/raid1/www/Hosts/bankrupt/TCRLA_Public/101012.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
Tuesday, October 12, 2010, Vol. 11, No. 201
Headlines
A R G E N T I N A
OVALGRAF SA: Creditors' Proofs of Debt Due December 22
RAIMAT SA: Creditors' Proofs of Debt Due October 22
TELC SRL: Creditors' Proofs of Debt Due October 29
YIN YANG: Creditors' Proofs of Debt Due November 18
B E R M U D A
CPX REINSURANCE: Creditors' Proofs of Debt Due October 20
CPX REINSURANCE: Members' Final Meeting Set for November 10
PIONEER MULTI: Creditors' Proofs of Debt Due October 20
PIONEER MULTI: Members' Final Meeting Set for November 17
RSA SECURITY: Commences Wind-Up Proceedings
SENERGY INSURANCE: Creditors' Proofs of Debt Due October 21
SENERGY INSURANCE: Members' Final Meeting Set for November 8
VENTURES ELN: Creditors' Proofs of Debt Due October 20
VENTURES ELN: Members' Final Meeting Set for November 10
VENTURES ELN: Creditors' Proofs of Debt Due October 20
VENTURES ELN: Members' Final Meeting Set for November 10
C A Y M A N I S L A N D S
ARACRUZ INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 29
BLAISE LIMITED: Members' Final Meeting Set for October 15
CLTIC REINSURANCE: Shareholder to Hear Wind-Up Report on Oct. 19
CORIOLIS LIMITED: Members' Final Meeting Set for October 28
GALLEON QUANTITATIVE: Shareholders' Final Meeting Set for Oct. 29
GUGHI SAILING: Members' Final Meeting Set for October 15
IAT GROUP: Shareholders' Final Meeting Set for October 29
INDORAMA INTERNATIONAL: Shareholders' Meeting Set for October 27
LINCOLN VALE: Shareholders' Final Meeting Set for December 1
LINCOLN VALE: Shareholders' Final Meeting Set for December 1
MALBEC STRATEGIC: Shareholders' Final Meeting Set for October 19
OOJOO ABSOLUTE: Shareholder to Hear Wind-Up Report on October 26
PAI SHIN: Members' Final Meeting Set for October 28
PEQUOT GLOBAL: Shareholders' Final Meeting Set for October 29
PEQUOT MARKET: Shareholders' Final Meeting Set for October 29
PEQUOT NEW: Shareholders' Final Meeting Set for October 29
REV FINANCE: Shareholders' Final Meeting Set for October 19
REV HOLDING: Shareholders' Final Meeting Set for October 19
REV?TRANCHE: Shareholders' Final Meeting Set for October 19
REV?TRANCHE: Shareholders' Final Meeting Set for October 19
TRIPLAS SERIES: Shareholders' Final Meeting Set for October 29
C O S T A R I C A
PALMAS DEL MAR: To Reopen Soon Under New Management
J A M A I C A
AIR JAMAICA: Contract Staff Can Apply With Caribbean Airlines
JPSCO: Unions Obtain Permission to Challenge IDT Ruling
M E X I C O
CONSUPAGO SA: Fitch Assigns 'BB-' Issuer Default Rating
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
OVALGRAF SA: Creditors' Proofs of Debt Due December 22
------------------------------------------------------
The court-appointed trustee for Ovalgraf S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 22, 2010.
The trustee will present the validated claims in court as
individual reports on March 7, 2011. 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
April 19, 2011.
RAIMAT SA: Creditors' Proofs of Debt Due October 22
---------------------------------------------------
The court-appointed trustee for Raimat S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
October 22, 2010.
TELC SRL: Creditors' Proofs of Debt Due October 29
--------------------------------------------------
The court-appointed trustee for Telc S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 29, 2010.
The trustee will present the validated claims in court as
individual reports on November 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
February 8, 2011.
YIN YANG: Creditors' Proofs of Debt Due November 18
----------------------------------------------------
The court-appointed trustee for Yin Yang S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 18, 2010.
The trustee will present the validated claims in court as
individual reports on February 16, 2011. 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 31, 2011.
=============
B E R M U D A
=============
CPX REINSURANCE: Creditors' Proofs of Debt Due October 20
---------------------------------------------------------
The creditors of CPX Reinsurance Ltd. are required to file their
proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
CPX REINSURANCE: Members' Final Meeting Set for November 10
-----------------------------------------------------------
The members of CPX Reinsurance Ltd. will hold their final meeting,
on November 10, 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 October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
PIONEER MULTI: Creditors' Proofs of Debt Due October 20
-------------------------------------------------------
The creditors of Pioneer Multi Opportunities Limited are required
to file their proofs of debt by October 20, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
PIONEER MULTI: Members' Final Meeting Set for November 17
---------------------------------------------------------
The members of Pioneer Multi Opportunities Limited will hold their
final meeting, on November 17, 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 October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
RSA SECURITY: Commences Wind-Up Proceedings
-------------------------------------------
On September 30, 2010, the sole member of RSA Security Holding
Limited passed a resolution that voluntarily winds up the
company's operations.
The company's liquidator is:
W. Paul King
King & Associates
Dallas Building
7 Victoria Street, Hamilton
Bermuda
SENERGY INSURANCE: Creditors' Proofs of Debt Due October 21
-----------------------------------------------------------
The creditors of Senergy Insurance Ltd are required to file their
proofs of debt by October 21, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 4, 2010.
The company's liquidator is:
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-La-Ville Road
Hamilton
Bermuda
SENERGY INSURANCE: Members' Final Meeting Set for November 8
------------------------------------------------------------
The members of Senergy Insurance Ltd. will hold their final
meeting, on November 8, 2010, at 10:00 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 October 4, 2010.
The company's liquidator is:
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-La-Ville Road
Hamilton
Bermuda
VENTURES ELN: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
The creditors of Ventures ELN I Ltd. are required to file their
proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
VENTURES ELN: Members' Final Meeting Set for November 10
--------------------------------------------------------
The members of Ventures ELN I Ltd. will hold their final meeting,
on November 10, 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 October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
VENTURES ELN: Creditors' Proofs of Debt Due October 20
------------------------------------------------------
The creditors of Ventures ELN Holdings Ltd. are required to file
their proofs of debt by October 20, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
VENTURES ELN: Members' Final Meeting Set for November 10
--------------------------------------------------------
The members of Ventures ELN Holdings Ltd. will hold their final
meeting, on November 10, 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 October 1, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
==========================
C A Y M A N I S L A N D S
==========================
ARACRUZ INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 29
------------------------------------------------------------------
The shareholders of Aracruz International Finance Company will
hold their final meeting, on October 29, 2010, at 2:30 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
BLAISE LIMITED: Members' Final Meeting Set for October 15
---------------------------------------------------------
The members of Blaise Limited will hold their final meeting, on
October 15, 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:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
CLTIC REINSURANCE: Shareholder to Hear Wind-Up Report on Oct. 19
----------------------------------------------------------------
The shareholder of CLTIC Reinsurance Company, Ltd. will receive,
on October 19, 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:
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: Members' Final Meeting Set for October 28
-----------------------------------------------------------
The members of Coriolis Limited will hold their final meeting, on
October 28, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
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
GALLEON QUANTITATIVE: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------------------
The shareholders of Galleon Quantitative Fund, Ltd. will hold
their final meeting, on October 29, 2010, at 12:15 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
GUGHI SAILING: Members' Final Meeting Set for October 15
--------------------------------------------------------
The members of Gughi Sailing Ltd. will hold their final meeting,
on October 15, 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:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
IAT GROUP: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------
The shareholders of IAT Group Inc. will hold their final meeting,
on October 29, 2010, at 12:30 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
INDORAMA INTERNATIONAL: Shareholders' Meeting Set for October 27
----------------------------------------------------------------
The shareholders of Indorama International Ltd. will hold their
final meeting, on October 27, 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:
Kishan Kumar Aggarwal
3 RHU Cross, #08-15 Costa RHU 437433
Singapore
LINCOLN VALE: Shareholders' Final Meeting Set for December 1
------------------------------------------------------------
The shareholders of Lincoln Vale Adaptive Strategy Fund (US) L.P.
will hold their final meeting, on December 1, 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:
Directorsplus Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
DirectorsPlus Limited
Grand Pavilion Commercial Centre, 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman
Cayman Islands
LINCOLN VALE: Shareholders' Final Meeting Set for December 1
------------------------------------------------------------
The shareholders of Lincoln Vale Adaptive Strategy Fund (Offshore)
Limited will hold their final meeting, on December 1, 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:
Directorsplus Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
DirectorsPlus Limited
Grand Pavilion Commercial Centre 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman
Cayman Islands
MALBEC STRATEGIC: Shareholders' Final Meeting Set for October 19
----------------------------------------------------------------
The shareholders of Malbec Strategic Investment Fund will hold
their final meeting, on October 19, 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:
Reid Services Limited
Clifton House
75 Fort Street
P.O. Box 190, Grand Cayman KY1-1104
Cayman Islands
OOJOO ABSOLUTE: Shareholder to Hear Wind-Up Report on October 26
----------------------------------------------------------------
The shareholder of OOJOO Absolute Return (Feeder) Fund will
receive, on October 26, 2010, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
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
Direct +82-2-570-1601
Facsimile. +82-2-570-1690
PAI SHIN: Members' Final Meeting Set for October 28
---------------------------------------------------
The members of Pai Shin Corp. will hold their final meeting, on
October 28, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Heng, Kuo-Ian
c/o Michelle R. Bodden-Moxam
Telephone: 946-6145
Facsimile: 946-6146
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: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Pequot Global Focus Master Fund, Ltd. will
hold their final meeting, on October 29, 2010, at 1:45 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
PEQUOT MARKET: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Pequot Market Neutral Financial Services
Master Fund, Ltd. will hold their final meeting, on October 29,
2010, at 2:15 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
PEQUOT NEW: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------
The shareholders of Pequot New River Master Fund, Ltd. will hold
their final meeting, on October 29, 2010, at 2:00 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
REV FINANCE: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev Finance Company will hold their final
meeting, on October 19, 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:
Cititrust (Bahamas) Limited acting by:
Schell D. Stubbs
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
REV HOLDING: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev Holding Company will hold their final
meeting, on October 19, 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:
Cititrust (Bahamas) Limited acting by:
Schell D. Stubbs
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
REV-TRANCHE: Shareholders' Final Meeting Set for October 19
------------------------------------------------------------
The shareholders of Rev-Tranche II Holding Company will hold their
final meeting, on October 19, 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:
Cititrust (Bahamas) Limited acting by:
Schell D. Stubbs
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
REV-TRANCHE: Shareholders' Final Meeting Set for October 19
-----------------------------------------------------------
The shareholders of Rev-Tranche II Finance Company will hold their
final meeting, on October 19, 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:
Cititrust (Bahamas) Limited acting by:
Schell D. Stubbs
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
TRIPLAS SERIES: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Triplas Series II Synthetic CDO Limited will
hold their final meeting, on October 29, 2010, at 1:30 p.m., 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 S T A R I C A
==================
PALMAS DEL MAR: To Reopen Soon Under New Management
---------------------------------------------------
Jose L. Carmona at Caribbean Business reports that the U.S.
Bankruptcy Court has authorized the transfer of the Palmas del Mar
Country Club recreational facilities to the Tourism Development
Fund pending its final transfer to a new operator, Palmas Athletic
Club Inc., a nonprofit organization created by the Palmas del Mar
Homeowners Association (PHA).
According to the report, both Palmas del Mar Properties, Inc.
(PDMP), the original proprietor of Palmas del Mar Country Club,
Inc. (PCCI), and the PHA welcomed the move by the bankruptcy
court.
The report notes that U.S. Bankruptcy Court determined that the
recreational facilities of Palmas del Mar could be transferred to
the TDF, which would pave the way for the title transfer to Palmas
Athletic Club Inc.
Morgan Stubbe disclosed in June that Palmas del Mar Country Club
would close July 28 due to lack of financing to float the
operations. The report relates that the Government Development
Bank denied financing to the complex, which has an outstanding
AFICA loan of more than US$27 million. The report says that the
company and PHA worked to seek avenues to keep the facilities in
operation.
About Palmas del Mar
Palmas del Mar Properties Inc., development firm of Palmas del Mar
resort, has invested more than US$53 million throughout the years
in the recreational facilities of the Palmas del Mar community in
Humacao. PCCI filed for Chapter 11 (reorganization) bankruptcy
protection in August in a bid to expedite the reopening of the
shuttered facilities in Humacao.
=============
J A M A I C A
=============
AIR JAMAICA: Contract Staff Can Apply With Caribbean Airlines
-------------------------------------------------------------
Air Jamaica Limited workers who have been on six-month contracts
since the airline's acquisition in May can now apply for jobs with
Caribbean Airlines Limited, RadioJamaica reports.
According to the report, Caribbean Airlines, which has an 84%
stake in Air Jamaica, has issued a memo to employees informing
them that applications for posts can be submitted starting
November 1. It is not known how many employees are being sought.
The employment offers come as Caribbean Airlines enters the second
phase of the transitional period following the May 1 takeover of
Air Jamaica, the report says.
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. As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes. Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.
* * *
As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.
JPSCO: Unions Obtain Permission to Challenge IDT Ruling
-------------------------------------------------------
The Supreme Court gave leave to three trade unions representing
Jamaica Public Service Company employees -- the Union of Clerical,
Administrative and Supervisory Employees, National Workers Union
and the Bustamante Industrial Trade Union -- to apply for Judicial
Review of the Industrial Disputes Tribunal award handed down on
June 18.
The report relates that the dispute stemmed from the
implementation of a previous IDT award in 2003. According to the
report, at that time the IDT outline a salary structure to be paid
to the JPSCO employees. The report relates that this was based on
the top five to ten percent paid to employees at companies similar
to JPSCO. That award was upheld by the Supreme Court and the
Court of Appeal which in 2006 dismissed a legal challenge by
JPSCO, the report notes.
RadioJamaica discloses that consultants had calculated that JPSCO
would have to pay JM$4.1 billion in outstanding overtime and
redundancy costs to the JPSCO employees. However, the report
relates, during meetings in 2008 JPSCO's negotiators argued that
they could only pay JM$2.3 billion.
The report discloses that Heads of Agreement were signed by the
disputing parties and the Ministry of Labor on May 6, 2008,
providing that there would be a net payment of the amount agreed
to for the 2001-2007 period. In addition any attendant costs
associated with the exercise would be honored by JPSCO, the report
says.
After the increases on basic pay had been paid, the unions claimed
that adjustments to overtime and redundancy payments were due,
RadioJamaica relates.
However, the report relates, JPSCO countered arguing that it all
claims had been settled and that no additional monies would be
paid. Attorneys representing the unions, Gifford, Thompson and
Company said in arriving at a decision, the IDT was divided two to
one.
The report states that the tribunal observed that it was an
implied term of the contracts of employment, that if basic pay was
increased, overtime pay adjustments would have to follow. Justice
Glen Brown gave leave to the Unions to challenge the award on the
basis of errors of law on the part of the IDT, the report adds.
The matter is scheduled for full hearing before the Supreme Court.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal. The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness. According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise. However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.
===========
M E X I C O
===========
CONSUPAGO SA: Fitch Assigns 'BB-' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has assigned these ratings to Consupago S.A. de
C.V.:
-- Long-term foreign currency Issuer Default Rating 'BB-';
-- Short-term foreign currency IDR 'B';
-- Long-term local currency IDR 'BB-';
-- Short-term local currency IDR 'B';
-- Senior unsecured debt for up to MX$750 million 'BB-';
-- Long-term national-scale rating 'A-(mex)';
-- Short-term national-scale rating 'F2(mex)'.
In addition, Fitch affirms this:
-- Short-term national-scale rating for local MX$1,000 million
senior unsecured Debt at 'F2(mex)'.
Consupago's ratings reflect its strong capitalization, good
financial performance, high margins and recurring sound earnings,
adequate asset quality and loan loss reserve coverage, as well as
the benefits of its business model based on loan collections
through direct debit from payrolls of public sector employees (its
target market). This model mitigates the 'unwillingness' of its
clients to pay for risk. The ratings also consider its modest
funding flexibility, portfolio concentration, and what Fitch
considers could potentially become an important source of business
risk. Its operating model relies to some extent on the goodwill
of public entities (employers) and unions, as there is full
delegation of the collection process. Moreover, other risks would
include any potential legal process challenging the validity of
payroll deductions for servicing loans granted by private parties,
as well as the potential for changes or implementation of
regulations that could alter the risks and returns of this
business model.
Consupago's ratings could be upgraded over time if it enhances its
funding flexibility and risk diversification, and improves
efficiency and cost control while maintaining profitability,
liquidity, capital and asset quality metrics. Downward pressure
would arise from significant portfolio deterioration that affects
revenues and earnings due to increasing credit costs; further
concentration by employer; and/or the introduction of specific
regulations for this activity that could lead to lower returns and
increased competition.
Consupago is one of the most important companies in payroll
deduction activity, serving the employees of over 140 government
agencies and unions across Mexico. Consupago has strong
capitalization due to its sound profitability, in turn driven by
high margins (annualized net interest margin of 67.2% during
first-half 2010) and reasonable efficiency, as well as the ability
to maintain low credit costs, driving return on assets of 10.6%
over that period. As of June 2010, its capitalization ratio
(equity to total assets) was 39.4%. At the same date, it had a
total loan portfolio of MXN$2.1 billion, of which 6.1% were past
due loans. This has had a significant increase recently (June
2009: 3.8%), mainly influenced by delinquencies among the
employees of one of its largest government entities, which arose
after a technology update by that employer caused a temporary
failure to properly retain the payroll deductions. Consupago's
loan loss reserves have historically been higher than total past-
due loans, even after the aforementioned pick-up in delinquencies
(112.3% as of June 2010). The company charged-off around 5.4% of
average loans. The funding mix represents a key challenge in the
medium term due to the limited number and high concentration of
creditors, in addition to high funding costs and relatively ample
reliance on secured financing.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
AUTOPISTAS SOL AUSO AR 364771500 -6265989.03
AUTOPISTAS SOL APDSF US 364771500 -6265989.03
COMERCIAL PL-C/E COMEC AR 135685132 -249657810
SOC COMERCIAL PL COME AR 135685132 -249657810
SOC COMERCIAL PL CADN EO 135685132 -249657810
SOC COMERCIAL PL CADN SW 135685132 -249657810
SOC COMERCIAL PL CVVIF US 135685132 -249657810
SOC COMERCIAL PL SCDPF US 135685132 -249657810
SOC COMERCIAL PL CAD IX 135685132 -249657810
COMERCIAL PL-ADR SCPDS LI 135685132 -249657810
COMERCIAL PLA-BL COMEB AR 135685132 -249657810
COMERCIAL PLAT-$ COMED AR 135685132 -249657810
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
BRAZIL
FERROVIA CEN-DVD VSPT11 BZ 1.185E+09 -50468104.7
FER C ATLANT VSPT3 BZ 1.185E+09 -50468104.7
FER C ATL-RCT PF VSPT10 BZ 1.185E+09 -50468104.7
FER C ATLANT-PRF VSPT4 BZ 1.185E+09 -50468104.7
FER C ATL-RCT CM VSPT9 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT12 BZ 1.185E+09 -50468104.7
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
LAEP INVESTMENTS LEAP LX 432349610 -161351898
LAEP-BDR MILK11 BZ 432349610 -161351898
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641144
PARMALAT-PREF LCSA4 BZ 388720052 -213641144
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641144
PARMALAT BRASIL LCSAON BZ 388720052 -213641144
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641144
PARMALAT LCSA3 BZ 388720052 -213641144
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
DOCAS SA-PREF DOCAPN BZ 343189539 -89982750
DOCAS SA DOCAON BZ 343189539 -89982750
DOCA INVESTI-PFD DOCA4 BZ 343189539 -89982750
DOCA INVESTIMENT DOCA3 BZ 343189539 -89982750
DOCAS SA-RTS PRF DOCA2 BZ 343189539 -89982750
BOMBRIL BOBR3 BZ 292257859 -115839632
BOMBRIL SA-ADR BMBPY US 292257859 -115839632
BOMBRIL-RGTS PRE BOBR2 BZ 292257859 -115839632
BOMBRIL CIRIO SA BOBRON BZ 292257859 -115839632
BOMBRIL BMBBF US 292257859 -115839632
BOMBRIL SA-ADR BMBBY US 292257859 -115839632
BOMBRIL-PREF BOBR4 BZ 292257859 -115839632
BOMBRIL-RIGHTS BOBR1 BZ 292257859 -115839632
BOMBRIL CIRIO-PF BOBRPN BZ 292257859 -115839632
TELEBRAS-RTS CMN TCLP1 BZ 244716404 -14836627.7
TELEBRAS-CEDEA $ TEL4D AR 244716404 -14836627.7
TELEBRAS-ADR TBAPY US 244716404 -14836627.7
TELEBRAS SA-PREF TELB4 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB41 BZ 244716404 -14836627.7
TELEBRAS-PF BLCK TELB40 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF RCTB2 BZ 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB31 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT CBRZF US 244716404 -14836627.7
TELEBRAS SA-PREF TLBRPN BZ 244716404 -14836627.7
TELEBRAS-CEDE BL RCT4B AR 244716404 -14836627.7
TELEBRAS-CEDE PF TELB4 AR 244716404 -14836627.7
TELEBRAS-CED C/E TEL4C AR 244716404 -14836627.7
TELEBRAS-RCT PRF TELB10 BZ 244716404 -14836627.7
TELEBRAS-RECEIPT TLBRUO BZ 244716404 -14836627.7
TELEBRAS-CM RCPT TELE31 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB40 BZ 244716404 -14836627.7
TELEBRAS SA-RT TELB9 BZ 244716404 -14836627.7
TELEBRAS/W-I-ADR TBH-W US 244716404 -14836627.7
TELEBRAS-PF RCPT TELE41 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TBAPF US 244716404 -14836627.7
TELEBRAS SA TBASF US 244716404 -14836627.7
TELEBRAS-ADR RTB US 244716404 -14836627.7
TELEBRAS-ADR TBX GR 244716404 -14836627.7
TELEBRAS-CED C/E RCT4C AR 244716404 -14836627.7
TELECOMUNICA-ADR 81370Z BZ 244716404 -14836627.7
TELEBRAS-BLOCK TELB30 BZ 244716404 -14836627.7
TELEBRAS-RCT RCTB33 BZ 244716404 -14836627.7
TELEBRAS-ADR TBRAY GR 244716404 -14836627.7
TELEBRAS-RTS CMN RCTB1 BZ 244716404 -14836627.7
TELEBRAS-ADR TBH US 244716404 -14836627.7
TELEBRAS-CEDE PF RCTB4 AR 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB32 BZ 244716404 -14836627.7
TELEBRAS-CEDEA $ RCT4D AR 244716404 -14836627.7
TELEBRAS-CM RCPT TBRTF US 244716404 -14836627.7
TELEBRAS-COM RT TELB1 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF TLCP2 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB42 BZ 244716404 -14836627.7
TELEBRAS SA TELB3 BZ 244716404 -14836627.7
TELEBRAS-ADR TBASY US 244716404 -14836627.7
TELEBRAS SA TLBRON BZ 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB30 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TLBRUP BZ 244716404 -14836627.7
HOTEIS OTHON SA HOOT3 BZ 239702780 -38730311.4
HOTEIS OTHON-PRF HOOT4 BZ 239702780 -38730311.4
HOTEIS OTHON SA HOTHON BZ 239702780 -38730311.4
HOTEIS OTHON-PRF HOTHPN BZ 239702780 -38730311.4
TEKA TEKAON BZ 229977754 -351007551
TEKA TEKA3 BZ 229977754 -351007551
TEKA TKTQF US 229977754 -351007551
TEKA-PREF TEKA4 BZ 229977754 -351007551
TEKA-PREF TEKAPN BZ 229977754 -351007551
TEKA-PREF TKTPF US 229977754 -351007551
TEKA-ADR TKTPY US 229977754 -351007551
TEKA-ADR TEKAY US 229977754 -351007551
TEKA-ADR TKTQY US 229977754 -351007551
BALADARE BLDR3 BZ 159454016 -52992212.8
SANSUY SA SNSYON BZ 147187163 -86606310.8
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.8
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.8
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.8
SANSUY SNSY3 BZ 147187163 -86606310.8
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.8
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857292
IGB ELETRONICA IGBR3 BZ 145256033 -273857292
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857292
GRADIENTE ELETR IGBON BZ 145256033 -273857292
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857292
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857292
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857292
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857292
DHB IND E COM-PR DHBPN BZ 139112728 -464095219
DHB IND E COM DHBON BZ 139112728 -464095219
D H B-PREF DHBI4 BZ 139112728 -464095219
D H B DHBI3 BZ 139112728 -464095219
PET MANG-RECEIPT RPMG10 BZ 128717705 -153478601
PET MANGUINH-PRF RPMG4 BZ 128717705 -153478601
PETRO MANGUINHOS MANGON BZ 128717705 -153478601
PET MANG-RT RPMG2 BZ 128717705 -153478601
PET MANG-RT RPMG1 BZ 128717705 -153478601
PET MANG-RECEIPT RPMG9 BZ 128717705 -153478601
PETRO MANGUINHOS RPMG3 BZ 128717705 -153478601
PET MANG-RIGHTS 3678569Q BZ 128717705 -153478601
PET MANG-RIGHTS 3678565Q BZ 128717705 -153478601
PETRO MANGUIN-PF MANGPN BZ 128717705 -153478601
RIMET-PREF REEM4 BZ 98343507 -133499964
RIMET REEMON BZ 98343507 -133499964
RIMET REEM3 BZ 98343507 -133499964
RIMET-PREF REEMPN BZ 98343507 -133499964
VARIG PART EM SE VPSC3 BZ 96617351 -460274609
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609
DOC IMBITUBA-RTP IMBI2 BZ 93031452 -40080158.4
DOCAS IMBITUB-PR IMBIPN BZ 93031452 -40080158.4
DOC IMBITUB-PREF IMBI4 BZ 93031452 -40080158.4
DOC IMBITUBA IMBI3 BZ 93031452 -40080158.4
DOCAS IMBITUBA IMBION BZ 93031452 -40080158.4
DOC IMBITUBA-RTC IMBI1 BZ 93031452 -40080158.4
WETZEL SA-PREF MWELPN BZ 84310496 -7570637.42
WETZEL SA-PREF MWET4 BZ 84310496 -7570637.42
WETZEL SA MWELON BZ 84310496 -7570637.42
WETZEL SA MWET3 BZ 84310496 -7570637.42
ACO ALTONA-PREF EALT4 BZ 81612029 -10647927.2
ACO ALTONA SA EAAON BZ 81612029 -10647927.2
ACO ALTONA-PREF EAAPN BZ 81612029 -10647927.2
ACO ALTONA EALT3 BZ 81612029 -10647927.2
ESTRELA SA ESTRON BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTRPN BZ 76255458 -69760619.7
ESTRELA SA ESTR3 BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTR4 BZ 76255458 -69760619.7
RIOSULENSE SA RSULON BZ 68368524 -9647727.04
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.04
TEXTEIS RENAU-RT TXRX2 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXON BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXPN BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX9 BZ 63634626 -91597740.4
RENAUXVIEW SA-PF TXRX4 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX10 BZ 63634626 -91597740.4
RENAUXVIEW SA TXRX3 BZ 63634626 -91597740.4
TEXTEIS RENAU-RT TXRX1 BZ 63634626 -91597740.4
FABRICA RENAUX FTRX3 BZ 63036915 -59781833
FABRICA RENAUX FRNXON BZ 63036915 -59781833
FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833
FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833
MINUPAR SA-PREF MNPRPN BZ 60015033 -53107712.8
MINUPAR SA MNPRON BZ 60015033 -53107712.8
MINUPAR-RCT MNPR9 BZ 60015033 -53107712.8
MINUPAR-RT MNPR1 BZ 60015033 -53107712.8
MINUPAR-PREF MNPR4 BZ 60015033 -53107712.8
MINUPAR MNPR3 BZ 60015033 -53107712.8
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
WIEST WISA3 BZ 39838114 -93371563.1
WIEST-PREF WISA4 BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
WIEST SA WISAON BZ 39838114 -93371563.1
CIMOB PARTIC SA GAFON BZ 36817395 -33083086.5
CIMOB PART-PREF GAFPN BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFP3 BZ 36817395 -33083086.5
CIMOB PART-PREF GAFP4 BZ 36817395 -33083086.5
BOTUCATU-PREF STRP4 BZ 35101567 -13482713.5
STAROUP SA STARON BZ 35101567 -13482713.5
BOTUCATU TEXTIL STRP3 BZ 35101567 -13482713.5
STAROUP SA-PREF STARPN BZ 35101567 -13482713.5
SANESALTO SNST3 BZ 31044051 -1843297.83
STEEL - RCT ORD STLB9 BZ 22548846 -4346785.7
STEEL DO BRASIL STLB3 BZ 22548846 -4346785.7
STEEL - RT STLB1 BZ 22548846 -4346785.7
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.2
CHIARELLI SA CCHI3 BZ 22274027 -44537138.2
CHIARELLI SA CCHON BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.2
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
FER HAGA-PREF HAGA4 BZ 18770787 -60946123.6
FERRAGENS HAGA-P HAGAPN BZ 18770787 -60946123.6
FERRAGENS HAGA HAGAON BZ 18770787 -60946123.6
HAGA HAGA3 BZ 18770787 -60946123.6
CAFE BRASILIA SA CSBRON BZ 18540302 -790303366
CAF BRASILIA CAFE3 BZ 18540302 -790303366
CAFE BRASILIA-PR CSBRPN BZ 18540302 -790303366
CAF BRASILIA-PRF CAFE4 BZ 18540302 -790303366
TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451.2
TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451.2
TECEL S JOSE FTSJON BZ 17924946 -18569451.2
TECEL S JOSE SJOS3 BZ 17924946 -18569451.2
NORDON MET-RTS NORD1 BZ 15427479 -20563974.4
NORDON MET NORD3 BZ 15427479 -20563974.4
NORDON METAL NORDON BZ 15427479 -20563974.4
PROMAN PRMN3B BZ 13088926 -87154.5455
PROMAN PRMN3 BZ 13088926 -87154.5455
GAZOLA GAZO3 BZ 12452143 -40298506.3
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.3
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.3
GAZOLA SA GAZON BZ 12452143 -40298506.3
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.3
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.3
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.3
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.3
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
SCHLOSSER SA SCHON BZ 11513499 -58660176.3
SCHLOSSER SCLO3 BZ 11513499 -58660176.3
SCHLOSSER SA-PRF SCHPN BZ 11513499 -58660176.3
SCHLOSSER-PREF SCLO4 BZ 11513499 -58660176.3
HERCULES SA-PREF HERTPN BZ 10710103 -164239944
HERCULES SA HERTON BZ 10710103 -164239944
HERCULES HETA3 BZ 10710103 -164239944
HERCULES-PREF HETA4 BZ 10710103 -164239944
CHILE
CHILESAT CORP SA TELEX CI 670035499 -88041020.2
TELMEX CORP SA CHILESAT CI 670035499 -88041020.2
TELEX-A TELEXA CI 670035499 -88041020.2
CHILESAT CO-RTS CHISATOS CI 670035499 -88041020.2
CHILESAT CO-ADR TL US 670035499 -88041020.2
TELMEX CORP-ADR CSAOY US 670035499 -88041020.2
TELEX-RTS TELEXO CI 670035499 -88041020.2
INVERMAR-RT INVEROSA CI 200945008 -2078000.13
INVERMAR INVERMAR CI 200945008 -2078000.13
***********
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 * * *