/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110502.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, May 2, 2011, Vol. 12, No. 85 Headlines B A H A M A S BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+' BANCO HSBC SALVADORENO: Fitch Affirms Individual Rating at 'C/D' B E R M U D A GEROVA FINANCIAL: Updates Prior Notice on Delisting B R A Z I L BANCO BILBAO: S&P Affirms 'BB/B' Counterparty Credit Ratings CITIBANK N.A.: S&P Affirms 'BB/B' Counterparty Credit Rating C A Y M A N I S L A N D S AJW MASTER: Court Enters Wind-Up Order CALIFORNIA CANTON: Creditors' Proofs of Debt Due May 24 CHC HEALTHCARE: Creditors' Proofs of Debt Due May 26 CHINA ENERGY: Creditors' Proofs of Debt Due May 18 CITADEL RESIDENTIAL: Commences Liquidation Proceedings CONCORDIA FOREIGN: Creditors' Proofs of Debt Due May 18 DARK BLUE: Creditors' Proofs of Debt Due May 27 DB DISTRESSED: Creditors' Proofs of Debt Due May 20 DB DISTRESSED: Shareholders' Final Meeting Set for May 23 DB DISTRESSED: Creditors' Proofs of Debt Due May 20 DB DISTRESSED: Shareholders' Final Meeting Set for May 23 DUNDONALD OFFSHORE: Creditors' Proofs of Debt Due May 26 EMEL OVERSEAS: Creditors' Proofs of Debt Due May 26 IMAC CDO: Creditors' Proofs of Debt Due May 26 LOCH CAPITAL: Creditors' Proofs of Debt Due May 26 NEWLAND LANE: Creditors' Proofs of Debt Due May 18 NORTHAM LANE: Creditors' Proofs of Debt Due May 18 OVERSEAS TECHNICAL: Creditors' Proofs of Debt Due May 26 RAVEL EUROPEAN: Creditors' Proofs of Debt Due May 27 RAVEL MASTER: Creditors' Proofs of Debt Due May 27 RENDEVOUR LIMITED: Creditors' Proofs of Debt Due May 24 SILVERSTONE LIMITED: Creditors' Proofs of Debt Due May 20 J A M A I C A JAMAICA PUBLIC: Gov't Refuses to Renegotiate Operating License M E X I C O SATELITES MEXICANOS: Combined Hearing on Plan on May 11 SATELITES MEXICANOS: Can Access Cash Collateral on Interim Basis SATELITES MEXICANOS: Court Approves Epiq as Claims Agent SU CASITA TRUST: Fitch Downgrades Class A Long-Term Rating to 'B+' P U E R T O R I C O DEL MAR CONCRETE: Case Summary & 20 Largest Unsecured Creditors FOUR LIONS: Case Dismissal Looms as Counsel Disqualified R&G FINANCIAL: Exclusivity Period Extended Until July 31 T R I N I D A D & T O B A G O CHRISTIAN CREDIT: Court Approves Receiver for Firm's Investors X X X X X X X X * BOND PRICING: For the Week April 25, to April 29, 2011 - - - - - ============= B A H A M A S ============= BANCO AGRICOLA: Fitch Affirms Long-Term IDR at 'BB+' ---------------------------------------------------- Fitch Ratings has affirmed Banco Agricola's (Agricola) long-term Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Agricola's IDR reflects, in Fitch's view, the support that the bank would receive from its parent (Bancolombia, rated 'BBB-' by Fitch), should it be required. While in Fitch's opinion downside potential for Agricola is currently limited, it may be positively affected if Bancolombia's IDR is upgraded or Agricola's individual performance continues strengthening in a more benign operating environment. However, the upside potential for Agricola's IDR could disappear in the event that any potential adverse outcome on the sovereign ratings, currently at 'BB' with a Negative Outlook, brings downward the country ceiling, currently at 'BBB-', to a non-investment grade territory. Agricola's individual rating reflects its steady and sound performance, strong franchise, improved loss-absorption capacity (capital adequacy and reserves), but it also considers the challenges from the economic conditions of El Salvador, which may still have some impact in its asset quality. Agricola maintained its sound and steady performance underpinned by its resilient margins, relatively contained credit costs, and outstanding operating efficiency throughout the different phases of the business cycle. Asset quality has still been affected by the low economic growth of the country, although the impact has been smoother in the case of Agricola, as the level of impairments, charge-offs, provisions, and other metrics continue being better than those of its closest peers. Additionally, a small retrenchment in lending, coupled with sustained earnings, has allowed the bank to continue improving its capital metrics. Established in 1955, Agricola is the largest and most diversified bank in El Salvador and one of the major players in Central America. In May 2007, Bancolombia completed de acquisition of Agricola. At present, Bancolombia, directly or indirectly, owns around 99% of Agricola's shares. Fitch has affirmed these ratings on Agricola: -- Long-term IDR at 'BB+'; Outlook Stable; -- Short-term IDR at 'B'; -- Support at '3'; -- Individual rating at 'C/D'; -- National-scale long-term rating at 'AA+(slv)'; Outlook Stable; -- National-scale short-term rating at 'F1+(slv)'; -- National-scale rating for local issues of senior unsecured debt at 'AA+(slv)'; -- National-scale rating for local issues of senior secured debt at 'AAA(slv)'. BANCO HSBC SALVADORENO: Fitch Affirms Individual Rating at 'C/D' ---------------------------------------------------------------- Fitch Ratings has affirmed Banco HSBC Salvadoreno's (HSBCSal) long-term Issuer Default Rating (IDR) at 'BBB-'. The Rating Outlook is Negative. HSBCSal's Support Rating and IDRs are driven by Fitch's view that there is a high probability that the bank would receive support from its ultimate parent, HSBC Holdings plc (rated 'AA' with a Stable outlook by Fitch), if needed. In turn, HSBCSal's Individual Rating reflects its relatively strong local franchise, reasonable loss absorption capacity, well-balanced business mix, high delinquency, and historically modest profitability. HSBCSal's long-term IDR is constrained by El Salvador's country ceiling at 'BBB-'. If the latter were to change (a likely outcome if the sovereign rating, which currently has a Negative Outlook, is downgraded), HSBCSal's IDR would be revised accordingly. The Individual Rating could be pressured downward by material deterioration in one or more of these factors: the economic and operating environment; the bank's ability to restore reasonable profitability levels; its loss absorption cushion; and/or its franchise and competitive position. HSBCSal is El Salvador's third largest bank in terms of assets (14.7% of market share at year-end 2010) and has historically been characterized by its strong positioning in corporate and commercial lending. The bank was acquired by HSBC Holdings plc in 2006. Fitch has affirmed these ratings on HSBCSal: -- Long-term IDR at 'BBB-'; Outlook Negative; -- Short-term IDR at 'F2'; -- Individual at 'C/D'; -- Support at '2'; -- National-scale long-term rating at 'AAA(slv)'; Outlook Stable; -- National-scale short-term rating at 'F1+(slv)'; ============= B E R M U D A ============= GEROVA FINANCIAL: Updates Prior Notice on Delisting --------------------------------------------------- Gerova Financial Group, Ltd. updated its prior announcement and notice to the New York Stock Exchange concerning its intention to file a Form 25 with the U.S. Securities and Exchange Commission in order to voluntarily delist from trading on the NYSE of its common stock, warrants and units and to deregister its Securities under the Securities Exchange Act of 1934, as amended. As noted previously, in Feb. 2011, the NYSE implemented a trading halt in the Securities pending the disclosure of additional information relative to Gerova's operations, management restructuring and business plans, and the staff of the NYSE had been evaluating the suitability for continued listing of the Company's Securities on the NYSE. The Company had continuing discussions with the staff during which, the NYSE informed the Company that it did not believe that the Company met the qualitative standards for continued listing and that it was contemplating delisting proceedings. After evaluating the circumstances, including the Board's determination that the Company no longer meets the qualitative standards for continued listing on the NYSE and the prospect of delisting proceedings, the Company's Board of Directors determined that it was in the best interest of the Company to voluntarily discontinue the NYSE listing of the Securities. The Company has not made any arrangements at this time for listing or quotation of its Securities on a national securities exchange or a quotation medium. The Company intends to file a Form 25 "Notification of Removal from Listing" with the SEC voluntarily terminating the registration of its Securities under Section 12(b) of the Exchange Act. The removal of the Securities from listing on the NYSE will be effective 10 days after filing the Form 25. Gerova Financial Group is headquartered in Bermuda. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 28, 2011, the Royal Gazette Online said trading in shares of Gerova Financial Group was suspended on the New York Stock Exchange. The NYSE cited the need for more information from the company, according to The Royal Gazette Online. The report related that documents shown to the U.S. Securities and Exchange Commission last June had expressed doubts about some asset values. The Royal Gazette Online noted that a boardroom shake-up has done little to help the company's reputation and the share price has plunged from a high of US$92.50 in June last year to US$5.28 before the suspension took effect. =========== B R A Z I L =========== BANCO BILBAO: S&P Affirms 'BB/B' Counterparty Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed its ratings, including the 'BB/B' counterparty credit ratings, on Banco Bilbao Vizcaya Argentaria S.A. (BBVA Uruguay). The outlook remains stable. "Standard & Poor's ratings on BBVA Uruguay reflect the bank's low Profitability -- currently affected by acquisition costs -- and the high dollarization and low intermediation in the Uruguayan financial system," said Standard & Poor's credit analyst Delfina Cavanagh. The bank's healthy asset quality, its good market position, and the explicit support from its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+), somewhat offset the negative factors. "We consider BBVA Uruguay as a strategically important subsidiary of BBVA; however, at this point the ratings don't incorporate any notches of support, because our sovereign ratings on the Oriental Republic of Uruguay (BB/Stable/B) cap them," S&P related. "BBVA Uruguay's strategically important status according to our group methodology reflects several factors, including BBVA's full ownership of the Uruguayan subsidiary and explicit support, recently evidenced by the acquisition of Credit Uruguay Banco at BBVA's full expense," S&P noted. With total assets of UYU20.7 billion (US$1.08 billion) as of Dec. 31, 2010, BBVA Uruguay ranked No. 6 among the 11 private banks operating in the country. However, as the Uruguayan Central Bank and the Ministry of Economy already approved the bank's acquisition of Credit Uruguay, the bank is to be the second-largest private bank operating in the country, with an approximate 20% market share. BBVA Uruguay is a universal bank that mainly grants loans to the largest companies in Uruguay while offering a wide range of retail services and products. With the acquisition of Credit Uruguay, the bank is to have a 45-branch distribution network, second only to that of Banco Comercial. The stable outlook on the global scale ratings reflects that on the sovereign credit ratings on Uruguay. CITIBANK N.A.: S&P Affirms 'BB/B' Counterparty Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed its 'BB/B' counterparty credit rating on Citibank N.A. (Uruguay Branch). The outlook is stable. The ratings on Citibank Uruguay reflect sovereign risk and that the bank is a branch of New York-based Citibank N.A. (A+/Negative/A-1). "We assume that absent the sovereign's direct intervention, the parent company would ensure full and timely payment of the Uruguayan branch's obligations," said Standard & Poor's credit analyst Delfina Cavanagh. The sovereign credit ratings on the Oriental Republic of Uruguay (BB/Stable/B) constrain the ratings on Citibank Uruguay. The national scale ratings on the bank exclude sovereign intervention risk and indicate the bank's position relative to other financial institutions. Citibank's presence in Uruguay dates to 1915. As of Dec. 31, 2010, total assets were Uruguayan peso (UYP) 20,904 million (US$1,039.8 million). Citibank Uruguay is the sixth-largest bank among the 11 private banks operating in Uruguay with a market share of 7.5%. Compared with other countries, Citibank's Uruguayan operation is relatively small and is mainly focused in the wholesale business, especially on large multinational corporations. Additionally, Citibank Uruguay works actively with the country's public sector. Citibank Uruguay follows the same policies and procedures as Citigroup worldwide, focusing on risk management, credit, and treasury. As part of Citigroup's world network, the bank benefits from high financial flexibility and constant support in terms of business and product development. The asset quality of Citibank Uruguay is good and has been improving considerably during the past few years, despite growth in its intermediation level. In 2010, the nonfinancial loan portfolio increased 50.4% annually. The bank achieved the lowest nonperforming loan (NPL) level of the past five years, reaching a low 0.13% of the total portfolio as of Dec. 31, 2010, which compares favorably with the banking system. "Given its historic low level and as the company increases its intermediation level, we expect higher NPL ratios. The stable outlook reflects our outlook on Uruguay and support from the bank's parent company," S&P said. =========================== C A Y M A N I S L A N D S =========================== AJW MASTER: Court Enters Wind-Up Order -------------------------------------- On April 5, 2011, the Grand Court of Cayman Islands entered an order that winds up the operations of AJW Master Fund II, Ltd. The company's liquidator is: Simon Whicker P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 e-mail: gerhardalbertyn@kpmg.ky CALIFORNIA CANTON: Creditors' Proofs of Debt Due May 24 ------------------------------------------------------- The creditors of California Canton International Bank (Cayman) Ltd. are required to file their proofs of debt by May 24, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 25, 2011. The company's liquidator is: Dennis A. Lee Dennis A Lee, SVP & Deputy General Counsel East West Bank 555 Montgomery St. M/S 129 San Francisco, CA 94111 Telephone: (415) 315-2832 CHC HEALTHCARE: Creditors' Proofs of Debt Due May 26 ---------------------------------------------------- The creditors of CHC Healthcare Limited are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 4, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands CHINA ENERGY: Creditors' Proofs of Debt Due May 18 -------------------------------------------------- The creditors of China Energy Efficiency Technology Co., Ltd. are required to file their proofs of debt by May 18, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 6, 2011. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814 7366 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands CITADEL RESIDENTIAL: Commences Liquidation Proceedings ------------------------------------------------------ On April 6, 2011, the shareholders of Citadel Residential Mortgage Opportunities Fund Ltd. passed a resolution that voluntarily liquidates the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Citadel Advisors LLC c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands CONCORDIA FOREIGN: Creditors' Proofs of Debt Due May 18 ------------------------------------------------------- The creditors of Concordia Foreign Investment Fund, SPC are required to file their proofs of debt by May 18, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 7, 2011. The company's liquidator is: Ogier c/o Catherine Pham Telephone: (345) 949-9876 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands DARK BLUE: Creditors' Proofs of Debt Due May 27 ----------------------------------------------- The creditors of Dark Blue Investments Limited are required to file their proofs of debt by May 27, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2011. The company's liquidator is: Jeremy Simon Spratt KPMG LLP 8 Salisbury Square London, EC4Y 8BB United Kingdom c/o Jacqueline Edwards Telephone: +44 (0) 20 7311 8563 Facsimile: +44 (0) 20 7694 3533 KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands FAO: David Thacker Telephone: 345-949-4800 Facsimile: 345-949-7164 DB DISTRESSED: Creditors' Proofs of Debt Due May 20 --------------------------------------------------- The creditors of DB Distressed Opportunities Fund, Ltd. are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands DB DISTRESSED: Shareholders' Final Meeting Set for May 23 --------------------------------------------------------- The shareholders of DB Distressed Opportunities Fund, Ltd. will hold their final meeting on May 23, 2011, at 9:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 11, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands DB DISTRESSED: Creditors' Proofs of Debt Due May 20 --------------------------------------------------- The creditors of DB Distressed Opportunities Master Portfolio Ltd. are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands DB DISTRESSED: Shareholders' Final Meeting Set for May 23 --------------------------------------------------------- The shareholders of DB Distressed Opportunities Master Portfolio Ltd. will hold their final meeting on May 23, 2011, at 9:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 11, 2011. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands DUNDONALD OFFSHORE: Creditors' Proofs of Debt Due May 26 -------------------------------------------------------- The creditors of Dundonald Offshore Ltd are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands EMEL OVERSEAS: Creditors' Proofs of Debt Due May 26 --------------------------------------------------- The creditors of Emel Overseas Limited are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company's liquidator is: Mr. Rafael Salas Cox Teatinos No. 280 Piso 19, Santiago Chile IMAC CDO: Creditors' Proofs of Debt Due May 26 ---------------------------------------------- The creditors of IMAC CDO 2006-1, Ltd. are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 8, 2011. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands LOCH CAPITAL: Creditors' Proofs of Debt Due May 26 -------------------------------------------------- The creditors of Loch Capital Fund (Offshore) Ltd are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands NEWLAND LANE: Creditors' Proofs of Debt Due May 18 -------------------------------------------------- The creditors of Newland Lane Limited are required to file their proofs of debt by May 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 5, 2011. The company's liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 NORTHAM LANE: Creditors' Proofs of Debt Due May 18 -------------------------------------------------- The creditors of Northam Lane Limited are required to file their proofs of debt by May 18, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 5, 2011. The company's liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 OVERSEAS TECHNICAL: Creditors' Proofs of Debt Due May 26 -------------------------------------------------------- The creditors of Overseas Technical Service (Middle East) Limited are required to file their proofs of debt by May 26, 2011, to be included in the company's dividend distribution. The company's liquidator is: Mr. David L. Deninno 225 Fifth Avenue Pittsburgh, PA 15222 U.S.A. RAVEL EUROPEAN: Creditors' Proofs of Debt Due May 27 ---------------------------------------------------- The creditors of The Ravel European Fund Limited are required to file their proofs of debt by May 27, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2011. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258, Grand CaymanKY1-1104 Cayman Islands RAVEL MASTER: Creditors' Proofs of Debt Due May 27 -------------------------------------------------- The creditors of Ravel Master Fund Limited are required to file their proofs of debt by May 27, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2011. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258, Grand CaymanKY1-1104 Cayman Islands RENDEVOUR LIMITED: Creditors' Proofs of Debt Due May 24 ------------------------------------------------------- The creditors of Rendevour Limited are required to file their proofs of debt by May 24, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 25, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 SILVERSTONE LIMITED: Creditors' Proofs of Debt Due May 20 --------------------------------------------------------- The creditors of Silverstone Limited are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 4, 2011. The company's liquidator is: Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147, Grand Cayman KY1-1002 Cayman Islands ============= J A M A I C A ============= JAMAICA PUBLIC: Gov't Refuses to Renegotiate Operating License -------------------------------------------------------------- RJR News reports that Jamaican Prime Minister Bruce Golding has rejected a call by the Opposition to renegotiate the operating license of the Jamaica Public Service Company. The report relates that the People's National Party made the suggestion following news that the power company had requested a rate adjustment. However, RJR News notes Mr. Golding has cautioned that any attempt to change the license will send the wrong signal to investors. Speaking on Wednesday night on Jamaica House Live, the Prime Minister said the Government would head into dangerous waters if it decides to go this route especially where a binding agreement is concerned, according to RJR News. About JPSCO Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of more than 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2010, RadioJamaica said that the multi-billion dollar show down between the Jamaica Public Service and the three unions -- BITU, NWU and UCASE -- representing workers at the company has entered the penultimate stage before the Industrial Disputes Tribunal. The report related that the IDT heard testimony from the Chairman of JPSCO, Tommy Fukuda who was called as the last witness. According to the report, Mr. Fukuda maintained that JPSCO has paid the US$2.3 billion it owed the workers following the 2001 job reclassification exercise. However, the report related, the three unions argued that the company still owed the workers an additional JM$500 million to JM$600 million in retroactive, overtime and redundancy payments. =========== M E X I C O =========== SATELITES MEXICANOS: Combined Hearing on Plan on May 11 ------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware set a combined hearing on May 11, 2011, at 1:00 p.m., to consider (i) the approval of the disclosure statement and (ii) confirmation of the Chapter 11 plan of Satelites Mexicanos S.A. de C.V. and its debtor-affiliates. Objections, if any, are due May 6, 2011. Satelites Mexicanos filed simultaneous with its bankruptcy petition a restructuring plan supported by noteholders. Satmex announced late March that it had reached an agreement with the holders of more than two-thirds of the outstanding principal amount of its first priority senior secured notes due 2011 and second priority senior secured notes due 2013 to support a prepackaged plan. The first-priority noteholders are owed about US$238.2 million, and the second-priority noteholders are owed about US$201.9 million. As reported in the April 8, 2011 edition of the Troubled Company Reporter, the salient terms of the Plan are: -- First priority noteholders owed $328 million, whose debt is secured by substantially all of the Debtors' assets and matures in 2011, will receive payment in full in cash of all outstanding principal and accrued but unpaid interest at the applicable non-default rate of 12% per annum under the terms of the First Priority Notes, without penalty or premium, as of the Effective Date of the Plan. The first priority noteholders will receive interest payments in cash pursuant to an agreement on the use of cash collateral. These noteholders are impaired and were entitled to vote on the Plan. -- The second priority noteholders, whose $140 million debt is also secured by substantially all of the Debtors' assets, can have their debt converted into direct or indirect equity of Reorganized Satmex, plus have the option of participating in a rights offering and follow-on rights offering for equity in Reorganized Satmex. As an alternative, the second priority noteholders have the option to "cash out," by receiving $0.38 for each dollar of their claim on or about the Effective Date of the Plan. These noteholders are impaired and were entitled to vote on the Plan. -- All holders of allowed claims against the Debtors, including employees, trade creditors, and other priority and non- priority creditors, will be paid in the ordinary course. The creditors will be paid in cash in full, on or as soon as possible after the Effective Date of Plan. These creditors are unimpaired and are deemed to accept the Plan. -- The current equity of Satmex will be purchased by certain holders of Second Priority Notes. Holdsat Mexico S.A.P.I. de C.V. and Satmex International B.V., a wholly-owned subsidiary of Satmex Investment Holdings OP Ltd., and Satmex Investment Holdings L.P., will purchase 100% of the current equity in Satmex for a purchase price of up to $6.25 million. The purchase price for the equity will be funded in part by the proceeds of Satmex's rights offering. Upon consummation of this transaction, which is expected to occur shortly before the Plan goes effective, the existing equity in Satmex will be cancelled, redeemed, diluted, or converted, as the case may be, at an extraordinary meeting of the new shareholders of Satmex. The restructuring will reduce the amount of Satmex's outstanding indebtedness by approximately US$110 million and extending maturity of its secured indebtedness to 2017. As part of the restructuring and to help fund its emergence from bankruptcy, Satmex will obtain US$325 million in exit financing from new senior secured notes due 2017 or bridge financing. The Debtors have obtained a commitment to fully fund the debt financing from Jefferies Finance LLC. The Company will also conduct a rights offering of the reorganized company's equity to raise about US$96.25 million. A full-text copy of the Chapter 11 Plan is available for free at http://bankrupt.com/misc/Satmex_Prepack_Plan.pdf A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/Satmex_Disc_Statement.pdf About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based provider of fixed satellite services in the Americas, with coverage to more than 90% of the population to the Americas, including more than 45 nations and territories. Satmex also provides Latin American television programming in the United States. One of only two privately managed FSS providers based in Latin America, Satmex has a fleet comprised of three satellites. Satmex 5 and Satmex 6 generate the adjusted EBITDA for Satmex. A third satellite, Solidaridad 2, is inclined orbit but does not generate any adjusted EBITDA. Construction of Satmex 8 is expected to be completed by July 2012. Satmex also intends to pursue plans for a new satellite, to be named Satmex 7. Satmex first filed for bankruptcy in August 2006 in New York and exited four months later with a plan to repay creditors owed about US$743 million with new debt and equity. Satmex, with affiliates Alterna'TV International Corporation and Alterna'TV Corporation, again filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011. The Debtors disclosed US$441.6 million in total assets and US$531.6 million in total debts as of March 23, 2011. In its schedules, Satmex disclosed US$393,427,253 in total assets and US$457,699,978 in total debts on a stand-alone basis. Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves as the Debtor's bankruptcy counsel in the present Chapter 11 case. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' financial advisor. Rubio Villegas & Asociados, S.C., serves as the Debtors' special Mexican corporate and regulatory counsel. Jefferies & Company, Inc., is the financial advisor to supporting second lien noteholders. Ropes & Gray LLP is the U.S. counsel to supporting second lien noteholders. Cervantes Sainz serves as Mexican counsel to supporting 2nd lien noteholders. Dechert LLP is the U.S. counsel to supporting holders of first priority notes. Galicia Abogados, S.C., is the Mexican counsel to supporting holders of first priority notes. Bracewell & Giuliani LLP is the U.S. counsel to Series B. Directors. Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel to Series B. Directors. Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico Government. Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is the Mexican counsel for SCT for Mexico Government. Detente Group is the financial advisor for SCT for Mexico Government. Latham & Watkins LLP is the U.S. counsel to Jefferies Finance. Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for Jefferies. SATELITES MEXICANOS: Can Access Cash Collateral on Interim Basis ---------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware authorized Satelites Mexicanos S.A. de C.V. and its debtor-affiliates to use, on an interim basis, cash collateral until May 27, 2011, pursuant to a prepared budget. The Debtors expect to use the cash collateral to: i) continue operating their businesses while in Chapter 11, including paying their vendors, suppliers, service providers, utilities and other overhead in the ordinary course; and ii) pay the costs and expenses of administering the cases including, without limitation, funding the professional and other fees and expenses associated with confirming and consummating the Plan. According to the Debtors, they owe US$238.23 million to their first priority senior secured noteholders led by US Bank National as first priority indenture trustee, and US$201.89 million to their second priority senior noteholders led by Wells Fargo Bank, National Association as indenture trustee. The amounts owed to the noteholders are secured by assets of the Debtors. As adequate protection for prepetition secured parties, the Debtors have agreed to grant: a) Accrual of Interest: i) The First Priority Notes will be paid interest from and after the Petition Date based on the applicable non- default interest rate of 12% per annum; and ii) the Second Priority Notes will accrue interest from and after the Petition Date at the applicable non-default interest rate of 10 1/8%; b) Current Payment of Interest on the First Priority Notes: On the first Business Day following the entry of the Interim Order, the Debtors will make an interest payment on the First Priority Notes in cash to the First Priority Indenture Trustee in the amount of all accrued but unpaid interest at the applicable non-default rate of 12% per annum through the date of the Interim Order. During the pendency of the Chapter 11 Cases, each Interest Period will be a calendar month, and the Debtors will pay interest on a current basis at the applicable nondefault rate of 12% per annum on the applicable Interest Payment Date for each such monthly Interest Period, beginning with the last calendar day of April, 2011. A full-text copy of the cash collateral budget is available for free at http://ResearchArchives.com/t/s?75ce About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based provider of fixed satellite services in the Americas, with coverage to more than 90% of the population to the Americas, including more than 45 nations and territories. Satmex also provides Latin American television programming in the United States. One of only two privately managed FSS providers based in Latin America, Satmex has a fleet comprised of three satellites. Satmex 5 and Satmex 6 generate the adjusted EBITDA for Satmex. A third satellite, Solidaridad 2, is inclined orbit but does not generate any adjusted EBITDA. Construction of Satmex 8 is expected to be completed by July 2012. Satmex also intends to pursue plans for a new satellite, to be named Satmex 7. Satmex first filed for bankruptcy in August 2006 in New York and exited four months later with a plan to repay creditors owed about US$743 million with new debt and equity. Satmex, with affiliates Alterna'TV International Corporation and Alterna'TV Corporation, again filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011. The Debtors disclosed US$441.6 million in total assets and US$531.6 million in total debts as of March 23, 2011. In its schedules, Satmex disclosed US$393,427,253 in total assets and US$457,699,978 in total debts on a stand-alone basis. Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves as the Debtor's bankruptcy counsel in the present Chapter 11 case. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' financial advisor. Rubio Villegas & Asociados, S.C., serves as the Debtors' special Mexican corporate and regulatory counsel. Jefferies & Company, Inc., is the financial advisor to supporting second lien noteholders. Ropes & Gray LLP is the U.S. counsel to supporting second lien noteholders. Cervantes Sainz serves as Mexican counsel to supporting 2nd lien noteholders. Dechert LLP is the U.S. counsel to supporting holders of first priority notes. Galicia Abogados, S.C., is the Mexican counsel to supporting holders of first priority notes. Bracewell & Giuliani LLP is the U.S. counsel to Series B. Directors. Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel to Series B. Directors. Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico Government. Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is the Mexican counsel for SCT for Mexico Government. Detente Group is the financial advisor for SCT for Mexico Government. Latham & Watkins LLP is the U.S. counsel to Jefferies Finance. Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for Jefferies. SATELITES MEXICANOS: Court Approves Epiq as Claims Agent -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Satelites Mexicanos, S.A. de C.V., and its debtor-affiliates to employ Epiq Bankruptcy Solutions, LLC, as balloting, noticing, claims and subscription agent. According to the Troubled Company Reporter on April 13, 2011, Epiq will, among other things: a. prepare and serve a variety of documents on behalf of the Debtors in their Chapter 11 cases; b. provide claims administration services; c. act as balloting agent and consult with the Debtors and their counsel regarding timing issues, voting and tabulation procedures, and documents needed for the vote; and d. collect and review contracts and leases and prepare custom reports. Epiq will be paid based on the hourly rates of its professionals: Clerk US$40-$60 Case Manager (Level 1) US$125-$175 IT Programming Consultant US$140-$190 Case Manager (Level 2) US$185-$220 Senior Case Manager US$225-$275 Senior Consultant US$295 A copy of the Debtors' service agreement with Epiq is available for free at: http://bankrupt.com/misc/SATELITES_MEXICANOS_servicepact.pdf Jennifer M. Meyerowitz, Epiq's Vice President and Director of Business Development, assured the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based provider of fixed satellite services in the Americas, with coverage to more than 90% of the population to the Americas, including more than 45 nations and territories. Satmex also provides Latin American television programming in the United States. One of only two privately managed FSS providers based in Latin America, Satmex has a fleet comprised of three satellites. Satmex 5 and Satmex 6 generate the adjusted EBITDA for Satmex. A third satellite, Solidaridad 2, is inclined orbit but does not generate any adjusted EBITDA. Construction of Satmex 8 is expected to be completed by July 2012. Satmex also intends to pursue plans for a new satellite, to be named Satmex 7. Satmex first filed for bankruptcy in August 2006 in New York and exited four months later with a plan to repay creditors owed about US$743 million with new debt and equity. Satmex, with affiliates Alterna'TV International Corporation and Alterna'TV Corporation, again filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011. The Debtors disclosed US$441.6 million in total assets and US$531.6 million in total debts as of March 23, 2011. In its schedules, Satmex disclosed US$393,427,253 in total assets and US$457,699,978 in total debts on a stand-alone basis. Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves as the Debtor's bankruptcy counsel in the present Chapter 11 case. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' financial advisor. Rubio Villegas & Asociados, S.C., serves as the Debtors' special Mexican corporate and regulatory counsel. Jefferies & Company, Inc., is the financial advisor to supporting second lien noteholders. Ropes & Gray LLP is the U.S. counsel to supporting second lien noteholders. Cervantes Sainz serves as Mexican counsel to supporting 2nd lien noteholders. Dechert LLP is the U.S. counsel to supporting holders of first priority notes. Galicia Abogados, S.C., is the Mexican counsel to supporting holders of first priority notes. Bracewell & Giuliani LLP is the U.S. counsel to Series B. Directors. Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel to Series B. Directors. Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico Government. Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is the Mexican counsel for SCT for Mexico Government. Detente Group is the financial advisor for SCT for Mexico Government. Latham & Watkins LLP is the U.S. counsel to Jefferies Finance. Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for Jefferies. SU CASITA TRUST: Fitch Downgrades Class A Long-Term Rating to 'B+' ------------------------------------------------------------------ Fitch Ratings has downgraded two tranches of Su Casita Trust: Class A -- Long-term rating and unenhanced long-term rating to 'B+' from 'BB+'; Rating Watch Negative; -- Unenhanced national long-term rating to 'BBB(mex)' from 'AA- (mex)' local scale; Rating Watch Negative. Class B -- National long-term rating to 'BB-(mex)' from 'A-(mex)'; Rating Watch Negative. The transaction is backed by a pool of mortgages originated by Hipotecaria Su Casita, S.A. de C.V., S.F.O.M, E.N.R. (Su Casita) and serviced by Patrimonio S.A de C.V. SOFOL (Patrimonio). The rating action reflects the continued deterioration in the collateral performance exacerbated by the bankruptcy of Su Casita and the disruption in the servicing of the portfolio. The transaction was placed on Rating Watch Negative in October of 2010 after the bankruptcy of Su Casita which is the primary servicer of the transaction. While the change in servicer from Su Casita to Patrimonio S.A de C.V. SOFOL may benefit the transaction in the long-run, the overall performance continues to deteriorate and there have been apparent short-term disruptions in servicing due to legal issues that affected the processes of repossession and selling of delinquent assets. Delinquencies trends have increased dramatically over the year. Delinquencies of 180 days have increased from 9.4% to 20.65% over the past 12 months, and delinquencies of 90 days have increased from 17% to 30.5% over the past 12 months. The rating action reflects the information Fitch has received to date, but Fitch notes that there has been some irregularities related to the information due to the transition process. The servicer is working to improve the quality of information being provided regarding the performance and Fitch will closely monitor this over the next three months. Similar to many Mexican RMBS transactions, the levels of non- performing loans and inventory continues to increase and makes up a large portion of the overall collateral of the transaction. This transaction has 481 properties in inventory with a value of 48,224,197 UDIs. The current ratings are based on a certain assumptions related to the sale of repossessed properties, although actual sales have been limited. Fitch will monitor the new servicer's ability to foreclose and liquidate this grow inventory and make appropriate rating adjustment accordingly. This transaction does not benefit from mortgage insurance which significantly affects loss severity assumption. The class A bond has a financial guarantee provided by MBIA; however, Fitch conducted the analysis without considering any benefit from MBIA. The analysis does consider the financial costs associated with making the guarantee payments. The analysis conducted by Fitch included the review of the monthly surveillance data, as well as a re-evaluation of delinquency, loss assumptions and a break-even scenario by re-running Fitch's cash flow model. The re-running of the cash flow model determines the maximum level of defaults each structure could sustain without suffering a loss. These results were compared to Fitch's new delinquency and loss numbers assumed for each portfolio and at each given rating category. The cash flow model incorporates all credit enhancements for each issuance, as well as their structural characteristics such as the waterfall of payments described in the legal documents. It also incorporates Fitch's analysis on Constant Prepayment Rate (CPR), delayed proceeds due to delinquencies, excess spread, and Fitch's view on the recovery proceeds of any houses yet to be sold within the trust. ===================== P U E R T O R I C O ===================== DEL MAR CONCRETE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Del Mar Concrete, Inc. P.O. Box 544 Aguada, PR 00602 Tel: (787) 868-1508 Bankruptcy Case No.: 11-03467 Chapter 11 Petition Date: April 26, 2011 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Winston Vidal-Gambaro, Esq. WINSTON VIDAL LAW OFFICE P.O. Box 193673 San Juan, PR 00919-3673 Tel: (787) 751-2864 Fax: (787) 763-6114 E-mail: wvidal@prtc.net Estimated Assets: US$1,000,001 to US$10,000,000 Estimated Debts: US$1,000,001 to US$10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at: http://bankrupt.com/misc/prb11-03467.pdf The petition was signed by Jose Cardona Crespo, president. FOUR LIONS: Case Dismissal Looms as Counsel Disqualified -------------------------------------------------------- During the status conference held on March 17, 2011, in the bankruptcy case of Four Lions Corp., the U.S. Bankruptcy Court for the District of Puerto Rico disqualified counsel for the Debtor. The Court noted that a review of the Debtor's case docket shows it is not represented by counsel. Accordingly, Judge Sara de Jesus directed the Debtor to show cause why its case should not be dismissed for its failure to obtain Counsel. The Court gave the Debtor until May 11, 2011, to respond, or the case may be dismissed or converted with out a hearing. San Juan, Puerto Rico-based Four Lions Corp. filed for Chapter 11 bankruptcy protection on January 24, 2011 (Bankr. D. P.R. Case No. 11-00419). The Debtor tapped Alexis Fuentes Hernandez, Esq., at the Fuentes Law Offices, as counsel when it sought bankruptcy protection. R&G FINANCIAL: Exclusivity Period Extended Until July 31 -------------------------------------------------------- BankruptcyData.com reports that The U.S. Bankruptcy Court approved R&G Financial's motion for a fourth extension of the exclusive period during which the Company can file a plan of reorganization and solicit acceptances thereof through and including May 31, 2011 and July 31, 2011, respectively. BData relates that the Company said this extension is necessary to address "significant outstanding contingencies that may affect the structure of, and distributions under, the Debtor's chapter 11 plan." San Juan, Puerto Rico-based R&G Financial Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 10- 04124) on May 14, 2010. Jorge I. Peirats, Esq., at Pietrantoni, Mendez & Alvarez, serves as the Company's bankruptcy counsel. The Company disclosed US$40,213,356 in assets and US$420,687,694 in debts. =============================== T R I N I D A D & T O B A G O =============================== CHRISTIAN CREDIT: Court Approves Receiver for Firm's Investors -------------------------------------------------------------- Trinidad and Tobago Express reports that the High Court has granted approval for the appointment of a receiver to wind up several companies controlled by Lawrence Cole toward reimbursing people who invested with his Christian Credit Union. Mr. Cole, an investment adviser, also has controlling interest in Alpha Savings and Trust Ltd, Flagship Financial Investment Co- Operative Society Ltd and Safe Holdings and Trust Ltd. According to the report, citing a statement, the Trinidad and Tobago Securities and Exchange Commission (TTSEC) said it brought the action against Mr. Cole after it received complaints from investors. "After a thorough investigation the TTSEC approached the High Court and obtained an injunction to freeze the assets of Mr Cole and the entities under his control as a means of preventing him from disposing, transferring or diminishing the value of their assets pending the court's final ruling in the claim filed by the TTSEC," the statement said, the report notes. Trinidad and Tobago Express relates that in delivering the judgment Madame Justice Jones granted the TTSEC declarations "and orders that it sought and further appointed a receiver to attend to the winding up of the entities and the sale of the personal assets of Lawrence Cole with a view to disgorgement of profits and restitution to the affected investors." =============== X X X X X X X X =============== * BOND PRICING: For the Week April 25, to April 29, 2011 -------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 159 ARGENT-PAR 1.18 12/31/2038 ARS 61.75 ARGENT-EDIS 7.82 12/31/2033 EUR 74 ARGENT-EDIS 7.82 12/31/2033 EUR 75.25 ARGENT-YDIS 4.33 12/31/2033 JPY 42 ARGENT-YPAR&GDP 0.45 12/31/2038 JPY 8 BODEN 2014 2 9/30/2014 ARS 32.65 BOGAR 2018 2 2/4/2018 ARS 32.5 PRO12 2 1/3/2016 ARS 124.125 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 37.259 BCP FINANCE BANK 5.01 3/31/2024 EUR 49.408 BCP FINANCE BANK 5.31 12/10/2023 EUR 52.052 BCP FINANCE CO 4.239 EUR 66.55 BCP FINANCE CO 5.543 EUR 66.667 BES FINANCE LTD 5.772 2/7/2035 EUR 55.255 BES FINANCE LTD 4.5 EUR 65 BES FINANCE LTD 5.58 EUR 65.667 BES FINANCE LTD 6.625 EUR 72.606 EFG ORA FUNDING 1.7 10/29/2014 EUR 62.996 ESFG INTERNATION 5.753 EUR 59.334 IMCOPA INTL CAYM 10.375 12/19/2014 USD 36.5 PUBMASTER FIN 8.44 6/30/2025 GBP 60.013 SHINSEI FINANCE 7.16 USD 77.498 CHILE ----- BANCO BPI (CI) 4.15 11/14/2035 EUR 37.259 AGUAS NUEVAS 3.4 5/15/2012 CLP 1.667 CGE DISTRIBUCION 3.25 12/1/2012 CLP 40.052 ESVAL S.A. 3.8 7/15/2012 CLP 37.801 MASISA 4.25 10/15/2012 CLP 29.755 QUINENCO SA 3.5 7/21/2013 CLP 38.242 PERU ----- TELEFON DEL PERU 2.875 4/22/2028 PEN 74.927 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 57 PUERTO RICO CONS 6.5 4/1/2016 USD 63.375 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 45.896 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.353 PETROLEOS DE VEN 5.25 4/12/2017 USD 61.088 PETROLEOS DE VEN 5.125 10/28/2016 USD 62.975 PETROLEOS DE VEN 5 10/28/2015 USD 66.407 PETROLEOS DE VEN 8.5 11/2/2017 USD 71.769 PETROLEOS DE VEN 8.5 11/2/2017 USD 72.064 PETROLEOS DE VEN 4.9 10/28/2014 USD 74.82 VENEZUELA 7 3/31/2038 USD 56.25 VENEZUELA 7 3/31/2038 USD 56.685 VENEZUELA 6 12/9/2020 USD 59.25 VENEZUELA 7.65 4/21/2025 USD 61.25 VENEZUELA 8.25 10/13/2024 USD 63.65 VENEZUELA 9.25 5/7/2028 USD 67 VENEZUELA 9 5/7/2023 USD 68 VENEZUELA 7.75 10/13/2019 USD 68.5 VENEZUELA 7 12/1/2018 USD 70.5 VENEZUELA 9.25 9/15/2027 USD 72.03 VENEZUELA 9.25 9/15/2027 USD 72.044 VENZOD - 189000 9.375 1/13/2034 USD 67.85 *********** 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 * * *