/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100614.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, June 14, 2010, Vol. 11, No. 115 Headlines A N T I G U A & B A R B U D A CABLE & WIRELESS: LIME Backs Out of Rate Increases STANFORD INT'L: Court Dismiss Joint Liquidators From Office A R G E N T I N A ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30 ALUAR ALUMINIO: Cut to 'Hold' From 'Buy' at Santander on Outlook CAMUZZI GAS: Moody's Gives Negative Outlook; Affirms 'B2' Rating EXPOMAPICA SA: Creditors' Proofs of Debt Due on August 18 LIGHT GYM: Creditors' Proofs of Debt Due on September 1 S OFFICE: Creditors' Proofs of Debt Due on July 2 B R A Z I L BRASKEM SA: Concludes Greenhouse Effect Gas Inventory C A Y M A N I S L A N D S AALL GROUP: Shareholders' Final Meeting Set for July 12 ANCHORS AWEIGH: Shareholders' Final Meeting Set for July 12 ARUMON CAPITAL: Shareholders to Hear Wind-Up Report on July 8 BLUE VALLEY: Shareholders' Final Meeting Set for July 12 BRUNSWICK PARTNERS: Members' Final Meeting Set for July 8 BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21 BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21 CHRISTIE STREET: Shareholder to Hear Wind-Up Report on June 30 COMPASS S.E.: Shareholders' Final Meeting Set for July 12 DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28 DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28 EANYWHERE TECH: Members' Final Meeting Set for July 21 EMOBILE COMM: Members' Final Meeting Set for July 21 FLOATING RATE: Members to Hear Wind-Up Report on June 9 FORRESTER MARITIME: Shareholders' Final Meeting Set for July 12 KLEROS PREFERRED: Shareholders Receive Wind-Up Report SIRIOS EUROPE: Shareholders to Hear Wind-Up Report on July 9 SMAM ASIAN: Shareholders' Final Meeting Set for July 9 TIEDEMANN JAPAN: Shareholder to Hear Wind-Up Report on July 22 TRENDSQUARE LTD: Shareholders' Final Meeting Set for June 28 C O L O M B I A BANCO DE BAGOTA: Offer for GE Bank Gets No Response ECOPETROL SA: BP Colombia Ops Back to Normal as Workers End Strike C H I L E EMPRESAS IANSA: S&P Raises Rating to 'B-'; Gives Positive Outlook EMPRESAS IANSA: Moody's Upgrades Ratings to 'B-' From 'CCC+' E C U A D O R PETROECUADOR: Ecuador to Sign US$800 Million Pipeline Accord G U A T E M A L A * GUATEMALA: Gets US$35MM Loan to Improve Health & Nutrition J A M A I C A AIR JAMAICA: New Trinidad Government Looking at Airline Deal AIR JAMAICA: Gov't Receives Additional Grant to Divest Airline JPSCO: Workers Upset on Delayed IDT Ruling M E X I C O METROFINANCIERA SA: Mexican Court Backs Prepack Bankruptcy Plan P A R A G U A Y * PARAGUAY: Records 3.8% Decline in Real Gross Domestic Product T R I N I D A D & T O B A G O CL FIN'L: Finance Minister Appoints Appraisal Committee V E N E Z U E L A PETROLEOS DE VENEZUELA: Tankers Anchored After Oil Spill X X X X X X X X * BOND PRICING: For the Week June 4, to June 8, 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== CABLE & WIRELESS: LIME Backs Out of Rate Increases -------------------------------------------------- Cable & Wireless plc's LIME customers in Antigua and Barbuda won't increase its Internet and mobile rates after the company wrote to government acknowledging "there was a failure in identifying and implementing the requirements for price increases in [the country]," Caribbean360.com reports. As reported in the Troubled Company Reporter-Latin America on June 7, 2010, Caribbean360.com said that Antigua and Barbuda government has criticized LIME for taking a unilateral decision to increase Internet and mobile rates, describing the move as "unjustified" and in violation of the company's monopoly license, Caribbean360.com reports. The report related Minister of State in the Ministry of Information, Broadcasting and Telecommunications, Dr. Edmond Mansoor said LIME did not consult government on the move. According to the report, Dr. Mansoor said that in the absence of any dialogue with government as required under Clause 13 of the Cable and Wireless (West Indies) Limited Antigua and Barbuda Operating License, and without any empirical information to justify the rate increases, the government could not support LIME hiking the cost of Internet or mobile outbound services. About LIME LIME (Landline, Internet, Mobile, Entertainment), is a communications provider owned by the British based Cable & Wireless Communications plc operating in Anguilla, Antigua & Barbuda, Barbados, British Virgin Islands, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines and Turks & Caicos in the Caribbean. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB- "long-term foreign and local issuer credit ratings and "B" short- term foreign and local issuer credit ratings. STANFORD INT'L: Court Dismiss Joint Liquidators From Office ----------------------------------------------------------- Stanford International Bank Limited's joint liquidators, Nigel Hamilton-Smith and Peter Wastell, who were appointed by the Financial Services Regulatory Commission of Antigua and Barbuda, had been removed from office following a decision by the High Court of Antigua on June 8, 2010. Alternative liquidators are appointed. A written judgment has not been handed down by the Antiguan Court. The Joint Liquidators have been advised by their legal counsel that the basis of the decision, which has as yet only been given orally by the Judge, was incorrect and that it should be urgently appealed to the Eastern Caribbean Court of Appeal. Since their appointment, the Joint Liquidators have continued to make significant progress in their efforts to recover monies on behalf of the creditors and investors of SIB and, as recently as June 7, 2010, were recognized by the Swiss Financial Regulator as the officers to whom control of the SIB assets in Switzerland, totaling in excess of US$100 million, should pass. Following extensive negotiations, the Government of Antigua & Barbuda had also recently confirmed that the properties owned by SIB, which the Government had made moves to compulsorily purchase, would be released to the Joint Liquidators, as part of their ongoing efforts to obtain the maximum return for creditors. In addition, a settlement agreement between the Joint Liquidators and the United States Receiver was reached in late May 2010, which sought to bring to a conclusion the legal challenges that have taken place between them in relation to the assets of SIB that are located in Antigua, the United States, the United Kingdom and Canada. The Joint Liquidators wish to confirm that they will request a stay in the High Court decision pending their appeal to the Eastern Caribbean Court of Appeal to enable them to remain in office. The Joint Liquidators remain focused on recovering the assets of SIB for creditors. All SIBL investors who have not yet registered their claim on the Online Claims Management System should do so via the Web site at https://stanford.vantisplc.com/, where their claims will continue to be processed. About Vantis Vantis Business Recovery Services -- http://www.vantisplc.com/-- is a trading division of Vantis Group Ltd, which is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Vantis Group Ltd is a Vantis plc group company. Vantis is the AIM listed UK accounting, tax and business advisory group. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= ACTIVA COMERCIAL: Creditors' Proofs of Debt Due on August 30 ------------------------------------------------------------ The court-appointed trustee for Activa Comercial 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 11, 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 22, 2010. ALUAR ALUMINIO: Cut to 'Hold' From 'Buy' at Santander on Outlook ---------------------------------------------------------------- Ian Sayson at Bloomberg News reports that Aluar Aluminio Argentino SAIC had its stock rating lowered to "hold' from ''buy'' by Banco Santander SA analyst Victoria Santaella, on June 11, 2010. The report relates Ms. Santaella said that there is ''no clear catalyst in the short term.'' "Higher aluminum prices in 2010 are already priced in," the report quoted Ms. Santaella as saying. The stock's 12-month share price estimate was increased to ARS5.43 from ARS4.90, she added. Headquartered in Buenos Aires, Argentina, Aluar is the only primary aluminum producer and the main semi-manufactured aluminum maker in Argentina. With total revenues of US$1 billion as of the last twelve months ending March 31, 2009, 25% of Aluar's production is sold in the Argentine domestic market and the remaining 75% is exported worldwide. * * * As reported in the Troubled Company Reporter-Latin America on September 4, 2009, Moody's Latin America has assigned a B2 global local currency to US$50 million in new senior unsecured local notes due 2014 to be issued by Aluar Aluminio Argentino S.A.I.C. At the same time, Moody's affirmed Aluar's B2 global local currency corporate family rating. The outlook for all ratings is stable. CAMUZZI GAS: Moody's Gives Negative Outlook; Affirms 'B2' Rating ---------------------------------------------------------------- Moody's Latin America has changed Camuzzi Gas Pampeana's rating outlook to negative from stable and affirmed the existing B2 and A2.ar Corporate Family ratings. The outlook change is prompted by the company's sustained weakened margins and cash flow generation in the absence of tariff relief, and Moody's view that such margins will continue to deteriorate for the foreseeable future. The B2 and A2.ar Corporate Family Ratings affirmation for Pampeana reflects the company's stable operations, and very low leverage. The rating also incorporates uncertainty about the regulatory framework and the regulatory risk profile of Pampeana's operations in Argentina as Pampeana's tariffs have remained frozen for almost 10 years. While there have been efforts and negotiations to increase the tariffs during that period, to date, there has not been any concrete action to implement an increase. Given the country's high inflation rates, Pampeana's ability to produce a profit is problematic and cash flow generation is weakening. Pampeana's B2 local currency rating reflects its global default and loss expectation, while the A2.ar national scale rating reflects the standing of Pampeana'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 A2.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. Pampeana's main liquidity sources are cash on hand, internal cash flow generation and availability of about ARS 40 million under of non-committed bank credit lines. At March 2010, Pampeana's cash on hand was approximately ARS69 million while short term debt was about ARS63 million. Moody's believes that Pampeana will use the combination of internal cash generation and cash on hand to fund increasing winter working capital needs, satisfy maintenance capital expenditures, and to meet debt service obligations, including the repayment of short-term debt, over the next twelve months. Considering Pampeana's current capital expenditures and low debt levels, Moody's expects Pampeana to continue generating slightly positive free cash flow. It will however, need to maintain access to bank credit lines to finance its short term cash needs. As such, continued access to bank credit lines remains an important rating consideration. The negative outlook reflects Moody's view that Pampeana's margins and cash flow generation will continue to experience negative pressure, given the high inflation rates prevailing in Argentina and the prolonged delay of the required tariff adjustment. If Pampeana's margins continue their downward trend and additional cost pressures are not addressed by an increase or adjustment to its tariffs, the ratings could be downgraded. Additionally, any sudden change to the company's liquidity profile could negatively affect ratings. Also, an adverse change in the fundamental regulatory framework for the industry or an unanticipated change to an aggressive financial policy could lead to negative rating actions. Moody's observes that during 2009 the company paid dividends of $74 million to its owners. Quantitatively, negative free cash flow or debt to EBITDA that exceeds 2.0x could also lead to a rating downgrade. In light of the negative rating outlook, limited near-term prospects exist for the rating to be upgraded. To stabilize ratings, Pampeana should be able to recover its increased costs to some extent and begin to reverse the negative margin trend on a sustainable basis. Longer-term, upward rating pressure is possible from a more predictable tariff regime and a more transparent regulatory environment for the company's operations. Camuzzi Gas Pampeana is an Argentinean gas distribution utility, operating in Buenos Aires and La Pampa Provinces, with over 1 million clients and annual revenues of more than AR$520 million. EXPOMAPICA SA: Creditors' Proofs of Debt Due on August 18 --------------------------------------------------------- The court-appointed trustee for Expomapica S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until August 18, 2010. The trustee will present the validated claims in court as individual reports on September 29, 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 11, 2010. LIGHT GYM: Creditors' Proofs of Debt Due on September 1 ------------------------------------------------------- The court-appointed trustee for Light Gym Asociacion Civil's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 1, 2010. The trustee will present the validated claims in court as individual reports on October 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 November 26, 2010. S OFFICE: Creditors' Proofs of Debt Due on July 2 ------------------------------------------------- The court-appointed trustee for S Office S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until July 2, 2010. The trustee will present the validated claims in court as individual reports on September 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 October 13, 2010. =========== B R A Z I L =========== BRASKEM SA: Concludes Greenhouse Effect Gas Inventory ----------------------------------------------------- Braskem SA reduced by 13.6% of greenhouse effect emissions since 2007, reaching 7.3 million tons of CO2 equivalents in 2009 due to the investments in energetic efficiency, to the discontinuity of some operations that were intensive in emissions and the other operational improvements. With this evolution, Braskem SA took another important step in the strategy of performing in consonance with sustainable development and advanced in the fulfillment of the public commitment "You must mature to be green", which it disclosed in 2009, where it committed to, among other things, to reduce the intensity of greenhouse effect gas emissions. The index truly cut the CO2 equivalent 0.80 per ton of the product in 2007 to 0.71 in 2009. All the eco-efficiency indicators, which presented the emissions and consumptions per ton of production, also improved expressively between 2002 and 2009. The generation of residues dropped 61%, of waste waters 40%, water consumption 19% and energy, 12%. In 2002, when Braskem was formed, it went from an average level of investments in improvements in the installations in health, security and environment of R$40 million, between 2003 and 2004, to R$ 140 million between 2005 and 2008. This was linked to the improvement of the practices and management as a whole. When Braskem got past the strategic integration phase, there was growth in the investment in Health, Security and Environment in 2009 to another level, when almost R$290 million invested. About Braskem S.A. Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of May 20, 2010, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch Ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating ========================== C A Y M A N I S L A N D S ========================== AALL GROUP: Shareholders' Final Meeting Set for July 12 ------------------------------------------------------- The shareholders of AALL Group Inc. will hold their final meeting, on July 12, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 ANCHORS AWEIGH: Shareholders' Final Meeting Set for July 12 ----------------------------------------------------------- The shareholders of Anchors Aweigh Ltd. will hold their final meeting, on July 12, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 ARUMON CAPITAL: Shareholders to Hear Wind-Up Report on July 8 ------------------------------------------------------------- The shareholders of Arumon Capital, Ltd will receive, on July 8, 2010, at 4:00 p.m., the liquidator's report on the company's wind- up proceedings and property disposal. 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 BLUE VALLEY: Shareholders' Final Meeting Set for July 12 -------------------------------------------------------- The shareholders of Blue Valley Investments Limited will hold their final meeting, on July 12, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 BRUNSWICK PARTNERS: Members' Final Meeting Set for July 8 --------------------------------------------------------- The members of Brunswick Partners Six Limited will hold their final meeting on July 8, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Edward Allanby c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21 --------------------------------------------------------------- The sole shareholder of BTG Pactual Latin America Income Fund Ltd. will receive, on July 21, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 BTG PACTUAL: Sole Shareholder to Hear Wind-Up Report on July 21 --------------------------------------------------------------- The sole shareholder of BTG Pactual Strategy Fund, Ltd. will receive, on July 21, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 CHRISTIE STREET: Shareholder to Hear Wind-Up Report on June 30 -------------------------------------------------------------- The sole shareholder of Christie Street Capital Fund, Ltd. will receive, on June 30, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949-9876 COMPASS S.E.: Shareholders' Final Meeting Set for July 12 --------------------------------------------------------- The shareholders of Compass S.E. Ltd. will hold their final meeting, on July 12, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28 ----------------------------------------------------------------- The shareholders of Dinvest Concentrated Opportunities III Exquity Ltd. will hold their final meeting, on June 28, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 DINVEST CONCENTRATED: Shareholders' Final Meeting Set for June 28 ----------------------------------------------------------------- The shareholders of Dinvest Concentrated Opportunities Ltd. will hold their final meeting, on June 28, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 EANYWHERE TECH: Members' Final Meeting Set for July 21 ------------------------------------------------------ The members of Eanywhere Tech, Inc. will hold their final meeting, on July 21, 2010, at 10:00 a.m.., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nien-Hung Chung c/o Donald M. Miller Telephone: 949-4544 Facsimile: 949-8460 Charles Adams, Ritchie & Duckworth P.O. Box 709, Zephyr House Mary Street, George Town Grand Cayman KY1-1107 EMOBILE COMM: Members' Final Meeting Set for July 21 ---------------------------------------------------- The members of Emobile Comm, Inc. will hold their final meeting on July 21, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nien-Hung Chung c/o Donald M. Miller Telephone: 949-4544 Facsimile: 949-8460 Charles Adams, Ritchie & Duckworth P.O. Box 709, Zephyr House Mary Street, George Town Grand Cayman KY1-1107 FLOATING RATE: Members to Hear Wind-Up Report on June 9 ------------------------------------------------------- The members of Floating Rate Senior Loan Fund II Limited will receive, on June 9, 2010, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kirsten Le Pape c/o Turner & Roulstone Management Ltd. Strathvale House, 3rd Floor 90 North Church Street P.O. Box 2636, George Town Grand Cayman KY1-1102, Cayman Islands c/o Gavin Lowe Telephone: 1 345 943 5555 FORRESTER MARITIME: Shareholders' Final Meeting Set for July 12 --------------------------------------------------------------- The shareholders of Forrester Maritime Limited will hold their final meeting, on July 12, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Shaunessy The Crighton Building, Suite 201 256 Crewe Road, P.O. Box 1166 Grand Cayman KY1-1102 KLEROS PREFERRED: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Kleros Preferred Funding VI, Ltd. received, on July 9, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House. 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SIRIOS EUROPE: Shareholders to Hear Wind-Up Report on July 9 ------------------------------------------------------------ The shareholders of Sirios Europe Fund, Ltd. will receive, on July 9, 2010, at 8:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1 9002, Cayman Islands SMAM ASIAN: Shareholders' Final Meeting Set for July 9 ------------------------------------------------------ The shareholders of SMAM Asian Dynasty Master Fund, Ltd will hold their final meeting, on July 9, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 TIEDEMANN JAPAN: Shareholder to Hear Wind-Up Report on July 22 -------------------------------------------------------------- The sole shareholder of Tiedemann Japan QP Ltd. will receive, on July 22, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 TRENDSQUARE LTD: Shareholders' Final Meeting Set for June 28 ------------------------------------------------------------ The shareholders of Trendsquare Ltd. will hold their final meeting, on June 28, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 =============== C O L O M B I A =============== BANCO DE BAGOTA: Offer for GE Bank Gets No Response --------------------------------------------------- Inti Landauro and Bob Sechler at Dow Jones Newswires report that Banco de Bogota SA's offer to buy 100% of Central American bank BAC-Credomatic, which is controlled by General Electric Co.'s financial arm, received no answer. The report relates that Banco de Bogota had offered to buy 100% of the shares of BAC-Credomatic and set a deadline for an answer by 5 p.m. EDT June 10, 2010. According to the report, GE paid about US$500 million for a 49.9% stake in BAC-Credomatic in 2005. The report relates that it upped the stake to 75% last year. Since then, the report says, GE has been moving to downsize its big but troubled financial arm, GE Capital. Dow Jones Newswires notes that Bob Rendine, a GE Capital spokesman, reiterated the broad goal but declined to comment on any specific plans or deals involving BAC-Credomatic. "We have said only that GE Capital continues to evaluate its entire portfolio -- including BAC -- with the objectives of determining long-term fit and to shrink the overall size of GE Capital's balance sheet," Mr. Rendine said in an emailed response obtained by the news agency. Banco de Bogota, the report notes, said that it will continue to explore opportunities to expand its business. About Banco de Bogota Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota -- http://www.bancodebogota.com-- is a private national bank involved in all activities associated with a commercial banking institution as regulated by Colombian law. On a national level, it also operates through subsidiaries: Corporacion Financiera Colombiana S.A., an investment bank; Almacenes Generales de Deposito "Almaviva S.A.", a products supply logistics company; Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del Comercio "Fiducomercio S.A.", trust and portfolio investment companies; Leasing Bogot S.A., a leasing company; Valores Bogot S.A., a provider of brokerage services; and Fondos de Pensiones y Cesantias Porvenir, a pensions and suspensions administrator. The Bank operates 275 offices, five corporate service centers and a banking attention center. The company also has affiliates in Panama, Nassau, Miami, and New York. * * * As of January 25, 2010, the company continues to carry Moody's Ba2 Foreign LT Bank Deposits rating. ECOPETROL SA: BP Colombia Ops Back to Normal as Workers End Strike ------------------------------------------------------------------ BP PLC operations in Colombia's Cusiana gas field are back to normal as workers have ended a two-week strike, Inti Landauro at Dow Jones Newswires reports. The report relates that Daniel Rico, a member of the union's negotiating team, and Poly Martinez, a spokeswoman from BP, said the strike ended over the past long weekend. Negotiations will resume June 15, 2010, they added. As reported in the Troubled Company Reporter-Latin America on June 7, 2010, Dow Jones Newswires said that workers at BP PLC operations in Colombia are striking and blocking the entrance of a natural-gas processing plant at the Cusiana field, eastern Casanare province. According to the report, the striking workers are building a plant to process natural gas and allow an increase of output to 300 million cubic feet a day in Cusiana. The report related that said all 400 workers are on strike and are demanding higher wages, though the salaries are reasonable. The report said that salaries are as low as COP515,000 (US$262) a month. The workers, the report moted, are also blocking access to producing facilities, but output has continued normally. BP operates the gas field in partnership with Ecopetrol SA and French oil company Total SA. BP owns 31% of the field, while Ecopetrol owns 50% and Total owns the remaining 19%. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As of May 20, 2010, the company continues to carry Standard and Poor's "BB+" LT Issuer Credit ratings. The company also continues to carry Fitch Ratings' "BB+" LT FC Issuer Default ratings and "BB+" Senior Unsecured Debt rating. ========= C H I L E ========= EMPRESAS IANSA: S&P Raises Rating to 'B-'; Gives Positive Outlook ----------------------------------------------------------------- On June 10, 2010, Standard & Poor's Rating Services upgraded its rating on Chilean sugar producer Empresas Iansa S.A. to 'B-' from 'CCC+'. The outlook is positive. The rating action reflects the improvements in IANSA's financial flexibility and operating performance during the past two quarters, as well as its successful equity increase concluded in March 2010. IANSA's improved operating performance is a result of record price levels for sugar in the past three quarters -- raw sugar prices (contract #11) averaged U.S. 26 cents per pound in first-quarter 2010. In addition, IANSA's main operating cost (sugar beet production) declined significantly in 2010 thanks to disappointing results for alternative crops, which reduced the company's cash cost while expanded its land availability. Furthermore, in March 2010, IANSA completed a $51 million capital increase, $25 million of which was used to purchase Chilean importer, E.D.&F. Man Chile Ltda., one month later, raising IANSA's market share in the Chilean sugar market to an estimated 75% from around 50%. Although figures are not fully comparable due to the change in reporting standards (which involved the deconsolidation of its subsidiary Patagonia Investment S.A.), the company's EBITDA generation materially improved, reaching $16 million in first- quarter 2010. Assuming prices for raw sugar steadily falling back to near 15 cents per pound and current agricultural conditions continuing, S&P's base case scenario suggests the firm will see its EBITDA levels close to $35 million in 2010 and $25 million in 2011. IANSA's ratings also reflect its commodity-type business and its dependence on Chilean sugar beet production (which introduces volatility) and its exposure to refinancing risk in 2012, when $87 million on its bullet bond comes due. These factors are partially counterbalanced by the company's leading position in the Chilean sugar market, its longstanding commercial relationships with farmers, and its nationwide distribution network.In S&P's opinion IANSA's liquidity position, as of March 31, 2010, has improved, with cash holdings of $102 million compared with short- term debt of about $32 million (excluding $19.6 million in sugar- delivery commitments). Although $25 million was used for the E.D.&F. Man Chile acquisition, the company's short-term financial flexibility is likely to continue improving on enhanced operating performance. This would allow IANSA to reduce its debt further by year-end 2010 while maintaining a robust cash position. In S&P's opinion, IANSA's main challenge from a financial standpoint is refinancing its debt amortization schedule, which is concentrated in July 2012. On the other hand, IANSA's subsidiary Patagoniafresh had short-term bank commitments for $32 million as of March 2010, which mature in December 2010. S&P expects that debt to fall to a more-manageable $20 million-$25 million by year- end. Even though IANSA has only an effective 33% share in Patagoniafresh, S&P will monitor its financial flexibility since S&P believes IANSA would support its subsidiary in case of need. Although IANSA's inability to raise debt beyond $170 million continues -- given that by year-end 2009 it remained noncompliant with one of the financial covenants on its bonds, S&P is less concerned about this because S&P thinks the company will be in compliance by year-end 2010. The positive outlook reflects S&P's expectation that S&P could raise IANSA's ratings if the company further strengthens its financial flexibility in 2010 and 2011. A reduction in debt position to near $100 million by year-end 2010 coupled with a sound cash position would be consistent with the expected credit strengthening. A potential upgrade would also require favorable business conditions, particularly with regards to sugar beet costs and sugar prices. On the other hand, S&P may revise the outlook to stable as a consequence of unsatisfactory free cash generation and/or more-challenging business conditions. EMPRESAS IANSA: Moody's Upgrades Ratings to 'B-' From 'CCC+' ------------------------------------------------------------ Standard & Poor's Rating Services said that it has upgraded its rating on Chilean sugar producer Empresas Iansa S.A. to 'B-' from 'CCC+'. The outlook is positive. "The rating action reflects the improvements in IANSA's financial flexibility and operating performance during the past two quarters, as well as its successful equity increase concluded in March 2010," said Standard & Poor's credit analyst Diego Ocampo. IANSA's improved operating performance is a result of record price levels for sugar in the past three quarters -- raw sugar prices (contract #11) averaged U.S. 26 cents per pound in first-quarter 2010. In addition, IANSA's main operating cost (sugar beet production) declined significantly in 2010 thanks to disappointing results for alternative crops, which reduced the company's cash cost while expanded its land availability. Furthermore, in March 2010, IANSA completed a $51 million capital increase, $25 million of which was used to purchase Chilean importer, E.D.&F. Man Chile Ltda., one month later, raising IANSA's market share in the Chilean sugar market to an estimated 75% from around 50%. IANSA's ratings also reflect its commodity-type business and its dependence on Chilean sugar beet production (which introduces volatility) and its exposure to refinancing risk in 2012, when $87 million on its bullet bond comes due. These factors are partially counterbalanced by the company's leading position in the Chilean sugar market, its longstanding commercial relationships with farmers, and its nationwide distribution network. "The positive outlook reflects S&P's expectation that S&P could raise IANSA's ratings if the company further strengthens its financial flexibility in 2010 and 2011. A reduction in debt position to near $100 million by year-end 2010 coupled with a sound cash position would be consistent with the expected credit strengthening," Mr. Ocampo added. "A potential upgrade would also require favorable business conditions, particularly with regards to sugar beet costs and sugar prices. On the other hand, S&P may revise the outlook to stable as a consequence of unsatisfactory free cash generation and/or more-challenging business conditions." ============= E C U A D O R ============= PETROECUADOR: Ecuador to Sign US$800 Million Pipeline Accord ------------------------------------------------------------ Peru will sign a letter of intent with Ecuador for an US$800 million oil pipeline connection, Alex Emery at Bloomberg News reports, citing Petroleos del Peru SA Chief Executive Officer Luis Rebolledo. Petroperu aims to carry excess crude to the northern port of Bayovar from Petroecuador's southern Amazon jungle fields, Mr. Rebolledo told the news agency in an interview. According to the report, the crude will go through Peru's three- quarters empty 200,000 barrel-a-day pipeline. "It's a very important project," the report quoted Mr. Rebolledo as saying. Mr. Rebolledo, the report notes, said that Ecuador and Peru are trying to boost production of oil as declining revenue crimps government finances. Petroperu may sell bonds next year to finance a US$1.3 billion expansion of its biggest refinery, Talara, Mr. Rebolledo added. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. In previous years, Petroecuador, according to published reports, was faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much- needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. In 2008, a new management team was appointed to turn around the company's operations. ================= G U A T E M A L A ================= * GUATEMALA: Gets US$35MM Loan to Improve Health & Nutrition ------------------------------------------------------------ Guatemala will improve access and quality of health and nutrition services for its most vulnerable citizens with a US$35 million loan approved by the Board of Executive Directors of the Inter- American Development Bank. The program will expand coverage and improve the quality of basic health care services at the primary level of care for some of Guatemala's poorest rural communities. It will focus particularly on maternal and child care, improving the effectiveness of Guatemala's preventive nutrition program, and the delivery of vital micronutrient supplements to pregnant women and children under age two, as well as providing basic health services such as prenatal controls, immunizations, postpartum care and other services. The IDB loan will also finance the construction and refurbishment of health facilities in underserved areas and training of health professionals to address nutrition and maternal and child health problems commonly found in poor and rural areas of Guatemala. A particular effort will be made to recruit health care providers who speak local languages to work in Mobile Medical Groups that provide services in remote areas and train them in intercultural issues. Finally, the program will improve the quality and reliability of information and monitoring and supervision system for the primary and secondary levels of care. To ensure that resources go to the neediest, the program will focus on at least 45 of the 147 municipalities that currently have priority status based on poverty under Guatemala's conditional cash transfer program, known as Mi Familia Progresa. Two subsequent stages of the program are planned that would extend its reach to the remaining high-priority municipalities. Guatemala has made substantial improvements in the health of its population, increasing life expectancy by nearly 10 years and decreasing maternal and infant mortality. Nevertheless, 43.4% of children under the age of five suffer chronic malnutrition. Many Guatemalans do not use formal health care systems, for reasons that include lack of economic resources and cultural and geographical factors. Approximately 95% of low-income Guatemalans must travel for over an hour to reach health care providers. As a result of the program, by 2014 chronic malnutrition is expected to decrease from 44.5% to 38.5% in children 6- to 24- month-old in the 45 municipalities targeted for the first phase. The proportion of these children affected by anemia is expected to drop from 65% to 53.6%. The population that is effectively covered by Mobile Medical Groups is expected to increase by 343,000 people. By 2014 the program is intended to refurbish 47 health posts and construct 12 new ones. The IDB loan consists of US$28 million from the Bank's ordinary capital with a 30-year term, a 66-month grace period and a fixed interest rate, plus a US$7 million loan from the Fund for Special Operations with a 40-year term, a 40-year grace period and 0.25 percent interest rate. ============= J A M A I C A ============= AIR JAMAICA: New Trinidad Government Looking at Airline Deal ------------------------------------------------------------ Trinidad and Tobago Finance Minister Winston Dookeran said that the new government was concerned over the operations of the national airline, Caribbean Airlines and its recent agreement with Air Jamaica Limited, Gleaner/Power 106 News reports. The report relates that under the agreement, the Jamaica government will own 16% of CAL as part of the conditions for the local airline taking over the lucrative routes of the cash-strapped Air Jamaica. According to the report, Mr. Dookeran said that the Ministry of Finance would be called upon to take a position on "many financial challenges ahead of us in that particular arrangement." "To that end I have also advised the Cabinet of the appointment of an appraisal committee headed by Mr. Conrad Aleong (former airline executive) . . . to do an immediate appraisal . . . and the directions that we must set as we tackle that problem," the report quoted Mr. Dookeran as saying. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AIR JAMAICA: Gov't Receives Additional Grant to Divest Airline -------------------------------------------------------------- The United States government has provided additional grant funding to the Jamaica government for the divestment of Air Jamaica Limited, Gleaner/Power 106 News reports. The report relates that the grant is in the amount of US$221,000 or JA$19.12 million. According to the report, the grant was signed by Finance Minister Audley Shaw and Isaiah Parnell, Charge de Affairs, at the US Embassy in Kingston. "The grant will be used to fund technical assistance for the development of corporate and regulatory support," said the report quoted Mr. Shaw as saying. Mr. Shaw, the report notes, also said that the money will go towards assisting with the structure and completion of the documentation for the transition and final agreements for the divestment of Air Jamaica. The U.S. government had previously provided the Jamaican government with US$820,000 grant in 2008, the report recalls. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. JPSCO: Workers Upset on Delayed IDT Ruling ------------------------------------------ Some categories of workers at the Jamaica Public Service Company are said to be upset at the length of time it has taken the Industrial Disputes Tribunal to hand down an award in their dispute with the management of the power company, RadioJamaica reports. The report relates that the dispute arose over the non- payment of overtime and redundancy payments for the period 2001 and 2007. According to the report, the Union of Clerical, Administrative and Supervisory Employees said that the IDT held its last sitting on April 9. The report notes General Secretary of the union, Senator Navel Clarke, said that the workers were told that an award would be made in 21 days. However, to date there has been no word and this is not going down well with the JPSCO workers, the report says. "This is what they are fighting for and also the redundancy payment that was made to people who would have been entitled to a higher salary at the time that they calculated their redundancy payment. This is something the workers have vowed not to give up under any circumstance whatsoever; no matter what they are going to fight on to get what is rightfully theirs," the report quoted Mr. Clarke as saying. The union represents 400 JPS employees. 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 million to JM$600 million in retroactive, overtime and redundancy payments. =========== M E X I C O =========== METROFINANCIERA SA: Mexican Court Backs Prepack Bankruptcy Plan --------------------------------------------------------------- Metrofinanciera, S. A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad no Regulada has received a court approval for its pre-packaged bankruptcy plan after it defaulted on debt early last year, according to an article by Dow Jones Daily Bankruptcy Review posted at American Bankruptcy Institute's abi.org Web site. According to Dow Jones, the lender said in a filing with the Mexican Stock Exchange that, "in the coming days, Metrofinanciera will start the process to exchange securities in the period and terms outlined in the bankruptcy agreement, giving way to the creation of a new shareholder structure." According to the report, Metrofinanciera is one of the first companies in Mexico to restructure its debt under the country's pre-packaged bankruptcy laws. The report relates that nonbank lenders such as Metrofinanciera were especially hard hit by last year's recession and market volatility because of their dependence on funding from short-term debt, mortgage bonds and development bank loans. Unlike commercial banks, the report notes, non-bank lenders are prohibited by law from taking deposits from the public. About Metrofinanciera SA Headquartered in Monterrey, Mexico, Metrofinanciera, S. A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad no Regulada -- http://www.metrofinanciera.com.mx/-- specializes in real estate credit and housing development in Mexico. Founded in 1996 in Monterrey, it offers financial services and consulting for all phases of real estate projects: housing construction, advance sales, public works and commercialization. The company also offers products in life, damage and unemployment insurance. * * * As reported in the Troubled Company Reporter-Latin America on February 11, 2010, Standard & Poor's Ratings Services affirmed its credit ratings on two series of Metrofinanciera S.A. de C.V. SOFOM E.N.R.'s construction loan securitizations and removed them from CreditWatch negative. =============== P A R A G U A Y =============== * PARAGUAY: Records 3.8% Decline in Real Gross Domestic Product --------------------------------------------------------------- The Executive Board of the International Monetary Fund concluded on June 4, 2010, the Article IV consultation with Paraguay. During 2003-08, Paraguay took advantage of the favorable global conditions to strengthen economic performance. The government ran a sizable primary surplus, which cut public debt to less than 25% of GDP by end-2008. The central bank maintained a prudent monetary policy, supported by exchange rate flexibility. Structural reforms advanced in several areas, including financial supervision, budget management, and the tax system. As a result, real GDP rose by 5% a year during 2003-08, inflation declined to 7.5% during 2008, and net international reserves reached almost US$3 billion by end-2008. In 2009, the global financial crisis coupled with a severe drought buffeted the economy, causing a 3.8% decline in real GDP. Exports fell sharply in response to the effect of the drought on agricultural production (about one quarter of the economy) as well as the depressing effect of the global crisis on world commodity prices and growth in trading partners. With the strong links between agriculture and the rest of the economy, real domestic demand declined and imports plummeted. This, together with the reversion of international commodity prices, brought headline inflation down to 2% and slowed the growth in credit to the private sector. Banks held up relatively well during the downturn but some signs of stress appeared in the cooperative sector. In 2009, the authorities shifted policies to support aggregate demand. The central government scaled back the primary surplus, resulting in a fiscal impulse of 2% of GDP. The central bank focused on providing ample liquidity to the banking system and made partially sterilized purchases of foreign exchange to smooth currency volatility, which depreciated by 7% in real effective terms in 2009. The capital account surplus expanded to 5 1/2% of GDP, especially reflecting repatriations by residents seeking a safe haven for their assets, and net international reserves reached US$3.8 billion (25% of GDP and 340% of short-term debt on remaining maturity basis). In 2010, the prudent stance of demand policies, as well as the global recovery and the favorable weather conditions, are expected to help real GDP to grow by 6%. The projected rebound in agriculture production and faster growth in key trading partners will boost exports and private demand. These trends, together with rising international commodity prices, are expected push inflation up and widen moderately the external current account deficit. With continued net capital inflows, net international reserves would rise to US$4.1 billion. The overall balance of the central government is expected to be in equilibrium, while the central bank intends to withdraw excess liquidity as necessary to limit inflation to no more than 5%. Executive Board Assessment Executive Directors commended the Paraguayan authorities for preserving macroeconomic stability in 2009 in the face of a severe drought and the global financial crisis. Sound macroeconomic policies in recent years had permitted the timely shift to a countercyclical stance, which had helped limit the fall in real GDP. A rebound in growth is expected for 2010, underpinned by the continuation of prudent demand policies while keeping inflation under control. Directors noted, however, that the economy remains vulnerable to swings in commodity prices, weather-related shocks, and financial risks associated with high dollarization and the operations of savings and loans cooperatives. These highlight the need to continue to press ahead with the ambitious agenda of institutional reforms and export diversification, with Fund technical assistance as appropriate. Directors emphasized the importance of fiscal reforms, aimed at increasing the tax ratio, strengthening fiscal management, and reducing fiscal risks. They supported the authorities' objective of keeping public debt at prudent levels, which would be facilitated by the adoption of a medium-term fiscal framework. This would require curtailing current spending, as well as continued efforts to strengthen tax administration and broaden the tax base, including further steps to increase taxation on agribusiness activities. These measures would help preserve sufficient fiscal space for public investment and social spending. Directors called for the implementation of the personal income tax without further delay. They also encouraged continued efforts to enhance the efficiency of public enterprises, including through public-private partnerships, with a view to increasing the competitiveness of economic sectors critical for growth. To keep inflation in check, Directors encouraged the authorities to begin to withdraw excess liquidity from the banking system and raise the policy interest rate above the expected rate of inflation. They supported the goal of adopting an inflation- targeting framework over the medium term, and looked forward to the early implementation of the recently-approved law for the recapitalization of the central bank-a step critical to increasing its credibility and operational flexibility. The development of secondary markets for government securities would also help strengthen the central bank's liquidity management. Directors welcomed the authorities' intention to maintain exchange rate flexibility for the guarani, which appears to be at a level consistent with its fundamentals. In the financial sector, Directors welcomed ongoing efforts to strengthen the supervisory and regulatory framework for cooperatives. They recommended extending prudential norms for banks to cooperatives to limit the scope for regulatory arbitrage, and moving toward a unified supervisory framework for all financial institutions. Measures to improve compliance with the Basel Core Principles through modifications in regulations would help preserve the quality of bank loans as credit picks up. Directors looked forward to the upcoming Financial Sector Assessment Program update. * * * As of June 11, 2010, the company continues to carry Moody's "B3" Long Term rating and Curr issuer ratings. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Finance Minister Appoints Appraisal Committee ------------------------------------------------------- Trinidad and Tobago Finance Minister Winston Dookeran said that he had appointed a three-member team to prepare an appraisal report on the operations of CL Financial Limited, Gleaner/Power 106 News reports. According to the report, Mr. Dookeran said that the team would include former finance minister Wendell Mottley and had been tasked with undertaking "an appraisal report on what is at stake, the size of the problem is and the possible options for the future are". "They will then advice me and through me the Cabinet as to how we shall proceed to stop the bleeding from this particular area," the report quoted Mr. Dookeran as saying. "We are very concerned about the protection of the depositors and that will definitely be one of our concerns as we address the issue of CLICO and CL Financial," he added. 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. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Tankers Anchored After Oil Spill -------------------------------------------------------- Marianna Parraga at Reuters reports that an oil spill in Venezuela's Lake Maracaibo has forced Petroleos de Venezuela to anchor several U.S.-bound tankers and added to the problems afflicting the state oil company. The report relates that the spill was initially denied by PDVSA. The company later said it was cleaning it up after images of the leak were broadcast by local media. According to the report, traders said at least five tankers had been coated in oil floating on the surface of the lake in the west of the country, where much of the OPEC nation's crude is produced. "The tankers that load at Bajo Grande terminal have hulls coated in crude . . . they were destined for the United States but they cannot navigate in that condition," one oil shipping source who declined to be named told Reuters. The report notes the source said that the tankers had to be cleaned manually, and that was delaying loading operations in Maracaibo. The spill continued to spread and could affect other vessels, the source added. PDVSA said in a statement obtained by the news agency that some 50 local fishermen were working on cleaning up the spill. 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" local currency issuer rating. The company also continues to carry Standard and Poor's "B+" LT Issuer credit ratings. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 4, to June 8, 2010 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENT- DIS 5.83 12/31/2033 ARS 93.11126 ARGENT-$DIS 8.28 12/31/2033 USD 64.98033 ARGENT-$DIS 8.28 12/31/2033 USD 61.9025 ARGENT-$DIS 8.28 12/31/2033 USD 63.995 ARGENT-PAR 1.18 12/31/2038 ARS 31.39654 ARGENT-?DIS 7.82 12/31/2033 EUR 54.99188 ARGNT-BOCON PR13 2 3/15/2024 ARS 68.70418 BONAR X 7 4/17/2017 USD 72.2 BUENOS AIRE PROV 9.375 9/14/2018 USD 71.585 BUENOS AIRE PROV 9.375 9/14/2018 USD 71.28638 BUENOS AIRE PROV 9.625 4/18/2028 USD 69.10275 MENDOZA PROVINCE 5.5 9/4/2018 USD 77.36674 BRAZIL CESP 9.75 1/15/2015 BRL 69.87906 CAYMAN ISLAND BANIF FIN LTD 3 12/31/2019 EUR 74.199 BARION FUNDING 0.63 12/20/2056 GBP 17.22474 BARION FUNDING 1.44 12/20/2056 GBP 30.62143 BES FINANCE LTD 6.984 2/7/2035 EUR 65.10562 BISHOPSGATE ASSE 4.808 8/14/2044 GBP 75.01858 CHINA MED TECH 4 8/15/2013 USD 67.25 CHINA SUNERGY 4.75 6/15/2013 USD 72.897 DUBAI HLDNG COMM 4.75 1/30/2014 EUR 74.5625 DUBAI HLDNG COMM 6 2/1/2017 GBP 69.301 EFG ORA FUNDING 1.7 10/29/2014 EUR 63.77836 ESFG INTERNATION 5.753 EUR 62.875 FERTINITRO FIN 8.29 4/1/2020 USD 69.5 MAZARIN FDG LTD 1.44 9/20/2068 GBP 28.0985 PUBMASTER FIN 6.962 6/30/2028 GBP 71.59673 SHINSEI FIN CAYM 6.418 USD 63.52836 SHINSEI FIN CAYM 6.418 USD 62.8 SHINSEI FINANCE 7.16 USD 65 SOLARFUN POWER H 3.5 1/15/2018 USD 61.828 SUNTECH POWER 3 3/15/2013 USD 73 XL CAPITAL LTD 6.5 USD 67.625 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 54 PUERTO RICO CONS 6.5 4/1/2016 USD 51.8 VENEZUELA PETROLEOS DE VEN 5.25 4/12/2017 USD 52.57268 PETROLEOS DE VEN 4.9 10/28/2014 USD 58.24443 PETROLEOS DE VEN 5.125 10/28/2016 USD 52.78774 PETROLEOS DE VEN 5 10/28/2015 USD 53.72991 PETROLEOS DE VEN 5.5 4/12/2037 USD 42.98986 PETROLEOS DE VEN 5.375 4/12/2027 USD 43.65663 SIDETUR FINANCE 10 4/20/2016 USD 73 VENEZUELA 7 12/1/2018 USD 59.78316 VENEZUELA 7.75 10/13/2019 USD 59.18077 VENEZUELA 6 12/9/2020 USD 51.63269 VENEZUELA 9 5/7/2023 USD 59.70333 VENEZUELA 8.25 10/13/2024 USD 56.56295 VENEZUELA 7.65 4/21/2025 USD 53.91923 VENEZUELA 9.25 9/15/2027 USD 65 VENEZUELA 9.25 9/15/2027 USD 64.77555 VENEZUELA 7 3/31/2038 USD 50.48815 VENEZUELA 7 3/31/2038 USD 50.63445 VENEZUELA 5.75 2/26/2016 USD 60.54731 VENEZUELA 9.25 5/7/2028 USD 59.11659 VENZOD - 189000 9.375 1/13/2034 USD 59.43889 *********** 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 * * *