/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110215.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, February 15, 2011, Vol. 12, No. 32 Headlines B E R M U D A CELESTIAL NUTRIFOODS: Appoints Chee Wah as Provisional Liquidator GEORGIA-PACIFIC GPIII: Creditors' Proofs of Debt Due February 23 GEORGIA-PACIFIC GPIII: Member to Hear Wind-Up Report on March 15 GEORGIA-PACIFIC GPV: Creditors' Proofs of Debt Due February 23 GEORGIA-PACIFIC GPV: Member to Hear Wind-Up Report on March 15 GEORGIA-PACIFIC GPIX: Creditors' Proofs of Debt Due February 23 GEORGIA-PACIFIC GPIX: Member to Hear Wind-Up Report on March 15 GEORGIA-PACIFIC GPX: Creditors' Proofs of Debt Due February 23 GEORGIA-PACIFIC GPX: Member to Hear Wind-Up Report on March 15 GEORGIA-PACIFIC GPXI: Creditors' Proofs of Debt Due February 23 GEORGIA-PACIFIC GPXI: Member to Hear Wind-Up Report on March 15 C A Y M A N I S L A N D S ABCDS 2006-1: Shareholders' Final Meeting Set for February 18 CAIP GLOBAL: Shareholder to Receive Wind-Up Report on February 15 D&S (CAYMAN ISLANDS): Member to Hear Wind-Up Report on February 24 EFS SERVICES: Shareholder to Receive Wind-Up Report on February 24 GOLDMAN SACHS: Shareholders' Final Meeting Set for February 18 JUNIPER STREET: Shareholders Receive Wind-Up Report KALECOTE CAYMAN: Shareholders Receive Wind-Up Report KUROMATSU FUND: Members' Final Meeting Set for February 18 LATCAP II SPV I: Shareholders' Final Meeting Set for February 18 LATCAP PIV: Shareholders' Final Meeting Set for February 18 LATIGO MASTER: Shareholders Receive Wind-Up Report LATIGO OFFSHORE: Shareholders Receive Wind-Up Report LATIGO SPV I: Shareholders Receive Wind-Up Report LATIGO SPV II: Shareholders Receive Wind-Up Report MAJUBA NO. 2: Members' Final Meeting Set for February 18 MARINER-CREDIT RISK: Shareholders' Final Meeting Set for Feb. 18 MUIRFIELD DOUBLE: Shareholder to Hear Wind-Up Report on Feb. 17 MUIRFIELD EAGLE: Shareholder to Hear Wind-Up Report on February 17 NATSOURCE MANAGED: Shareholder to Hear Wind-Up Report on Feb. 16 NEW STREAM: 3 Law Firms Represent Investors Opposing Ch. 11 Plan PIONEER EUROPE: Members Receive Wind-Up Report RAB-PI ASIA: Shareholders Receive Wind-Up Report RAB-PI ASIA: Shareholders Receive Wind-Up Report UNIVERSAL ELECTRONICS: Members Receive Wind-Up Report WIOSNA LIMITED: Shareholders Receive Wind-Up Report J A M A I C A CABLE & WIRELESS: Unit Incurs JM$1.3BB Loss in 2010 4th Quarter V E N E Z U E L A PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating X X X X X X X X * S&P: Global Corporate Default Tally Remains at 2 in 2011 * Large Companies With Insolvent Balance Sheets - - - - - ============= B E R M U D A ============= CELESTIAL NUTRIFOODS: Appoints Chee Wah as Provisional Liquidator ----------------------------------------------------------------- On January 31, 2011, the Supreme Court of Bermuda appointed Yit Chee Wah as provisional liquidator of Celestial Nutrifoods Limited. The Liquidator can be reached at: Yit Chee Wah FTI Consulting (Singapore) Pte Ltd 8 Shenton Way #17-02A Singapore 068811 GEORGIA-PACIFIC GPIII: Creditors' Proofs of Debt Due February 23 ---------------------------------------------------------------- The creditors of Georgia-Pacific GPIII, Ltd. are required to file their proofs of debt by February 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPIII: Member to Hear Wind-Up Report on March 15 ---------------------------------------------------------------- The member of Georgia-Pacific GPIII, Ltd. will receive on March 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPV: Creditors' Proofs of Debt Due February 23 -------------------------------------------------------------- The creditors of Georgia-Pacific GPV, Ltd. are required to file their proofs of debt by February 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPV: Member to Hear Wind-Up Report on March 15 -------------------------------------------------------------- The member of Georgia-Pacific GPV, Ltd. will receive on March 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPIX: Creditors' Proofs of Debt Due February 23 --------------------------------------------------------------- The creditors of Georgia-Pacific GPIX, Ltd. are required to file their proofs of debt by February 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPIX: Member to Hear Wind-Up Report on March 15 --------------------------------------------------------------- The member of Georgia-Pacific GPIX, Ltd. will receive on March 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPX: Creditors' Proofs of Debt Due February 23 -------------------------------------------------------------- The creditors of Georgia-Pacific GPX, Ltd. are required to file their proofs of debt by February 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPX: Member to Hear Wind-Up Report on March 15 -------------------------------------------------------------- The member of Georgia-Pacific GPX, Ltd. will receive on March 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPXI: Creditors' Proofs of Debt Due February 23 --------------------------------------------------------------- The creditors of Georgia-Pacific GPXI, Ltd. are required to file their proofs of debt by February 23, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda GEORGIA-PACIFIC GPXI: Member to Hear Wind-Up Report on March 15 --------------------------------------------------------------- The member of Georgia-Pacific GPXI, Ltd. will receive on March 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on January 31, 2011. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda =========================== C A Y M A N I S L A N D S =========================== ABCDS 2006-1: Shareholders' Final Meeting Set for February 18 ------------------------------------------------------------- The shareholders of ABCDS 2006-1, Ltd. will hold their final meeting on February 18, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CAIP GLOBAL: Shareholder to Receive Wind-Up Report on February 15 ----------------------------------------------------------------- The sole shareholder of Caip Global Partners, Ltd will receive on February 15, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Danielle Walker 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1880 Facsimile: (345) 949-9877 D&S (CAYMAN ISLANDS): Member to Hear Wind-Up Report on February 24 ------------------------------------------------------------------ The member of D&S (Cayman Islands) Limited will receive on February 24, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands EFS SERVICES: Shareholder to Receive Wind-Up Report on February 24 ------------------------------------------------------------------ The sole shareholder of EFS Services Holding Limited will receive on February 24, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands GOLDMAN SACHS: Shareholders' Final Meeting Set for February 18 -------------------------------------------------------------- The shareholders of Goldman Sachs U.S. Large Cap Equity Alpha Transport Fund, Ltd. will hold their final meeting on February 18, 2011, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands JUNIPER STREET: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Juniper Street Absolute Return Ltd received on February 4, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands KALECOTE CAYMAN: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Kalecote Cayman One Limited received on February 8, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Reto Silvani c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands KUROMATSU FUND: Members' Final Meeting Set for February 18 ---------------------------------------------------------- The members of Kuromatsu Fund will hold their final meeting on February 18, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands LATCAP II SPV I: Shareholders' Final Meeting Set for February 18 ---------------------------------------------------------------- The shareholders of Latcap II SPV I GP Ltd. will hold their final meeting on February 18, 2011, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands LATCAP PIV: Shareholders' Final Meeting Set for February 18 ----------------------------------------------------------- The shareholders of Latcap PIV SPV I GP Ltd. will hold their final meeting on February 18, 2011, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands LATIGO MASTER: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Latigo Master Fund Ltd received on February 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands LATIGO OFFSHORE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Latigo Offshore Fund, Ltd received on February 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands LATIGO SPV I: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Latigo SPV I, Ltd received on February 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands LATIGO SPV II: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Latigo SPV II, Ltd received on February 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands MAJUBA NO. 2: Members' Final Meeting Set for February 18 -------------------------------------------------------- The members of Majuba No. 2 will hold their final meeting on February 18, 2011, 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: Bernard McGrath 69 Dr. Roy's Drive, PO Box 1043 George Town, Grand Cayman KY1-1102 Cayman Islands MARINER-CREDIT RISK: Shareholders' Final Meeting Set for Feb. 18 ---------------------------------------------------------------- The shareholders of Mariner-Credit Risk Advisors Relative Value Offshore Fund, Ltd. will hold their final meeting on February 18, 2011, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MUIRFIELD DOUBLE: Shareholder to Hear Wind-Up Report on Feb. 17 --------------------------------------------------------------- The sole shareholder of Muirfield Double Eagle Fund, Ltd. will receive on February 17, 2011, at 10:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Danielle Walker 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1880 Facsimile: (345) 949-9877 MUIRFIELD EAGLE: Shareholder to Hear Wind-Up Report on February 17 ------------------------------------------------------------------ The sole shareholder of Muirfield Eagle Fund SPC, Ltd. will receive on February 17, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Danielle Walker 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1880 Facsimile: (345) 949-9877 NATSOURCE MANAGED: Shareholder to Hear Wind-Up Report on Feb. 16 ---------------------------------------------------------------- The sole shareholder of Natsource Managed Holdings Ltd. will receive on February 16, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Danielle Walker 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1880 Facsimile: (345) 949-9877 NEW STREAM: 3 Law Firms Represent Investors Opposing Ch. 11 Plan ---------------------------------------------------------------- Toptani Law Offices, Mazzeo Song & Bradham LLP and Stevens & Lee, P.C. will represent a group of investors that will take formal legal action to oppose the proposed pre-packaged bankruptcy plan of New Stream Capital, L.P., a Connecticut-based hedge fund that once boasted firm-wide assets of US$1.2 billion. Several months ago, New Stream announced that it had entered into an agreement with its Bermuda investors to liquidate its master fund, and that upon the consent of its US and Cayman investors, it would voluntarily file Chapter 11 bankruptcy petitions. However, the US and Cayman investors only recently received a formal Plan of Reorganization and Disclosure Statement describing the terms of New Stream's proposed liquidation. On Monday, New Stream announced an amendment to the Disclosure Statement, thereby extending the time by which US and Cayman investors must cast their ballots with respect to the Plan from Feb. 22 to March 8. The investor group opposing New Stream's Plan is comprised of US and Cayman investors who invested nearly US$90 million in New Stream after it announced a new fund structure at the end of 2007. The investor group identifies four main concerns with the proposed Plan and in sum, the investor group believes that the Plan presents a woefully inequitable division of New Stream's remaining assets and is contrary to applicable law. First, the Bermuda investors are receiving far too large a percentage of New Stream's remaining assets on account of their allegedly senior secured position because: (a) when the US and Cayman investors invested in the current fund structure, they relied on New Stream's assurances that all investors would be treated pari passu, and (b) a substantial portion of the investments made by the US and Cayman investors -- who contributed nearly one-half of New Stream's total investment capital -- was used to purchase and maintain life insurance assets that the Bermuda investors now claim as their collateral. These life insurance assets, which were valued by New Stream at US$350 million, are being sold for US$127.5 million, the proceeds of which will be distributed to the Bermuda investors under the Plan. As a result, it is likely that the US and Cayman investors will receive less than 5% of New Stream's remaining assets, while the Bermuda investors will receive at least 95%. Second, those few assets that are being distributed to the US and Cayman investors under the Plan appear to be grossly overvalued. In particular, the allegedly most significant asset being distributed to the US and Cayman investors is the common stock in a company called NorthStar Financial Services Ltd. The Disclosure Statement values NorthStar at up to US$40 million, but less than a year ago, New Stream's President, Perry Gilles, submitted a sworn affidavit in the Bermuda Supreme Court in which he testified that a sale of NorthStar in 2009 would have required payment to the purchaser of up to US$75 million. Third, several valuable causes of action to rectify these and other injustices are being released under the Plan without adequate consideration. For example, Mr. Gilles also testified by sworn affidavit in the Bermuda litigation that New Stream regularly commingled its assets without regard to legal ownership between the different New Stream entities. Furthermore, he vigorously advocated that in a bankruptcy case, the US and Cayman investors would be able to assert good claims for substantive consolidation and/or equitable subordination to equalize the distribution of assets. Fourth, New Stream management and other insiders are receiving unwarranted benefits under the proposed Plan: (a) they are being released from all investor and creditor claims without any adequate consideration, (b) US$2 million is being set aside for management to respond to an ongoing SEC investigation (as well as any administrative, regulatory or criminal investigation against the debtors or their former or current managers, officers, directors and employees, and to pay defense costs not paid by insurance carriers), (c) the debtors are indemnifying their managers, officers, directors and employees, (d) management will receive additional fees and management roles in various new entities, and (e) New Stream's attorney-client privilege is being preserved, which will likely benefit only the insiders and hinder investigations into any insider malfeasance. By seeking to induce US and Cayman investors to relinquish the significant claims they hold, New Stream is promoting an inequitable Plan that provides a cash windfall for the Bermuda investors and releases its management from liability. The investor group will vigorously oppose this result. New Steam has represented to investors that those investors who abstain from voting will automatically be deemed to have cast their votes in opposition to the Plan. However, the Disclosure Statement provides otherwise. Therefore, investors who wish to oppose the Plan must return their ballots marked "NO" on or before March 8, 2011 by 5:00 p.m. (PST). New Stream Capital, L.P., is a Connecticut-based hedge fund. PIONEER EUROPE: Members Receive Wind-Up Report ---------------------------------------------- The members of Pioneer Europe Mac 70 Ltd. received on February 9, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands RAB-PI ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Rab-Pi Asia Fund Limited received on February 10, 2011, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 RAB-PI ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Rab-Pi Asia (Master) Fund Limited received on February 10, 2011, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 UNIVERSAL ELECTRONICS: Members Receive Wind-Up Report ----------------------------------------------------- The members of Universal Electronics Holding Co., Ltd. received on January 31, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Shih, Meng-Kuo (A.K.A. Brian Shih) c/o Michelle R. Bodden-Moxam Telephone: 345-946-6145 Facsimile: 345-946-6146 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 WIOSNA LIMITED: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Wiosna Limited received on February 8, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gustavo Compagnoni Ruta 8, km 17,500, Edificio @2 piso 4 91600 Montevideo c/o Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town, Grand Cayman KY1-1103 Cayman Islands ============= J A M A I C A ============= CABLE & WIRELESS: Unit Incurs JM$1.3BB Loss in 2010 4th Quarter --------------------------------------------------------------- RadioJamaica reports that Cable and Wireless Jamaica racked up a JM$1.3 billion loss during the October to December quarter. This was a massive decline from the JM$351 million loss the Company suffered during the corresponding period in the previous year, according to the report. RadioJamaica further relates that the Company's revenue for the quarter increased by 10% to JM$6.2 billion from JM$5.7 billion in 2009. However, RadioJamaica notes, operating expenses rose by JM$500 million to JM$3 billion primarily due to increased brand promotional activity and higher employee costs as a result of wage agreements. Cable and Wireless Managing Director Garfield Sinclair said that while some key performance indicators are headed in the right direction, the Company still has some way to go to return to profitability, RadioJamaica notes. The report relates that Mr. Sinclair said the landline business will receive a much needed facelift in the coming quarter and has already begun to show renewed signs of strength. However, RadioJamaica discloses, Mr. Sinclair said that broadband penetration continues to be far too low given its positive effect on GDP growth and the Company will continue to work with the government to expand service in Jamaica. About Cable & Wireless Cable & Wireless Communications PLC is a global provider of telecommunication and Internet services. The Group's global communication services offer IP voice and hosting services to businesses located the UK, USA, Europe and Cable & Wireless telecommunication services provide fixed and mobile voice, data and IP services to consumers and business located in the Caribbean. * * * As of February 14, 2011, the Company continues to carry Standard and Poor's "B" short-term issuer credit ratings. The Company also continues to carry Moody's "B1" senior unsecured debt rating. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating ---------------------------------------------------------------- Fitch Ratings has affirmed Petroleos de Venezuela S.A.'s 'B+' foreign and local currency Issuer Default Ratings and its 'AAA(ven)' national scale rating. This rating action affect approximately US$17 billion of debt outstanding. Additionally, Fitch expects to rate PDVSA's proposed US$3 billion senior unsecured debt issuance due 2020, 2021 and 2022 'B+/RR4'. The Rating Outlook is Stable. PDVSA's credit quality reflects the company's linkage to the government of Venezuela as a state-owned entity, combined with increased government control over business strategies and internal resources. This underscores the close link between the company's credit profile and that of the sovereign. PDVSA's ratings also consider the company's strong balance sheet; sizeable proven hydrocarbon reserves; strategic interests in international downstream assets; private participation in upstream operations; and geographic proximity to the North American market. Ratings Linked To Government: PDVSA is a state-owned entity whose royalties and tax payments represent more than 50% of the government's revenues, and it is of strategic importance to the economic and social policies of the country. Over the past five years, PDVSA's total transfers to the government have averaged approximately 35% of revenues. Also, the government has used PDVSA's balance sheet to nationalize electricity companies and acquire industrial companies. During 2008, the government also took the additional step of changing PDVSA's charter and mission statement to allow it to participate in any industry that could contribute to the social development of the country, including health care, education, and agriculture. Strong Credit Metrics: PDVSA's cash generation declined during 2009 due to lower hydrocarbon prices, later recovering during 2010. As of the last 12 months ended June 30, 2010, the company reported an EBITDA and funds from operations of approximately US$24.7 billion and US$17.5 billion, respectively, up from US$12.7 billion and US$11.3 billion during 2009. Total financial debt as of June 30, 2010 increased to US$21.9 billion from US$15.1 billion as of 2008 as a result of debt issuance during 2009. The company's leverage ratios remain strong for the rating category with a total debt-to-EBITDA ratio of 0.9 times and a total adjusted debt-to-EBITDAR ratio of 1.4x. The total adjusted debt-to-proved developed producing reserves ratio was also strong at 1.7x as of June 2010. Despite lower cash flow generation, capital expenditures remained high at US$15.3 billion during 2009; however, PDVSA's total contributions to the government during 2009 significantly declined to US$24.2 billion from US$47.9 billion in 2008. Going forward, the company's credit metrics could be pressured by aggressive capital investments to increase production coupled with considerable transfers to central government. PDVSA is expected to invest more than US$200 billion over the next four to five years to increase production, refinancing capacity and develop reserves. This will require issuing additional debt given the long lead times before additional production start coming online. Additional funds could also come from joint ventures. PDVSA's total financial debt-to-EBITDA could range between 2.0x and 2.5x in the long term depending on prevailing hydrocarbon price and production levels. Large Hydrocarbon Reserves: Hydrocarbon reserves in the country continue to increase with proved hydrocarbon reserves of 242 billion barrels of oil equivalent (boe; approximately 85% oil and 15% natural gas) and proved developed hydrocarbon reserves of 21 billion boe as of December 2009. Since the strike at the end of 2002, reporting disclosures and corporate communications have improved and are now more consistent with pre-strike levels. Venezuela's reported oil production has remained relatively stable during the past four years at approximately 3 million barrels per day (bpd; 3.7 boed including natural gas production) despite US$57.7 billion of upstream investments during the past five years, which has helped offset decline rates. PDVSA is Venezuela's national oil company, with reported oil production of 3.7 million boed, refining capacity of 3.03 million bpd, proved hydrocarbon reserves of 242 million boe (85% oil and 15% natural gas) and proved developed hydrocarbon reserves of 21 million boe as of December 2009. Fitch has affirmed these ratings: -- Foreign currency Issuer Default Rating at 'B+'; -- Local currency IDR at 'B+'; -- US$3 billion senior notes (due 2017) at 'B+/RR4'; -- US$3 billion zero coupon notes (due 2011) at 'B+/RR4'; -- US$618 million senior notes (due 2013) at 'B+/RR4'; -- US$1.3 billion senior notes (due 2014) at 'B+/RR4'; -- US$1.3 billion senior notes (due 2015) at 'B+/RR4'; -- US$400 million senior notes (due 2016) at 'B+/RR4'; -- US$3 billion senior notes (due 2017) at 'B+/RR4'; -- US$3 billion senior notes (due 2027) at 'B+/RR4'; -- US$1.5 billion senior notes (due 2037) at 'B+/RR4'; -- Long-term national scale rating at 'AAA(ven)'. =============== X X X X X X X X =============== * S&P: Global Corporate Default Tally Remains at 2 in 2011 ---------------------------------------------------------- The 2011 global corporate default tally remains at two issuers after no issuers defaulted this week, said an article published Feb. 11 by Standard & Poor's, titled "Global Corporate Default Update (Feb. 4 - 10, 2011) (Premium)." By comparison, 17 global corporate issuers had defaulted by this time last year (14 U.S.- based issuers and one issuer each from Australia, Bahrain, and Canada). Both of this year's defaulters missed interest or principal payments, which were among the top reasons for default last year. Of the defaults in 2010, 28 defaults resulted from missed interest or principal payments, 25 defaults resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, one from regulatory directives, and one from administration. Standard & Poor's baseline projection for the U.S. corporate trailing 12-month speculative-grade default rate for December 2011 is 1.8%. (A total of 27 issuers would need to default during that period to reach the forecast.) This is another 1.47-percentage-point (or another 45%) decline from 3.27% in December 2010. The rate of decline will remain sharp, but somewhat slower than what was seen in the past 13 months. In S&P's optimistic default rate forecast scenario, the economy and the financial markets improve more than expected. In this scenario, S&P expects the default rate to be 1.3% (22 defaults). On the other hand, if the economic recovery stalls and the financial markets deteriorate -- which is S&P's pessimistic scenario -- S&P expects the default rate to be 3.5% (52 defaults) by the end of 2011. S&P bases its forecasts on quantitative and qualitative factors that it considers, including, but not limited to, Standard & Poor's proprietary default model for the U.S. corporate speculative-grade bond market. S&P updates its outlook for the U.S. issuer-based corporate speculative-grade default rate each quarter after analyzing the latest economic data and expectations. * 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-CED IMPT AR 535007008 -17165000 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER NET XIMPT SM 535007008 -17165000 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 SOC COMERCIAL PL CADN SW 138884129.5 -2.53E+08 COMERCIAL PLAT-$ COMED AR 138884129.5 -2.53E+08 COMERCIAL PL-ADR SCPDS LI 138884129.5 -2.53E+08 SOC COMERCIAL PL CADN EO 138884129.5 -2.53E+08 SOC COMERCIAL PL CVVIF US 138884129.5 -2.53E+08 SOC COMERCIAL PL SCDPF US 138884129.5 -2.53E+08 COMERCIAL PLA-BL COMEB AR 138884129.5 -2.53E+08 SOC COMERCIAL PL COME AR 138884129.5 -2.53E+08 SOC COMERCIAL PL CAD IX 138884129.5 -2.53E+08 COMERCIAL PL-C/E COMEC AR 138884129.5 -2.53E+08 SNIAFA SA-B SDAGF US 11229696.22 -2670545 SNIAFA SA-B SNIA5 AR 11229696.22 -2670545 SNIAFA SA SNIA AR 11229696.22 -2670545 BRAZIL VARIG SA-PREF VAGV4 BZ 966298025.5 -4.7E+09 VARIG SA-PREF VARGPN BZ 966298025.5 -4.7E+09 VARIG SA VARGON BZ 966298025.5 -4.7E+09 VARIG SA VAGV3 BZ 966298025.5 -4.7E+09 AGRENCO LTD AGRE LX 542862484 -2.98E+08 AGRENCO LTD-BDR AGEN11 BZ 542862484 -2.98E+08 LAEP-BDR MILK11 BZ 432349610.3 -1.61E+08 LAEP INVESTMENTS LEAP LX 432349610.3 -1.61E+08 HABITASUL HBTS3 BZ 408678629.1 -108615.4 HABITASUL-PREF B HBTS6 BZ 408678629.1 -108615.4 HABITASUL-PREF A HSULAN BZ 408678629.1 -108615.4 HABITASUL HSULON BZ 408678629.1 -108615.4 HABITASUL-PREF B HSULBN BZ 408678629.1 -108615.4 HABITASUL-PREF A HBTS5 BZ 408678629.1 -108615.4 CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014292 CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014292 CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014292 CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014292 CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014292 CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014292 BOMBRIL CIRIO-PF BOBRPN BZ 316331264.9 -1.24E+08 BOMBRIL SA-ADR BMBBY US 316331264.9 -1.24E+08 BOMBRIL CIRIO SA BOBRON BZ 316331264.9 -1.24E+08 BOMBRIL BOBR3 BZ 316331264.9 -1.24E+08 BOMBRIL SA-ADR BMBPY US 316331264.9 -1.24E+08 BOMBRIL-PREF BOBR4 BZ 316331264.9 -1.24E+08 BOMBRIL-RIGHTS BOBR1 BZ 316331264.9 -1.24E+08 BOMBRIL-RGTS PRE BOBR2 BZ 316331264.9 -1.24E+08 BOMBRIL BMBBF US 316331264.9 -1.24E+08 TELEBRAS-ADR TBASY US 262220712.2 -16698444 TELEBRAS SA TELB3 BZ 262220712.2 -16698444 TELEBRAS-RECEIPT TLBRUO BZ 262220712.2 -16698444 TELEBRAS-PF RCPT RCTB41 BZ 262220712.2 -16698444 TELEBRAS-PF RCPT RCTB40 BZ 262220712.2 -16698444 TELEBRAS-PF RCPT CBRZF US 262220712.2 -16698444 TELEBRAS SA-PREF TLBRPN BZ 262220712.2 -16698444 TELEBRAS/W-I-ADR TBH-W US 262220712.2 -16698444 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TELEBRAS-CEDEA $ RCT4D AR 262220712.2 -16698444 TELEBRAS-CM RCPT TBRTF US 262220712.2 -16698444 TELEBRAS-RTS PRF RCTB2 BZ 262220712.2 -16698444 TELEBRAS-ADR TBH US 262220712.2 -16698444 TELEBRAS-CEDE PF RCTB4 AR 262220712.2 -16698444 TELEBRAS SA TBASF US 262220712.2 -16698444 TELEBRAS SA TLBRON BZ 262220712.2 -16698444 TELEBRAS-PF RCPT RCTB42 BZ 262220712.2 -16698444 TELEBRAS-COM RT TELB1 BZ 262220712.2 -16698444 TELEBRAS-CEDE BL RCT4B AR 262220712.2 -16698444 TELEBRAS-CEDE PF TELB4 AR 262220712.2 -16698444 TELEBRAS-CED C/E TEL4C AR 262220712.2 -16698444 TELEBRAS-CM RCPT RCTB31 BZ 262220712.2 -16698444 TELEBRAS-RTS PRF TLCP2 BZ 262220712.2 -16698444 HOTEIS OTHON SA HOTHON BZ 255036149.9 -42606770 HOTEIS OTHON SA HOOT3 BZ 255036149.9 -42606770 HOTEIS OTHON-PRF HOTHPN BZ 255036149.9 -42606770 HOTEIS OTHON-PRF HOOT4 BZ 255036149.9 -42606770 TEKA-PREF TEKA4 BZ 246866965 -3.93E+08 TEKA-PREF TKTPF US 246866965 -3.93E+08 TEKA TEKA3 BZ 246866965 -3.93E+08 TEKA-ADR TKTPY US 246866965 -3.93E+08 TEKA TKTQF US 246866965 -3.93E+08 TEKA-ADR TKTQY US 246866965 -3.93E+08 TEKA TEKAON BZ 246866965 -3.93E+08 TEKA-ADR TEKAY US 246866965 -3.93E+08 TEKA-PREF TEKAPN BZ 246866965 -3.93E+08 SANSUY SA-PREF A SNSYAN BZ 172563384.2 -94849033 SANSUY SA-PREF B SNSYBN BZ 172563384.2 -94849033 SANSUY-PREF A SNSY5 BZ 172563384.2 -94849033 SANSUY-PREF B SNSY6 BZ 172563384.2 -94849033 SANSUY SA SNSYON BZ 172563384.2 -94849033 SANSUY SNSY3 BZ 172563384.2 -94849033 BALADARE BLDR3 BZ 159454015.9 -52992213 PET MANG-RIGHTS 3678565Q BZ 140673540.9 -1.65E+08 PET MANG-RT 4115360Q BZ 140673540.9 -1.65E+08 PET MANG-RECEIPT RPMG10 BZ 140673540.9 -1.65E+08 PETRO MANGUIN-PF MANGPN BZ 140673540.9 -1.65E+08 PET MANG-RT RPMG1 BZ 140673540.9 -1.65E+08 PETRO MANGUINHOS RPMG3 BZ 140673540.9 -1.65E+08 PET MANGUINH-PRF RPMG4 BZ 140673540.9 -1.65E+08 PETRO MANGUINHOS MANGON BZ 140673540.9 -1.65E+08 PET MANG-RECEIPT RPMG9 BZ 140673540.9 -1.65E+08 PET MANG-RT 4115364Q BZ 140673540.9 -1.65E+08 PET MANG-RT RPMG2 BZ 140673540.9 -1.65E+08 PET MANG-RIGHTS 3678569Q BZ 140673540.9 -1.65E+08 DOCAS IMBITUBA IMBION BZ 96977064.5 -42592603 DOC IMBITUBA-RTP IMBI2 BZ 96977064.5 -42592603 DOC IMBITUBA IMBI3 BZ 96977064.5 -42592603 DOC IMBITUBA-RTC IMBI1 BZ 96977064.5 -42592603 DOC IMBITUB-PREF IMBI4 BZ 96977064.5 -42592603 DOCAS IMBITUB-PR IMBIPN BZ 96977064.5 -42592603 VARIG PART EM SE VPSC3 BZ 96617351.14 -4.6E+08 VARIG PART EM-PR VPSC4 BZ 96617351.14 -4.6E+08 RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -1.04E+08 TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -1.04E+08 TEXTEIS RENAUX RENXPN BZ 73095833.69 -1.04E+08 TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -1.04E+08 TEXTEIS RENAUX RENXON BZ 73095833.69 -1.04E+08 TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -1.04E+08 RENAUXVIEW SA TXRX3 BZ 73095833.69 -1.04E+08 TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -1.04E+08 FABRICA RENAUX-P FRNXPN BZ 63865882.02 -73255215 FABRICA TECID-RT FTRX1 BZ 63865882.02 -73255215 FABRICA RENAUX-P FTRX4 BZ 63865882.02 -73255215 FABRICA RENAUX FRNXON BZ 63865882.02 -73255215 FABRICA RENAUX FTRX3 BZ 63865882.02 -73255215 MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823 MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823 MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823 MINUPAR-RT MNPR1 BZ 63144533.79 -60655823 MINUPAR SA MNPRON BZ 63144533.79 -60655823 MINUPAR MNPR3 BZ 63144533.79 -60655823 VARIG PART EM TR VPTA3 BZ 49432124.18 -3.99E+08 VARIG PART EM-PR VPTA4 BZ 49432124.18 -3.99E+08 CIMOB PART-PREF GAFPN BZ 39881386.59 -41560337 CIMOB PARTIC SA GAFON BZ 39881386.59 -41560337 CIMOB PART-PREF GAFP4 BZ 39881386.59 -41560337 CIMOB PARTIC SA GAFP3 BZ 39881386.59 -41560337 SANESALTO SNST3 BZ 31044051 -1843298 STAROUP SA STARON BZ 27663604.95 -7174512 STAROUP SA-PREF STARPN BZ 27663604.95 -7174512 BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512 BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512 CONST BETER-PR B 1009Q BZ 25469474.32 -4918663 CONST BETER-PF B 1COBBN BZ 25469474.32 -4918663 CONST BETER SA COBE3 BZ 25469474.32 -4918663 CONST BETER-PR A 1008Q BZ 25469474.32 -4918663 CONST BETER-PF A COBE5 BZ 25469474.32 -4918663 CONST BETER SA COBEON BZ 25469474.32 -4918663 CONST BETER SA 1COBON BZ 25469474.32 -4918663 CONST BETER-PF A 1COBAN BZ 25469474.32 -4918663 CONST BETER-PR B COBEBN BZ 25469474.32 -4918663 CONST BETER-PR A COBEAN BZ 25469474.32 -4918663 CONST BETER SA COBE3B BZ 25469474.32 -4918663 CONST BETER SA 1007Q BZ 25469474.32 -4918663 CONST BETER-PF B COBE6 BZ 25469474.32 -4918663 STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861 STEEL DO BRASIL STLB3 BZ 23040051.4 -8699861 STEEL - RT STLB1 BZ 23040051.4 -8699861 CHIARELLI SA CCHI3 BZ 22274026.77 -44537138 CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138 CHIARELLI SA CCHON BZ 22274026.77 -44537138 CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138 FER HAGA-PREF HAGA4 BZ 21299042.62 -62858771 HAGA HAGA3 BZ 21299042.62 -62858771 FERRAGENS HAGA HAGAON BZ 21299042.62 -62858771 FERRAGENS HAGA-P HAGAPN BZ 21299042.62 -62858771 CAF BRASILIA CAFE3 BZ 21097369.71 -9.04E+08 CAFE BRASILIA-PR CSBRPN BZ 21097369.71 -9.04E+08 CAFE BRASILIA SA CSBRON BZ 21097369.71 -9.04E+08 CAF BRASILIA-PRF CAFE4 BZ 21097369.71 -9.04E+08 TECEL S JOSE FTSJON BZ 19067322.24 -52580501 TECEL S JOSE SJOS3 BZ 19067322.24 -52580501 TECEL S JOSE-PRF SJOS4 BZ 19067322.24 -52580501 TECEL S JOSE-PRF FTSJPN BZ 19067322.24 -52580501 NORDON METAL NORDON BZ 16108142.83 -22352941 NORDON MET NORD3 BZ 16108142.83 -22352941 NORDON MET-RTS NORD1 BZ 16108142.83 -22352941 UNI CIDADE UNCI3 BZ 15873892.37 -6485540 GAZOLA SA GAZON BZ 12452143.07 -40298506 GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506 GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506 GAZOLA GAZO3 BZ 12452143.07 -40298506 GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506 GAZOLA SA-DVD CM GAZO11 BZ 12452143.07 -40298506 GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506 GAZOLA SA-DVD PF GAZO12 BZ 12452143.07 -40298506 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154462 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154462 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154462 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154462 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154462 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154462 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154462 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154462 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154462 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154462 F GUIMARAES FGUI3 BZ 11016542.14 -1.52E+08 FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -1.52E+08 F GUIMARAES-PREF FGUI4 BZ 11016542.14 -1.52E+08 FERREIRA GUIMARA FGUION BZ 11016542.14 -1.52E+08 COLOMBIA CHILESAT CORP SA TELEX CI 953784479.1 -1.03E+08 TELMEX CORP SA CHILESAT CI 953784479.1 -1.03E+08 CHILESAT CO-ADR TL US 953784479.1 -1.03E+08 CHILESAT CO-RTS CHISATOS CI 953784479.1 -1.03E+08 TELEX-RTS TELEXO CI 953784479.1 -1.03E+08 TELEX-A TELEXA CI 953784479.1 -1.03E+08 TELMEX CORP-ADR CSAOY US 953784479.1 -1.03E+08 *********** 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. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *