/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100524.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 Monday, May 24, 2010, Vol. 11, No. 0100 Headlines A R G E N T I N A DISTRIBUIDORA GAHER: Creditors' Proofs of Debt Due on July 5 EXTREM SUD: Creditors' Proofs of Debt Due on July 7 FONDO OPTIMUM: Moody's Assigns Ba3 Market Scale Fund Credit Rating GUARDIA REAL: Creditors' Proofs of Debt Due on July 16 KELORA SA: Asks for Preventive Contest by Cessation of Payments KEY DIGITAL: Creditors' Proofs of Debt Due on July 1 LOGUICAL SA: Creditors' Proofs of Debt Due on July 7 TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28 WAD SRL: Creditors' Proofs of Debt Due on July 5 WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30 B E R M U D A DIGICEL GROUP: Digicel Limited Closes US$500 Million Funding Round XL CAPITAL: Unit Taps Gary Kaplan as U.S. Construction Leader B R A Z I L BANCO CRUZEIRO: Cancels Share Offering Request BANCO INDUSTRIAL: Upgrades Bank Financial Strength Rating to D CAMARGO CORREA: Votorantim to Join Race for Cimpor Bid COMPANHIA ENERGETICA: May Bid for Hydropower Plants COMPANHIA SIDERURGICA: Votorantim to Join Race for Cimpor Bid CONCESSIONARIA ROTA: Moody's Assigns Ba1 on BRL815MM LT Debentures JBS SA: Unit Stops Some Exports to U.S; Recalls Products J A M A I C A * JAMAICA: Economy Contracted in January to March Quarter M E X I C O TV AZTECA: To Make MXN154.8 Million Cash Distribution P E R U DOE RUN PERU: Not Likely to Resume Operations Soon S T V I N C E N T & T H E G R E N A D I N E S * ST. VINCENT AND THE GRENADINES: Economy Affected by Crisis T R I N I D A D & T O B A G O CL FINANCIAL: Angostura Holdings to Publish Financials by July 30 U R U G U A Y CREDIT URUGUAY: Moody's Affirms D Bank Financial Strength Rating X X X X X X X X * BOND PRICING: For the Week May 17, to May 21, 2010 - - - - - ================= A R G E N T I N A ================= DISTRIBUIDORA GAHER: Creditors' Proofs of Debt Due on July 5 ------------------------------------------------------------ Juan Carlos Sosa, the court-appointed trustee for Distribuidora Gaher SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 5, 2010. Mr. Sosa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Juan Carlos Sosa Viamonte 783 Argentina EXTREM SUD: Creditors' Proofs of Debt Due on July 7 --------------------------------------------------- Clorinda Paula Donato, the court-appointed trustee for Extrem Sud SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 7, 2010. Ms. Donato will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Clorinda Paula Donato Maipu 42 Argentina FONDO OPTIMUM: Moody's Assigns Ba3 Market Scale Fund Credit Rating ------------------------------------------------------------------ Moody's assigned first-time fund ratings to Fondo Optimum CDB Pesos Ultra, a new money market fund managed by BNP Paribas Asset Management Argentina S.A. Moody's assigned a global money market scale fund credit rating of Ba3 and a national scale fund credit rating of Aa1.ar to the fund. The rating agency has also assigned it a market risk rating of MR3, which denotes "moderate sensitivity" to interest rate changes and other market movements. "The fund ratings incorporate Moody's expectation that the Optimum CDB Pesos Ultra fund, which will invest mainly in securities issued by Argentinean banks but will also have some exposure to Valores de Corto Plazo(Commercial Paper), asset-backed securities and Central bank securities, will maintain a maturity-adjusted weighted average credit quality consistent with its rating level of Ba3/Aa1.ar," said Moody's lead analyst Carlos de Nevares. "We expect the fund to maintain about 60% of assets under management invested in securities maturing overnight, thereby providing investors with a significant degree of liquidity." The fund's MR3 market risk rating incorporates both its limited exposure to interest rate risk and its exposure to pricing risks arising from the relative illiquidity of some of its investments. Moody's expects the fund to target a weighted average maturity of 40 days, which limits the fund's exposure to interest rate risk and so provides support for its market risk rating. However, the fund will invest in securities, as asset backed securities, which have limited secondary markets. If, in order to meet investor redemptions, the fund had to sell these securities at short notice, it might realize losses, thereby increasing the volatility of fund net asset value ('NAV'). Given the fund's limited track record, Moody's inferred its likely behavior by analyzing the historical NAV volatility of other funds with similar strategies managed by the same investment manager. BNP Paribas Asset Management Argentina S.A. is an Argentina- domiciled subsidiary of the international group BNP Paribas AM. As of March 2010, BNP Paribas managed investments of approximately AR$ 909.9 million or approximately $235.6 million. Moody's mutual fund ratings are opinions of the investment quality of shares in mutual funds that principally invest in short-term and long-term fixed-income obligations. The ratings incorporate Moody's assessment of the fund's published investment objectives and policies, the creditworthiness of the assets held by the fund, and its management characteristics. "Our national scale ratings are opinions about the relative creditworthiness of issuers in a particular country and may be used in specific local capital markets," said De Nevares. "The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value or yield." Moody's mutual fund market risk ratings are opinions of the relative degree of volatility of a rated fund's net asset value. In forming an opinion of a fund's future price volatility, Moody's considers risk elements that may have an effect on a fund's net asset value, including interest rate risk, prepayment and extension risk, liquidity and concentration risk and currency and derivatives risk. The ratings are not intended to consider prospective performance of a fund with respect to price appreciation or yield. GUARDIA REAL: Creditors' Proofs of Debt Due on July 16 ------------------------------------------------------ Jorge Fernandez, the court-appointed trustee for Guardia Real SA's reorganization proceedings, will be verifying creditors' proofs of claim until July 16, 2010. Mr. Fernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 15 in Buenos Aires, with the assistance of Clerk No. 30, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge Fernandez Uruguay 390 KELORA SA: Asks for Preventive Contest by Cessation of Payments --------------------------------------------------------------- Kelora SA asked for preventive contest by cessation of payments. KEY DIGITAL: Creditors' Proofs of Debt Due on July 1 ---------------------------------------------------- Sonia Scotti, the court-appointed trustee for Key Digital SRL's reorganization proceedings, will be verifying creditors' proofs of claim until July 1, 2010. Ms. Scotti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, 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 April 13, 2011. The Trustee can be reached at: Sonia Scotti Bartolome Mitre 3419 Argentina LOGUICAL SA: Creditors' Proofs of Debt Due on July 7 ---------------------------------------------------- The court-appointed trustee for Loguical S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until July 7, 2010. The trustee will present the validated claims in court as individual reports on September 3, 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 18, 2010. TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28 ----------------------------------------------------------- The court-appointed trustee for Terciopelo Textil S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 28, 2010. WAD SRL: Creditors' Proofs of Debt Due on July 5 ------------------------------------------------ Pablo Ernesto Aguilar, the court-appointed trustee for Wad SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 5, 2010. Mr. Aguilar will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 32, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Pablo Ernesto Aguilar Hipolito Yrigoyen 1516 Argentina WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30 --------------------------------------------------------- The court-appointed trustee for Web Logistics S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until August 30, 2010. The trustee will present the validated claims in court as individual reports on October 13, 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 November 24, 2010. ============= B E R M U D A ============= DIGICEL GROUP: Digicel Limited Closes US$500 Million Funding Round ------------------------------------------------------------------ Digicel Limited has completed a US$500 million corporate bond offering of senior notes due 2017. The bonds were sold with a coupon of 8.25% and priced at 98.625 to yield 8.5%. Digicel Limited is a unit of Digicel group. The proceeds of the offering will be used to repurchase Digicel's outstanding US$450 million 9.25% senior notes due 2012 in a tender offer or through redemption, with any balance retained by the company for general corporate purposes. The offering was led by Credit Suisse, with Citi and J.P. Morgan acting as joint book-runners on the deal. Colm Delves, CEO of Digicel, said: "We are very pleased with the success of this refinancing of our 2012 bonds, which shows our continued disciplined approach to our debt management. The transaction enabled us to take advantage of the attractive interest rates available to us. As our recent results show, Digicel is generating substantial cashflow and profits. The lower coupon on our new issue reflects investors' increasing comfort with Digicel's declining risk profile." "Even in this economic climate, with our approach to delivering best value, best network and best service, we are growing our business and continuing to drive subscriber growth in our newer markets in Panama and Honduras. We are making strong progress building our postpaid customer base and levels of data revenues, and new initiatives on WiMax and targeting Diaspora sales will help deliver continued out-performance." On November 17, Digicel reported a 10% increase in its half year profit (EBITDA) to US$364 million on revenues of US$857 million. Digicel has grown its subscriber base by 7% in the past 12 months to 7.3 million, and in its most recent quarter to September 30th 2009, it added 98,000 subscribers. Including Digicel's sister companies Digicel Holdings (Central America) Limited and Digicel Pacific Limited there are now 32 markets served by Digicel and over 10 million customers. The wider group has shown a compound annual growth rate in subscribers of over 40% over the past two years. Michael Speller of Credit Suisse, the lead book-runner of the offering, said: "Digicel has again demonstrated the level of support it has in the capital markets. The quick execution and attractive rate achieved on this deal is a testament to the demand for this offering and Digicel's strong track record." About Digicel Group Digicel Group -- http://www.digicelgroup.com-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state-of-the-art handsets. By offering innovative wireless services and community support, Digicel has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barths. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. As of January 14, 2010, the company continues to carry these below investment grade ratings from Moody's: -- LT Corp Family Rating at B2 -- Senior Undecured Debt Rating at Caa1 -- probability of Default at B2 XL CAPITAL: Unit Taps Gary Kaplan as U.S. Construction Leader ------------------------------------------------------------- XL Insurance, XL Capital Ltd's global insurance operations, appointed Gary S. Kaplan to the newly created position of Executive Vice President and North America Construction Leader. Mr. Kaplan will report to Dennis Kane, XL Insurance's Chief Executive of the North America P & C Unit. He will be based in New York. Commenting on Mr. Kaplan's appointment, Mr. Kane said: "We are proud that XL Insurance continues to attract top talent such as a well-known industry leader like Gary. He arrives here at a very opportune time -- a time when we are looking forward to align our industry-specific underwriting expertise with growth opportunities in our market." Mr. Kaplan joins XL Insurance from Zurich North America Commercial where he served as president of its Construction Business Unit. During his 15-year tenure with Zurich North America, he held several senior level positions in underwriting management, operational transformation, and strategic planning. Mr. Kaplan's industry experience also includes energy, oil and chemical industry underwriting management positions with The Home Insurance Company and Industrial Risk Insurers. He is a certified Construction Risk Insurance Specialist (CRIS). "Gary's industry experience and long-term commitment to the construction market adds more strength to our already solid base of construction underwriting expertise," said David Duclos, Chief Executive of XL's Insurance operations. "The risks associated with construction activity are often complex. Helping manage these complex industry risks is where XL Insurance earns its reputation for solid technical underwriting expertise. We are excited to have Gary join our underwriting team as we continue to build on that reputation." 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 =========== BANCO CRUZEIRO: Cancels Share Offering Request ---------------------------------------------- Banco Cruzeiro do Sul SA canceled its request to hold a primary and secondary share offering on the Sao Paulo Stock Exchange (BMFBovespa) due to "unfavorable market conditions," Alastair Stewart at Dow Jones Newswires reports, citing a bank statement. As reported in the Troubled Company Reporter-Latin America on May 3, 2010, Dow Jones Newswires Banco Cruzeiro suspended its plan to hold a primary and secondary share offering on the Sao Paulo Stock Exchange (BMFBovespa) for up to 60 days. According to the report, the bank said that it decided to suspend the offer due to "current conditions in the national and international market, which are unfavorable for the execution of this offering." The report related that in April, Cruzeiro do Sul said it was planning to sell at least 29.56 million shares in the operation. Meanwhile, Elzio Barreto at Reuters reports that Banco Cruzeiro's shareholders, including its Chief Executive Luis Felippe Indio da Costa and his son Luis Octavio Indio da Costa, had also planned to sell another 14.6 million shares as part of the secondary offering. Reuters relates that BTG Pactual was also among the shareholders that had planned to sell shares in the secondary offering. Reuters says that the local unit of Bank of America Merrill Lynch was the lead underwriter of the offering, with BTG Pactual also helping manage the sale. About Banco Cruzeiro do Sul Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA (Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private- sector multiple bank with operations in the consumer segment, through paycheck-deductible loans to public employees and social security beneficiaries, and in the corporate segment, offering middle-market companies short-term loans usually backed by receivables. The bank's core business is lending to civil servants, with payments automatically deducted from payrolls. * * * As reported in the Troubled Company Reporter-Latin America on February 24, 2010, Moody's Investors Service assigned a Ba2 long- term foreign currency debt rating to the US$250 million senior unsecured notes issued by Banco Cruzeiro do Sul S.A. The notes, due in February 2015, were issued under the bank's existing US$1 billion Global Medium Term Note Program. The outlook on the rating is negative. BANCO INDUSTRIAL: Upgrades Bank Financial Strength Rating to D -------------------------------------------------------------- Moody's Investors Service upgraded the bank financial strength rating (BFSR) of Banco Industrial do Brasil S.A. (BIB) to D from D-. At the same time, Moody's upgraded BIB's long-term global local currency and foreign currency deposit ratings to Ba2 from Ba3. The rating agency also upgraded BIB's Brazilian national scale deposit ratings to A1.br and BR-1 from A3.br and BR-2, long- and short-term, respectively. The short-term global local currency and foreign currency deposit ratings of Not Prime were affirmed. The outlook on all these ratings is stable. Moody's noted that the upgrade of BIB's BFSR to D is supported by a banking franchise that has shown a track record of modest, yet consistent, revenue generation, leading to its profitability indicators and asset quality metrics presenting low volatility over the past years. The bank's strategy of pursuing operational growth through the use of prudent standards for credit approval, backed by high asset collateralization and by the monitoring of credit seasoning with proprietary systems, has resulted in fairly predictable performance. The rating agency highlighted that BIB's franchise remains inherently constrained by a funding structure that lacks granularity given its business orientation as a bank operating in the wholesale segment. Because of that, Moody's will continue monitoring BIB's exposure to high concentrations in deposits. Nevertheless, in 2009, management was able to increase BIB's deposit base at a gradual and consistent pace, while keeping funding expenses from expanding in an environment of tight liquidity. The upgrade of BIB's global local currency (GLC) deposit rating to Ba2 results from the bank's improved stand-alone creditworthiness, as denoted by Moody's raising BIB's baseline credit assessment to Ba2. The rating agency stated that BIB's GLC deposit ratings do not benefit from systemic support because of the bank's small participation in the country's retail deposit market. Moody's took its last rating action on BIB on April 3rd, 2007, when Moody's Investors Service assigned a D- bank financial strength rating to BIB. On that same date, Moody's assigned global local currency and foreign currency deposit ratings of Ba3 and Not Prime well as Brazilian national scale ratings of A3.br and BR-2. Banco Industrial do Brasil S.A. is headquartered in Sao Paulo, Brazil. As of December 2009, the bank had total assets of approximately R$1.8 billion (US$1.0 billion) and equity of R$385 million (US$221 million). These ratings of Banco Industrial were upgraded: - Bank financial strength rating: to D from D-, with stable outlook; - Long-term global local-currency deposit rating: to Ba2 from Ba3, with stable outlook; - Long-term foreign-currency deposit rating: to Ba2 from Ba3, with stable outlook; - Brazilian national scale deposit ratings: to A1.br and BR-1 from A3.br and BR-2, with stable outlook; These ratings of Banco Industrial were affirmed: - Short-term global local-currency deposit rating: Not Prime; - Short-term foreign-currency deposit rating: Not Prime. CAMARGO CORREA: Votorantim to Join Race for Cimpor Bid ------------------------------------------------------ The Votorantim group said that it will join Camargo Correa SA and Cia. Siderurgica Nacional SA in its bid for Cimpor-Cimentos de Portugal SGPS SA, Steel Guru News reports. According to the report, the Votorantim group has hired the services of Deutsche Bank to prepare a bid likely to target a minority stake in Cimpor. The report relates that the Votorantim group also hired lawyers in Portugal to provide legal advice. Meanwhile, the report says that Camargo Correa Group said that it was thinking over its options after the Portuguese stock market regulator told Camargo it had to present a counter bid to take over Cimpor or withdraw its merger offer. As reported in the Troubled Company Reporter-Latin America on February 12, 2010, Bloomberg News said that Camargo Correa SA agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50 each of the almost 149 million Cimpor shares it plans to buy, valuing the transaction at about EUR968 million (US$1.33 billion). The report related that Camargo Correa is buying the stake from Portuguese construction company Teixeira Duarte-Engenharia e Construcoes SA. According to a TCRLA report on February 24, 2010, citing Bloomberg News, the EUR4.15 billion (US$5.7 billion) takeover bid of Cia. Siderurgica Nacional SA for Cimpor-Cimentos de Portugal SGPS SA failed to entice enough Cimpor shareholders even after sweetening its bid for Cimpor by 7.5% to EUR6.18 a share. The report relates that the company raised its proposal after Brazilian cement makers Camargo Correa SA and Votorantim Cimentos SA announced agreements to acquire stakes in Cimpor. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Fitch Ratings rates Camargo and its special- purpose vehicle CCSA Finance Limited: -- Foreign currency Issuer Default Rating 'BB'; -- Local currency IDR 'BB'; About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of January 12, 2010, the company continues to carry Moody's long-term currency debt ratings at Ba1. The company also continues to carry Standard and Poor's issuer credit ratings at BB+. COMPANHIA ENERGETICA: May Bid for Hydropower Plants --------------------------------------------------- Companhia Energetica de Sao Paulo is studying the acquisition of stakes in medium-to-large-scale hydroelectric power plants as a means of increasing generating capacity, Alastair Stewart at Dow Jones Newswires reports. According to the report, CESP Chief Executive Officer Vilson Christofari said that the company would seek to make bids for dam projects at federal auctions as part of a consortium. The report relates Mr. Christofari said that the company will prioritize generating projects in Sao Paulo. However, the report notes, the company will not likely enter auctions in 2010. About Companhia Energetica Companhia Energetica de Sao Paulo plans, constructs, and operates electricity generation and distribution systems in the State of Sao Paulo, Brazil. The company generates electricity through hydroelectric plants located on the rivers of Panama, tiete, paraibuna, and Jaguari. * * * As of December 21, 2009, the company continues to carry Moody's Ba2 long-term corporate family rating and senior unsecured debt rating. The company also continues to carry Standard and Poor's "B" long- term issuer credit rating. COMPANHIA SIDERURGICA: Votorantim to Join Race for Cimpor Bid ------------------------------------------------------------- The Votorantim group said that it will join Camargo Correa SA and Cia. Siderurgica Nacional SA in its bid for Cimpor-Cimentos de Portugal SGPS SA, Steel Guru News reports. According to the report, the Votorantim group has hired the services of Deutsche Bank to prepare a bid likely to target a minority stake in Cimpor. The report relates that the Votorantim group also hired lawyers in Portugal to provide legal advice. Meanwhile, the report says that Camargo Correa Group said that it was thinking over its options after the Portuguese stock market regulator told Camargo it had to present a counter bid to take over Cimpor or withdraw its merger offer. As reported in the Troubled Company Reporter-Latin America on February 12, 2010, Bloomberg News said that Camargo Correa SA agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50 each of the almost 149 million Cimpor shares it plans to buy, valuing the transaction at about EUR968 million (US$1.33 billion). The report related that Camargo Correa is buying the stake from Portuguese construction company Teixeira Duarte-Engenharia e Construcoes SA. According to a TCRLA report on February 24, 2010, citing Bloomberg News, the EUR4.15 billion (US$5.7 billion) takeover bid of Cia. Siderurgica Nacional SA for Cimpor-Cimentos de Portugal SGPS SA failed to entice enough Cimpor shareholders even after sweetening its bid for Cimpor by 7.5% to EUR6.18 a share. The report relates that the company raised its proposal after Brazilian cement makers Camargo Correa SA and Votorantim Cimentos SA announced agreements to acquire stakes in Cimpor. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Fitch Ratings rates Camargo and its special- purpose vehicle CCSA Finance Limited: -- Foreign currency Issuer Default Rating 'BB'; -- Local currency IDR 'BB'; About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of January 12, 2010, the company continues to carry Moody's long-term currency debt ratings at Ba1. The company also continues to carry Standard and Poor's issuer credit ratings at BB+. CONCESSIONARIA ROTA: Moody's Assigns Ba1 on BRL815MM LT Debentures ------------------------------------------------------------------ Moody's America Latina Ltda assigned a Ba1 rating on the global scale and a Aa2.br rating on the Brazilian National scale to the proposed BRL815 million senior secured long-term debentures to be issued by Concessionaria Rota das Bandeiras S.A. At the same time, Moody's assigned a Ba1 issuer rating on the global scale and a Aa2.br issuer rating on the Brazilian national scale to Rota das Bandeiras. The outlook is stable for all ratings. This is the first time Moody's has assigned ratings to Rota das Bandeiras. The debentures will be issued in two series with tenors of 139 and 145 months and will begin to amortize annually after a two-and-a- half year and a two- year grace period for the payment of the principal, respectively. The debentures will be secured by a security package that will include the pledge of the concessionaire's stock, future receivables of its tolled revenues and the indemnification rights over the concession assets. The proceeds will be used to take out short-term debt and concession liabilities adding up to BRL1.2 billion. The debentures will be initially be unsecured and subordinated. In accordance with CVM's (Brazilian securities exchange) guidelines, any debenture whose amount is higher than the company's equity capital is required to be subordinated to any other existing or future debt. An exception to this rule occurs when the guarantees (security package) cover at least 125% of the debt amount, which is the case of the rated debentures. Since the proposed security package is currently pledged to the short term debt, as soon as the proceeds from the debentures and/or bank term loans are available to the company, the short term debt will be repaid and the security released and transferred to the proposed debentures during a period that could take up to 20 working days. The pledge of the security package to the debentures, as specified in the indenture, has been authorized by the regulator ARTESP on April 23, 2010. Failure to provide the proposed security package for the debentures and/or bank term loans would trigger a default. According to the management, the arranging banks for the proposed issue of public debentures have firmly committed to a placement of BRL 600 million and a BRL215 million under best selling efforts. Depending on market conditions, and eventual exercise of the additional and the supplemental options, the issuance amount could reach up to BRL1.1 billion, basically the amount of short-term debt the company is pursuing to re-finance. In case demand is not sufficient to issue BRL 1.1 billion of debentures, the arranging banks have committed to extend long-term bank loans with conditions similar to the debentures to complete the company's funding requirement in 2010. The Ba1 global scale and Aa2.br national scale issuer ratings reflect the essential role that Rota das Bandeiras' road complex fills in one of the most densely populated and economically critical regions of the country. The ratings also reflect the stable regulatory environment for toll roads operating in the State of Sao Paulo and the manageable level of construction risk. In addition, the financing and legal structures provide the debenture holder baseline protections which include a 1.2x minimum debt service coverage ratio, restrictions on distributing dividends and increasing leverages, and appropriate reserve fund requirements. Rota das Bandeiras' toll road concession combines improvements to an existing road of considerable length with the construction of additional lanes and improvements in addition to a new and shorter inter-urban road extension, which will require capital expenditures of around BRL1.2 billion during the first 6 years of the concession. The inherently start-up nature of this recently awarded concession constrains the rating as evidence of actual operating performance and the track record for toll traffic are limited. The significant investment requirements in the near term also negatively pressure the rating. Constructive working relationships among the company, the state regulator ARTESP, and the surrounding municipalities are key factors to ensure timely completion and optimal operation. The concessionaire is in negotiations with the BNDES to secure up to 70% of the concession investment requirements during the first six years of the concession, which Moody's estimates will be around BRL900 million. The BNDES is expected to share the same guarantees of the proposed debentures. Management expects the first disbursement in August 2010; however, the BNDES is still analyzing this financing. While the rating assumes that Rota das Bandeiras will most likely obtain timely and adequate long-term funding for its capital expenditures program, the ratings reflect the anticipated receipt of a formal approval from the BNDES that it will provide long-term funding as indicated by management. Obtaining this long-term funding is crucial to maintaining the current Ba1 and Aa2.br issuer ratings. The construction risk is viewed to be quite manageable. The contractor is a subsidiary of the Odebrecht group, Construtora Norberto Odebrecht (CNO, Baa3/ Aa1.br/ Stable), which is the largest engineering and construction company in Latin America. The engineering, procurement and construction agreement with CNO covers all the investments during the first six years of the planned construction and maintenance of Rota das Bandeiras' concession under a fixed price contract. The contractor will cover all cost over-runs except for those caused by changes in the scope of the project required by the concession authority or in case of material adverse changes among others. The contract price will be adjusted annually for inflation in tandem with the regulated toll tariffs and contains provisions covering certain dates for completion and insurance coverage. Rota das Bandeiras has a 30-year concession to operate the toll road services of the Dom Pedro I Corridor, which is an important transport link between the metropolitan area of Campinas and the Paraiba valley. The region covered by the concession comprises 17 cities in the southeast region of the Sao Paulo state, a very robust and economically diverse area with an estimated population of around 2.4 million people. The track record for tolled traffic along the Dom Pedro I Corridor is limited. Before the concession was granted to Rota das Bandeiras in 2009, there were two toll plazas that have been relocated or modified under the new concessionaire. The traffic studies conducted by independent consulting firms show that the user profile is concentrated on heavy trucks, representing over 60% of the road traffic in terms of equivalent vehicles. According to Moody's conservative projections, toll related revenues in 2010 are expected to reach BRL380 million based on a tolled traffic estimate of approximately 83 million equivalent vehicles. Strong revenue growth is expected during the first 10 years of the concession as a result of an annual growth of the Brazilian GDP in the range of 4-5% per year with annual tariff increases in line with inflation as measured by the consumers price index (IPCA). Additionally, average tariffs are expected to grow above inflation from 2013 through 2015 as investment in road expansion is completed. According to the concession regulatory environment in the state of Sao Paulo, tolled roads with double lanes are entitled to a 40% higher tariff than tolled roads with only a single lane. Moody's views these assumptions and financial projections as feasible, with traffic volumes falling below expectations as the major risk. Moody's calculations project the debt service coverage ratio at 1.8x over the next five years. After the required investments are completed in 2015, leverage will gradually reduce with the scheduled amortization with the debt service coverage ratio likely improving to 2.5x as the debentures approach maturity. FFO to debt is expected to grow from the low-to-mid teens during the investment phase until 2015 and reach the upper twenties thereafter. Embedded in the debentures are contractual restricting clauses that are expected to limit the leverage and the distribution of dividends. The amount of new debt proceeds is restricted to the equivalent of one month of gross revenues as long as the debentures are outstanding. Additional debt issues will be allowed only when the net debt to EBITDA ratio is below 3.0x and dividend distributions will be allowed only if the debt service coverage ratio has been higher than 1.3x over the previous 12- month period. There will also be a 6-month reserve requirement for debt service and a 3-month reserve for operations and maintenance costs. ARTESP, the concession authority of Sao Paulo since 2002, is generally supportive of toll road operators. From a credit perspective, the regulatory framework of Sao Paulo could be considered above the Brazilian average in terms of transparency for the tariff setting mechanisms and protection against events outside the control of the concessionaire. The stable outlook reflects Moody's expectation that Rota das Bandeiras will post relatively high leverage within the next three years, mainly as a result of high capital expenditures during this period. Thereafter, the expected growth in traffic volume should provide the company with stronger cash generation and lower leverage. Moody's expects that the company will obtain both timely and adequate long-term funding for its capital expenditures program. Moody's also expects additional leverage to be prudently managed so that credit metrics remain well within the debentures' proposed financial covenants. The rating or the outlook could be upgraded if the company were to steadily improve its liquidity profile and obtain sustained credit metrics in line with the projections or exceed expected performance so that the FFO to debt ratio remains in the high teens and interest coverage stays above 3.0x on a sustainable basis. The rating or the outlook could be downgraded if the company fails to adequately secure long-term funding or performs below expectations, generating weaker credit metrics that the FFO to debt ratio falls below 10% and the interest coverage ratio remains below 2.0x for an extended period. The principal methodology used in rating Rota das Bandeiras was the Operational Toll Roads Rating Methodology (December 12, 2006), which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Rota das Bandeiras is an indirect subsidiary of Odebrecht S.A. (Odebrecht, unrated), the family-owned investment holding company for one of the largest non-financial Brazilian conglomerates that also controls Braskem S.A. (Ba1, outlook stable). Odebrecht's consolidated net revenues reached BRL 35.9 billion (USD 17.9 billion) in 2009, thereof 51% generated by CNO, 42% by Braskem, and 7% by other subsidiaries mostly engaged in the infrastructure and energy sectors. The group has diversified its operations through significant investments in the oil & gas and energy sectors. Rota das Bandeiras has a 30-year concession to operate the toll road services of the Dom Pedro I Corridor in the interior of the Sao Paulo State until 2039. The concession, granted to Rota das Bandeiras and regulated by the state agency ARTESP, includes five adjacent roads, one intersection and three connecting local roads with a total extension of 278.5 kilometers and 7 toll plazas. The region covered by the concession comprises seventeen cities with an estimated population of around 2.4 million people. JBS SA: Unit Stops Some Exports to U.S; Recalls Products -------------------------------------------------------- JBS SA stopped the exports of its products to the U.S. from one of its plants in Brazil, after U.S authorities found traces of medicine above authorized levels in its meat, Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. The report relates JBS SA said that it will recall the products. "The company has been notified by the Ministry of Agriculture that American authorities detected the presence of Invermectin (a common medicine given to livestock to combat vermin) above the maximum residue level under American rules in part of its industrialized products at the Lins plant (in Sao Paulo state)," JBS SA said in a company statement obtained by the news agency. "As a consequence, the company is promoting a recall of these products and sending them back to Brazil. Additionally, U.S. authorities have suspended approval for the Lins plant to export to that market, until the issue has been clarified," the company added, the report relates. Dow Jones News says that JBS SA is not expecting the recall to significantly impact its results. About JBS SA JBS SA is one of the world's largest beef producers with operations in Brazil, the United States, Argentina, Australia and Italy. The company is the largest producer and exporter of fresh meat and meat by-products in Brazil, Argentina and Australian and the third largest in the USA. * * * As of April 28, 2010, the company continues to carry Moody's B1 long term rating, long-term corporate family rating, and senior unsecured debt rating. The company also continues to carry Standard and Poor's B+ Issuer Credit ratings. ============= J A M A I C A ============= * JAMAICA: Economy Contracted in January to March Quarter --------------------------------------------------------- The Planning Institute of Jamaica reported that Jamaica's economy contracted during the January to March quarter, according to RadioJamaica. The report relates that the country's Gross Domestic Product was down 1.4%. According to the report, PIJ said that the goods producing industries declined by 5.7% while the services sector remained flat. The report relates PIOJ cited that the continued weak domestic and global demand for Jamaican goods and services arising from the lingering effects of the recession. The report says that some growth was however recorded in agriculture and tourism. RadioJamaica notes that mining and quarrying was the chief contributor to the downturn in the goods producing sector registering a 40% decline triggered by the continuing closure of alumina plants. * * * 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 =========== TV AZTECA: To Make MXN154.8 Million Cash Distribution ----------------------------------------------------- TV Azteca, S.A. de C.V. will make a cash distribution to shareholders on May 28 of MXN154.8 million, equivalent to approximately MXN0.05 per CPO. TV Azteca SA de CV is one of the two largest producers of Spanish- language television programming in the world, operating two national television networks in Mexico -- Azteca 13 and Azteca 7 -- through more than 300 owned and operated stations across the country. TV Azteca affiliates include Azteca America Network, a new broadcast television network focused on the rapidly growing US Hispanic market, and Todito, an Internet portal for North American Spanish speakers. * * * As of December 17, 2009, the company continues to carry Moody's B1 senior unsecured debt rating. ======= P E R U ======= DOE RUN PERU: Not Likely to Resume Operations Soon -------------------------------------------------- Isabel Guerra at LivinginPeru.com reports that Doe Run Peru is not likely to resume operations in the short term. According to the report, Doe Run Peru submitted new demands to the Peruvian government that would add complications to the already difficult processes of resuming operations and developing an environmental cleaning plan. As reported in the Troubled Company Reporter-Latin America on April 30, 2010, Mining Weekly said that Doe Run Peru been given until end of July to prepare for a restart of its La Oroya smelter, but the government of Peru warned that there would be penalties if the new deadline is not met. 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 Company 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. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. * * * As of May 21, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings' individual rating at D. ================================================= S T V I N C E N T & T H E G R E N A D I N E S ================================================= * ST. VINCENT AND THE GRENADINES: Economy Affected by Crisis ------------------------------------------------------------ An International Monetary Fund mission led by Nita Thacker visited St. Vincent and the Grenadines during May 12-21, 2010, for the annual Article IV discussions on economic developments and macroeconomic policies. The mission met with the Honorable Prime Minister and Minister of Finance, Dr. Ralph Gonsalves, the Acting Prime Minister Mr. Michael Browne, members of the Cabinet, the Director General of the Ministry of Finance Mr. Maurice Edwards, other senior government officials, as well as members of the opposition headed by Hon. Arnhim Eustace. The mission also met with representatives of the private sector and labor unions. At the end of the mission, Mrs. Thacker issued this statement: "St. Vincent and the Grenadines has been severely affected by the spillovers of the global crisis on tourism, remittances, and foreign direct investments. Economic activity contracted 0.6% in 2008 and 1% in 2009, after an average increase of about 8 percent in 2006-07. Inflation declined to 0.4 percent in 2009 from 10% in 2008, reflecting the decline in international food and fuel prices. The balances of the central government worsened in 2009. The overall deficit doubled to 3.3% of GDP and the primary surplus of 2008 disappeared to leave a near-zero deficit in 2009. The deficit was financed largely through issuance of Treasury bonds, leading to an increase in the total public sector debt to 75 percent of GDP, a jump of 7 percentage points from 2008. "Growth is expected to recover gradually over the medium term, reflecting the projected slow recovery in employment and consumer spending in tourism source economies. The fiscal deficit is expected to widen further this year, reflecting in part spending on some one-off items, including the bridge loan to the airport authority and resources for the financial sector. However, over the medium term, the authorities plan to reduce the deficit through a mix of revenue and expenditure measures to ensure that the debt-to-GDP ratio declines in line with the ECCB recommended target of 60 percent by 2020. "The banking sector requires close monitoring, as soundness indicators deteriorated in 2009. Also, uncertainty in the nonbank financial sector remains high, reflecting the fallout from the collapse of the CL Financial Group. In this context, the mission welcomed the authorities commitment to a regional strategy for resolving the issues related to this sector. Progress is also being made on establishing a Single Regulatory Unit to strengthen the supervision of the nonbank financial institutions. "Upon its return to Washington, the mission will prepare a report, to be discussed by the IMF's Executive Board, tentatively scheduled for July 2010. "The mission thanks the authorities for their warm hospitality and close cooperation." * * * As of May 23, 2010, St. Vincent and the Grenadines continues to carry Moody's "B1" foreign and local currency ratings. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Angostura Holdings to Publish Financials by July 30 ----------------------------------------------------------------- Angostura Holdings Limited has informed the T&T Stock Exchange that its audited financial accounts for 2008 and 2009, plus its first quarter 2010 financial accounts, will be published by July 30, 2010, Trinidad and Tobago Guardian reports. As reported in the Troubled Company Reporter-Latin America on July 14, 2009, Trinidad and Tobago Newsday said trading of Angostura Holdings' shares was suspended beginning July 13, on the TT Stock Exchange as it was unable to submit its 2008 accounts. The report related Angostura had already asked the Exchange for extensions -- April 30 and May 31 -- to get its accounts ready, but were unable to meet the deadlines; including the latest one on July 10. According to the report, the rum producer is grappling with the TT$600 million hole left by its parent, CL Financial Limited, and is now under government control. CL Financial owns 78% of the company. T&T Newsday pointed out that the main reason for the tardy publication of the accounts is that CL Financial had leveraged the company's profits against deals that looked like a sure bet at the time, including the US$676 million to finance the purchase of Lascelles deMercado in 2008. CL Financial owes Angostura money from the deals made over the years but given the conglomerate's debt, auditors are faced with trying to unravel the accounts, the report said. About CL Financial CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies showed a deficit between US$6 billion and US$8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ============= U R U G U A Y ============= CREDIT URUGUAY: Moody's Affirms D Bank Financial Strength Rating ------------------------------------------------------------------ Moody's Investors Service placed on review for possible upgrade the Ba1 long term global local currency, the Not Prime short term global local currency, and the Aa2.uy national scale local currency deposit ratings of Credit Uruguay Banco S.A. (Credit Uruguay). The bank financial strength rating (BFSR) of D, the long term foreign currency deposit rating of B1, the short term foreign currency deposit rating of Not Prime, and the national scale foreign currency deposit rating of A2.uy were affirmed, with stable outlooks. The rating action is in response to the agreement that Credit Agricole S.A. (CASA) has entered into with Banco Bilbao Vizcaya Argentaria Uruguay, S.A., (BBVAU) to sell, and ultimately merge, Credit Uruguay to BBVAU. The upgrade of Credit Uruguay's local currency deposits is therefore contingent upon the completion of its deal with BBVAU, and the approval by Uruguayan and Spanish regulatory authorities. BBVAU (not rated by Moody's) is a wholly owned subsidiary of Spain's Banco Bilbao Vizcaya Argentaria, S.A. (BBVA Spain, deposit rating Aa2/ B- BFSR). The review of the deposit ratings will assess the probability of support to the new merged entity that could be expected from Credit Uruguay's new controlling shareholder BBVA Spain, in a situation of stress. Moody's bank deposit rating methodology incorporates such elements of support into a bank's baseline credit assessment, and those may translate into notches of uplift to the deposit rating. Currently, Moody's assesses the probability of parental support for Credit Uruguay to be only moderate, which results in a one-notch enhancement to the baseline credit assessment of Ba2 to a deposit rating of Ba1. In affirming Credit Uruguay's D bank financial strength rating, Moody's indicated its relatively good financial fundamentals, and its high liquidity and improving asset quality indicators, in particular, despite a capitalization ratio that compares poorly to its Uruguayan peers'. Credit Uruguay's D bank financial strength rating also incorporates the challenges faced by Uruguayan banks including high dollarization, high competition, low financial intermediation, and limited access to long term funding. Headquartered in Montevideo, Uruguay, Credit Uruguay had US$1.3 billion in assets, US$580 million in loans, US$1.1 billion in customer deposits, and US$90 million in shareholders' equity, as of March 31, 2010. These ratings were placed on review for possible upgrade: - Long term global local currency deposit rating of Ba1 - Short term global local currency deposit rating of Not Prime - National Scale local currency deposit rating of Aa2.uy These ratings were affirmed: - Bank financial strength rating of D - Long term foreign currency deposit rating of B1 - Short term foreign currency deposit rating of Not Prime - National scale foreign currency deposit rating of A2.uy =============== X X X X X X X X =============== * BOND PRICING: For the Week May 17, to May 21, 2010 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT- DIS 5.83 12/31/2033 ARS 86.61667 ARGENT-$DIS 8.28 12/31/2033 USD 64.61166 ARGENT-$DIS 8.28 12/31/2033 USD 61.3375 ARGENT-PAR 1.18 12/31/2038 ARS 30.88438 ARGENT-DIS 7.82 12/31/2033 EUR 53.9442 ARGNT-BOCON PR13 2 3/15/2024 ARS 62.25635 BOGAR 2018 2 2/4/2018 ARS 110.95 BONAR X 7 4/17/2017 USD 69.74167 BUENOS AIRE PROV 9.375 9/14/2018 USD 72.985 BUENOS AIRE PROV 9.625 4/18/2028 USD 67.645216 BUENOS AIRE PROV 9.375 9/14/2018 USD 73.341355 BRAZIL CESP 9.75 1/15/2015 BRL 69.285932 CAYMAN ISLAND AES DOMINICANA 11 12/13/2015 USD 102.5 BANIF FIN LTD 3 12/31/2019 EUR 73.922 BARION FUNDING 1.44 12/20/2056 GBP 31.455177 BARION FUNDING 0.63 12/20/2056 GBP 17.843041 BCP FINANCE CO 4.239 EUR 60.9525 BCP FINANCE CO 5.543 EUR 63.55125 BES FINANCE LTD 5.58 EUR 64.857238 BES FINANCE LTD 6.984 2/7/2035 EUR 65.642 CHINA MED TECH 4 8/15/2013 USD 67.5 CHINA SUNERGY 4.75 6/15/2013 USD 72.897 DUBAI HLDNG COMM 4.75 1/30/2014 EUR 71.825 DUBAI HLDNG COMM 6 2/1/2017 GBP 68.55357 EFG ORA FUNDING 1.7 10/29/2014 EUR 64.35263 ESFG INTERNATION 5.753 #N/A Field Not EUR 59.416667 FERTINITRO FIN 8.29 4/1/2020 USD 69.5 INDEPENDENCIA IN 12 12/30/2016 USD 45.5 MAZARIN FDG LTD 1.44 9/20/2068 GBP 28.834041 PUBMASTER FIN 6.962 6/30/2028 GBP 72.96167 SHINSEI FIN CAYM 6.418 USD 62.8 SHINSEI FIN CAYM 6.418 USD 63.649688 SHINSEI FINANCE 7.16 USD 73 SOLARFUN POWER H 3.5 1/15/2018 USD 61.659 THPA FINANCE LTD 8.241 3/15/2028 GBP 61.62475 XL CAPITAL LTD 6.5 #N/A Field Not USD 71.875 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 54 PUERTO RICO CONS 6.5 4/1/2016 USD 58 VENEZUELA PETROLEOS DE VEN 5.5 4/12/2037 USD 44.454379 PETROLEOS DE VEN 5.375 4/12/2027 USD 45.407841 PETROLEOS DE VEN 5.125 10/28/2016 USD 53.444176 PETROLEOS DE VEN 5 10/28/2015 USD 54.481229 PETROLEOS DE VEN 4.9 10/28/2014 USD 59.900115 PETROLEOS DE VEN 5.25 4/12/2017 USD 54.843685 SIDETUR FINANCE 10 4/20/2016 USD 73 VENEZUELA 5.75 2/26/2016 USD 64.82307 VENEZUELA 7 12/1/2018 USD 60.57156 VENEZUELA 7.75 10/13/2019 USD 61.89315 VENEZUELA 6 12/9/2020 USD 54.74108 VENEZUELA 9 5/7/2023 USD 62.44417 VENEZUELA 8.25 10/13/2024 USD 59.64594 VENEZUELA 7.65 4/21/2025 USD 56.809 VENEZUELA 9.25 9/15/2027 USD 67.32899 VENEZUELA 9.25 9/15/2027 USD 71.359873 VENEZUELA 9.25 5/7/2028 USD 61.8 VENEZUELA 7 3/31/2038 USD 52.15102 VENEZUELA 7 3/31/2038 USD 56.119035 VENZOD - 189000 9.375 1/13/2034 USD 61.59677 *********** 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 * * *