/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100705.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, July 5, 2010, Vol. 11, No. 130 Headlines A R G E N T I N A BIG ONE: Creditors' Proofs of Debt Due on September 8 MARKETING AND: Creditors' Proofs of Debt Due on August 30 SERVICIOS GRAFICOS: Creditors' Proofs of Debt Due on November 8 B E R M U D A ASIAN PROPERTY: Creditors' Proofs of Debt Due on July 2 ASIAN PROPERTY: Members' Final Meeting Set for July 23 INTELSAT LTD: Bank Debt Trades at 6% Off in Secondary Market MATTEL FUNDING: Creditors' Proofs of Debt Due on July 2 MATTEL FUNDING: Members' Final Meeting Set for July 21 PGA ASIAN: Creditors' Proofs of Debt Due on July 2 PGA ASIAN: Members' Final Meeting Set for July 23 PROTOSTAR LTD: Lenders Object to Lowenstein, Greenberg Fees B R A Z I L AES ELETROPAULO: To Post BRL71-Million Gain in Second Quarter BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on Senior Notes MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' Corp. Credit Rating C A Y M A N I S L A N D S ANALYTIC MARKET: Members to Hear Wind-Up Report on August 4 AUSTENITIC RESOURCES: Shareholders to Meet on July 23 CONOCOPHILLIPS: Shareholders to Hear Wind-Up Report on July 14 CONOCOPHILLIPS BARENTS: Members to Hear Wind-Up Report on July 14 ELEXIR FUNDS: Members' Final Meeting Set for July 22 EVOL HOLDINGS: Shareholders to Hear Wind-Up Report on July 23 ING CLARION: Shareholder to Hear Wind-Up Report on July 21 ING CLARION: Shareholder to Hear Wind-Up Report on July 21 MARATHON GTF: Shareholders' Meeting Set for July 23 MARATHON INTERNATIONAL: Shareholders' Meeting Set for July 23 PANDENA INVESTMENT: Shareholders to Hear Wind-Up Report on July 14 PHILLIPS DEEPWATER: Shareholders to Hear Wind-Up Report on July 14 PLATINUM LIBRA: Shareholder to Hear Wind-Up Report on July 22 PRISMA RISING: Shareholders to Hear Wind-Up Report on July 29 RC OPPORTUNITY: Members' Final Meeting Set for July 23 SB TB: Members to Hear Wind-Up Report on July 16 SB TRADING: Shareholders' Final Meeting Set for July 23 TE ACLLP: Shareholders to Receive Wind-Up Report on July 23 TELECOM: Shareholders to Hear Wind-Up Report on July 23 TURKISH FALCON: Shareholders to Hear Wind-Up Report on July 23 C O L O M B I A ECOPETROL SA: BP Hands Over Cupiagua Oil Field to Firm E C U A D O R * ECUADOR: To Receive US$75-Million Loan From IDB * ECUADOR: Negotiates US$1BB Loan With China Development Bank J A M A I C A AIR JAMAICA: Relaunches Direct Flights to Nassau AIR JAMAICA: Divestment to Go Ahead as Planned, Jamaica PM Says M E X I C O BANCO INBURSA: Fitch Affirms Support Rating Floor at 'B' CREDITO INMOBILIARIO: Moody's Affirms Global Currency Rating INFU TRUST: S&P Affirms 'BB' Ratings on US$180 Mil. Notes V E N E Z U E L A PETROLEOS DE VENEZUELA: Government Seizes 11 Helmerich Oil Rigs X X X X X X X X * BOND PRICING: For the Week June 28, to July 2, 2010 - - - - - ================= A R G E N T I N A ================= BIG ONE: Creditors' Proofs of Debt Due on September 8 ----------------------------------------------------- The court-appointed trustee for Big One S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until September 8, 2010. The trustee will present the validated claims in court as individual reports on October 25, 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 December 6, 2010. MARKETING AND: Creditors' Proofs of Debt Due on August 30 --------------------------------------------------------- The court-appointed trustee for Marketing And Phone 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 12, 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. SERVICIOS GRAFICOS: Creditors' Proofs of Debt Due on November 8 --------------------------------------------------------------- The court-appointed trustee for Marketing And Phone S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 8, 2010. The trustee will present the validated claims in court as individual reports on December 21, 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 March 4, 2011. ============= B E R M U D A ============= ASIAN PROPERTY: Creditors' Proofs of Debt Due on July 2 ------------------------------------------------------- The creditors of Asian Property Partners Ltd. are required to file their proofs of debt by July 2, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda ASIAN PROPERTY: Members' Final Meeting Set for July 23 ------------------------------------------------------ The members of Asian Property Partners Ltd. will hold their final general meeting, on July 23, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda INTELSAT LTD: Bank Debt Trades at 6% Off in Secondary Market ------------------------------------------------------------ Participations in a syndicated loan under which Intelsat Ltd. is a borrower traded in the secondary market at 93.95 cents-on-the- dollar during the week ended Friday, July 2, 2010, according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. This represents a drop of 0.97 percentage points from the previous week, The Journal relates. The Company pays 175 basis points above LIBOR to borrow under the facility. The bank loan matures on July 7, 2013, and carries Moody's B1 rating and Standard & Poor's BB- rating. The debt is one of the biggest gainers and losers among 191 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. Headquartered in Pembroke, Bermuda, Intelsat Ltd., formerly PanAmSat Corp., -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. The company has a sales office in Brazil. Intelsat Ltd.'s balance sheet showed total assets of US$12.05 billion, total debts of US$12.77 billion and stockholders' deficit of US$722.3 million as of March 31, 2008. MATTEL FUNDING: Creditors' Proofs of Debt Due on July 2 ------------------------------------------------------- The creditors of Mattel Funding Ltd. are required to file their proofs of debt by July 2, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda MATTEL FUNDING: Members' Final Meeting Set for July 21 ------------------------------------------------------ The members of Mattel Funding Ltd. will hold their final general meeting, on July 21, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda PGA ASIAN: Creditors' Proofs of Debt Due on July 2 -------------------------------------------------- The creditors of PGA Asian Holdings Ltd. are required to file their proofs of debt by July 2, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda PGA ASIAN: Members' Final Meeting Set for July 23 ------------------------------------------------- The members of PGA Asian Holdings Ltd. will hold their final general meeting, on July 23, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda PROTOSTAR LTD: Lenders Object to Lowenstein, Greenberg Fees ----------------------------------------------------------- Bankruptcy Law360 reports that lenders for ProtoStar Ltd. and its affiliates have objected to about $1.2 million in fees and expenses requested by unsecured creditors' advisers, including Greenberg Traurig LLP and Lowenstein Sandler PC, which are handling legal claims against some of the financing firms. Secured lenders including BlackRock Financial Management Inc., West Face Capital Inc., Farallon Partners LLC, and Octavian Advisors LP and debtor-in-possession financing agent Credit Suisse lodged fee objections Thursday, according to Law360. About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. =========== B R A Z I L =========== AES ELETROPAULO: To Post BRL71-Million Gain in Second Quarter ------------------------------------------------------------- AES Eletropaulo, a subsidiary of The AES Corporation, will post a one time gain of BRL71 million (US$39.5 million) in its second quarter financial results, Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. According to the report, the gain is due to the reversal of a provision after the end of a legal dispute with bankrupt local bank, Banco Santos. AES Eletropaulo is a major Brazilian power distributor in the state of Sao Paulo, created in the breakup of the old state-owned power distribution company Eletropaulo that monopolized electricity distribution in Sao Paulo from 1981 to 1999. The similarity of the names makes most old customers call it simply Eletropaulo. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. * * * As of March 8, 2010, the company continues to carry Moody's B1 LT Corp Family and Senior Subordinate ratings, "Ba3" LT Corp family rating, "B3" Preferred Stock rating, and "B1" Probability of default rating. The company also continues to carry Standard and Poor's "BB-" Issuer credit ratings. BANCO CRUZEIRO: Moody's Assigns 'Ba2' Rating on Senior Notes ------------------------------------------------------------ Moody's Investors Service assigned a Ba2 long-term foreign currency debt rating to the US$200,000,000 senior unsecured notes issued by Banco Cruzeiro do Sul S.A. The notes, due in July 2013, were issued under the bank's existing US$1,000,000,000 Short-Term Note Program rated Ba2 by Moody's. The outlook on the rating is stable. Moody's stated that the Ba2 debt rating incorporates BCSul' fundamental credit quality and all relevant country risks. At Ba2, the bond rating is not constrained by the country ceiling for foreign currency bonds and notes for Brazil. Moody's last rating action on BCSul was on June 02, 2010, when Moody's affirmed all ratings assigned to BCSul and changed the outlook to stable from negative. BCSul is headquartered in Sao Paulo, Brazil, and it had total assets of R$7,678 million (US$4,263 million) and total equity of R$1,093 million (US$604 million) as of March 30, 2010. This rating was assigned to the US$200 million senior unsecured notes due 2013: * Ba2 long-term foreign currency debt rating, stable outlook MULTIPLAN EMPREENDIMENTOS: S&P Affirms 'BB+' Corp. Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'BB+' long-term corporate credit rating on Multiplan Empreendimentos Imobili�rios S.A. At the same time, S&P raised its National Scale corporate credit rating to 'brAA+' from 'brAA' and raised the issue rating on the company's Brazilian reais (R$) 100 million debenture due in 2011 to 'brAA+'. The outlook is stable. "The rating action reflects the resilience of Multiplan's cash flows through the recent downturn, and the positive momentum of the Brazilian economy, which should help Multiplan's assets and strengthen its financials," said Standard & Poor's credit analyst Piero Parolin. S&P's ratings on Multiplan reflect the company's significant capital requirements to sustain its growth plans, which include the development of greenfield projects, investments in real estate, and opportunistic acquisitions. Although the funding for these investments has been mostly resolved with equity issues, S&P's rating incorporates the integration risks that are inherent to greenfield project development and fast-paced expansion. Multiplan's strong credit metrics, sound liquidity, increasing cash flows, and conservative strategy to finance its expansion partially offset the negative factors. The company also benefits from its favorable position in the Brazilian shopping mall industry, strong brand recognition, and more favorable margins. The company's revenues and cash generation improved significantly in first-quarter 2010 as Multiplan's recently delivered expansions and greenfield projects have matured. Strong retail sales and increasing occupancy have allowed for some favorable rent renegotiation. The stable outlook reflects S&P's expectation that Multiplan will conclude its significant investments and fund them mainly with internal proceeds, resulting in no significant increase in debt leverage. S&P could lower the ratings if the company's growth plans hurt credit metrics or drain its liquidity beyond S&P's expectations, exposing it to refinancing risks. S&P could lower the ratings if cash flow weakens, resulting in an FFO-to-total debt ratio consistently less than 40% and a total debt-to-EBITDA ratio of more than 2.5x. A positive change in the ratings would depend on Multiplan successfully completing its growth projects while sustaining stronger cash-flow protection measures, such as a debt-to-EBITDA ratio less than 1.0x and FFO-to-total debt ratio of more than 80%. S&P would also expect the company to sustain positive FOCF, adequate liquidity, and a smooth debt schedule. ========================== C A Y M A N I S L A N D S ========================== ANALYTIC MARKET: Members to Hear Wind-Up Report on August 4 ----------------------------------------------------------- The members of Analytic Market Neutral V-6, Ltd. will hold their final general meeting, on August 4, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 AUSTENITIC RESOURCES: Shareholders to Meet on July 23 ----------------------------------------------------- The shareholders of Austenitic Resources Ltd. will hold their final general meeting, on July 23, 2010, at 12:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands CONOCOPHILLIPS: Shareholders to Hear Wind-Up Report on July 14 -------------------------------------------------------------- The shareholders of Conocophillips Libya Alliance Ltd. will hold their final general meeting, on July 14, 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: Trident Liquidators (Cayman) Limited c/o Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 CONOCOPHILLIPS BARENTS: Members to Hear Wind-Up Report on July 14 ----------------------------------------------------------------- The shareholders of Conocophillips Barents Sea Ltd. will hold their final general meeting, on July 14, 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: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 ELEXIR FUNDS: Members' Final Meeting Set for July 22 ---------------------------------------------------- The members of Elexir Funds SPC will hold their final general meeting, on July 22, 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 EVOL HOLDINGS: Shareholders to Hear Wind-Up Report on July 23 ------------------------------------------------------------- The shareholders of Evol Holdings, Ltd will hold their final general meeting, on July 23, 2010, at 12:15 noon, to receive 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 ING CLARION: Shareholder to Hear Wind-Up Report on July 21 ---------------------------------------------------------- The shareholder of ING Clarion U.S., 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 Madeleine Welham Telephone: (345) 815-1750 Facsimile: (345) 949-9876 ING CLARION: Shareholder to Hear Wind-Up Report on July 21 ---------------------------------------------------------- The shareholder of ING Clarion Europe, 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 Madeleine Welham Telephone: (345) 815-1750 Facsimile: (345) 949-9876 MARATHON GTF: Shareholders' Meeting Set for July 23 --------------------------------------------------- The shareholders of Marathon GTF Holdings Limited will hold their final general meeting, on July 23, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yvonne R. Kunetka Marathon Oil Company 5555 San Felipe Street Houston Texas 77056-2799 United States of America MARATHON INTERNATIONAL: Shareholders' Meeting Set for July 23 ------------------------------------------------------------- The shareholders of Marathon International Petroleum Mercury Limited will hold their final general meeting, on July 23, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yvonne R. Kunetka Marathon Oil Company 5555 San Felipe Street Houston Texas 77056-2799 United States of America PANDENA INVESTMENT: Shareholders to Hear Wind-Up Report on July 14 ------------------------------------------------------------------ The shareholders of Pandena Investment Limited. will hold their final general meeting, on July 14, 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: Charles Hotton c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 PHILLIPS DEEPWATER: Shareholders to Hear Wind-Up Report on July 14 ------------------------------------------------------------------ The shareholders of Phillips Deepwater Africa Exploration Ltd. will hold their final general meeting, on July 14, 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: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 PLATINUM LIBRA: Shareholder to Hear Wind-Up Report on July 22 ------------------------------------------------------------- The shareholder of Platinum Libra Fund Limited 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 Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 PRISMA RISING: Shareholders to Hear Wind-Up Report on July 29 ------------------------------------------------------------- The shareholders of Prisma Rising Sun Fund Ltd. will hold their final general meeting, on July 29, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 RC OPPORTUNITY: Members' Final Meeting Set for July 23 ------------------------------------------------------ The members of RC Opportunity Fund Ltd will hold their final general meeting, on July 23, 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 SB TB: Members to Hear Wind-Up Report on July 16 ------------------------------------------------ The members of SB TB Holding Limited will hold their final general meeting, on July 16, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814-7366 Facsimile: (345) 945-3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands SB TRADING: Shareholders' Final Meeting Set for July 23 ------------------------------------------------------- The shareholders of SB Trading Co. II SPC will hold their final general meeting, on July 23, 2010, at 11:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands TE ACLLP: Shareholders to Receive Wind-Up Report on July 23 ----------------------------------------------------------- The shareholders of TE ACLLP Portfolio, Ltd. will hold their final general meeting, on July 23, 2010, at 1:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands TELECOM: Shareholders to Hear Wind-Up Report on July 23 ------------------------------------------------------- The shareholders of Telecom Infrastructure, Ltd. will hold their final general meeting, on July 23, 2010, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands TURKISH FALCON: Shareholders to Hear Wind-Up Report on July 23 -------------------------------------------------------------- The shareholders of Turkish Falcon 1, Ltd. will hold their final general meeting, on July 23, 2010, at 12:30 noon, to receive 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 =============== C O L O M B I A =============== ECOPETROL SA: BP Hands Over Cupiagua Oil Field to Firm ------------------------------------------------------ After 28 years of joint administration, BP PLC handed over the operation of the Cupiagua field in Colombia to its partner, state- controlled oil firm Ecopetrol SA, Inti Landauro at Dow Jones Newswires reports. The report relates that the handover had been planned. BP had operated the field and had a 31% stake in the venture, while Ecopetrol had 50% and French Total SA (TOT) held the remaining 19%. From now on it will run the field, which produces 26,000 barrels a day, Ecopetrol SA said in a statement obtained by the news agency. Cupiagua is in Colombia's central Casanare province. According to the report, the increase of Ecopetrol SA's share of the field's output was already factored into the company's target of production for this year. The report relates that the company expects its total output to surpass 600,000 barrels of oil equivalent a day by December 31, 2010. Ecopetrol SA, the report notes, plans to invest US$28 million this year in Cupiagua. BP currently operates other fields in Casanare in partnership with Ecopetrol SA and has long been scheduled to hand over those operations to the state firm between 2016 and 2020, Dow Jones Newswires says. 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. ============= E C U A D O R ============= * ECUADOR: To Receive US$75-Million Loan From IDB ------------------------------------------------- The Inter-American Development Bank has approved a US$75 million loan for a project to expand and improve the coverage of educational in outlying and remote areas of Ecuador. The program will incorporate 40,000 new students into the Ecuadorian educational system over the next three years. The students will be chosen from municipalities where unsatisfied basic needs are high and educational offer is poor. Rural, frontier, and marginal urban areas will be preferred, as well as those with higher presence of indigenous and/or afro-descedent populations. The program will support the implementation of full educational curricula, from the initial stages through high school, in 45 zones relected in accordance with the educational decentralization process approved by Ecuador. The program will encourage the voluntary retirement of teachers, as a way of renewing the teaching roster. It is estimated that 1,750 teachers and technicians will take advantage of this incentive and retire during the implementation of the program. The retirees will be replaced and at least 1,300 new positions are expected to be added, bringing the number of new teachers to a total 3,050 in the selected areas. The new positions will be filled using a merit process and the new teachers will be monitored for two years through a mentorship system. The program also seeks to increase the inclusion in the school system of children and youth of afro and indigenous descent, especially those registering for early education and high school. * * * As of June 28, 2010, the country continues to carry Moody's "Caa2" CC LT foreign bank deposit ratings, and "Caa3" foreign currency issuer rating and foreign currency LT debt rating. * ECUADOR: Negotiates US$1BB Loan With China Development Bank ------------------------------------------------------------- Ecuador is negotiating with China Development Bank Corp. for a US$1 billion loan to be repaid by the sale of oil or fuel oil from state-run Petroecuador to China's state-owned PetroChina International Co., Dow Jones Newswires reports. According to the report, Ecuador is turning to China for financing after a market-unfriendly sovereign debt buyback last year and after relations soured with multilateral lenders such as the World Bank and the International Monetary Fund, which badly hampered the country's access to overseas private capital. The report notes that Ecuador is facing a budget deficit of more than US$4 billion this year and needs the funding for public works projects to keep an already sputtering economy from stalling. Dow Jones Newswires says that Petroecuador will supply PetroChina with 36,000 barrels of its Oriente and Napo crudes or fuel oil per day until all amounts under the loan have been paid. Last year, the report recalls, Ecuador and China suspended a similar negotiation for a US$1 billion loan after Ecuador said the conditions that China wanted on the credit "were unacceptable." The report notes that a loan tranche of US$200 million will be used for financing investment projects in Ecuador and the remaining US$800 million will be available to the finance ministry. The report relates that the loan will have a fixed interest rate of 6.5% and is expected to be paid off within four years. Petroecuador, Dow Jones Newswires says, will open an interest- bearing account with China Development Bank in China. The report relates that the funds will accrue interest at an agreed upon rate based on market conditions. The account will be used to receive payments for oil from PetroChina, the report adds. * * * As of June 28, 2010, the country continues to carry Moody's "Caa2" CC LT foreign bank deposit ratings, and "Caa3" foreign currency issuer rating and foreign currency LT debt rating. ============= J A M A I C A ============= AIR JAMAICA: Relaunches Direct Flights to Nassau ------------------------------------------------ Air Jamaica Limited relaunched direct flights between Nassau, Kingston and Montego Bay following a re-organization of the airline in the wake of a merger with Trinidad's Caribbean Airlines, The Tribune reports. According to the report, flights operating three times a week between Nassau and Jamaica were suspended when Caribbean Airlines took over operations on May 1. 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: Divestment to Go Ahead as Planned, Jamaica PM Says --------------------------------------------------------------- Alicia Roache at Jamaica Observer reports that Prime Minister Bruce Golding said that he expected that the divestment of Air Jamaica Limited will continue as planned despite a review of the process by the new Trinidad and Tobago government led by Kamla Persad Bissessar. As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Jamaica Gleaner said that Trinidad and Tobago's new Finance Minister Winston Dookeran has appointed a three-member committee to probe the merger deal between Caribbean Airlines Limited and Air Jamaica. According to the report, the transaction cost Trinidad and Tobago US$50 million to acquire and operate six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. 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. =========== M E X I C O =========== BANCO INBURSA: Fitch Affirms Support Rating Floor at 'B' -------------------------------------------------------- Fitch Ratings has affirmed Banco Inbursa's ratings: Inbursa: -- Long-term Issuer Default Rating at 'BBB'; -- Short-term IDR at 'F2'; -- Long-term local currency IDR at 'BBB'; -- Short-term local currency IDR at 'F2'; -- Individual rating at 'C'; -- Support at '4'; -- Support Rating Floor at 'B'; -- National-scale long-term rating at 'AA+(mex)'; -- National-scale short-term rating at 'F1+(mex)'. The Rating Outlook is Stable. Inbursa's ratings are driven by its outstanding loss absorption capacity in the form of capital and loan loss reserves, improved and more stable core earnings, a sound track record in credit risk management in its key market of corporate lending, a gradually growing franchise, and good liquidity. Large borrower and economic sector concentrations, ample market risk appetite, the challenges associated to hefty recent loan growth, and the potential for improving its overall business and funding mix, are also factored in. Inbursa has been actively seeking to improve the business and risk profile on both sides of the balance sheet and Fitch considers that recent strategic actions are positive and supportive of a gradually enhancing credit profile. However, most of these changes, if proved successful and sustainable, would only have a positive effect on the bank's ratings over a medium-term horizon. Upside potential on Inbursa's individual rating and/or IDRs is contingent upon the gradual consolidation of recent positive trends on the aforementioned key rating fundamentals. Chief among these is the bank's ability to sustain loan growth, revenue improvements and asset quality, following sizable growth amid a high risk aversion environment in the recent past. Further improvements in the bank's funding mix, and risk and revenue diversification, could also enhance its overall credit profile. In turn, downward pressure for the ratings would stem from a significant decrease in its loss absorption capacity, and/or a material increase in borrower concentrations or market risk appetite, although Fitch considers this scenario is unlikely at present. Inbursa is one of the few banks whose performance has improved recently. Given the ample loan growth (2008: 71%; 2009: 9%), the drivers of core earnings were enhanced, with wider margins and a larger fee base, although the sustainability of these is still to be tested under a gradually normalizing competitive environment. Trading results continue adding some volatility to earnings, but their relative contribution has somewhat decreased. Sound efficiency levels and a proven capacity to sustain sizable impairment charges as a prudential credit risk management strategy, are additional sources of comfort regarding the bank's core profitability. Inbursa has maintained throughout the cycle a strong track record of credit losses in its core corporate lending sector, although other sources of credit risk are significant in the form of large obligor concentrations and/or relatively higher exposure to more sensitive economic sectors. In turn, market risk is typically ample through its securities and derivatives portfolio. The equity/assets and regulatory capital ratios are likely to remain around the 20% level. Coupled with ample loan loss reserves, Inbursa enjoys one of the strongest loss absorption capacities among major Mexican banks. Improving its funding mix remains a key challenge over the medium term (loans/deposits ratio: 121.4% as of 1Q'10), while it maintains an adequate level of liquid assets. Inbursa was Mexico's sixth largest bank at 1Q'10 by loans, although it was the third largest player in commercial and corporate lending, with roughly 15% of the system's loans in this sector. It belongs to a financial group named Grupo Financiero Inbursa where the Slim family has a controlling stake, although this was somewhat diluted in late 2008, when Spain's 'La Caixa' acquired 20% of GFInbursa through a combination of capital subscription and a secondary tender offer. CREDITO INMOBILIARIO: Moody's Affirms Global Currency Rating ------------------------------------------------------------ Moody's de Mexico affirmed the ratings of Credito Inmobiliario, S.A. de C.V. (national scale issuer rating at A3.mx, global local currency rating at Ba3 and national scale short-term rating at MX- 2, global local currency short-term rating at Not Prime) and revised the outlook to negative, from stable. The outlook revision to negative reflects deterioration in Credito Inmobiliario's portfolio quality, with a delinquent loan portfolio above 20% (mostly for construction loans). This trend has resulted in weakening credit metrics, particularly fixed charge coverage which is currently less than 1x. Pressure on its credit metrics will remain as economic indicators such as the unemployment rate in Mexico are expected to remain weak, with only modest improvement in 2010. Moody's notes that the company's reserves are sufficient to cover 100% of its current delinquent portfolio. Credito Inmobiliario is expected to receive $2.4 billion Mx pesos to continue funding previously stalled construction projects. Moody's will closely monitor the company's progress in addressing its high delinquent loan portfolio over the next twelve to eighteen months. Moody's does note that Credito Inmobiliario's liquidity position is good, with $300 million Mexican pesos available in cash as well as $750 million Mexican pesos in equity funding already received from its parent company, Caja de Ahorros del Mediterraneo, this year. In addition, as part of a large Spanish financial institution, Credito Inmobiliario benefits from larger loan-loss reserves, which brings its capitalization rate well above Sociedad Hipotecaria Federal's current standards of 12.5%, as of the end of May the company's capitalization rate was approximately 23%. The ratings also incorporate the company's experienced management team, good operating margins, loan processing and servicing efficiencies, and technology systems, as well as its good corporate infrastructure, which includes separation of duties across business functions. A return to stable would be predicated on improvement in the delinquent loan portfolio to below 15% of total loans on a sustained basis as well as fixed charge coverage above 1.1x without any significant shifts in its current portfolio mix of construction and individual mortgage loans. A downgrade would result should delinquent loans represent more than 20% of the total on- and off-balance sheet portfolio on a sustained basis, fixed charge coverage under 1x on a sustained basis or an adverse shift in governmental housing policy. Downward ratings pressure would also result from construction loans as a percentage of total loans growing to 70% of the aggregate loan book or operating margins (as measured by EBITDA/Revenues) falling below 70%. These ratings were affirmed with a negative outlook: * Credito Inmobiliario, S.A. de C.V. -- national scale senior unsecured debt rating at A3.mx (global scale local currency senior unsecured debt rating at Ba3); national scale issuer rating at A3.mx (global scale local currency rating at Ba3); national scale short-term rating at MX-2 (global scale local currency rating at Not Prime) The last rating action with respect to Credito Inmobiliario was on June 18, 2009, when Moody's upgraded its national scale issuer rating to A3.mx from Baa1.mx (global scale local currency issuer rating to Ba3 from B1) and affirmed its MX-2 national scale short- term rating (Not Prime global local currency short-term rating). This action concluded the rating review started in April 2009. The outlook was placed on stable. Credito Inmobiliario is a non-bank financial institution (Sofom Mortgage Company). It is the fourth largest independent mortgage originator of this kind in Mexico and its main activities consist of extending mortgage loans financed by monies from SHF to low- income individuals and providing construction financing to low- income housing developers. The firm reported total assets of $15.4 billion Mx pesos and total equity of $1.0 billion Mx pesos at March 31, 2010. Credito Inmobiliario's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Credito Inmobiliario's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk. INFU TRUST: S&P Affirms 'BB' Ratings on US$180 Mil. Notes --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' ratings on Infu Trust's US$180 million 7.135% fixed-rate notes series 2005 due December 2013 and Mexican Unidades De Inversion 190.2 million (MXN838.78 million equivalent; one UDI equals MXN4.41) 5.80% fixed-rate notes series 2005 due December 2013. The rating affirmations follow the July 1, 2010, amendments to the transactions' indentures, which included changes on how collected past-due leases will flow through the waterfall during the third quarter of 2010. Based on these amendments, if the transactions' expenses and debt services are paid, the performance triggers are cured, and excess cash is available, Inmobiliaria Fumisa, S.A. De C.V. will be paid up to US$4 million in cash and then US$2.3 million will go toward paying down the notes. Another amendment will require Fumisa to obtain consent from the transactions' controlling parties before engaging in activities with its affiliates or a major tenant and any other activity that will have a material adverse impact on the transactions. In S&P's view, these amendments will not materially affect the transactions' performance. The transactions' current debt service coverage ratios are 1.19x. S&P will continue to surveil the ratings on these transactions, and S&P will revise them as necessary to reflect any future changes in their underlying credit quality. Fumisa is a Mexican-based company that Mexico City International Airport contracted to operate and sublease commercial areas of the airport. The transaction benefits from U.S. dollar- and Mexican peso-denominated cash flows derived from the assets sold to the trust, overcollateralization, a reserve account, and a trigger reserve account, as well as several trigger and early amortization events designed to mitigate adverse events affecting the revenue stream. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Government Seizes 11 Helmerich Oil Rigs --------------------------------------------------------------- Daniel Cancel at Bloomberg News reports that Venezuelan President Hugo Chavez decreed the seizure of 11 Helmerich & Payne Inc. oil rigs after the company idled its equipment because of a payment dispute, Bloomberg News reports, citing a resolution published in the Official Gazette. According to the report, Petroleos de Venezuela SA President and Oil Minister Rafael Ramirez traveled to Anaco, Anzoategui state, to take control of the rigs and all gear associated with their operation. The report relates that some 600 rig workers, whom Mr. Ramirez exhorted to look after the equipment when the planned seizure was first announced last month, become PDVSA employees. "We're here to comply with our revolutionary laws and to safeguard our national interests," the report quoted Mr. Ramirez as saying. "My recognition goes out to workers who watched over the rigs and didn't allow the company to take them out of the country," he added. Mr. Ramirez, the report notes, said that Helmerich will be compensated for the rigs. But he didn't specify how much the equipment is worth. As reported in the Troubled Company Reporter-Latin America on June 25, 2010, Bloomberg News said that Petroleos de Venezuela SA is seeking the nationalization of 11 oil drilling rigs owned by Helmerich & Payne Inc., which it accuses of trying to slow oil production in Venezuela. PDVSA will seek National Assembly approval to seize the 11 rigs in Anzoategui state after a long payment battle with Helmerich & Payne, Rafael Ramirez, oil minister and president of PDVSA, said in an e-mailed statement obtained by the news agency. According to the report, Helmerich & Payne idled its drilling rigs last year after PDVSA fell behind with payments to service suppliers amid a drop in oil output and revenue. 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 28, to July 2, 2010 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENT- DIS 5.83 12/31/2033 ARS 94.8 ARGENT-$DIS 8.28 12/31/2033 USD 66.375 ARGENT-$DIS 8.28 12/31/2033 USD 60 ARGENT-$DIS 8.28 12/31/2033 USD 65.5 ARGENT-PAR 1.18 12/31/2038 ARS 54 ARGENT-?DIS 7.82 12/31/2033 EUR 56.75 ARGENT-?DIS 7.82 12/31/2033 EUR 56.75 ARGNT-BOCON PR13 2 3/15/2024 ARS 69.8 BANCO MACRO SA 10.75 6/7/2012 USD 67.87239 BUENOS AIRE PROV 9.375 9/14/2018 USD 72.71491 BUENOS AIRE PROV 9.625 4/18/2028 USD 71.28976 BUENOS AIRE PROV 9.375 9/14/2018 USD 72.643 MENDOZA PROVINCE 5.5 9/4/2018 USD 77.1576 BRAZIL BNDES PARTICIP 6 1/15/2012 BRL 38 CESP 9.75 1/15/2015 BRL 71.42242 CAYMAN ISLAND BANIF FIN LTD 3 12/31/2019 EUR 72.413 BARION FUNDING 1.44 12/20/2056 GBP 31.69761 BARION FUNDING 0.63 12/20/2056 GBP 18.02957 BCP FINANCE CO 5.543 EUR 61.77929 BCP FINANCE CO 4.239 EUR 60.45833 BES FINANCE LTD 6.984 2/7/2035 EUR 64.18588 BES FINANCE LTD 5.58 EUR 64.077 CHINA MED TECH 4 8/15/2013 USD 67.25 CHINA SUNERGY 4.75 6/15/2013 USD 72.897 DUBAI HLDNG COMM 6 2/1/2017 GBP 71.151 EFG ORA FUNDING 1.7 10/29/2014 EUR 59.18294 ESFG INTERNATION 5.753 EUR 64.16667 FERTINITRO FIN 8.29 4/1/2020 USD 69.5 MAZARIN FDG LTD 1.44 9/20/2068 GBP 29.03879 PUBMASTER FIN 6.962 6/30/2028 GBP 70.85157 SHINSEI FIN CAYM 6.418 USD 63.82958 SHINSEI FIN CAYM 6.418 USD 62.8 SHINSEI FINANCE 7.16 USD 65 SOLARFUN POWER H 3.5 1/15/2018 USD 61.5 SUNTECH POWER 3 3/15/2013 USD 74.25 AGUAS NUEVAS 3.4 5/15/2012 CLP 0.5928 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 48 PUERTO RICO CONS 6.5 4/1/2016 USD 57 VENEZUELA PETROLEOS DE VEN 5.125 10/28/2016 USD 50.51602 PETROLEOS DE VEN 5.25 4/12/2017 USD 53.04211 PETROLEOS DE VEN 5.375 4/12/2027 USD 44.12154 PETROLEOS DE VEN 5.5 4/12/2037 USD 43.14382 PETROLEOS DE VEN 4.9 10/28/2014 USD 56.57008 PETROLEOS DE VEN 5 10/28/2015 USD 52.28085 SIDETUR FINANCE 10 4/20/2016 USD 71 VENEZUELA 7 12/1/2018 USD 57.5 VENEZUELA 7.75 10/13/2019 USD 58 VENEZUELA 6 12/9/2020 USD 51.5 VENEZUELA 9 5/7/2023 USD 61 VENEZUELA 8.25 10/13/2024 USD 56 VENEZUELA 9.25 9/15/2027 USD 65.975 VENEZUELA 7.65 4/21/2025 USD 53.75 VENEZUELA 9.25 5/7/2028 USD 61 VENEZUELA 5.75 2/26/2016 USD 61.5 VENEZUELA 9.25 9/15/2027 USD 63.9008 VENEZUELA 7 3/31/2038 USD 50.44541 VENEZUELA 7 3/31/2038 USD 51.5 VENZOD - 189000 9.375 1/13/2034 USD 61 *********** 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 * * *