/raid1/www/Hosts/bankrupt/TCRLA_Public/101004.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, October 4, 2010, Vol. 11, No. 195
Headlines
A N T I G U A & B A R B U D A
DIGICEL GROUP: To Challenge Cable & Wireless' Exclusive Monopoly
STANFORD INT'L: Gag Order Issued in Trial
A R G E N T I N A
DIGICEL GROUP: To Challenge Cable & Wireless' Exclusive Monopoly
STANFORD INT'L: Gag Order Issued in Trial
TOYOTA COMPANIA: Moody's Assigns 'Ba1' Global Senior Debt Rating
* Moody's Assigns 'B3' Rating on Buenos Aires' Senior Bonds
B E R M U D A
AT SERVICES: Creditors' Proofs of Debt Due on October 13
AT SERVICES: Members' Final Meeting Set for November 2
MAN-IP 360: Creditors' Proofs of Debt Due on October 13
MAN-IP 360: Members' Final Meeting Set for November 2
TRADING 360: Creditors' Proofs of Debt Due on October 13
TRADING 360: Members' Final Meeting Set for November 1
B R A Z I L
CYRELA BRAZIL: S&P Raises Corporate Credit Rating to 'BB'
INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'D'
RBS COMUNICACIONES: S&P Gives Positive Outlook; Keeps 'BB' Rating
C A Y M A N I S L A N D S
ALICANTE HOLDINGS: Creditors' Proofs of Debt Due on October 27
APPLEBY INVESTMENTS: Creditors' Proofs of Debt Due on October 27
ARACRUZ INTERNATIONAL: Creditors' Proofs of Debt Due on October 27
BLAISE LIMITED: Creditors' Proofs of Debt Due on October 15
BROADSWORD LIMITED: Creditors' Proofs of Debt Due on October 27
CARBET SECURITIES: Creditors' Proofs of Debt Due on October 27
CLTIC REINSURANCE: Creditors' Proofs of Debt Due on October 18
CORIOLIS LIMITED: Creditors' Proofs of Debt Due on October 27
COURINE INVESTMENTS: Creditors' Proofs of Debt Due on October 27
FIGARO INVESTMENTS: Creditors' Proofs of Debt Due on October 27
GUGHI SAILING: Creditors' Proofs of Debt Due on October 15
INDORAMA INTERNATIONAL: Creditors' Proofs of Debt Due on Oct. 27
LINCOLN VALE: Creditors' Proofs of Debt Due on October 27
LINCOLN VALE: Creditors' Proofs of Debt Due on October 27
MALBEC STRATEGIC: Creditors' Proofs of Debt Due on October 18
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on October 19
PAI SHIN: Creditors' Proofs of Debt Due on October 28
PEQUOT GLOBAL: Creditors' Proofs of Debt Due on October 27
PEQUOT NEW: Creditors' Proofs of Debt Due on October 27
PICO FUND: Commences Liquidation Proceedings
D O M I N I C A N R E P U B L I C
CERVECERIA NACIONAL: Moody's Cuts Corp. Family Rating to 'B1'
M E X I C O
ALMACENADORA ACCEL: Moody's Affirms 'B1' Long-Term Issuer Rating
X X X X X X X X
* BOND PRICING: For the Week September 27, to October 1, 2010
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
DIGICEL GROUP: To Challenge Cable & Wireless' Exclusive Monopoly
----------------------------------------------------------------
Digicel Group has had enough of its rival's monopoly on
international calls coming in and out of Antigua and Barbuda, and
it has gone to court to break it, Caribbean360.com reports. The
report relates that the company has started legal proceedings in
the Eastern Caribbean Supreme Court challenging the exclusive
monopoly held by Cable & Wireless.
In this latest court battle, the report notes, Digicel Group said
it is seeking "various declarations from the court concerning the
validity of Cable and Wireless license as well as various
declarations that the continued imposition of this Cable and
Wireless international monopoly breaches fundamental provisions of
the Constitution of Antigua and Barbuda."
According to the report, those constitutional provisions relate to
the Protection of Freedom of Expression, including Freedom of the
Press. The report relates that the company noted that that with
the exception of Guyana, Antigua and Barbuda is the only territory
in the Caribbean where the telecommunications market is not fully
liberalized. And in the case of Guyana, the government recently
announced plans to table new legislation by the end of the year
that is expected to bring an end to the monopoly on international
services currently held by the Guyana Telephone and Telegraph
Company, the report says.
Caribbean360.com discloses that LIME, Cable & Wireless' Caribbean
operations, has responded to Digicel Group's legal manoeuvre,
accusing its competitor of playing tit for tat. "LIME notes that
Digicel Group has taken the Government of Antigua and Barbuda (and
by extension the people of Antigua and Barbuda) to court because
it has been sued by LIME for illegally bypassing LIME's
international gateway in contravention of LIME's exclusive
license," it said in a statement obtained by the news agency.
Under the exclusive license, the report relates, Digicel Group is
restricted from making international calls on its own and must
route them through LIME's network. The report says that the
telecommunications rivals are actually heading to court on that
lawsuit.
Caribbean360.com notes LIME wants an immediate end to Digicel
Group bypassing its network. It is also asking the court to order
Digicel to pay EC$23 million (US$8.5 million) which is the sum
that LIME says it and the Antigua Public Utilities Authority
(APUA) have lost over the past three years as a result of Digicel
Group bypassing the network, the report adds.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com/-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
STANFORD INT'L: Gag Order Issued in Trial
-----------------------------------------
Lawyers and witnesses, including shafted investors, in Robert
Allen Stanford's fraud case have been banned from speaking to the
media ahead of his trial next January, Caribbean360.com reports.
According to the report, U.S. District Judge David Hittner issued
an order, without any application being made, amid concerns that
the jury pool for the trial could be e tainted because of the
extensive media coverage. "Such heightened publicity surrounding
these proceedings potentially poses a significant danger to
providing a fair trial by impartial jurors," Judge Hittner said in
the order, the report relates.
Mr. Stanford's trial is expected to start on January 24, 2010.
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 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
=================
A R G E N T I N A
=================
DIGICEL GROUP: To Challenge Cable & Wireless' Exclusive Monopoly
----------------------------------------------------------------
Digicel Group has had enough of its rival's monopoly on
international calls coming in and out of Antigua and Barbuda, and
it has gone to court to break it, Caribbean360.com reports. The
report relates that the company has started legal proceedings in
the Eastern Caribbean Supreme Court challenging the exclusive
monopoly held by Cable & Wireless.
In this latest court battle, the report notes, Digicel Group said
it is seeking "various declarations from the court concerning the
validity of Cable and Wireless license as well as various
declarations that the continued imposition of this Cable and
Wireless international monopoly breaches fundamental provisions of
the Constitution of Antigua and Barbuda."
According to the report, those constitutional provisions relate to
the Protection of Freedom of Expression, including Freedom of the
Press. The report relates that the company noted that that with
the exception of Guyana, Antigua and Barbuda is the only territory
in the Caribbean where the telecommunications market is not fully
liberalized. And in the case of Guyana, the government recently
announced plans to table new legislation by the end of the year
that is expected to bring an end to the monopoly on international
services currently held by the Guyana Telephone and Telegraph
Company, the report says.
Caribbean360.com discloses that LIME, Cable & Wireless' Caribbean
operations, has responded to Digicel Group's legal manoeuvre,
accusing its competitor of playing tit for tat. "LIME notes that
Digicel Group has taken the Government of Antigua and Barbuda (and
by extension the people of Antigua and Barbuda) to court because
it has been sued by LIME for illegally bypassing LIME's
international gateway in contravention of LIME's exclusive
license," it said in a statement obtained by the news agency.
Under the exclusive license, the report relates, Digicel Group is
restricted from making international calls on its own and must
route them through LIME's network. The report says that the
telecommunications rivals are actually heading to court on that
lawsuit.
Caribbean360.com notes LIME wants an immediate end to Digicel
Group bypassing its network. It is also asking the court to order
Digicel to pay EC$23 million (US$8.5 million) which is the sum
that LIME says it and the Antigua Public Utilities Authority
(APUA) have lost over the past three years as a result of Digicel
Group bypassing the network, the report adds.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com/-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
STANFORD INT'L: Gag Order Issued in Trial
-----------------------------------------
Lawyers and witnesses, including shafted investors, in Robert
Allen Stanford's fraud case have been banned from speaking to the
media ahead of his trial next January, Caribbean360.com reports.
According to the report, U.S. District Judge David Hittner issued
an order, without any application being made, amid concerns that
the jury pool for the trial could be e tainted because of the
extensive media coverage. "Such heightened publicity surrounding
these proceedings potentially poses a significant danger to
providing a fair trial by impartial jurors," Judge Hittner said in
the order, the report relates.
Mr. Stanford's trial is expected to start on January 24, 2010.
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$8 billion Certificate of Deposit program.
A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas. Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice. Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges. Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
TOYOTA COMPANIA: Moody's Assigns 'Ba1' Global Senior Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 global local currency
senior debt rating to Toyota Compania Financiera Argentina's
second bond issuance for an amount up to Ar$ 70 million, and due
in 21 months. At the same time, on the National Scale, Moody's
Latin America assigned Aaa.ar local currency debt rating to the
issuance.
Ratings Rationale
The outlook on all ratings is stable.
Toyota Compania Financiera Argentina is headquartered in Buenos
Aires, Argentina, with assets of AR$345.7 million, deposits of
AR$45.4 million and equity of AR$63.7 million as of June 2010.
These ratings were assigned to Toyota Compania Financiera
Argentina's AR$70 million issuance:
* Global Local-Currency Debt Rating: Ba1
* National Scale Local-Currency Debt Rating: Aaa.ar
Regulatory Disclosures
Information sources used to prepare the credit rating is/are
these: parties involved in the ratings, parties not involved in
the ratings, public information, confidential and proprietary
Moody's Investors Service's information, confidential and
proprietary Moody's Analytics' information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
* Moody's Assigns 'B3' Rating on Buenos Aires' Senior Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 (Global
Scale, foreign currency) to the US$550 million senior unsecured
global bonds to be issued by the Province of Buenos Aires.
Moody's Latin America has also assigned a rating of A3.ar
(Argentina National Scale) to these bonds. The province intends
to use proceeds for general purposes, including capital and social
projects and also to finance fiscal imbalances.
Ratings Rationale
"The bond issuance has been authorized by the provincial
legislature and the executive branch of the province, while the
approval from the Argentine Ministry of Economy is still pending
and expected to be delivered in the upcoming days", said Moody's
Associate Analyst Patricio Esnaola.
"The bullet-maturity bonds, which constitute direct,
unconditional, unsecured and unsubordinated obligations of the
province, are to be nominated in US dollars and will pay a fixed
annual interest rate of 11.75% on a semi-annual basis, beginning
in April 2011", said Esnaola.
The ratings assigned to the bonds are in line with the province's
issuer ratings (B3/A3.ar), which reflect the considerable economic
uncertainty, cost pressures and weakened financial performance
since 2005. The ratings also take into account the financial
dependence on the federal government.
Buenos Aires' debt levels, albeit declining when related to
revenues, remain high, but in line with the B3 rated peers.
"Based on the province's stock of net direct and indirect debt as
of June 2010 (Ar $42 billion), this bond issuance increases stock
of debt to almost Ar$ 44.2 billion, equivalent to 73% of total
revenues estimated for 2010", said Esnaola.
He said the ratings are also constrained by the operating
environment for regional and local governments in Argentina, which
is characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.
"This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services while nearly all rely heavily on federal
automatic transfers of the tax share regime, suggesting a low
level of fiscal flexibility in relation to revenue," said Esnaola.
Moody's Argentina National Scale ratings are opinions of the
relative creditworthiness of issuers and issues within Argentina
and are not globally comparable. The Moody's Global Scale rating
allows investors to compare the province's creditworthiness to all
other issuers in the world. It incorporates all Argentina-related
risks, including the potential volatility of the Argentine
economy.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings and public information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
=============
B E R M U D A
=============
AT SERVICES: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------
The creditors of At Services Limited are required to file their
proofs of debt by October 13, 2010, to be included the company's
dividend distribution.
The company commenced wind-up proceedings on September 27, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
AT SERVICES: Members' Final Meeting Set for November 2
------------------------------------------------------
The members of At Services Limited will hold their final general
meeting, on November 2, 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 September 27, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
MAN-IP 360: Creditors' Proofs of Debt Due on October 13
-------------------------------------------------------
The creditors of Man-IP 360 (Series 2) Limited are required to
file their proofs of debt by October 13, 2010, to be included the
company's dividend distribution.
The company commenced wind-up proceedings on September 22, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MAN-IP 360: Members' Final Meeting Set for November 2
-----------------------------------------------------
The members of Man-IP 360 (Series 2) Limited will hold their final
general meeting, on November 2, 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 September 22, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
TRADING 360: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------
The creditors of Trading 360 (Series 2) Limited are required to
file their proofs of debt by October 13, 2010, to be included the
company's dividend distribution.
The company commenced wind-up proceedings on September 22, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
TRADING 360: Members' Final Meeting Set for November 1
------------------------------------------------------
The members of Trading 360 (Series 2) Limited will hold their
final general meeting, on November 1, 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 September 22, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
===========
B R A Z I L
===========
CYRELA BRAZIL: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its global
scale corporate credit rating on Cyrela Brazil Realty S.A.
Empreendimentos e Participa??es S.A. to 'BB' from 'BB-'. S&P also
raised its national scale ratings on the company to 'brAA-' from
'brA+'.
The outlook is stable.
"The rating action reflects the Cyrela's improving credit metrics
over the past few quarters and the favorable growth prospects in
the intermediate term," said Standard & Poor's credit analyst
Reginaldo Takara.
The company has maintained adequate liquidity, using its equity
issuance to fund working capital needs and land acquisition. S&P
believes Cyrela will also benefit increasingly from its large size
and scale to report gradually improving cash flows. Although
construction loans will likely contribute to the company's debt,
S&P still expect that credit metrics will improve gradually thanks
to revenue streams from projects the company launched in previous
years.
INDEPENDENCIA SA: Fitch Downgrades Issuer Default Rating to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded these credit ratings of Independencia
S.A:
-- Local and foreign currency Issuer Default Rating to 'D' from
'C';
-- National scale rating to 'D(bra)' from 'C(bra)'.
These downgrades follow the announcement by Independencia that it
will not make the scheduled payment of interest on its senior
secured notes due in 2015.
Fitch continues to rate Independencia International Ltd USD165
million senior secured notes at 'C/RR4' and its second lien
secured exchange notes at 'C/RR6'. The 'C/RR4' rating of the
US$165 million notes due in 2015 is reflective of defaulted notes
whose recovery is anticipated to be in the range of 30% to 50%.
The senior secured notes are fully and unconditionally guaranteed
by Independencia S.A and are secured by a first priority security
interest on all tangible assets of the company. The bespoke
recovery rating analysis for the 2015 notes indicated a recovery
higher than 50%. The recovery for the notes was capped at the
'RR4' category in order to reflect the uncertainties of the
Brazilian legal system. The 'C/RR6' rating of the company's
secured exchange is reflective of defaulted notes with poor
recovery recovery prospects. Securities rated 'RR6' historically
have characteristics consistent with securities that have
historically recovered between 0%-10% of current principal and
related interest.
As of June 30, 2010, Independencia had BRL5.4 million of cash and
equivalents compared to BRL1.9 billion of debt. Independencia's
leverage remains high and its EBITDA generation continues to be
negative since 2009. The company's working capital requirements
have become more pressing following the judicial recovery plan and
the resumption of operating activities. During the first six
months of 2010, Independencia generated negative EBITDA of BRL31.2
million, compared to negative EBITDA of BRL350 million in 2009.
The company's total debt as of June 30, 2010 was BRL1.9 billion, a
decline from BRL3.1 billion at the end of 2008. The decline was
primarily due to the 50% haircut assumed by the unsecured
creditors in the reorganization plan. Debt as of June 30, 2010
was comprised mainly of BRL823 million of notes (exchange notes
and senior secured notes) accounting for 44% of total debt, BRL576
million of working capital lines (31%), and BRL413 million of
trade finance debt (22%).
RBS COMUNICACIONES: S&P Gives Positive Outlook; Keeps 'BB' Rating
---------------------------------------------------------------
(SAO PAULO (Standard & Poor's) Sept. 30, 2010)
Standard & Poor's Ratings Services revised its outlook on
Brazilian media company RBS Comunicaciones S.A. e empresas
combinadas to positive from stable. At the same time, S&P
affirmed its 'BB' global scale corporate credit rating on the
company.
"The change in outlook reflects the company's commitment to a
prudent financial strategy, which in S&P's view mitigates the
risks of its limited business profile and potentially volatile
cash flows," said Standard & Poor's credit analyst Dibora
Confortini. "The positive outlook indicates that S&P could raise
the company's rating if it manages to maintain its conservative
financial profile even as it seeks further business
diversification and growth opportunities."
The rating on RBS reflects the risks resulting from the company's
fair business profile, which is subject to volatile advertising
revenues, pressures to maintain its newspapers' readership and
margins, and the challenge to expand profitably into alternative
medias.
The group's conservative financial profile with intermediate
credit metrics help mitigate some of these risks. The benefits
derived from leveraging its regional content through various
distribution platforms for its regional content, and the group's
dominant share of broadcast TV audience and advertising revenues
in its service area also support the rating.
The positive outlook indicates S&P's view of the strengthening in
the company's credit metrics and prudent growth strategy. As
credit metrics are already conservative in S&P's view, a potential
upgrade of RBS would depend on the strengthening of the business
profile while maintaining prudent financial management and
profitable growth in alternative distribution channels.
==========================
C A Y M A N I S L A N D S
==========================
ALICANTE HOLDINGS: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------------
The creditors of Alicante Holdings Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
APPLEBY INVESTMENTS: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Appleby Investments Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
ARACRUZ INTERNATIONAL: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------------
The creditors of Aracruz International Finance Company are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on August 17, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
BLAISE LIMITED: Creditors' Proofs of Debt Due on October 15
-----------------------------------------------------------
The creditors of Blaise Limited are required to file their proofs
of debt by October 15, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
BROADSWORD LIMITED: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The creditors of Broadsword Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
CARBET SECURITIES: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------------
The creditors of Carbet Securities Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
CLTIC REINSURANCE: Creditors' Proofs of Debt Due on October 18
--------------------------------------------------------------
The creditors of CLTIC Reinsurance Company, Ltd. are required to
file their proofs of debt by October 18, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 13, 2010.
The company's liquidator is:
Michael Schwartz
c/o Global Captive Management Ltd.
Governor's Square, 2nd Floor, Building
3 23 Lime Tree Bay Avenue
PO Box 1363, Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 7966
CORIOLIS LIMITED: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Coriolis Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 16, 2010.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
COURINE INVESTMENTS: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Courine Investments Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
FIGARO INVESTMENTS: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The creditors of Figaro Investments Ltd are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
Royhaven Secretaries Limited
Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
GUGHI SAILING: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Gughi Sailing Ltd. are required to file their
proofs of debt by October 15, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2010.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
INDORAMA INTERNATIONAL: Creditors' Proofs of Debt Due on Oct. 27
----------------------------------------------------------------
The creditors of Indorama International Ltd. are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 14, 2010.
The company's liquidator is:
Kishan Kumar Aggarwal
3 RHU Cross, #08-15
LINCOLN VALE: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Lincoln Vale Adaptive Strategy Fund (US) L.P. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 16,
2010.
The company's liquidator is:
Directorsplus Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman, KY1-1207
Cayman Islands
LINCOLN VALE: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Lincoln Vale Adaptive Strategy Fund (Offshore)
Limited are required to file their proofs of debt by October 27,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 16,
2010.
The company's liquidator is:
Directorsplus Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman, KY1-1207
Cayman Islands
MALBEC STRATEGIC: Creditors' Proofs of Debt Due on October 18
-------------------------------------------------------------
The creditors of Malbec Strategic Investment Fund are required to
file their proofs of debt by October 18, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on August 26, 2010.
The company's liquidator is:
Reid Services Limited
Clifton House, 75 Fort Street
P.O. Box 190, Grand Cayman KY1-1104
Cayman Islands
OOJOO ABSOLUTE: Creditors' Proofs of Debt Due on October 19
-----------------------------------------------------------
The creditors of Oojoo Absolute Return (Feeder) Fund are required
to file their proofs of debt by October 19, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on August 31, 2010.
The company's liquidator is:
S. Hahn Sull
c/o Hahn Sull
Posco Center East, 7th Floor
892 Daechi-4 Dong, Gangnam-Gu 135-777
Seoul, Korea
Telephone: +82-2-570-1600 / +82-2-570-1601
Facsimile: +82-2-570-1690
PAI SHIN: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------
The creditors of Pai Shin Corp. are required to file their proofs
of debt by October 28, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on September 16,
2010.
The company's liquidator is:
Bridge Street Services Limited
c/o Michelle R. Bodden-Moxam
Portcullis TrustNet (Cayman) Ltd.
The Grand Pavilion Commercial Centre Oleander Way
802 West Bay Road
P.O. Box 32052, Grand Cayman KY1-1208
Cayman Islands
PEQUOT GLOBAL: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Pequot Global Focus Master Fund, Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 9,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
PEQUOT NEW: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------
The creditors of Pequot New River Master Fund, Ltd. are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on September 9,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
PICO FUND: Commences Liquidation Proceedings
--------------------------------------------
On February 20, 2009, the sole shareholder of Pico Fund Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
September 27, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Wilton McDonald
Telephone: (345) 325 4040
c/o PO Box 32338, 3rd Floor, Genesis Building
George Town, Grand Cayman KY1-1209
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
CERVECERIA NACIONAL: Moody's Cuts Corp. Family Rating to 'B1'
-------------------------------------------------------------
Moody's downgraded Cerveceria Nacional Dominicana, C. por A.'s
corporate family and senior unsecured ratings to B1 from Ba3. The
downgrade reflects the company's weaker than anticipated operating
performance and credit metrics over the past several years
compared to Moody's expectations in 2007 when Moody's first
assigned the ratings. An increased domestic tax burden, growing
competition and softer demand conditions during the economic
slowdown in 2009 drove the difference in performance. The rating
outlook is stable.
Downgrades:
Issuer: Cerveceria Nacional Dominicana, C. por A.
-- Corporate Family Rating, Downgraded to B1 from Ba3
-- Senior Unsecured Regular Bond/Debenture, Downgraded to B1
from Ba3
Outlook Actions:
Issuer: Cerveceria Nacional Dominicana, C. por A.
-- Outlook, Changed To Stable From Negative
Ratings Rationale
CND's B1 ratings continue to reflect the company's position as the
leading brewer in the Dominican Republic, its solid profitability
and leverage for the B1 rating category, and the defensive nature
of its beer business. These credit strengths are offset by the
company's modest operating scale compared to its international
peers, its limited geographic and brand diversification as it
generates most of its earnings domestically, and the competitive
challenges in the local beer market. The ratings also consider
the Dominican Republic's country risk (Ba2 foreign currency
country ceiling) and the dollar exposure in the company's cost,
and to a lesser extent, debt structure relative to a revenue base
that is largely in local currency.
Over the past few years, CND's revenues remained flat while
earnings were under pressure following various changes in the tax
regime for beer in the Dominican Republic, which led to higher end
prices for consumers and pressured sales volumes. At the same
time, CND's pricing power was affected by last year's economic
slowdown and increasing competition from the local operation of
AmBev (A3, stable), Latin America's largest brewer, that was
established in 2005. Since its market entry, AmBev has gradually
increased the volume share of its local Brahma brands to around
13% through aggressive pricing, although it has maintained a lower
and more stable share in terms of revenues.
For the 12 months ended June 30, 2010 (LTM 2Q10), CND reported
DOP17.2 billion (US$475 million) in revenues and DOP5.06 billion
(US$139 million) in EBITDA before around US$11 million in non-
recurring restructuring costs. The EBITDA margin before charges
was 29.3% (vs. 27.0% as reported), in line with global brewing
peers, and was up 0.6 percentage points since 2008 as volumes
rebounded with economic growth. However, margins were down around
three points since 2007, a trend which contrasted with Moody's
original expectation of modest upcoming margin expansion when the
ratings were first assigned.
Despite these longer term performance pressures, CND has managed
to maintain positive free cash flow over the past two years by
scaling back capital expenditures and dividends. Nonetheless,
margin pressures have prevented credit metrics from developing
positive momentum. Leverage is in line with that of several
global investment grade brewers and has been fairly stable over
the past few years, but it remains relatively high considering
CND's limited diversification and country risk exposure. Interest
coverage also remains weak. In 2Q10, adjusted LTM Debt/EBITDA was
3.3 times (vs. 3.1 times in 2008) while EBIT/Interest came in at
1.7 times (1.5 times). LTM free cash flow after dividends was
DOP1.68 billion (US$39 million), or 11% of total adjusted debt.
Going forward, Moody's expects CND's operating performance to
gradually strengthen. Margins should benefit from several
efficiency measures the company is implementing across its
organization (we expect around US$20 million in annual savings)
and from changes in its product portfolio and pricing strategies
to address competition from AmBev's aggressive price points.
Overall, however, the agency maintains a cautious view in terms of
upside potential of operating performance and credit metrics
beyond these initiatives in light of likely continued competitive
pressures from AmBev.
CND's liquidity is currently adequate, based on positive free cash
flow and cash reserves that should fully cover near-term debt
maturities. As of June 30, 2010, CND had DOP2.7 billion (US$73
million) in cash, which covered DOP2.0 billion (US$56 million) in
short term debt 1.3 times. Short term debt was mainly comprised
of a US$31 million bridge facility due in March 2011, which the
company used to finance its recent Caribbean acquisition, and the
remaining outstanding amounts under a syndicated DOP facility debt
with final maturity in January 2012.
Moody's expects CND to refinance its US$31 million bridge facility
over the coming months by issuing local notes in the Dominican
market. It also expects the company to start addressing the
maturity of its peso-linked 16% global notes in March 2012 (around
US$147 million) over the next several quarters. CND does not
maintain committed revolving credit lines for backup purposes but
instead, relies on uncommitted facilities with several local
banks, with a total current availability of around DOP2.1 billion
(US$56 million). CND has cushion under financial covenants of its
syndicated credit facility (maximum Debt/EBITDA of 5.0 times and
minimum EBITDA/Interest of 1.25 times), but it is close to its
minimum 2.5 times EBITDA/Interest incurrence test under its global
notes' indentures, which restricts incremental debt to amounts
permitted under carve-out provisions.
The stable rating outlook reflects Moody's expectation of a
continued recovery of CND's operating performance over the near to
medium-term, and the company's ability to successfully address
competitive pressures. It also incorporates the expectation that
the company will successfully refinance its near-term debt
maturities over the coming months and maintain a prudent capital
structure going forward.
The last rating action for CND was on February 5, 2009, when
Moody's changed the outlook for the company's ratings to negative
from stable.
Headquartered in Santo Domingo, Dominican Republic, Cervecerˇa
Nacional Dominicana, C. por A. is the Dominican Republic's largest
brewer and a leader in the country's non-alcoholic malts market.
The company also operates a beer export business, which serves the
U.S. East Coast, the Caribbean and various European markets, and
recently acquired controlling interests in several beverage
businesses on the Caribbean islands of Saint Vincent, Antigua and
Dominica. CND is the main operating subsidiary of E. Leon
Jimenes, a family-controlled holding company. For the 12 months
ended June 30, 2010, the company generated net revenues of DOP17.2
billion (US$475 million).
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information. Moody's
Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of
maintaining a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
===========
M E X I C O
===========
ALMACENADORA ACCEL: Moody's Affirms 'B1' Long-Term Issuer Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Almacenadora Accel, S.A.'s B1
long term local currency issuer rating and assigned the firm a
short term local currency issuer rating of Not Prime. At the same
time, Moody's de M‚xico affirmed Almacenadora Accel's long term
Mexican National Scale issuer rating of Baa2.mx and changed the
outlook to stable, from negative. Moody's de M‚xico also assigned
a short term Mexican National Scale issuer rating of MX-3.
These ratings were affirmed:
-- Long term local currency issuer rating: B1, stable outlook
-- Long term Mexican National Scale issuer rating: Baa2.mx,
outlook changed to stable, from negative
These ratings were assigned:
-- Short term local currency issuer rating: Not Prime, stable
outlook
-- Short term Mexican National Scale issuer rating: MX-3, stable
outlook
Ratings Rationale
Moody's ratings affirmations reflect Almacenadora Accel's
relatively stable operating performance despite the harsh economic
conditions of the past three years in Mexico, in the midst of its
diversification into a new logistics business.
The affirmations also incorporate the potential for improving
profitability and efficiency in the context of the repositioning
of the business, as well as the firm's relatively conservative
capital structure. Almacenadora Accel has recently made important
investments for the purpose of upgrading its systems of control
and collateral monitoring which should improve both its risk
management and operating efficiency.
Moody's said the change in outlook to stable, from negative, on
the National Scale rating primarily reflects the firm's adequate
performance, particularly in comparison to other general deposit
warehouses (almacenes generales de dep˘sito or AGDs) in Mexico
rated by Moody's. The agency highlighted Almacenadora Accel's
competitive advantage in terms of both its product and geographic
diversification, which allows it to more fully incorporate value
added services into its earnings mix. Almacenadora Accel's
refrigerated goods capabilities, with high entry costs, also give
it an advantage against its peers in the AGD industry.
Almacenadora Accel's profitability will remain challenged due to
its high operating costs, common to all AGDs, which continues to
constrain the firm's ratings overall, said Moody's.
Accel is headquartered in Mexico City, Mexico, and reported assets
under management of Mx$7.3 billion, total assets of Mx$ 1 billion,
shareholders' equity of Mx$ 716 million, and net income of Mx$
992,000 as of June 30, 2010.
The last rating action taken on Almacenadora Accel's ratings was
on April 28, 2006 when Moody's withdrew its corporate family
ratings and assigned a long global local currency issuer rating of
B1, and a long term Mexican National Scale issuer rating of
Baa2.mx. On April 3, 2006, Moody's had changed Almacenadora
Accel's Mexican National Scale issuer rating outlook to negative,
from stable.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 27, to October 1, 2010
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
ARGENT- DIS 5.83 12/31/2033 ARS 155.6
ARGENT-$DIS 8.28 12/31/2033 USD 60
ARGENT-PAR 1.18 12/31/2038 ARS 56.6
ARGENT-?DIS 7.82 12/31/2033 EUR 69.5
ARGENT-?DIS 7.82 12/31/2033 EUR 71
ARGENT-ťDIS 4.33 12/31/2033 JPY 42
ARGENT-ťPAR&GDP 0.45 12/31/2038 JPY 8
BANCO MACRO SA 10.75 6/7/2012 USD 71.030045
BOGAR 2018 2 2/4/2018 ARS 36.9
MENDOZA PROVINCE 5.5 9/4/2018 USD 84.999627
BRAZIL
CESP 9.75 1/15/2015 BRL 73.757582
CAYMAN ISLAND
BANCO BPI (CI) 4.15 11/14/2035 EUR 68.148
BANIF FIN LTD 3 12/31/2019 EUR 59.375
BCP FINANCE CO 4.239 EUR 69.391666
BCP FINANCE CO 5.543 EUR 72.8125
BES FINANCE LTD 5.58 EUR 70.846264
BES FINANCE LTD 6.984 2/7/2035 EUR 64.499228
DUBAI HLDNG COMM 6 2/1/2017 GBP 69.703
EFG ORA FUNDING 1.7 10/29/2014 EUR 66.1121
ESFG INTERNATION 5.753 EUR 72.685715
FERTINITRO FIN 8.29 4/1/2020 USD 65
INDEPENDENCIA IN 15 3/31/2015 USD 53
PUBMASTER FIN 6.962 6/30/2028 GBP 71.2185
SHINSEI FIN CAYM 6.418 USD 67.0374
SHINSEI FINANCE 7.16 USD 67.289422
SHINSEI FINANCE 7.16 USD 66.716667
COLOMBIA
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.3562
PUERTO RICO
PUERTO RICO CONS 6.5 4/1/2016 USD 51
VENEZUELA
PETROLEOS DE VEN 4.9 10/28/2014 USD 62.511554
PETROLEOS DE VEN 4.9 10/28/2014 USD 62.64717
PETROLEOS DE VEN 5 10/28/2015 USD 58.051708
PETROLEOS DE VEN 5.125 10/28/2016 USD 54.459592
PETROLEOS DE VEN 5.25 4/12/2017 USD 57.816449
PETROLEOS DE VEN 5.375 4/12/2027 USD 47.795615
PETROLEOS DE VEN 5.5 4/12/2037 USD 45.826051
VENEZUELA 5.75 2/26/2016 USD 67.5
VENEZUELA 6 12/9/2020 USD 56.35
VENEZUELA 7 3/31/2038 USD 54.25
VENEZUELA 7 3/31/2038 USD 53.348
VENEZUELA 7 12/1/2018 USD 63
VENEZUELA 7.65 4/21/2025 USD 59
VENEZUELA 7.75 10/13/2019 USD 65.25
VENEZUELA 8.25 10/13/2024 USD 62.9
VENEZUELA 9 5/7/2023 USD 65.75
VENEZUELA 9.25 9/15/2027 USD 70.662
VENEZUELA 9.25 5/7/2028 USD 65.5
VENEZUELA 9.25 9/15/2027 USD 70.75
VENZOD - 189000 9.375 1/13/2034 USD 65.5
***********
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 * * *