/raid1/www/Hosts/bankrupt/TCRLA_Public/100831.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, August 31, 2010, Vol. 11, No. 171
Headlines
A R G E N T I N A
ELECTRONICA MEGATONE: Moody's Assigns 'B3' Global Scale Rating
B E R M U D A
AA INVESTMENTS: Appoints Middleton and Lan as Liquidators
GERMAN VENTURE: Creditors' Proofs of Debt Due on September 10
GERMAN VENTURE: Members' Final Meeting Set for October 1
PROTOSTAR LTD: Court to OK Disclosure Statement
PUTNAM GREEN: Court to Hear Wind-Up Petition on September 10
SCAF I: Court to Hear Wind-Up Petition on September 10
C A Y M A N I S L A N D S
ACTIV HOLDINGS: Shareholders to Receive Wind-Up Report on Sept. 22
AJAX RE: Shareholder to Receive Wind-Up Report on September 16
CALUANA LIMITED: Members' Final Meeting Set for September 16
DANA PETROLEUM: Shareholders to Receive Wind-Up Report on Sept. 27
ESPEN NORDHUS: Shareholders to Receive Wind-Up Report on Sept. 23
GANYMEDE CAPITAL: Shareholders to Hear Wind-Up Report on Sept. 22
GGR INSURANCE: Shareholders' Final Meeting Set for September 13
HTMZ LIMITED: Shareholders to Hear Wind-Up Report on September 20
LAKESIDE RE: Shareholder to Receive Wind-Up Report on September 16
LCG SPV2: Shareholders to Hear Wind-Up Report on September 20
MANGROVE RE: Shareholder Receives Wind-Up Report
MAX-MM LIMITED: Shareholders to Hear Wind-Up Report on Sept. 27
MYSTIC RE: Shareholder Receives Wind-Up Report
PARAMETRIC RE: Shareholder to Receive Wind-Up Report on Sept. 16
PRIME FINANCE: Shareholders to Hear Wind-Up Report on September 22
RAMIUS FIXED: Shareholders' Final Meeting Set for September 6
SAPIC - 98: Shareholders' Final Meeting Set for September 27
SMALL HAVEN: Members' Final Meeting Set for September 16
SOTRADA FIXED: Shareholders' Final Meeting Set for September 17
VASCO RE: Shareholder to Receive Wind-Up Report on September 16
G R E N A D A
* GRENADA: Libya Agrees to Forgive US$6 Million Debt
M E X I C O
BANCO INTERACCIONES: Fitch Assigns 'BB' Issuer Default Rating
BANCO INTERACCIONES: Moody's Affirms 'D' Bank Strength Rating
T R I N I D A D & T O B A G O
CL FINANCIAL: CLICO Liquidator Targets 77 Companies
ANGOSTURA HOLDINGS: Taps Simple Ltd as Distribution Partner
PETROTRIN: Ex-Minister Says Arbitration of Suit "Makes Sense"
T U R K S & C A I C O S I S L A N D S
OLINT CORP: U.S. Authorities Want Owner Extradited From Island
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ELECTRONICA MEGATONE: Moody's Assigns 'B3' Global Scale Rating
--------------------------------------------------------------
Moody's Latin America assigned a B3 global scale rating and an
A2.ar Argentina National Scale Rating to Electronica Megatone's
proposed ARS30 million local bond issuance. At the same time,
Moody's affirmed EM's corporate family rating of B3 on its global
scale and A2.ar on the Argentina national scale rating. All of
the ratings assigned are local currency ratings. Proceeds from
the notes will be used principally for EM's working capital needs,
to refinance outstanding short term debt and for general corporate
purposes. The outlook for all ratings is stable.
Ratings Rationale
"The B3 and A2.ar ratings are supported by the company's position
as one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Megatone brand name.
The ratings reflect EM's diversified product mix, low adjusted
leverage and its well-established relationships with suppliers,"
said Moody's AVP Analyst, Ver¢nica Amendola. "The ratings also
consider EM's solid position in selling recognized brand name home
appliances and an adequate liquidity profile," said Amendola.
However, the ratings are constrained by EM's retail finance model,
with significant credit exposure to consumer loans extended
through Megatone's own financing source. Moody's notes that EM's
consumer credit segment has been the principal earnings generator
and has been funded by the securitization market. Moody's will
closely monitor EM's ability to continue to access the market for
securitization financing. EM's relatively small scale, limited
geographic diversification and the competitive environment also
constrain the ratings.
EM's B3 local currency rating reflects its global default and loss
expectation, while the A2.ar national scale rating reflects the
standing of EM's credit quality relative to its domestic peers.
Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks. NSRs in Argentina are designated by the ".ar"
suffix. Issuers or issues rated A2.ar present above-average
creditworthiness relative to other domestic issuers. NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.
The stable ratings outlook reflects Moody's expectation that EM
will continue to successfully implement its business model, thus
allowing the retailer to maintain adequate credit metrics for its
rating category. The stable outlook assumes that EM will
successfully uphold its market position, even in light of the
challenging competitive environment. Finally, the outlook
reflects Moody's expectations that EM will be able to maintain
adequate access to the securitization market, even in more adverse
market conditions.
EM ratings could be upgraded if it could develop a more solid
business profile, by reducing its reliance on the securitization
market. In addition upward pressure could result from increased
size and geographic diversification, along with an improving
business environment in Argentina leading to an improving retail
business segment. Quantitatively, upward momentum could result if
EM's total adjusted debt to EBITDA is sustained below 1.5 times
(1.9 times as of the LTM ended May 31, 2010) and operating margins
of above 6% (4.6% as of the LTM ended May 31, 2010).
Additionally, a more predictable outlook for economic activity in
Argentina would be important for upward pressure.
Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the market for
securitization financing. In addition, a greater than expected
loan delinquencies and the impact of the expected downturn in the
Argentinean economy on the availability of consumer loans could
cause negative pressure on ratings. Quantitatively, a downgrade
could result from a drop in EM's EBIT margin to below 10% on a
three-year average basis or a significant increase in leverage,
with total adjusted debt to EBITDA of above 3.5 times.
Indications of a weakening market share in the domestic retail
market could also drive negative pressure.
Headquartered in Santa Fe province, Argentina, EM is a leading
regional appliance retailer operating 77 stores across 10
provinces. With total revenues of US$182 million as of the last
twelve months ended May 31, 2010, the company was founded in 1963
and is one of the three retailers licensing "Megatone" brand name
in Argentina.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, and
confidential proprietary Moody's Investors Service's information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.
=============
B E R M U D A
=============
AA INVESTMENTS: Appoints Middleton and Lan as Liquidators
---------------------------------------------------------
On February 11, 2010, Edward Simon Middleton, Chan Mei Lan and
Charles Thresh were appointed as liquidators of AA Investments
Company Limited.
GERMAN VENTURE: Creditors' Proofs of Debt Due on September 10
-------------------------------------------------------------
The creditors of German Venture Managers (2000) Limited are
required to file their proofs of debt by September 10, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on August 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
Church Street, Hamilton
Bermuda
GERMAN VENTURE: Members' Final Meeting Set for October 1
--------------------------------------------------------
The members of German Venture Managers (2000) Limited will hold
their final meeting, on October 1, 2010, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on August 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
Church Street, Hamilton
Bermuda
PROTOSTAR LTD: Court to OK Disclosure Statement
-----------------------------------------------
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware said she will approve the disclosure statement
explaining the Chapter 11 plan of ProtoStar Ltd., subject to a
clarificatory language regarding the treatment and consolidation
of creditor classes, Bankruptcy Law360 reports.
According to Law360, Judge Walrath saw merit in Kiskadee
Communications' objections to a "global settlement" that ProtoStar
reached with major parties.
The Chapter 11 plan reserves US$10.65 million for unsecured
creditors who were initially thought to be out of the money.
About ProtoStar Ltd.
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petitions, the Debtors each estimated assets
and debts of US$100 million and US$500 million. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PUTNAM GREEN: Court to Hear Wind-Up Petition on September 10
------------------------------------------------------------
A petition to wind up the operations of Putnam Green Ltd will be
heard before the Supreme Court of Bermuda on September 10, 2010,
at 9:30 a.m.
Stewardship Credit Arbitrage Fund, Ltd. presented the petition to
the Court on August 18, 2010.
SCAF I: Court to Hear Wind-Up Petition on September 10
------------------------------------------------------
A petition to wind up the operations of SCAF I Ltd. will be heard
before the Supreme Court of Bermuda on September 10, 2010, at
9:30 a.m.
==========================
C A Y M A N I S L A N D S
==========================
ACTIV HOLDINGS: Shareholders to Receive Wind-Up Report on Sept. 22
------------------------------------------------------------------
The shareholders of Activ Holdings Co. will receive, on
September 22, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
AJAX RE: Shareholder to Receive Wind-Up Report on September 16
--------------------------------------------------------------
The shareholder of Ajax Re Limited will receive, on September 16,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidators are:
Katherine Chiazza
Damien Austin
Telephone: 914-7553 / 914-7580
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
CALUANA LIMITED: Members' Final Meeting Set for September 16
------------------------------------------------------------
The members of Caluana Limited will hold their final meeting, on
September 16, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
DANA PETROLEUM: Shareholders to Receive Wind-Up Report on Sept. 27
------------------------------------------------------------------
The shareholders of Dana Petroleum (Holdings) Limited will
receive, on September 27, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ESPEN NORDHUS: Shareholders to Receive Wind-Up Report on Sept. 23
-----------------------------------------------------------------
The shareholders of Espen Nordhus Trading Ltd. will receive, on
September 23, 2010, at 10:20 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GANYMEDE CAPITAL: Shareholders to Hear Wind-Up Report on Sept. 22
-----------------------------------------------------------------
The shareholders of Ganymede Capital Company Limited will receive,
on September 22, 2010, at 2:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GGR INSURANCE: Shareholders' Final Meeting Set for September 13
---------------------------------------------------------------
The shareholders of GGR Insurance Company, Ltd. will hold their
final meeting, on September 13, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Russell Smith
Telephone: (345) 946-0820
Facsimile: (345) 946-0864
PO Box 2499, George Town KY1-1104
Grand Cayman
Cayman Islands
HTMZ LIMITED: Shareholders to Hear Wind-Up Report on September 20
-----------------------------------------------------------------
The shareholders of HTMZ Limited will receive, on September 20,
2010, at 9:10 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LAKESIDE RE: Shareholder to Receive Wind-Up Report on September 16
------------------------------------------------------------------
The shareholder of Lakeside Re Ltd. will receive, on September 16,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidators are:
Katherine Chiazza
Anya Payne
Telephone: 914-7505 / 914-7553
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
LCG SPV2: Shareholders to Hear Wind-Up Report on September 20
-------------------------------------------------------------
The shareholders of LCG SPV2, Ltd. will receive, on September 20,
2010, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Victor Murray
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MANGROVE RE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Mangrove Re Ltd received, on August 2, 2010,
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Katherine Chiazza
Shaun Green
Telephone: 914-7553 / 914-7532
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
MAX-MM LIMITED: Shareholders to Hear Wind-Up Report on Sept. 27
---------------------------------------------------------------
The shareholders of MAX-MM Limited will receive, on September 27,
2010, at 10:10 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MYSTIC RE: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Mystic Re Ltd received, on August 2, 2010, the
liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Katherine Chiazza
Shaun Green
Telephone: 914-7553 / 914-7532
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
PARAMETRIC RE: Shareholder to Receive Wind-Up Report on Sept. 16
----------------------------------------------------------------
The shareholder of Parametric Re, Ltd. will receive, on
September 16, 2010, at 9:00 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
Katherine Chiazza
Anya Payne
Telephone: 914-7505 / 914-7553
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
PRIME FINANCE: Shareholders to Hear Wind-Up Report on September 22
------------------------------------------------------------------
The shareholders of Prime Finance will receive, on September 22,
2010, at 2:10 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
RAMIUS FIXED: Shareholders' Final Meeting Set for September 6
-------------------------------------------------------------
The shareholders of Ramius Fixed Income Arbitrage FOF Ltd. will
hold their final meeting, on September 6, 2010, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ramius Alternative Solutions LLC
Hiren Patel Ramius
Alternative Solutions LLC
Telephone: (212) 845-7939
Facsimile: (212) 845-7990
e-mail: hpatel@ramius.com
599 Lexington Avenue, 19th Floor New York
New York 10022
SAPIC - 98: Shareholders' Final Meeting Set for September 27
------------------------------------------------------------
The shareholders of SAPIC - 98 Reference Fund (26) Limited will
hold their final meeting, on September 27, 2010, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P. O. Box 897, Windward 1 Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
SMALL HAVEN: Members' Final Meeting Set for September 16
--------------------------------------------------------
The members of Small Haven Limited will hold their final meeting,
on September 16, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
SOTRADA FIXED: Shareholders' Final Meeting Set for September 17
---------------------------------------------------------------
The shareholders of Sotrada Fixed Income RV Fund Limited will hold
their final meeting, on September 17, 2010, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman
Cayman Islands KY1 9002
VASCO RE: Shareholder to Receive Wind-Up Report on September 16
---------------------------------------------------------------
The shareholder of Vasco Re 2006 Ltd. will receive, on
September 16, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
Katherine Chiazza
Anya Payne
Telephone: 914-7505 / 914-7553
Facsimile: 949-6021
P.O. Box 1109, Grand Cayman
Cayman Islands
=============
G R E N A D A
=============
* GRENADA: Libya Agrees to Forgive US$6 Million Debt
----------------------------------------------------
Grenada Foreign Minister Peter David said that Libya has agreed to
write off the country's US$6 million debt but it will have to
follow certain parliamentary procedures before formally approving
the waiver, Trinidad and Tobago Guardian reports.
"They have to go the equivalent of their parliament -- The
People's Jamahiriya -- in order to get the agreement of the
Jamahiriya for the waiver of the loan," the report quoted Mr.
David as saying. "The fact is they have agreed on the waiver and
all they have to do now is get that mechanism sorted out. It was
indicated by the Foreign Minister that it will be done by the end
of this year," he added, the report relates.
According to the report, the money which Grenada borrowed from
Libya more than 25 years ago was used in the construction of the
Maurice Bishop International Airport.
Grenada is an island country and sovereign state consisting of the
island of Grenada and six smaller islands at the southern end of
the Grenadines in the southeastern Caribbean Sea.
===========
M E X I C O
===========
BANCO INTERACCIONES: Fitch Assigns 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB' Issuer Default Rating and 'C/D'
Individual Rating to Banco Interacciones. The Rating Outlook is
Stable. Interacciones' ratings benefit from its good financial
performance; adequate track record on asset quality; improved risk
management practices; and favorable franchise on public sector
lending activities. They also consider negative factors such as
the bank's modest lending diversification; high borrower
concentration and funding sources; growing competition; and
acceptable capitalization. A full list of assigned ratings is
listed below:
-- Long-term IDR at 'BB';
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB';
-- Short-term local currency IDR at 'B';
-- Individual rating at 'C/D';
-- Support at '5';
-- Support Rating Floor at 'NF'.
The Rating Outlook is Stable.
Fitch has also taken these actions on Interacciones' ratings:
-- National-scale long-term rating, affirmed at 'A(mex)';
-- National-scale short-term rating, affirmed at 'F1(mex)';
-- National-scale long-term rating for long-term local issues of
senior unsecured debt, assigned at 'A(mex)';
-- National-scale short-term rating for short-term local issues
of senior unsecured debt, assigned at 'F1(mex)';
-- National-scale long-term rating for local issues of
subordinated unsecured debt, affirmed at 'A-(mex)';
An improved capitalization relative to risk concentration;
sustained operating profitability and enhanced liquidity would
benefit the bank's Individual and IDRs. Downward pressure might
occur due to a reduced loss absorption capacity; and a rapid
deterioration on asset quality metrics. Interacciones is a
medium-sized Mexican bank focused on lending activities to
government-related entities and infrastructure projects. As of
the second quarter of 2010 (2Q'10) it has a domestic market-share
of 2.2% of total loans.
Interacciones exhibited good resilience to the financial crisis
during 2008-2009. The bank managed to sustain good operating
profitability metrics underpinned by a consistent loan growth,
relatively low impairment charges, adequate revenue structure and
reasonable non-financial cost control. Pre-tax profits rose
+48.2% in 2009 to achieve an adequate operating ROAA of 1% (2Q'10:
1.3%). While competition might become tougher by larger banks in
the foreseeable future, Fitch considers Interacciones' franchise
on public sector financing a core contributor for a sustainable
performance.
Asset quality has been well contained in the recent past but
borrower concentrations remain an important factor for event risk.
However, a large share of total lending portfolio is secured by
direct/indirect government guarantees which provide some comfort
on loss severity mitigation. Credit losses are mostly derived
from loans to small and medium enterprises; therefore, delinquency
metrics are still manageable (2Q'10: gross impaired loans/total
loans = 1.2%); albeit benefited by rapid loan growth. Reserves
for past due loans at 228.9% are viewed reasonable by Fitch but
modest in light of lending concentration.
The bank's appetite for market risk is low and liquidity
management has consistently improved due to Interacciones'
wholesale nature on its funding structure. Important synergies
with an affiliate securities firm and good access to domestic
development banks facilities promote funding stability, albeit it
remains relatively concentrated. Capital market access is
gradually increasing for long-term debt issuances at an adequate
pace.
Capitalization is pressured by the bank's fast growth. Regulatory
capital ratios benefit from its risk-weighted assets related to
public sector exposure and Fitch expects the bank to maintain them
similar to those reported in recent years. Borrower concentration
persists as a risk factor on loss absorption capacity. As of
2Q'10, hybrids instruments account for 19.9% of Fitch Eligible
Capital.
BANCO INTERACCIONES: Moody's Affirms 'D' Bank Strength Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Banco Interacciones, S.A.'s D
bank financial strength rating, and changed the outlook to
positive, from stable. At the same time, Moody's affirmed all
other existing ratings for Interacciones, including the local and
foreign currency deposit ratings of Ba1/Not Prime and A1.mx/MX-2
Mexican National Scale ratings. The outlooks on these ratings
were also changed to positive, from stable.
The Ba1/Not Prime local currency and A1.mx/MX-2 issuer ratings of
Interacciones Casa de Bolsa, S.A. de C.V. were also affirmed with
a positive outlook.
In changing the outlook to positive, Moody's emphasized
Interacciones' steady loan growth rate over the past years, as it
continued to focus on its core business of lending to Mexican
local and regional government entities, while maintaining good
asset quality and profitability metrics. This is indicated by
average core profits of 6.43% and low delinquency ratios below 1%
over the past three years. Moody's also noted the enhancements
introduced in the bank's risk management structure as it
strengthened its risk governance and monitoring, and which should
support the bank's future growth plans.
The rating agency, however, said that Interacciones' loan
concentration -- measured as its credit exposure by industry
segment and by large single creditors against either its core
profits or core capital -- remains high and may add volatility to
the bank's earnings, were such exposures to become problem
credits. Moreover, increasing competition in Interacctiones
target market, including that by large Mexican banks, may result
in margin compression and increased risk if the bank were
pressured to move down market.
The last rating action on Interacciones was on June 25, 2010 when
Moody's assigned local currency Ba1 and A1.mx Mexican National
Scale debt ratings to Interacciones' senior debt program.
The long-term Mexican National Scale rating of A1.mx indicates
issuers or issues with the above average creditworthiness relative
to other domestic issuers. The short-term Mexican National Scale
ratings of MX-2 indicate that the issuer has the above average
ability to repay short-term senior unsecured debt obligations
relative to other domestic issuers.
Headquartered in Mexico City, Interacciones is specialized in
lending to Mexican states and municipalities. As of June 2010,
the bank had nearly Mx$77.4 billion in assets.
These ratings on Banco Interacciones were affirmed, and the
outlook was changed to positive, from stable:
- D, Bank financial strength rating
- Ba1, Local and foreign currency deposits, long term
- Not Prime, Local and foreign currency deposits, short term
- Ba1 Local currency senior debt rating, long term
- Not Prime Local currency senior debt rating, short term
- Ba2 Local currency subordinated debt rating, long term
- A1.mx/MX-2 Mexican National Scale ratings
- A1.mx/MX-2 Mexican National Scale senior debt ratings
- A2.mx Mexican National Scale subordinated debt rating, long
term
These actions were taken on Casa de Bolsa Interacciones, S.A.
- Local currency issuer rating, long term: Ba1, affirmed;
outlook changed to positive from stable
- Local currency issuer rating, short term: Not Prime, affirmed
- Mexican National Scale issuer rating, long term: A1.mx,
affirmed; outlook changed to positive from stable
- MX-2 Mexican National Scale issuer rating, short term:
Affirmed
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: CLICO Liquidator Targets 77 Companies
---------------------------------------------------
CLICO (Bahamas) liquidator Craig A. 'Tony' Gomez is attempting to
obtain records on 77 companies he believes are connected to parent
company CL Financial Limited Head Lawrence Duprey, Neil Hartnell
at The Tribune reports. The report relates attorneys representing
the liquidator, the Baker Tilly Gomez accountant and partner, have
issued subpoenas seeking numerous documents from US-based
companies that acted as bankers and registered agents to entities
that formed part of CL Financial.
According to the report, Mr. Duprey's Florida-based law firm Hunt
& Gross filed a motion with the Florida courts on August 12, 2010,
seeking protection from having to produce documents other than
those relating to the transfer of funds belonging to CLICO
(Bahamas). The report relates Hunt & Gross is also seeking
protection from having to provide copies of management,
shareholder and operating agreements other than those relating to
entities where CLICO (Bahamas) had an ownership interest, and
wants to avoid producing documents protected by attorney-client
privilege.
Hunt & Gross, the report notes, alleged that Mr. Gomez wanted
"wholesale disclosure of documents relating to transfers and
ownership of the business activities of 77 persons and entities,
without regard to whether the business activities, transfer or
ownership or management structures have any relevance to [CLICO
Bahamas] insolvency proceedings in the Bahamas".
The report says that a hearing on the issue was scheduled on
August 25, 2010.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
ANGOSTURA HOLDINGS: Taps Simple Ltd as Distribution Partner
-----------------------------------------------------------
Angostura Holdings Limited has appointed Russian company Simple
Limited as its distribution partner for its range of spirits. The
report relates the company said that Moscow-based Simple Limited
could prove to be a very important one for Angostura Holdings as
its distribution network is strongly integrated into Moscow's on-
trade scene where key emphasis is on being placed in the top on-
trade accounts.
According to the report, John Georges, senior manager, and Brian
Woods, senior international marketing manager, conducted tasting,
training, presentations and master classes.
About Angostura Holdings
Headquartered in Laventille, the Republic of Trinidad and Tobago,
Angostura Holdings Limited, through its subsidiaries, engages in
the manufacture and sale of alcoholic products in the Republic of
Trinidad and Tobago, and internationally. Its products include
rum, ANGOSTURA aromatic bitters, and other spirits. The company
also involves in the manufacture and sale of sauces and seasonings
on a wholesale and retail basis; and fuel ethanol. In addition,
it engages in bottling beverage alcohol and other beverages on a
contract basis. Angostura Holdings Limited is a subsidiary of CL
Financial Limited.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 6, 2010, Trinidad and Tobago Guardian said that Angostura
Holdings recorded a TT$1.28 billion loss for 2008 and is unable to
produce its audited results for 2009. According to the report,
the company reported an unaudited net profit of TT$101.3 million
for the first half of 2010. Angostura stated that its
consolidated financial statements for the year ended December 31,
2008, were "materially impacted by post-year-end events involving
CL Financial," the report related. The "precarious" financial
position of its parent "impaired the collectability of TT$1.185
billion in receivables from the CL Financial Group," the report
noted. The company, the report related, stated that recognizing
these provisions resulted in a net loss of TT$1.287 billion as
well as accumulated losses of TT$307 million and negative
shareholders' equity of TT$121 million. The report added that the
company reported that because of its loss in 2008, it was not in a
position to declare any dividends for that year.
According to the Express, the company's audited report raised
questions about the practice of corporate governance at Angostura
and an investigation and findings should be made public.
PETROTRIN: Ex-Minister Says Arbitration of Suit "Makes Sense"
-------------------------------------------------------------
Nadaleen Singh at Trinidad and Tobago Guardian reports that former
Energy Minister Conrad Enill said that the decision by a New York
Court to order arbitration in the matter between the World GTL
parties and Petroleum Company of Trinidad and Tobago, "makes
sense."
According to the report, Mr. Enill said "Petrotrin was of the view
that they had a good case" and made the decision to protect the
investment for the people of T&T. "It makes more sense, the
parties can sit and have an understanding of the issues and be
guided by the process," the report quoted Mr. Enill as saying.
As reported in the Troubled Company Reporter-Latin America on
August 27, 2010, Trinidad and Tobago Newsday said that the World
GTL's lawsuit against Petrotrin has been put on hold, forcing
World GTL to carry their claims before the London Court of
International Arbitration. According to the report, World GTL
filed a TT$12 billion lawsuit against Petrotrin in a New York
court in February for losses over the collapse of a joint venture
project of a US$3 billion gas-to-liquid plant in Trinidad. The
report notes Petrotrin said on August 11, 2010, Judge Lawrence
McKenna of the U.S. District Court for the Southern District of
New York granted the motion of Petrotrin and issued an order
staying the lawsuit commenced against Petrotrin by World GTL Inc.
and its subsidiary, World GTL of St. Lucia Ltd. in that court.
The report said that Judge McKenna's August 11 order rejected all
of the World GTL parties' arguments against Petrotrin's motion.
The report related that the effect of the order was to suspend the
litigation commenced by the World GTL parties.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, given its
higher labor costs. The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad. Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters. According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards. The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned. Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT. The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade. The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.
========================================
T U R K S & C A I C O S I S L A N D S
========================================
OLINT CORP: U.S. Authorities Want Owner Extradited From Island
--------------------------------------------------------------
United States authorities seek to extradite former OLINT Corp.
owner David Smith from Turks and Caicos Islands for his
involvement in financial fraud cases, RadioJamica reports, citing
Reuters.
According to the report, Mr. Smith is due to appear in a Turks and
Caicos Islands court on September 28, 2010, to answer fraud
charges.
As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, The Jamaica Gleaner said that Mr. Smith was
indicted on 23 charges in the United States. The report related
that the indictment handed down in the U.S. District Court for the
Middle District of Florida, Orlando Division, charged Mr. Smith
with four counts of wire fraud, one count of conspiracy to commit
money laundering and 18 counts of money laundering to conceal
specified unlawful activity.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
AUTOPISTAS SOL AUSO AR 364771500 -6265989.03
AUTOPISTAS SOL APDSF US 364771500 -6265989.03
SOC COMERCIAL PL CADN SW 135685132 -249657810
SOC COMERCIAL PL COME AR 135685132 -249657810
COMERCIAL PLAT-$ COMED AR 135685132 -249657810
SOC COMERCIAL PL SCDPF US 135685132 -249657810
SOC COMERCIAL PL CAD IX 135685132 -249657810
COMERCIAL PL-ADR SCPDS LI 135685132 -249657810
SOC COMERCIAL PL CADN EO 135685132 -249657810
COMERCIAL PLA-BL COMEB AR 135685132 -249657810
COMERCIAL PL-C/E COMEC AR 135685132 -249657810
SOC COMERCIAL PL CVVIF US 135685132 -249657810
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
BRAZIL
FER C ATL-RCT CM VSPT9 BZ 1.185E+09 -50468104.7
FER C ATLANT-PRF VSPT4 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT12 BZ 1.185E+09 -50468104.7
FER C ATLANT VSPT3 BZ 1.185E+09 -50468104.7
FER C ATL-RCT PF VSPT10 BZ 1.185E+09 -50468104.7
FERROVIA CEN-DVD VSPT11 BZ 1.185E+09 -50468104.7
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
LAEP INVESTMENTS LEAP LX 446499199 -70952298.9
LAEP-BDR MILK11 BZ 446499199 -70952298.9
PARMALAT LCSA3 BZ 388720052 -213641144
PARMALAT-PREF LCSA4 BZ 388720052 -213641144
PARMALAT BR-RT C LCSA5 BZ 388720052 -213641144
PARMALAT BR-RT P LCSA6 BZ 388720052 -213641144
PARMALAT BRASIL LCSAON BZ 388720052 -213641144
PARMALAT BRAS-PF LCSAPN BZ 388720052 -213641144
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
DOCAS SA DOCAON BZ 319046939 -119089653
DOCAS SA-RTS PRF DOCA2 BZ 319046939 -119089653
DOCA INVESTIMENT DOCA3 BZ 319046939 -119089653
DOCA INVESTI-PFD DOCA4 BZ 319046939 -119089653
DOCAS SA-PREF DOCAPN BZ 319046939 -119089653
BOMBRIL-RIGHTS BOBR1 BZ 292257859 -115839632
BOMBRIL-PREF BOBR4 BZ 292257859 -115839632
BOMBRIL BOBR3 BZ 292257859 -115839632
BOMBRIL SA-ADR BMBPY US 292257859 -115839632
BOMBRIL SA-ADR BMBBY US 292257859 -115839632
BOMBRIL-RGTS PRE BOBR2 BZ 292257859 -115839632
BOMBRIL BMBBF US 292257859 -115839632
BOMBRIL CIRIO-PF BOBRPN BZ 292257859 -115839632
BOMBRIL CIRIO SA BOBRON BZ 292257859 -115839632
TELEBRAS-RTS PRF RCTB2 BZ 244716404 -14836627.7
TELECOMUNICA-ADR 81370Z BZ 244716404 -14836627.7
TELEBRAS-ADR TBX GR 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB41 BZ 244716404 -14836627.7
TELEBRAS-CEDE BL RCT4B AR 244716404 -14836627.7
TELEBRAS-CEDE PF TELB4 AR 244716404 -14836627.7
TELEBRAS-CED C/E TEL4C AR 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB31 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT CBRZF US 244716404 -14836627.7
TELEBRAS SA-PREF TLBRPN BZ 244716404 -14836627.7
TELEBRAS-RCT PRF TELB10 BZ 244716404 -14836627.7
TELEBRAS-RECEIPT TLBRUO BZ 244716404 -14836627.7
TELEBRAS-CM RCPT TELE31 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB40 BZ 244716404 -14836627.7
TELEBRAS/W-I-ADR TBH-W US 244716404 -14836627.7
TELEBRAS SA-RT TELB9 BZ 244716404 -14836627.7
TELEBRAS-CEDE PF RCTB4 AR 244716404 -14836627.7
TELEBRAS-PF RCPT TBAPF US 244716404 -14836627.7
TELEBRAS-PF RCPT TELE41 BZ 244716404 -14836627.7
TELEBRAS SA TBASF US 244716404 -14836627.7
TELEBRAS-ADR RTB US 244716404 -14836627.7
TELEBRAS-CED C/E RCT4C AR 244716404 -14836627.7
TELEBRAS-BLOCK TELB30 BZ 244716404 -14836627.7
TELEBRAS-RCT RCTB33 BZ 244716404 -14836627.7
TELEBRAS-ADR TBRAY GR 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB32 BZ 244716404 -14836627.7
TELEBRAS-RTS CMN RCTB1 BZ 244716404 -14836627.7
TELEBRAS-ADR TBH US 244716404 -14836627.7
TELEBRAS-CEDEA $ RCT4D AR 244716404 -14836627.7
TELEBRAS-CM RCPT TBRTF US 244716404 -14836627.7
TELEBRAS-RTS CMN TCLP1 BZ 244716404 -14836627.7
TELEBRAS-COM RT TELB1 BZ 244716404 -14836627.7
TELEBRAS-ADR TBASY US 244716404 -14836627.7
TELEBRAS SA TELB3 BZ 244716404 -14836627.7
TELEBRAS-RTS PRF TLCP2 BZ 244716404 -14836627.7
TELEBRAS-CEDEA $ TEL4D AR 244716404 -14836627.7
TELEBRAS-PF RCPT RCTB42 BZ 244716404 -14836627.7
TELEBRAS-ADR TBAPY US 244716404 -14836627.7
TELEBRAS SA-PREF TELB4 BZ 244716404 -14836627.7
TELEBRAS SA TLBRON BZ 244716404 -14836627.7
TELEBRAS-CM RCPT RCTB30 BZ 244716404 -14836627.7
TELEBRAS-PF BLCK TELB40 BZ 244716404 -14836627.7
TELEBRAS-PF RCPT TLBRUP BZ 244716404 -14836627.7
HOTEIS OTHON SA HOTHON BZ 238707299 -35774972.9
HOTEIS OTHON SA HOOT3 BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOTHPN BZ 238707299 -35774972.9
HOTEIS OTHON-PRF HOOT4 BZ 238707299 -35774972.9
TEKA-ADR TEKAY US 237346006 -337859942
TEKA TEKAON BZ 237346006 -337859942
TEKA-ADR TKTQY US 237346006 -337859942
TEKA-PREF TEKAPN BZ 237346006 -337859942
TEKA TKTQF US 237346006 -337859942
TEKA-ADR TKTPY US 237346006 -337859942
TEKA TEKA3 BZ 237346006 -337859942
TEKA-PREF TEKA4 BZ 237346006 -337859942
TEKA-PREF TKTPF US 237346006 -337859942
BALADARE BLDR3 BZ 159454016 -52992212.8
SANSUY SA-PREF A SNSYAN BZ 147187163 -86606310.8
SANSUY SA-PREF B SNSYBN BZ 147187163 -86606310.8
SANSUY-PREF B SNSY6 BZ 147187163 -86606310.8
SANSUY SA SNSYON BZ 147187163 -86606310.8
SANSUY-PREF A SNSY5 BZ 147187163 -86606310.8
SANSUY SNSY3 BZ 147187163 -86606310.8
GRADIENTE EL-PRA IGBAN BZ 145256033 -273857292
GRADIENTE ELETR IGBON BZ 145256033 -273857292
GRADIENTE EL-PRC IGBCN BZ 145256033 -273857292
IGB ELETRONICA IGBR3 BZ 145256033 -273857292
GRADIENTE EL-PRB IGBBN BZ 145256033 -273857292
GRADIENTE-PREF B IGBR6 BZ 145256033 -273857292
GRADIENTE-PREF A IGBR5 BZ 145256033 -273857292
GRADIENTE-PREF C IGBR7 BZ 145256033 -273857292
D H B DHBI3 BZ 133817651 -443044246
DHB IND E COM DHBON BZ 133817651 -443044246
DHB IND E COM-PR DHBPN BZ 133817651 -443044246
D H B-PREF DHBI4 BZ 133817651 -443044246
PET MANG-RT RPMG1 BZ 111979912 -134952358
PET MANG-RECEIPT RPMG10 BZ 111979912 -134952358
PETRO MANGUIN-PF MANGPN BZ 111979912 -134952358
PET MANGUINH-PRF RPMG4 BZ 111979912 -134952358
PETRO MANGUINHOS MANGON BZ 111979912 -134952358
PETRO MANGUINHOS RPMG3 BZ 111979912 -134952358
PET MANG-RT RPMG2 BZ 111979912 -134952358
PET MANG-RIGHTS 3678569Q BZ 111979912 -134952358
PET MANG-RIGHTS 3678565Q BZ 111979912 -134952358
PET MANG-RECEIPT RPMG9 BZ 111979912 -134952358
VARIG PART EM-PR VPSC4 BZ 96617351 -460274609
VARIG PART EM SE VPSC3 BZ 96617351 -460274609
RIMET REEM3 BZ 94618909 -152507221
RIMET-PREF REEMPN BZ 94618909 -152507221
RIMET REEMON BZ 94618909 -152507221
RIMET-PREF REEM4 BZ 94618909 -152507221
DOCAS IMBITUBA IMBION BZ 94039192 -39398915.1
DOC IMBITUB-PREF IMBI4 BZ 94039192 -39398915.1
DOC IMBITUBA IMBI3 BZ 94039192 -39398915.1
DOCAS IMBITUB-PR IMBIPN BZ 94039192 -39398915.1
DOC IMBITUBA-RTC IMBI1 BZ 94039192 -39398915.1
DOC IMBITUBA-RTP IMBI2 BZ 94039192 -39398915.1
WETZEL SA MWELON BZ 84310496 -7570637.42
WETZEL SA MWET3 BZ 84310496 -7570637.42
WETZEL SA-PREF MWELPN BZ 84310496 -7570637.42
WETZEL SA-PREF MWET4 BZ 84310496 -7570637.42
ACO ALTONA EALT3 BZ 80346370 -11622480.4
ACO ALTONA SA EAAON BZ 80346370 -11622480.4
ACO ALTONA-PREF EALT4 BZ 80346370 -11622480.4
ACO ALTONA-PREF EAAPN BZ 80346370 -11622480.4
ESTRELA SA ESTRON BZ 76255458 -69760619.7
ESTRELA SA ESTR3 BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTRPN BZ 76255458 -69760619.7
ESTRELA SA-PREF ESTR4 BZ 76255458 -69760619.7
RIOSULENSE SA RSUL3 BZ 68368524 -9647727.04
RIOSULENSE SA RSULON BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSULPN BZ 68368524 -9647727.04
RIOSULENSE SA-PR RSUL4 BZ 68368524 -9647727.04
TEXTEIS RENAUX RENXON BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX9 BZ 63634626 -91597740.4
RENAUXVIEW SA TXRX3 BZ 63634626 -91597740.4
TEXTEIS RENA-RCT TXRX10 BZ 63634626 -91597740.4
TEXTEIS RENAU-RT TXRX2 BZ 63634626 -91597740.4
TEXTEIS RENAUX RENXPN BZ 63634626 -91597740.4
TEXTEIS RENAU-RT TXRX1 BZ 63634626 -91597740.4
RENAUXVIEW SA-PF TXRX4 BZ 63634626 -91597740.4
MINUPAR SA-PREF MNPRPN BZ 63223032 -58260845.7
MINUPAR SA MNPRON BZ 63223032 -58260845.7
MINUPAR MNPR3 BZ 63223032 -58260845.7
MINUPAR-PREF MNPR4 BZ 63223032 -58260845.7
FABRICA RENAUX-P FRNXPN BZ 63036915 -59781833
FABRICA RENAUX FTRX3 BZ 63036915 -59781833
FABRICA TECID-RT FTRX1 BZ 63036915 -59781833
FABRICA RENAUX-P FTRX4 BZ 63036915 -59781833
FABRICA RENAUX FRNXON BZ 63036915 -59781833
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
WIEST SA WISAON BZ 39838114 -93371563.1
WIEST-PREF WISA4 BZ 39838114 -93371563.1
WIEST WISA3 BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
CIMOB PART-PREF GAFPN BZ 36817395 -33083086.5
CIMOB PART-PREF GAFP4 BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFON BZ 36817395 -33083086.5
CIMOB PARTIC SA GAFP3 BZ 36817395 -33083086.5
STAROUP SA STARON BZ 35101567 -13482713.5
BOTUCATU-PREF STRP4 BZ 35101567 -13482713.5
STAROUP SA-PREF STARPN BZ 35101567 -13482713.5
BOTUCATU TEXTIL STRP3 BZ 35101567 -13482713.5
SANESALTO SNST3 BZ 31044051 -1843297.83
STEEL - RT STLB1 BZ 22548846 -4346785.7
STEEL - RCT ORD STLB9 BZ 22548846 -4346785.7
STEEL DO BRASIL STLB3 BZ 22548846 -4346785.7
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138.2
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138.2
CHIARELLI SA CCHI3 BZ 22274027 -44537138.2
CHIARELLI SA CCHON BZ 22274027 -44537138.2
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
CAFE BRASILIA-PR CSBRPN BZ 18540302 -790303366
CAF BRASILIA CAFE3 BZ 18540302 -790303366
CAF BRASILIA-PRF CAFE4 BZ 18540302 -790303366
CAFE BRASILIA SA CSBRON BZ 18540302 -790303366
TECEL S JOSE-PRF FTSJPN BZ 17924946 -18569451.2
TECEL S JOSE SJOS3 BZ 17924946 -18569451.2
TECEL S JOSE FTSJON BZ 17924946 -18569451.2
TECEL S JOSE-PRF SJOS4 BZ 17924946 -18569451.2
FERRAGENS HAGA HAGAON BZ 17657785 -62285757.3
FERRAGENS HAGA-P HAGAPN BZ 17657785 -62285757.3
FER HAGA-PREF HAGA4 BZ 17657785 -62285757.3
HAGA HAGA3 BZ 17657785 -62285757.3
NORDON MET NORD3 BZ 15427479 -20563974.4
NORDON METAL NORDON BZ 15427479 -20563974.4
NORDON MET-RTS NORD1 BZ 15427479 -20563974.4
SCHLOSSER SCLO3 BZ 13140656 -56631899.1
SCHLOSSER SA SCHON BZ 13140656 -56631899.1
SCHLOSSER-PREF SCLO4 BZ 13140656 -56631899.1
SCHLOSSER SA-PRF SCHPN BZ 13140656 -56631899.1
PROMAN PRMN3B BZ 13088926 -87154.5455
PROMAN PRMN3 BZ 13088926 -87154.5455
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506.3
GAZOLA SA GAZON BZ 12452143 -40298506.3
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506.3
GAZOLA GAZO3 BZ 12452143 -40298506.3
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506.3
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506.3
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506.3
GAZOLA-PREF GAZO4 BZ 12452143 -40298506.3
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
HERCULES SA-PREF HERTPN BZ 10710103 -164239944
HERCULES SA HERTON BZ 10710103 -164239944
HERCULES-PREF HETA4 BZ 10710103 -164239944
HERCULES HETA3 BZ 10710103 -164239944
CHILE
CHILESAT CORP SA TELEX CI 649980376 -82003656.5
CHILESAT CO-RTS CHISATOS CI 649980376 -82003656.5
CHILESAT CO-ADR TL US 649980376 -82003656.5
TELEX-A TELEXA CI 649980376 -82003656.5
TELMEX CORP SA CHILESAT CI 649980376 -82003656.5
TELMEX CORP-ADR CSAOY US 649980376 -82003656.5
TELEX-RTS TELEXO CI 649980376 -82003656.5
INVERMAR INVERMAR CI 200945008 -2078000.13
INVERMAR-RT INVEROSA CI 200945008 -2078000.13
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2010. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *