/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101013.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 Wednesday, October 13, 2010, Vol. 11, No. 202 Headlines A R G E N T I N A BANCO SANTANDER: Moody's Assigns 'Ba1' Global LC Debt Rating BANCO DEL CHUBUT: Moody's Assigns 'D-' Financial Strength Rating BANCO SAENZ: Moody's Gives Positive Outlook on 'B2' Rating B E R M U D A BLUMONT MAN: Creditors' Proofs of Debt Due October 22 BLUMONT MAN: Members' Final Meeting Set for November 19 BLUMONT MAN: Creditors' Proofs of Debt Due October 22 BLUMONT MAN: Members' Final Meeting Set for November 19 ESG RE: Appoints Morrison and Thresh as Liquidators GECAS BERMUDA: Member to Receive Wind-Up Report on November 26 GECC ECA: Creditors' Proofs of Debt Due October 22 GECC ECA: Member to Receive Wind-Up Report on November 26 PUTNAM GREEN: Creditors' Proofs of Debt Due October 22 SCAF I: Creditors' and Contributories' Meeting Set for November 4 SEA EAGLE: Creditors' Proofs of Debt Due October 22 SEA EAGLE: Members' Final Meeting Set for November 12 B R A Z I L CONSTRUTORA NORBERTO: Fitch Lifts Issuer Default Rating From 'BB+' FIBRIA CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings C A Y M A N I S L A N D S 51 LIF: Shareholders' Final Meeting Set for October 27 ALICANTE HOLDINGS: Shareholders' Final Meeting Set for October 27 APPLEBY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 BROADSWORD LIMITED: Shareholders' Final Meeting Set for Oct. 27 CARBET SECURITIES: Shareholders' Final Meeting Set for Oct. 27 COURINE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 DENALI CAPITAL: Shareholders' Final Meeting Set for October 29 FIGARO INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 HALLSTEAD INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 INCA LIMITED: Shareholders' Final Meeting Set for October 27 MAGNOLIA LIMITED: Shareholders' Final Meeting Set for Oct. 27 MARBELLA LIMITED: Shareholders' Final Meeting Set for October 27 NATASCHA CORPORATION: Shareholders' Final Meeting Set for Oct. 27 PICCADILY LIMITED: Shareholders' Final Meeting Set for Oct. 27 PICO FUND: Shareholder Receives Wind-Up Report RADWA INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 RWC STRATEGIC: Shareholders' Final Meeting Set for October 29 SHEHEREZADE LIMITED: Shareholders' Final Meeting Set for Oct. 27 WARREN INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 WOMACK LIMITED: Shareholders' Final Meeting Set for October 27 C H I L E * CHILE: Receives US$2.6MM Grant From IDB-Global Environment Fund M E X I C O HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'Ca' HIPOTECARIA SU: S&P Puts 'BB' Note Rating on CreditWatch Negative HIPOTECARIA SU: Fitch Puts Ratings on 18 Classes of Bonds T R I N I D A D & T O B A G O CL FIN'L: Government to Consider Clico Payout Plan - - - - - ================= A R G E N T I N A ================= BANCO SANTANDER: Moody's Assigns 'Ba1' Global LC Debt Rating ------------------------------------------------------------ Moody's Latin America assigned Aaa.ar and Aa3.ar national scale local and foreign currency debt ratings to Banco Santander Rio's senior debt program in the amount of US$500 million. In addition, a national scale local currency debt rating of Aaa.ar was assigned to the expected first issuance of the program, amounting Ar$250 million. At the same time, Moody's Investors Service assigned Ba1 and B2 global local and foreign currency debt ratings to the program, as well as a Ba1 global local-currency debt rating to the expected first issuance. The outlook for all ratings is stable. The program allows for multicurrency debt issuances and is governed by Argentinean law. These ratings were assigned to Banco Santander Rio S.A.: US$500 million (or its equivalent in other currencies) senior debt program: -- Ba1 Global Local Currency Debt Rating, with stable outlook -- B2 Global Foreign Currency Debt Rating, with stable outlook -- Aaa.ar Argentina National Scale Local Currency Debt Rating -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating First Issuance of AR$250 million: -- Ba1 Global Local Currency Debt Rating, with stable outlook -- Aaa.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's noted that seniority was taken into consideration in the assignment of the debt ratings. Banco Santander Rio S.A. is headquartered in Buenos Aires, with assets of Ar$29.6 billion and loans of Ar$17.1 billion as of June 30, 2010. 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's 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. BANCO DEL CHUBUT: Moody's Assigns 'D-' Financial Strength Rating ---------------------------------------------------------------- Moody's Investors Service assigned first time ratings to Banco del Chubut S.A., including a bank financial strength rating of D- (minus); long- and short-term global local-currency deposit ratings of Ba3 and Not Prime, respectively; and long- and short- term foreign-currency deposit ratings of Caa1 and Not Prime, the latter constrained by Moody's foreign currency country ceiling for deposits in Argentina. Moody's Latin America also assigned a Aa2.ar local currency deposit rating and a Ba1.ar foreign currency deposit rating to Banco Chubut on the Argentine national scale. The ratings have a stable outlook. These new ratings were assigned to Banco del Chubut: * Bank Financial Strength: D-, with stable outlook * Long- and short-term global local-currency deposits: Ba3 and Not Prime, with stable outlook * Long- and short-term foreign currency deposits: Caa1 and Not -- Prime, with stable outlook * Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar * Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar Ratings Rationale Moody's noted that the D- BFSR and Ba3 baseline credit assessment reflect Banco Chubut's relatively stable financial performance, which derives from its role as financial and payroll agent of the Province of Chubut (not rated by Moody's), its owner, as well as its specialization in originating and managing a portfolio of payroll-deductible loans. The bank's profitability also benefits from recurring fees received from the Province, as well as access to payroll account relationships that offer significant cross- selling opportunities. Banco Chubut's role as financial agent for the Province of Chubut also provides access to low cost funding, with over 50% of its deposits emanating from the Province. These funds are placed by and large in relatively liquid LEBACS, issued by the Central Bank of Argentina. While competition in the Argentine banking system is increasing, Banco Chubut is well positioned to defend its strong loan and deposits market shares of 39% and 26%, respectively, in its province. Moody's highlighted as key risk factors to watch the bank's limited funding diversification due to its dependence on public sector deposits, and its dependence on the financial performance of the Province. The bank's Ba3 global local-currency deposit rating is largely based on the D- BFSR and Ba3 BCA, while considering both a high probability of support from the Province and a low probability of systemic support, due to the bank's relatively small though key franchise in its target market. Neither of these support factors, however, provide uplift to the bank's ratings. Banco de Chubut S.A. began operations in 1959 and is 90% owned by the Province of Chubut. The Province guarantees all of the bank's liabilities. Its franchise is oriented towards middle-income individuals, mainly public sector employees, as well as to small and medium sized companies. As of June 30, 2010, the bank reported Ar$2,888.6 million of assets, Ar$323.8 million of equity, and has 24 branches. 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 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. BANCO SAENZ: Moody's Gives Positive Outlook on 'B2' Rating ---------------------------------------------------------- Moody's Investors Service changed the outlook on Banco Saenz S.A.'s B2 global local currency deposits and debt ratings to positive from stable. At the same time, Moody's Latin America upgraded the bank's Argentine national scale rating for local currency deposits and debt to Aa3.ar, from A1.ar, and affirmed the national scale rating for foreign currency deposits at Ba1.ar, with stable outlooks. Moody's also assigned a B2 local currency debt rating with positive outlook to Saenz's new debt program totaling Ar$100 million as well as to the expected first issuance of Ar$50 million. A rating of B2 stable was assigned to the program for foreign currency issuances, as this rating is constrained by the Argentine foreign currency country ceiling for bonds and notes that also carries a stable outlook. Moody's Latin America assigned a Aa3.ar national scale rating to both the program and the first takedown. These ratings of Banco Saenz were affected: -- Global local currency deposit rating: B2, outlook positive from stable -- National scale rating for local currency deposits: upgraded to Aa3.ar, from A1.ar -- Global local currency debt rating: B2, outlook positive, from stable -- National scale rating for local currency debt: upgraded to Aa3.ar, from A1.ar These debt ratings were assigned to the new Ar$100 million senior debt program and AR$50 million takedown: -- Global foreign currency debt rating: B2, stable outlook -- National scale rating for local currency debt: Aa3.ar -- Global local currency debt rating: B2, positive outlook -- National scale rating for local currency debt: Aa3.ar Ratings Rationale The rating actions and outlook changes on Banco Saenz's ratings reflect a similar action taken by Moody's corporate group on the ratings of Fravega, a sister company of Banco Saenz and the source of the majority of the bank's loan business and earnings. Fravega is rated B2, with a positive outlook, and Aa3.ar on the Argentine National Scale. Moody's said that the bank's financial fundamentals have been improving as a result of solid growth in the SME portfolio which is contributing to a stronger earnings performance. Saenz's problem loans have also been declining and its capital levels appear sufficiently ample to withstand higher loan losses, per Moody's stress tests. Banco Saenz is headquartered in Buenos Aires and as of June 30, 2010, reported Ar$598.82 million in assets and Ar$374.52 million in deposits. 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 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 ============= BLUMONT MAN: Creditors' Proofs of Debt Due October 22 ----------------------------------------------------- The creditors of BluMont Man Multi-Strategy Series A Ltd are required to file their proofs of debt by October 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 6, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BLUMONT MAN: Members' Final Meeting Set for November 19 ------------------------------------------------------- The members of BluMont Man Multi-Strategy Series A Ltd will hold their final meeting, on November 19, 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 6, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BLUMONT MAN: Creditors' Proofs of Debt Due October 22 ----------------------------------------------------- The creditors of BluMont Man Multi-Strategy Series 3 Ltd are required to file their proofs of debt by October 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 6, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BLUMONT MAN: Members' Final Meeting Set for November 19 ------------------------------------------------------- The members of BluMont Man Multi-Strategy Series 3 Ltd will hold their final meeting, on November 19, 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 6, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda ESG RE: Appoints Morrison and Thresh as Liquidators --------------------------------------------------- On September 17, 2010, Michael Morrison and Charles Thresh were appointed as joint provisional liquidators of ESG RE Limited. The Liquidators can be reached at: Michael Morrison Charles Thresh KPMG Advisory Limited Crown House 4 Par-la-Ville, Hamilton HM 08 Bermuda GECAS BERMUDA: Member to Receive Wind-Up Report on November 26 -------------------------------------------------------------- The member of GECAS Bermuda EX-IM Limited will receive, on November 26, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Pat Keating c/o Aviation House Shannon, County Clare Ireland GECC ECA: Creditors' Proofs of Debt Due October 22 -------------------------------------------------- The creditors of GECC ECA Aircraft Leasing Limited are required to file their proofs of debt by October 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 6, 2010. The company's liquidator is: Pat Keating c/o Aviation House Shannon, County Clare Ireland GECC ECA: Member to Receive Wind-Up Report on November 26 --------------------------------------------------------- The member of GECC ECA Aircraft Leasing Limited will receive, on November 26, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 6, 2010. The company's liquidator is: Pat Keating c/o Aviation House Shannon, County Clare Ireland PUTNAM GREEN: Creditors' Proofs of Debt Due October 22 ------------------------------------------------------ The creditors of GECAS Bermuda EX-IM Limited are required to file their proofs of debt by October 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 6, 2010. The company's liquidator is: Pat Keating c/o Aviation House Shannon, County Clare Ireland SCAF I: Creditors' and Contributories' Meeting Set for November 4 ----------------------------------------------------------------- The creditors and contributories of SCAF I Ltd. will hold their first meetings on November 4, 2010, at 10:30 a.m., and 11:00 a.m., respectively, to receive the liquidator's report on the company's wind-up proceedings and property disposal. Nigel Chatterjee is the company's liquidator. SEA EAGLE: Creditors' Proofs of Debt Due October 22 --------------------------------------------------- The creditors of Sea Eagle (Bermuda) Ltd. are required to file their proofs of debt by October 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 5, 2010. Robin J Mayor is the company's liquidator. SEA EAGLE: Members' Final Meeting Set for November 12 ----------------------------------------------------- The members of Sea Eagle (Bermuda) Ltd. will hold their final meeting, on November 12, 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 5, 2010. Robin J Mayor is the company's liquidator. =========== B R A Z I L =========== CONSTRUTORA NORBERTO: Fitch Lifts Issuer Default Rating From 'BB+' ------------------------------------------------------------------ Fitch Ratings has upgraded the Issuer Default Ratings and outstanding debt ratings of Construtora Norberto Odebrecht S.A. and related issuances: Construtora Norberto Odebretch S.A. -- Long-term foreign currency IDR to 'BBB-' from 'BB+'; -- Local currency IDR to 'BBB-' from 'BB+'; -- Long-term National Scale rating to 'AA+(bra)' from 'AA(bra)'. Odebrecht Finance Ltd -- US$400 million senior guaranteed notes due Oct. 18, 2017, to 'BBB-' from 'BB+'; -- US$200 million senior guaranteed notes due April 9, 2014, to 'BBB-' from 'BB+'; -- US$500 million senior guaranteed notes due April 21, 2020, to 'BBB-' from 'BB+'; and -- US$500 million perpetual notes, to 'BBB-' from 'BB+'. In conjunction with these upgrades, Fitch has assigned a 'BBB-' foreign currency IDR to Odebrecht Finance Ltd. The Rating Outlooks for CNO and Odebrecht Finance Ltd. are Stable. CNO's investment grade ratings reflect its conservative financial profile and leading position in the engineering and construction sector in Latin America. The ratings of CNO have been upgraded due to the growth of its cash flow and backlog of projects. The ratings build in an expectation that the company will continue to maintain a conservative capital structure as it develops these projects. The upgrades also consider the decreased financial exposure of CNO to other businesses of Odebrecht Group, as it has made a strategic decision to not provide new guarantees of sister companies. Fitch's forecast of projected growth in Brazil during 2010 of 7% and during 2011 of 4.5% bodes well for the company and has also been factored into the upgrades. The 'BBB-' foreign currency IDR of Odebrecht Finance Limited has been directly linked to that of its parent company CNO through Fitch's parent and subsidiary methodology. The debt issued by OFL has been unconditionally joint and severally guaranteed by CNO. Leading Position in the Engineering and Construction Sector in Latin America CNO is a leading engineering and construction company in Latin America and is part of Odebrecht Group, one of the 10 largest Brazilian private groups. The company's backlog has been solid and resilient to the global economic crisis, growing to US$21.5 billion as of June 30, 2010 from US$7 billion in 2006. Approximately 50% of the backlog is allocated in investment grade countries, with Brazil accounting for 44% of the company's backlog. CNO has expertise in diverse industries such as hydroelectric power plants, railways, tunnels, metro lines, energy transmission lines, highways, among others. CNO's excellent track record is viewed as sustainable by Fitch and the company should continue to benefit from the potential growth of infrastructure projects in Brazil and abroad. Robust Liquidity CNO has historically maintained a strong liquidity position due to its conservative financial strategy. As of June 30, 2010, CNO had BRL2.5 billion of cash and marketable securities and BRL4.3 billion of total adjusted debt, including BRL2 billion of off balance sheet debt guarantees. The company's liquidity is strengthened by an un-utilized US$500 million standby credit facility that matures in 2013. CNO's comfortable liquidity position and cash flow generation capacity is high relative to the only BRL659 million of short-term debt and BRL715 million maturing from July 2011 to December 2012. Leverage Should Reduce in the Short Term CNO has demonstrated its ability to preserve low leverage. For the last 12 months ended June 30, 2010, leverage, as measured by total adjusted debt-to-EBITDA, was 2.2 times, while net leverage was 0.9x. This low level of leverage is appropriate for highly cyclical and volatile industries such as heavy construction. These ratios compare to 1.5x and 0.5x, respectively, in 2008. The increase in total leverage was mostly due to the additional debt of related companies of the group guaranteed by CNO. Fitch expects leverage to reduce to below 2.0x by the end of 2010 and to 1.7x in 2011, as CNO's strategy is to reduce debt levels and guarantees for related companies' debt. Resilient Backlog and Increased Operations in Brazil to Sustain Revenues Growth CNO's net revenues increased to BRL16.4 billion for the LTM ended June 30, 2010 from BRL8.6 billion in 2007, while its EBITDA expanded to BRL1.9 billion from BRL877 million during this time period. The outlook for the Brazilian economy is favorable and should support CNO's revenue growth in the next five years. Key infrastructure projects include those related to the growth of the oil sector, the World Cup (2014) and the Olympic Games (2016). Brazil's share of CNO's total backlog of US$21.5 billion has grown to 44% as of June 30, 2010 from 21% in 2007. The remaining backlog include projects located in Venezuela 22%, Angola 9%, Peru 5%; Argentina 4%; Colombia 3%; Panama 3%; Cuba 2%; Dominican Republic 2%; Libya 2%; United States 2%; Portugal 1%; and Mozambique 1%. CNO's exposure and concentration to more volatile emerging market countries have been partially mitigated by its expertise and positive track record of operating in these markets, as well as the strategy of requesting advanced payments from customers. The company expects the projects in Brazil to reach 50% of the backlog by December 2010. Potential Ratings and Outlook Drivers The ratings and Outlook of CNO and OFL could be negatively affected by a substantial reduction of backlog and/or the cancellation of key projects. A weaker liquidity position or higher leverage could also result in a negative rating action. CNO and OFL's ratings could be positively affected by the growth of their business in investment grade countries. FIBRIA CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings ---------------------------------------------------------- Fitch Ratings has affirmed the 'BB' foreign and local currency Issuer Default Ratings of Fibria Celulose S.A. Fitch has also affirmed Fibria's 'A+ (bra)' national scale rating, as well as the debt listed at the end of the press release. In conjunction with these affirmations, Fitch has assigned a 'BB' foreign currency IDR to Fibria Overseas Finance Ltd. Fibria Overseas is the issuer of the company's 2019 and 2020 senior notes, which are guaranteed by Fibria. Fibria Overseas is a wholly owned subsidiary of Fibria and is incorporated in the Cayman Islands as an exempted limited liability company. The Rating Outlook for Fibria and Fibria Overseas is Stable. The credit ratings of Fibria reflect the company's excellent business position, the favorable dynamics for bleached eucalyptus kraft market pulp, and the company's ownership of more than 1 million hectares of land in Brazil. The ratings are constrained at 'BB' and 'A+ (bra)' by Fibria's high leverage. The 'BB' IDR of Fibria Overseas has been directly linked to that of its parent company Fibria through Fitch's parent and subsidiary methodology. Fibria is the world's leading producer of market pulp with 5.4 million tons of BEKP capacity, nearly double the size of the second largest producer in the industry. The company has a global market share of approximately 11% within market pulp and 32% within the fastest growth segment of the market, BEKP. Fibria's sales volumes are more stable than most companies within the industry, as more than 50% of its sales are directed toward the tissue paper market. Fibria owns approximately 1 million hectares of land in Brazil, upon which it developed nearly 585,000 hectares of eucalyptus plantations. These assets had an accounting value of approximately BRL6 billion as of June 30, 2010. The nearly ideal conditions for growing trees in Brazil make these plantations extremely efficient by global standards and give the company a sustainable advantage in terms of cost of fiber and transportation costs between forest and mills. The company augments its advantage in fiber cost with large, modern pulp mills. As a result of its efficient mills and low- cost pulp wood, Fibria is one of the lowest cost producers of pulp in the world. The company uses its size and cost position to remain a price leader within the industry. Fibria's leading position within the industry is viewed to be sustainable through the medium to long term due to large investments in forestry during the past five years by its predecessor companies, VCP and Aracruz. These investments are likely to result in the construction of more than 5 million tons of addition pulp capacity by Fibria during the next 10 to 15 years. As of June 30, 2010, Fibria had BRL13.2 billion (US$7.4 billion) of total debt and BRL2.3 billion (US$1.3 billion) of cash and marketable securities. Approximately BRL4.1 billion of the company's debt is denominated in Brazilian reais. Almost all of the BRL9.1 billion of foreign currency denominated debt is in U.S. dollars. Fibria faces debt amortizations of BRL2.1 billion during the next 12 months. The company should be able to repay these obligations with a mix of debt, cash, and marketable securities and cash flow from operations. Fibria has strong capital markets access and has wide access to the bank market. During the past 12 months the company has raised US$1.750 billion in the capital markets and has entered into US$1.175 billion of export prepayment facilities, US$535 million of export facilities, and US$600 million of syndicated loans. Fitch projects that Fibria will generate about BRL 2.9 billion (US$1.650 billion) of EBITDA and BRL2.1 billion (US$1.175 billion) of funds from operations during 2010. These figures are substantial improvements over BRL1.5 billion (US$736 million) of EBITDA and BRL 1.1 billion (US$539 million) of FFO during 2009. The improvement in cash flow is due almost exclusively to the sharp rise in pulp prices, which is due to strong demand for pulp in China, the recovery of demand in Europe, as well as supply limitations caused by strikes and the Chilean earthquake. Fitch expects Fibria's net debt to fall to about US$5.8 billion at the end of 2010 from US$6.2 billion at the end of 2009. This would result in a net debt-to-EBITDA ratio of 3.6 times and an FFO net leverage ratio of about 3.5x. These leverage ratios continue to be relatively weak for the rating category, given the extremely high pulp prices. Fibria is expected to continue to deleverage. The pace of deleveraging, absent the sale of its paper assets, will be somewhat constrained by significant capital expenditures related to the construction of the Horizonte II mill, which is expected to be start operations in 2014. Positively, the outlook for pulp prices during 2011 and 2012 is favorable in historical terms due to limited capacity additions and the construction of numerous paper mills in China. For 2011, Fitch projects EBITDA of more than US$1.7 billion for Fibria. Continued elevated pulp prices or the sale of the company's paper assets would accelerate the company's debt reduction plan and could lead to ratings upgrades or a Rating Outlook of Positive. Factors that could lead to consideration of a Negative Outlook or downgrade include a change of management's strategy with regard to debt reduction. Depressed pulp prices could also delay debt reduction and could lead to a negative rating action. The issuance ratings being affirmed by Fitch at 'BB' are: -- Fibria Overseas Finance Ltd, 7.5%, senior notes due May 4, 2020 that are unconditionally and irrevocably guaranteed by Fibria Celulose S.A. -- Fibria Overseas Finance Ltd, 9.25%, senior notes due October 30,2019 that are unconditionally and irrevocably guaranteed by Fibria Celulose S.A. ========================== C A Y M A N I S L A N D S ========================== 51 LIF: Shareholders' Final Meeting Set for October 27 ------------------------------------------------------ The shareholders of 51 L.I.F. Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 ALICANTE HOLDINGS: Shareholders' Final Meeting Set for October 27 ----------------------------------------------------------------- The shareholders of Alicante Holdings Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 APPLEBY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 ---------------------------------------------------------------- The shareholders of Appleby Investments Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 BROADSWORD LIMITED: Shareholders' Final Meeting Set for Oct. 27 --------------------------------------------------------------- The shareholders of Broadsword Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 CARBET SECURITIES: Shareholders' Final Meeting Set for Oct. 27 -------------------------------------------------------------- The shareholders of Carbet Securities Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 COURINE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 ---------------------------------------------------------------- The shareholders of Courine Investments Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 DENALI CAPITAL: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------------- The shareholders of Denali Capital CLO VIII, Ltd. will hold their final meeting, on October 29, 2010, at 2:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands FIGARO INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 --------------------------------------------------------------- The shareholders of Figaro Investments Ltd will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 HALLSTEAD INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 ------------------------------------------------------------------ The shareholders of Hallstead Investments Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 INCA LIMITED: Shareholders' Final Meeting Set for October 27 ------------------------------------------------------------ The shareholders of Inca Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 MAGNOLIA LIMITED: Shareholders' Final Meeting Set for Oct. 27 ------------------------------------------------------------- The shareholders of Magnolia Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 MARBELLA LIMITED: Shareholders' Final Meeting Set for October 27 ---------------------------------------------------------------- The shareholders of Marbella Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 NATASCHA CORPORATION: Shareholders' Final Meeting Set for Oct. 27 ----------------------------------------------------------------- The shareholders of Natascha Corporation will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 PICCADILY LIMITED: Shareholders' Final Meeting Set for Oct. 27 -------------------------------------------------------------- The shareholders of Piccadily Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 PICO FUND: Shareholder Receives Wind-Up Report ---------------------------------------------- The sole shareholder of Pico Fund Limited received, on September 27, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Wilton McDonald Telephone: (345) 325-4040 RADWA INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 -------------------------------------------------------------- The shareholders of Radwa Investments Ltd will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 RWC STRATEGIC: Shareholders' Final Meeting Set for October 29 ------------------------------------------------------------- The shareholders of RWC Strategic Opportunities Fund Inc. will hold their final meeting, on October 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands SHEHEREZADE LIMITED: Shareholders' Final Meeting Set for Oct. 27 ---------------------------------------------------------------- The shareholders of Sheherezade Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 WARREN INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27 --------------------------------------------------------------- The shareholders of Warren Investments Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 WOMACK LIMITED: Shareholders' Final Meeting Set for October 27 -------------------------------------------------------------- The shareholders of Womack Limited will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 ========= C H I L E ========= * CHILE: Receives US$2.6MM Grant From IDB-Global Environment Fund ----------------------------------------------------------------- Small and medium-sized enterprises and energy efficiency service firms in Chile could see up to US$92 million in energy savings and related revenues over the coming decade thanks to a government program that will be supported by the Inter-American Development Bank. The program will help to connect companies that wish to lower their energy costs with specialized consulting firms that can advise them on how to do so, and with a government fund that will finance the purchase of new machinery and other equipment that can lower energy consumption. A US$2.6 million grant from IDB-Global Environment Fund will be used by the recently established Chilean Energy Efficiency Agency to provide training to energy efficiency consulting firms and energy auditors and create a clearinghouse of EE information targeted to the needs of specific industries. These energy auditors and consulting firms will subsequently assist small and medium-sized enterprises that wish to access government credit for EE investments. The Chilean Government's Production Development Corporation (CORFO, for its acronym in Spanish) offers up to US$1 million in loans for EE investments by commercial and industrial companies. However, many SMEs lack to the expertise to analyze their energy use and determine what technologies can help them to reduce energy costs. The goal of IDB-GEF program is to remove remaining these obstacles and encourage more companies to take advantage of CORFO's loans. "Chile has been a pioneer in providing financial support for EE to its industrial and commercial sectors," said Christiaan Gischler, the IDB project team leader. "This program will help to accelerate the growth the local market for EE services and equipment, it will finance demonstration projects that will show the savings that EE can generate for specific industries." Gischler explained that if all the EE investments that are anticipated to result from the program are carried out, Chile will save an estimated 200 GWh (Gigawatt hours), or the equivalent of a 15% reduction in the electricity bill of 1500 of the country's SMEs. In this case, Chile would also avoid emitting an estimated 2.9 million tons of CO2 over the next 10 years. =========== M E X I C O =========== HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'Ca' ------------------------------------------------------------- Moody's Investors Service downgraded Hipotecaria Su Casita, S.A. de C.V.'s senior unsecured debt rating to Ca from Caa2, global scale local currency issuer rating to Ca from Caa2 (national scale issuer rating to Ca.mx from Caa2.mx) and long-term corporate family rating to Ca from Caa2. The ratings remain on review for possible further downgrade. These ratings were downgraded and left on review for possible downgrade: Hipotecaria Su Casita, S.A. De C.V. -- national scale issuer rating to Ca.mx from Caa2.mx; -- global scale local currency issuer rating to Ca from Caa2; -- corporate family rating to Ca from Caa2; -- senior notes to Ca from Caa2 Ratings Rationale This rating action follows the announcement on October 4th, that Su Casita announced had presented a restructuring plan for all its debt to its debt-holders. Holders of MXN6.75 billion in long-term notes denominated in pesos and dollars would receive MXN1.5 billion in new five-year debt guaranteed by non-operating assets, paying annual interest of interbank rate TIIE plus 250 basis points, MXN550 million in new three-year instruments guaranteed by non-operating assets, and MXN500 million in 10-year subordinated convertible bonds with rates of 3%-8% representing 10% of the restructured company's capital upon conversion- -as well as capital equal to 19.98% of the restructured company. In Moody's view, this transaction is a distressed exchange which is defined as an offer by issuer to creditors of a new or restructured debt, or a new package of securities, cash or assets, that amount to a diminished financial obligation relative to the original obligation with the effect of allowing the issuer to avoid a bankruptcy or payment default. According to Moody's, a distressed exchange is a form of default. Moody's includes distressed exchanges in its definition of default in order to capture credit events whereby issuers effectively fail to meet their debt service obligations, but yet do not actually file for bankruptcy or miss an interest or principal payment. In its review Moody's will monitor Su Casita's ability to repay its short-term obligations, in light of the company's limited access to external sources of capital. Moody's will also closely monitor the sofome's ultimate strategic direction and capital structure as well as the overall recovery for bondholders once the restructuring plan is consummated. Su Casita's current liquidity position is weak, as the sofome has sufficient funds available to cover existing debt through the middle of 1Q 2011, at which time the company would suffer a liquidity shortfall. Should the company not adequately address its liquidity constraints, or the contemplated debt restructuring plan result in higher loss severity for bondholders than the loss reflected in the Ca rating, the ratings will be downgraded to C. The last rating action with respect to Su Casita was on September 13, 2010, when Moody's downgraded Su Casita's senior unsecured debt rating to Caa2 from B2, global scale local currency issuer rating to Caa2 from B2 (national scale issuer rating to Caa2.mx from Baa3.mx) and long-term corporate family rating to Caa2 from B2. The ratings were placed on review for possible further downgrade. Su Casita's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Su Casita's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk. Su Casita, based in Mexico City, Mexico, started operations in 1994 as a non-bank financial institution/sofol Mortgage Company. Su Casita's main activity consists of extending mortgage loans financed by monies from SHF to low income individuals -- an important role in the low-income housing market, as there is no rental market in Mexico. As of June 30, 2010, the company reported total assets of approximately $37.9 billion Mexican pesos, and $2.6 billion Mexican pesos in equity. 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. HIPOTECARIA SU: S&P Puts 'BB' Note Rating on CreditWatch Negative ----------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB (sf)' global scale rating and its 'mxA (sf)' Mexican national scale (CaVal) rating on the MxP137 million mezzanine notes due May 2012 issued by Hipotecaria Su Casita Construction Loan Trust, a Mexican asset- backed securities transaction backed by construction loans, on CreditWatch with negative implications. The CreditWatch placements follow Su Casita's Sept. 29, 2010, announcement that it proposed a debt restructuring intending to reschedule certain programmed debt payments and that it will pursue an integral restructuring of all its liabilities. Standard & Poor's placed its construction loan and residential mortgage servicer rankings on Su Casita on CreditWatch negative on Oct. 5, 2010, because of the financial distress the company is facing, as well as the fact that the unsure stability may ultimately have an impact on the company's servicing operations. Standard & Poor's has observed that this sort of financial distress may have a direct effect on a company's servicing capabilities. Given the important role that servicers perform on construction loan transactions, the distress may consequently have a negative impact on Su Casita's construction loan securitizations. Standard & Poor's will conduct a full review of the performance of the underlying portfolios to assess the impact of Su Casita's financial stress and debt restructuring. S&P expects to resolve the negative CreditWatch placements in the next few months. HIPOTECARIA SU: Fitch Puts Ratings on 18 Classes of Bonds --------------------------------------------------------- Fitch Ratings has placed the ratings of 18 bonds backed by mortgages originated and serviced by Hipotecaria Su Casita, S.A. de C.V., S.F.O.M, E.N.R. on Rating Watch Negative. The ratings of three more bonds were maintained on Rating Watch Negative. These rating actions follow the downgrade to the Corporate Rating to 'C(mex)'; Rating Watch Negative from 'B-(mex)' on Oct. 5, 2010 and the downgrade in the Servicer Rating to 'AAFC4(mex)' from 'AAFC3-(mex)' on Sept. 22, 2010. The current financial situation of the company could negatively impact the RMBS transactions due to the weakening of its servicing capabilities, which in turn could result in less collections and recoveries of defaulted loans. Furthermore, bondholders' meetings have been called in order to discuss the addition of a master servicer in the transactions (the master servicer figure has already been approved in several transactions) as well as to discuss the possibility of making a primary servicer substitution for some transactions. The inclusion of a master servicer, although it would stress the flows through the trust, could potentially benefit transactions, as information would be more transparent and trustworthy and it would also provide stability in a primary servicer substitution event. A potential change in primary servicer may affect the structures, since borrowers may not be familiar with new collection procedures of the new administrator; however, collection practices may be improved in the long run. It is worth mentioning that the substitution of a primary servicer could also mean additional financial costs for the trusts. Fitch has placed these National long-term ratings on Rating Watch Negative: -- BRHSCCB05U 'AAA(mex)' ; -- BRHSCCB06 'AAA(mex); -- BRHSCCB06U 'A+(mex)'; -- BRHSCCB062U 'BBB-(mex)'; -- BRHSCCB062 'AAA(mex)'; -- BRHSCCB063 'A(mex)'; -- BRHSCCB063U 'A+(mex)'; -- BRHSCCB064U 'BBB-(mex)'; -- BRHCCB07 'AAA(mex)'; -- BRHCCB072 'AAA(mex)'; -- BRHCCB073 'A(mex)'; -- BRHCCB073U 'B(mex)'; -- BRHSCCB07 'AAA(mex)'; -- BRHSCCB072 'A(mex)'; -- BRHCCB08U 'AA-(mex)'. -- BRHCCB082U 'A-(mex)'; These are maintained on Rating Watch Negative: -- BRHCCB083U 'BB+(mex)'; -- BRHCCB084U 'A+(mex)'; -- BRHCCB085U 'A+(mex)'. Fitch also places these on Rating Watch Negative Su Casita Mortgage Class A -- Long-term rating and unenhanced long-term rating 'BB+sf' -- Unenhanced national long-term rating 'AA-(mex)'. Su Casita Mortgage Class B -- National long-term rating 'A-(mex)'. Fitch will continue to monitor these transactions on a monthly basis. This surveillance includes, but is not limited to, these variables: delinquency levels, prepayments, foreclosed loans, recoveries, enhancement levels, and number of loans in each trust. The analysis process necessary to determine the ratings consist of: re-estimating default assumptions and loss severity for current pools and cash flow model to determine the maximum level of defaults each tranche can withstand in any given rating scenario. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Government to Consider Clico Payout Plan -------------------------------------------------- Asha Javeed at Trinidad and Tobago Guardian reports that acting Minister of Finance Vasant Bharath assured representatives of the Clico Policyholders Group that the government has agreed to reconsider its CLICO Payout Plan if a suitable alternative can be found. "We will try now to see what sort of proposals, alternative proposals which could possibly be put to the committee which we can then take back to Cabinet," the report quoted Mr. Bharath as saying. "We clearly understand that not all knowledge resides with the Ministry of Finance nor with the Cabinet of Trinidad and Tobago," he added. According to Trinidad and Tobago Guardian, Mr. Bharath said he committed his government team of Legal Affairs Minister Prakash Ramadhar, Education Minister Dr. Tim Gopeesingh, Energy Minister Carolyn Seepersad-Bachan and Minister of Tobago Affairs Vernella Alleyne-Toppin to listen to the views of the policyholders. The report notes that the Clico Policyholders Group included financial consultant Peter Permell, the Credit Union League's Brian Moore, chartered accountant Dick Hobday, businessman Prem Beharry, Clico agent Emmanuel Lawrence and Percy Farrell, who initiated legal action against the Central Bank on the Clico issue last week. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** 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 * * *