the workers out of the union; and JPSCO is seeking to clear the air on the change in the workers' job titles. JPSCO, the report notes, said that the industrial action was due to the employees' disagreement with the recent reclassification of the System Control Engineers. The report relates JPSCO said that as part of its ongoing review of processes, it has incorporated the Dispatch Operations Department within the System Planning and Control Division. This merger has necessitated the consolidation of the shift system of both groups, JPSCO added. About JPSCO Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2010, RadioJamaica said that the multi-billion dollar show down between the Jamaica Public Service and the three unions -- BITU, NWU, and UCASE -- representing workers at the company has entered the penultimate stage before the Industrial Disputes Tribunal. The report related that the IDT heard testimony from the Chairman of JPSCO, Tommy Fukuda who was called as the last witness. According to the report, Mr. Fukuda maintained that JPSCO has paid the US$2.3 billion it owed the workers following the 2001 job reclassification exercise. However, the report related, the three unions argued that the company still owed the workers an additional JM$500 to 600 million dollars in retroactive, overtime and redundancy payments. =============================== T R I N I D A D & T O B A G O =============================== WATER AND SEWERAGE: Workers Protest Over Funds Owed --------------------------------------------------- Scores of workers of the Water and Sewerage Authority began demonstrating at WASA's head office, St. Joseph for funds which management agreed to pay but has not done so, Trinidad and Tobago Newsday reports. According to the report, PSA President Watson Duke said that management wants to "tie" the settlement of the grievance to the collective agreement talks. The report notes that the union has set a deadline for an agreement to be signed indicating when payment would be made. Mr. Duke told the news agency in an interview that management agreed to pay a discomfort allowance 2001-2007 to persons working in unsafe environments and unhealthy conditions. The report relates that daily paid workers received the allowance but monthly paid did not. Mr. Duke, the report discloses, said that the inequity has been ongoing since 2005 and management was yet to rectify the situation. Although management has indicated that it wanted to link the allowances to the new collective agreement (2008-2010), the PSA is resisting this move, he added. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Inks Ship Construction Project With Cuba ---------------------------------------------------------------- Petroleos de Venezuela received the tug Karina, from the revolutionary government of the Republic of Cuba, which took delivery through UPS Caribbean Drydock Company in the context of procurement carried out through the Cuba-Venezuela agreement, which aims to construct four ships. The start of this contract began in 2005 and in 2006 it began the development of the boat. The tug Karina is a modern vessel equipped with the most sophisticated propulsion and maneuverability technology, which offers a capacity of turning on its axis 360 degrees. The tug, which has a thrust capacity of 57 tons and a capacity of 4700 horsepower, is designed and equipped for fire fighting and it has a range of ten-day shipping. This equipment was built entirely in the Caribbean nation and it is the first of four tugboats that will deliver this country to Venezuela. Such units are used by the oil industry to assist in the maneuvers of the tankers in Venezuelan oil terminals. During the 2002 oil sabotage, the fleet of tugs in the Venezuelan state was fully leased; it was a situation that left the industry in a state of high vulnerability of their loading and unloading of crude and oil products terminal. Therefore, the Bolivarian Government Petroleum Sovereignty policy was redirected to the purchase of a fleet of own tugboats. On August it is scheduled to delivery Guaiqueri tug, and on December the Cumanagoto vessel. 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. * * * 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. PETROLEOS DE VENEZUELA: Begins Treatment of Fuel Oil Reservoir -------------------------------------------------------------- Petroleos de Venezuela SA through the El Palito refinery has began the treatment of the Fuel Oil Reservoir. FOR sanitation is one of the flagship projects being conducted by the Environment superintendent of REP, with the objective to cleanse more than one million 300 thousand barrels of water, oil and sludge that are stored in an area of more than 24 hectares. The estimated investment is of VEB140 million, and involves the recruitment of 50 direct and 80 indirect jobs, between technical staff and workers, in addition to the use of sanitation techniques approved by national and international regulations regarding environmental liabilities. The project includes in its first phase, a liquid treatment using bio treatment tanks with a capacity of 3000 barrels per day. "The staff employed will work continuously for 9 months, which represents the magnitude of the environmental initiative to meet, which counts with more than 48 years of existence. It is a strong response from the oil industry to the issue of environmental liabilities, "said Jesus Sanchez, General Manager of the REP. Once the treated liquids comply with the decree 883 of the existing environmental regulations, these ones will be sent to the effluent ponds for disposal, said center manager of the Carabobo refinery. When completed the processing of stored liquids, a grind out technique will be done to separate the existing crudes in the FOR and will be handed to the complex for refining. The remaining sludge will be treated by a stabilization technique. This project will provide the refinery complex with over 2.4 hectares for new development process units. Outflow Lagoons In compliance with Decree 883 for the national environmental legislation, which provides for the adequacy of liquid effluents, the El Palito refinery also runs the sanitation project for the outflow lagoons in order to provide facilities to enable the treatment fluids drainage. The sanitation project, which counts with an advance of 70%, includes the recovery of hydrocarbons to be once again process, just like the effluent treatment plant for further storage and discharge under conditions that generate no environmental impact. The estimated investment is of 41 million VEB, currently involving more than 40 workers between craftsmen, technicians and professionals. "Some 73 thousand barrels of effluent have been cleaned and delivered to the treated water system refining center, ensuring compliance with current legislation," said Nelson Hernandez, the superintendent of Environment and Occupational Hygiene REP. Currently, the third stage of the project is running which consists of removing and transporting the sediments from the outflow effluent lagoons to specialized treatment centers, using a biodegradation technique, issuing by the end of the process the certificate for disposal. The sanitation project for the effluent lagoons also includes the installation of a geomembrane, with thickness and a rate of waterproofing to ensure the protection of the lagoons and eliminate a possible transfer of contaminants into seawater or the leak of contaminated effluent into other underground nearby areas. This environmental initiative will enhance the operational flexibility of the effluent treatment plant at the refinery complex. 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. * * * 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. PETROLEOS DE VENEZUELA: Damaged FCC Unit Ready for Restart ---------------------------------------------------------- A damaged fluid catalytic cracking unit at Petroleos de Venezuela's 305,000 barrel-a-day Cardon refinery remains out of service, but repairs have been made and a restart will soon begin, Dan Molinski at Dow Jones Newswires reports. "We're in the pre-restart phase," the report quoted an unnamed PDVSA official as saying. According to the report, a fire April 24 damaged the cracking unit, forcing workers to shut it down. The report relates initially, officials said a restart would take place no later than May 2, then they said it would start May 9, but both of those dates came and went. PDVSA, the report notes, said early on that any reduction in output due to the problems at the Cardon refinery would be offset by drawing down stored inventories in other parts of the PDVSA refining network. As such, it said, fuel supplies for domestic and international markets wouldn't be affected, the report adds. 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. * * * 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. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *