/raid1/www/Hosts/bankrupt/TCRLA_Public/110301.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, March 1, 2011, Vol. 12, No. 42
Headlines
A R G E N T I N A
AES CHIVOR: S&P Affirms 'BB+' Rating; Gives Stable Outlook
CALEMBEL SA: Creditors' Proofs of Debt Due April 12
DE LA BOBE: Creditors' Proofs of Debt Due May 24
EVENTOS DE TENIS: Creditors' Proofs of Debt Due April 12
KEIRA SA: Creditors' Proofs of Debt Due April 28
LEMAX LABORATORIOS: Creditors' Proofs of Debt Due April 26
REGUCI SRL: Creditors' Proofs of Debt Due March 30
B E R M U D A
GEROVA FINANCIAL: Seymour Pierce Calls Off Planned Merger
B R A Z I L
FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook
VANGUARDA PARTICIPACOES: S&P Withdraws 'B-' Corp. Credit Rating
C O S T A R I C A
INSTITUTO NACIONAL: Fitch Affirms 'BB+' Insurer Strength Rating
J A M A I C A
TCL GROUP: FTI Consulting to Assist Firm With Debt Restructuring
P U E R T O R I C O
AGUADILLA X RAY: Case Summary & 20 Largest Unsecured Creditors
* PUERTO RICO: EDB Steps Up to Shield Firms From Bankruptcy
X X X X X X X X
* S&P's 2011 Global Corporate Default Tally Remains at Three
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
AES CHIVOR: S&P Affirms 'BB+' Rating; Gives Stable Outlook
----------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB+'
ratings on Colombian-based hydro power generator AES Chivor & CIA
S.C.A. E.S.P. The outlook is stable.
"The rating on Chivor reflects the difficulties of operating in
the highly competitive and largely hydro-based Colombian power
system, its single-asset nature, its exposure to harmful weather,
and its volatile cash-flow generation," said Standard & Poor's
credit analyst Luciano Gremone. Chivor's relatively strong
competitive position as a low-cost power generator, its sizable
dam and the favorable hydrology within its region, its large
portfolio of short- and medium-term power sales contracts, and its
relatively strong credit metrics partly offset the weaknesses.
Chivor generates an average of about 3,800 gigawatt hours (GWh) of
electricity per year and has medium-term sales contracts (of up to
three years) for about 2,800 GWh to 3,000 GWh (about 75%-85% of
its annual generation). In addition, to optimize the use of its
water and cash flow generation, when spot prices are below its
contracted sale prices, Chivor reduces its power generation,
retains water in its dam, and purchases power in the spot market
to fulfill part of its signed contracts, spreading the risk.
Likewise, when spot prices are higher than the contracted price,
Chivor will make use of its available water to serve its contracts
and sell its excess capacity in the spot market. S&P expects
Chivor to maintain generation at about 3,500 GWh to 4,000 GWh with
total sales of 5,500 GWh to 6,000 GWh -- depending on weather --
through 2014.
From 2008 to 2010, Chivor's cash-flow generation has benefited
from a significant increase in power prices in Colombia -- to an
average of US$72 per megawatt hour in 2010, US$65 in 2009, and
US$47 in 2008. This was mainly because of higher shipments of
thermal generators during drought conditions, appreciation of the
Colombian peso against the dollar, and low power-generation
capacity additions. The company's good operating performance and
decreasing debt levels improved the funds from operations -to-
total debt ratio to 64.6% and FFO interest coverage to 7.2x in the
12 months ended Sept. 30, 2010, compared with 47.1% and 5.3x,
respectively, in 2009.
Chivor is the fourth-largest power generator in Colombia through
its ownership of a 1,000-megawatt hydropower plant that represents
about 7% of the country's total installed capacity. Chile's power
generator, AES Gener S.A. (BBB-/Stable/--), fully owns Chivor.
S&P considers Chivor's liquidity position as adequate based on its
strong cash generation and its ability to generate discretionary
cash flow by reducing dividends or capital. Apart from an US$8
million maturity in 2011, the company faces no other debt
maturities for the next three years. However, refinancing risk
grows significantly in 2014 when the company's US$170 million
bonds mature in one bullet payment. Under normal weather
conditions (with prices of about US$50 per MWh, a generation level
of around 3,600 GWh per year) and a stable exchange rate, Chivor
should generate annual FFO of US$80 million to US$85 million.
This should allow Chivor to comfortably cover interest of US$17
million per year and its capital expenditure plan for 2011 and
2012.
The stable outlook incorporates S&P's expectation that Chivor will
maintain relatively sound financial metrics despite its fairly
high cash-flow volatility, mainly as a result of its adequate
competitive position in a growing economy with increasing demand.
S&P also expect Chivor to maintain a more conservative level of
contracted sales at or below 85% of its expected annual
generation. The rating assumes strong levels of FFO to debt and
debt to EBITDA at about 45% and 1.3x, respectively, through 2012.
While S&P is not immediately concerned about refinancing risk, S&P
will monitor Chivor's plans to meet the US$170 million bullet
maturity in December 2014. The inherent risks of operating in
Colombia, Chivor's single-asset nature, and cash flow volatility
limit rating upside. S&P could lower the ratings if S&P see
significant deterioration in cash-flow generation, debt service
coverage ratios, and financial flexibility, or an overly
aggressive commercial strategy.
CALEMBEL SA: Creditors' Proofs of Debt Due April 12
---------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Calembel SA's
reorganization proceedings will be verifying creditors' proofs of
claim until April 12, 2011.
Ms. Varela will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ana Maria Varela
con oficinas en Talcahuano 768
Argentina
DE LA BOBE: Creditors' Proofs of Debt Due May 24
------------------------------------------------
Anibal Alcides Esteva, the court-appointed trustee for De La Bobe
SA's bankruptcy proceedings will be verifying creditors' proofs of
claim until May 24, 2011.
Mr. Esteva will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Anibal Alcides Esteva
Bulnes 779
Argentina
EVENTOS DE TENIS: Creditors' Proofs of Debt Due April 12
--------------------------------------------------------
Juan Carlos Chaker, the court-appointed trustee for Eventos de
Tenis SRL's bankruptcy proceedings will be verifying creditors'
proofs of claim until April 12, 2011.
Mr. Chaker will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Juan Carlos Chaker
Teniente General Juan Domingo Peron 315
Argentina
KEIRA SA: Creditors' Proofs of Debt Due April 28
------------------------------------------------
Otto Reinaldo Munch, the court-appointed trustee for Keira SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 28, 2011.
Mr. Munch will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 13, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.
The Trustee can be reached at:
Otto Reinaldo Munch
Maipu 509
Argentina
LEMAX LABORATORIOS: Creditors' Proofs of Debt Due April 26
----------------------------------------------------------
Maria Gabriela Paulina Stefanelli, the court-appointed trustee for
Lemax Laboratorios SRL's reorganization proceedings will be
verifying creditors' proofs of claim until April 26, 2011.
Ms. Stefanelli will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Gabriela Paulina Stefanelli
Bernardo de Irigoyen 1082
Argentina
REGUCI SRL: Creditors' Proofs of Debt Due March 30
--------------------------------------------------
Claudio L. J. Berberia, the court-appointed trustee for Reguci
SRL's bankruptcy proceedings will be verifying creditors' proofs
of claim until March 30, 2011.
Mr. Berberia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Claudio L. J. Berberia
Olavarria 1743
Argentina
=============
B E R M U D A
=============
GEROVA FINANCIAL: Seymour Pierce Calls Off Planned Merger
---------------------------------------------------------
The Royal Gazette Online, citing the Financial Times, reports that
United Kingdom stockbroker Seymour Pierce called off its planned
merger with Gerova Financial Group. The report relates that the
disclosure followed a dramatic plunge in the US-listed reinsurer's
share price and growing concern about the value of some assets on
its books.
Ticonderoga Securities, a New York-based broker-dealer which was
also set to merge with Gerova Financial, said it too had
terminated discussions with Gerova, Reuters said, according to the
Royal Gazette Online.
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.
Gerova Financial Group is headquartered in Bermuda.
===========
B R A Z I L
===========
FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
global scale ratings on Brazil-based pulp producer Fibria Celulose
S.A. The outlook is positive.
"S&P believes Fibria will continue benefiting from strong cash
flows due to favorable market pulp prices, allowing credit metrics
to improve in the intermediate term," said Standard & Poor's
credit analyst Luisa Vilhena. The sale of its 50% stake of
Conpacel and KSR improves Fibria's liquidity position and, in
turn, net debt ratios.
Nevertheless, Fibria's credit metrics remain somewhat aggressive
and the company plans significant capacity expansion investments
at its Tres Lagoas II project, which will demand long-term
financing in 2013 and 2014 that might limit the company's ability
to reduce total debt, under S&P's base case, with conservative
price assumptions.
Fibria's business profile is satisfactory, given the company's
very competitive cost position, world-class operations and
economies of scale, and strong market position in the eucalyptus
pulp market. As such, S&P expects Fibria to consistently report
stronger and more stable profitability and cash flows than those
of global peers. Although pulp prices have stabilized in second
half of 2010, fundamentals for Fibria's main markets are still
favorable, in particular because of strong demand in Asia, still-
low global inventories, and limited supply expansion from
competitors. This bodes well for firm prices, but S&P
conservatively assume lower prices than current and a declining
price trend in S&P's base case, which has a significant effect on
its cash flow projections.
S&P views Fibria's financial profile as significant. While still
aggressive, Fibria has significantly reduced financial leverage in
2010 thanks to much stronger cash flows and some debt reduction,
as an improvement in adjusted total debt to EBITDA and funds from
operations to total debt show--4.8x and 18.5%, respectively, in
2010 (compared with 8.8x and 8.7% in 2009). Fibria is also
reducing exposure to short-term debt. Under S&P's conservative
price assumptions, S&P projects total adjusted debt to EBITDA at
about 4x-4.5x in 2011, primarily because of debt amortization. As
Fibria starts investing more heavily in Lagoas II in these years,
gross debt reduction would be somewhat limited under S&P's base
case. However, S&P expects the company to continue reducing
interest costs and improving debt profile as it moves on with its
liability management strategy.
Fibria's liquidity is adequate. The company reported cash
reserves of US$2.1 billion and short-term debt maturities of
US$2.1 billion in December 2010. Short-term exposure is still
high because of obligations owed to previous shareholders of
Aracruz (with the last installment in July 2011), but S&P expects
the company to keep extending debt tenors. S&P also assumes that
the company will finance a significant portion of its capacity
expansion investments with long-term credit. Although covenant
headroom may tighten in its base case as a result of capital
expenditure financing, S&P don't expect Fibria to breach covenants
in the intermediate term.
The positive outlook reflects S&P's expectation that Fibria will
continue improving its credit profile, with reduced exposure to
short-term debt and refinancing risks. S&P may raise the ratings
if Fibria keeps paying down debt as projected, with total adjusted
debt to EBITDA reaching 4x and trending toward 3.5x in the medium
term, if it sustains sound liquidity (leading to net debt to
EBITDA below 3x), and FFO to total debt remains about 25%. S&P
could lower the ratings if market pulp prices weaken
significantly, so that Fibria's cash flows diminish, liquidity
weakens, and credit ratios diverge substantially from S&P's
expectations.
VANGUARDA PARTICIPACOES: S&P Withdraws 'B-' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B-'
global-scale corporate credit rating on agricultural company
Vanguarda Participacoes S.A. at the company's request. The
outlook was stable.
"The company requested the rating withdrawal because it does not
intend to tap debt in capital markets in the near future," noted
Standard & Poor's credit analyst Alexandre Menezes.
S&P has had limited access to Vanguarda's recent financial
information (managerial, unaudited operating, and financial data
through September 2010). The information S&P has seen reported a
sharp deterioration in performance and credit metrics in 2010
because of lower crop productivity and weak prices in the
2009/2010 crop. However, S&P kept the rating at 'B-' given its
expectations that the good prices expected for the 2010/2011 crop
will lead to an improvement in the company's operating performance
and credit metrics.
Based on management information, the company's debt structure has
improved as Vanguarda replaced short-term debt for longer-term
bank debt at lower costs. Still, S&P expects Vanguarda's
financial performance to remain volatile and subject to market
conditions over the next several crops. Payments to departing
shareholders could pressure the company's liquidity.
The most recent financial statements S&P received from Vanguarda
are as of March 30, 2010, and the company has not disclose
adequate information about its recent financial performance. S&P
believes these poor practices significantly hinder S&P's ability
to fully assess Vanguarda's current credit quality and would be an
impediment for us to continue to rate the company. Indeed, S&P
had mentioned in its release of Dec. 23, 2010, that that S&P could
suspend or withdraw the ratings if Vanguarda failed to deliver
updated financial information early in 2011. In S&P's view,
Vanguarda's corporate governance significantly lags that of other
companies in Brazil in terms of timeliness of financial and
operating information disclosure, internal policies and controls,
ownership, and overall transparency.
===================
C O S T A R I C A
===================
INSTITUTO NACIONAL: Fitch Affirms 'BB+' Insurer Strength Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength rating
of Instituto Nacional de Seguros, S.A. at 'BB+' and its National
IFS rating at 'AAA(cri)'. The Rating Outlook is Stable.
The rating actions reflect the explicit support the company
receives from the Government of Costa Rica (local currency Issuer
Default Rating 'BB+'). According to the Insurance Law of 2008,
the company's operations in Costa Rica have full government
support; however, its debt or insurance operations abroad do not.
The rating action also reflects Fitch's view that the company
maintains an adequate reinsurance protection, wide technical
reserves coverage and a very strong capital and liquidity
position.
Although INS maintains stability in its ROAA at around 6%, as of
September 2010, the profitability of the company is still affected
by the slowdown in the retained premiums growth rate and some
pricing pressure following market opening, which does not allow
improvements in the loss ratio. As of September 2010, INS
reported a loss ratio of 60.5%, a relatively high level according
to regional standards. However, it should be noted that the
company's operating performance in 2010 was negatively impacted by
a one-time donation to the Fire Department, which the Law
Regulating the Insurance Market imposed on INS.
INS' overall performance as of September 2010 is still benefiting
greatly from the net financial income contribution (14.7% of
earned premiums) resulting from a broad base of resources for
investment, given the broad capitalization and reserve level (187%
of premiums written) in the company.
Apart from the important financial income contribution, the rating
action reflects INS' conservative high credit quality investment
portfolio, consisting mainly of sovereign securities and limited
exposures in fixed assets, as it is reflected in a high current
liquid assets to current liabilities and technical reserves ratio
(1.5x), in line with best international standards.
Fitch believes that INS has a high capital solvency margin, which
is also reflected in a low operating leverage (0.6x as of
September 2010). This is primarily due to the company's high
internal capital generation and to its current policy to
capitalize 100% of its profits. Fitch expects INS to maintain
adequate levels of capital, also taking in to consideration the
strict requirements on minimum capital and solvency margins stated
on the local 'Regulation on the Solvency of Insurance and
Reinsurance Entities.'
In addition to the high net worth and reserves coverage, INS'
ratings are based on a wide and well structured reinsurance
program with first class international reinsurers. The
reinsurance program provides the company with extensive
underwriting capacity, adequate protection, and low equity
exposure to deviations in the severity of claims and catastrophic
events.
INS' rating is highly tied to the rating of its shareholder, the
Costa Rican government. Changes in the rating of the former could
result in changes to INS' ratings.
Key rating drivers that could produce a revision in the Rating
Outlook or lead to changes in INS' stand-alone IFS or its national
IFS rating include:
-- Changes in the company's operating margins or profitability
trends;
-- Improvements in its operating platform, underwriting
techniques, claims controls, and diversification of its
investment portfolio, potentially leading to an enhancement
of INS' intrinsic financial strength and its ratings;
-- Material changes in capital or liquidity ratios.
=============
J A M A I C A
=============
TCL GROUP: FTI Consulting to Assist Firm With Debt Restructuring
----------------------------------------------------------------
RadioJamaica reports that The TCL Group has hired FTI Consulting
Canada, a Canadian firm to assist with its debt restructuring
exercise. The report relates that FTI Consulting Canada has been
appointed as the Independent Advisor to TCL's Creditor Committee.
FTI will assess the cash generating capability, operations and
structure of the TCL Group and make recommendations to the
Creditor Committee, according to RadioJamaica.
RadioJamaica notes that TCL said the restructuring phase will then
commence with the involvement of the Advisor. The report relates
that the assignment which is for one month will involve visits to
the Group's main operating subsidiaries.
The Company has also retained the services of BroadSpan Capital as
its Financial Advisor in the exercise, RadioJamaica discloses.
TCL says the debt restructuring is intended to improve the Group's
long term prospects and provide for full repayment of its debts,
RadioJamaica adds.
The TCL Group is Caribbean Cement's parent company.
=====================
P U E R T O R I C O
=====================
AGUADILLA X RAY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Aguadilla X Ray Office & Body Imaging
dba Aguadilla Xray Body Img Center PSC
P.O. Box 418
Aguadilla, PR 00605
Bankruptcy Case No.: 11-01408
Chapter 11 Petition Date: February 23, 2011
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Antonio Fiol Matta, Esq.
1561 Ave Americo Miranda
URB Caparra Terrace
San Juan, PR 00921
Tel: (787) 792-4368
Fax: (787) 792-4763
E-mail: afiollaw@gmail.com
Estimated Assets: US$0 to US$50,000
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/prb11-01408.pdf
The petition was signed by Dr. Jose E. Rivera Rodriguez,
president.
* PUERTO RICO: EDB Steps Up to Shield Firms From Bankruptcy
-----------------------------------------------------------
Caribbean Business reports that Puerto Rico government's Economic
Development Bank (EDB) President Lizzie Rosso has issued US$8.2
million in loans to keep local small and midsize businesses out of
bankruptcy.
President Rosso called during a press conference for business
organizations to advise members to seek out help from the EDB,
private banks and cooperatives to avoid the loss of business and
jobs that can accompany bankruptcy, according to Caribbean
Business. The report relates that President Rosso said aid from
the EDB, private banks or cooperatives can help ailing businesses
emerge from financial challenges stronger.
President Rosso, the report notes, said tourism and agriculture
are among the sectors that the EDB continues to support as
important industries for the island's economic recovery.
===============
X X X X X X X X
===============
* S&P's 2011 Global Corporate Default Tally Remains at Three
------------------------------------------------------------
The 2011 global corporate default tally remains at three after no
issuers defaulted last week, said an article published by Standard
& Poor's, titled "Global Corporate Default Update (Feb. 18 - 24,
2011) (Premium)."
Two of the defaults were based in the U.S., and one was based in
the Czech Republic. By comparison, 17 global corporate issuers
had defaulted by this time last year (14 U.S.-based issuers and
one each based in Australia, Bahrain, and Canada).
All three of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 resulted from Chapter 11 and foreign
bankruptcy filings, 23 from distressed exchanges, three from
receiverships, and one each from regulatory directives and
administration.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
SOC COMERCIAL PL CVVIF US 138884129 -2.53E+08
SOC COMERCIAL PL CADN SW 138884129 -2.53E+08
COMERCIAL PL-ADR SCPDS LI 138884129 -2.53E+08
SOC COMERCIAL PL CAD IX 138884129 -2.53E+08
COMERCIAL PLAT-$ COMED AR 138884129 -2.53E+08
SOC COMERCIAL PL CADN EO 138884129 -2.53E+08
COMERCIAL PLA-BL COMEB AR 138884129 -2.53E+08
COMERCIAL PL-C/E COMEC AR 138884129 -2.53E+08
SOC COMERCIAL PL COME AR 138884129 -2.53E+08
SOC COMERCIAL PL SCDPF US 138884129 -2.53E+08
SNIAFA SA-B SNIA5 AR 11229696 -2670545
SNIAFA SA-B SDAGF US 11229696 -2670545
SNIAFA SA SNIA AR 11229696 -2670545
BRAZIL
VARIG SA-PREF VARGPN BZ 966298026 -4.7E+09
VARIG SA-PREF VAGV4 BZ 966298026 -4.7E+09
VARIG SA VARGON BZ 966298026 -4.7E+09
VARIG SA VAGV3 BZ 966298026 -4.7E+09
AGRENCO LTD-BDR AGEN11 BZ 542862484 -2.98E+08
AGRENCO LTD AGRE LX 542862484 -2.98E+08
LAEP-BDR MILK11 BZ 428368527 -1.18E+08
LAEP INVESTMENTS LEAP LX 428368527 -1.18E+08
HABITASUL HSULON BZ 408678629 -108615.4
HABITASUL-PREF A HBTS5 BZ 408678629 -108615.4
HABITASUL-PREF B HSULBN BZ 408678629 -108615.4
HABITASUL-PREF B HBTS6 BZ 408678629 -108615.4
HABITASUL-PREF A HSULAN BZ 408678629 -108615.4
HABITASUL HBTS3 BZ 408678629 -108615.4
CIA PETROLIFERA MRLM3 BZ 377602195 -3014292
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014292
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014292
CIA PETROLIFERA MRLM3B BZ 377602195 -3014292
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014292
CIA PETROLIFERA 1CPMON BZ 377602195 -3014292
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -1.24E+08
BOMBRIL BMBBF US 316331265 -1.24E+08
BOMBRIL BOBR3 BZ 316331265 -1.24E+08
BOMBRIL-PREF BOBR4 BZ 316331265 -1.24E+08
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -1.24E+08
BOMBRIL SA-ADR BMBPY US 316331265 -1.24E+08
BOMBRIL CIRIO SA BOBRON BZ 316331265 -1.24E+08
BOMBRIL SA-ADR BMBBY US 316331265 -1.24E+08
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -1.24E+08
TELEBRAS-CM RCPT RCTB32 BZ 262220712 -16698444
TELEBRAS-PF RCPT RCTB40 BZ 262220712 -16698444
TELEBRAS-CM RCPT TBRTF US 262220712 -16698444
TELEBRAS-RCT PRF TELB10 BZ 262220712 -16698444
TELEBRAS SA TBASF US 262220712 -16698444
TELEBRAS-ADR RTB US 262220712 -16698444
TELEBRAS/W-I-ADR TBH-W US 262220712 -16698444
TELEBRAS-CEDEA $ RCT4D AR 262220712 -16698444
TELEBRAS-RTS CMN TCLP1 BZ 262220712 -16698444
TELEBRAS-PF RCPT TBAPF US 262220712 -16698444
TELEBRAS-PF RCPT TELE41 BZ 262220712 -16698444
TELEBRAS-CEDEA $ TEL4D AR 262220712 -16698444
TELEBRAS-ADR TBAPY US 262220712 -16698444
TELEBRAS SA-PREF TELB4 BZ 262220712 -16698444
TELEBRAS-PF BLCK TELB40 BZ 262220712 -16698444
TELEBRAS-RTS PRF RCTB2 BZ 262220712 -16698444
TELEBRAS-PF RCPT RCTB42 BZ 262220712 -16698444
TELEBRAS SA-RT TELB9 BZ 262220712 -16698444
TELEBRAS-RTS CMN RCTB1 BZ 262220712 -16698444
TELEBRAS-ADR TBH US 262220712 -16698444
TELEBRAS-CEDE PF RCTB4 AR 262220712 -16698444
TELEBRAS-CED C/E RCT4C AR 262220712 -16698444
TELEBRAS-CEDE BL RCT4B AR 262220712 -16698444
TELECOMUNICA-ADR 81370Z BZ 262220712 -16698444
TELEBRAS-BLOCK TELB30 BZ 262220712 -16698444
TELEBRAS-RCT RCTB33 BZ 262220712 -16698444
TELEBRAS-CEDE PF TELB4 AR 262220712 -16698444
TELEBRAS-ADR TBRAY GR 262220712 -16698444
TELEBRAS-CED C/E TEL4C AR 262220712 -16698444
TELEBRAS-CM RCPT RCTB31 BZ 262220712 -16698444
TELEBRAS SA-PREF TLBRPN BZ 262220712 -16698444
TELEBRAS-PF RCPT TLBRUP BZ 262220712 -16698444
TELEBRAS-COM RT TELB1 BZ 262220712 -16698444
TELEBRAS-PF RCPT CBRZF US 262220712 -16698444
TELEBRAS-PF RCPT RCTB41 BZ 262220712 -16698444
TELEBRAS-ADR TBX GR 262220712 -16698444
TELEBRAS-RTS PRF TLCP2 BZ 262220712 -16698444
TELEBRAS SA TELB3 BZ 262220712 -16698444
TELEBRAS-ADR TBASY US 262220712 -16698444
TELEBRAS-RECEIPT TLBRUO BZ 262220712 -16698444
TELEBRAS-CM RCPT TELE31 BZ 262220712 -16698444
TELEBRAS SA TLBRON BZ 262220712 -16698444
TELEBRAS-CM RCPT RCTB30 BZ 262220712 -16698444
HOTEIS OTHON-PRF HOTHPN BZ 255036150 -42606770
HOTEIS OTHON SA HOTHON BZ 255036150 -42606770
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606770
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606770
TEKA-ADR TKTQY US 246866965 -3.93E+08
TEKA TKTQF US 246866965 -3.93E+08
TEKA TEKAON BZ 246866965 -3.93E+08
TEKA-PREF TEKAPN BZ 246866965 -3.93E+08
TEKA TEKA3 BZ 246866965 -3.93E+08
TEKA-ADR TKTPY US 246866965 -3.93E+08
TEKA-ADR TEKAY US 246866965 -3.93E+08
TEKA-PREF TEKA4 BZ 246866965 -3.93E+08
TEKA-PREF TKTPF US 246866965 -3.93E+08
PET MANG-RIGHTS 3678569Q BZ 231024467 -1.85E+08
PET MANG-RT 4115364Q BZ 231024467 -1.85E+08
PET MANGUINH-PRF RPMG4 BZ 231024467 -1.85E+08
PETRO MANGUIN-PF MANGPN BZ 231024467 -1.85E+08
PET MANG-RIGHTS 3678565Q BZ 231024467 -1.85E+08
PET MANG-RT RPMG2 BZ 231024467 -1.85E+08
PET MANG-RECEIPT RPMG9 BZ 231024467 -1.85E+08
PET MANG-RECEIPT RPMG10 BZ 231024467 -1.85E+08
PET MANG-RT 4115360Q BZ 231024467 -1.85E+08
PETRO MANGUINHOS RPMG3 BZ 231024467 -1.85E+08
PETRO MANGUINHOS MANGON BZ 231024467 -1.85E+08
PET MANG-RT RPMG1 BZ 231024467 -1.85E+08
SANSUY-PREF B SNSY6 BZ 172563384 -94849033
SANSUY SA SNSYON BZ 172563384 -94849033
SANSUY SA-PREF A SNSYAN BZ 172563384 -94849033
SANSUY SA-PREF B SNSYBN BZ 172563384 -94849033
SANSUY SNSY3 BZ 172563384 -94849033
SANSUY-PREF A SNSY5 BZ 172563384 -94849033
DOC IMBITUBA-RTC IMBI1 BZ 96977064 -42592603
DOCAS IMBITUBA IMBION BZ 96977064 -42592603
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592603
DOC IMBITUBA IMBI3 BZ 96977064 -42592603
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592603
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592603
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592603
VARIG PART EM SE VPSC3 BZ 96617351 -4.6E+08
VARIG PART EM-PR VPSC4 BZ 96617351 -4.6E+08
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -1.04E+08
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -1.04E+08
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -1.04E+08
TEXTEIS RENAUX RENXON BZ 73095834 -1.04E+08
TEXTEIS RENAUX RENXPN BZ 73095834 -1.04E+08
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -1.04E+08
RENAUXVIEW SA TXRX3 BZ 73095834 -1.04E+08
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -1.04E+08
FABRICA RENAUX-P FRNXPN BZ 63865882 -73255215
FABRICA TECID-RT FTRX1 BZ 63865882 -73255215
FABRICA RENAUX-P FTRX4 BZ 63865882 -73255215
FABRICA RENAUX FTRX3 BZ 63865882 -73255215
FABRICA RENAUX FRNXON BZ 63865882 -73255215
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823
MINUPAR-PREF MNPR4 BZ 63144534 -60655823
MINUPAR-RT MNPR1 BZ 63144534 -60655823
MINUPAR SA MNPRON BZ 63144534 -60655823
MINUPAR-RCT MNPR9 BZ 63144534 -60655823
MINUPAR MNPR3 BZ 63144534 -60655823
VARIG PART EM TR VPTA3 BZ 49432124 -3.99E+08
VARIG PART EM-PR VPTA4 BZ 49432124 -3.99E+08
CIMOB PART-PREF GAFP4 BZ 39881387 -41560357
CIMOB PARTIC SA GAFP3 BZ 39881387 -41560357
CIMOB PART-PREF GAFPN BZ 39881387 -41560357
CIMOB PARTIC SA GAFON BZ 39881387 -41560357
SANESALTO SNST3 BZ 31044051 -1843298
STAROUP SA-PREF STARPN BZ 27663605 -7174512
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512
STAROUP SA STARON BZ 27663605 -7174512
BOTUCATU-PREF STRP4 BZ 27663605 -7174512
CONST BETER SA 1007Q BZ 25469474 -4918663
CONST BETER-PF B 1COBBN BZ 25469474 -4918663
CONST BETER SA 1COBON BZ 25469474 -4918663
CONST BETER-PR A COBEAN BZ 25469474 -4918663
CONST BETER-PR A 1008Q BZ 25469474 -4918663
CONST BETER-PR B 1009Q BZ 25469474 -4918663
CONST BETER SA COBE3B BZ 25469474 -4918663
CONST BETER SA COBE3 BZ 25469474 -4918663
CONST BETER-PF A 1COBAN BZ 25469474 -4918663
CONST BETER-PR B COBEBN BZ 25469474 -4918663
CONST BETER-PF B COBE6 BZ 25469474 -4918663
CONST BETER-PF A COBE5 BZ 25469474 -4918663
CONST BETER SA COBEON BZ 25469474 -4918663
STEEL - RCT ORD STLB9 BZ 23040051 -8699861
STEEL - RT STLB1 BZ 23040051 -8699861
STEEL DO BRASIL STLB3 BZ 23040051 -8699861
CHIARELLI SA-PRF CCHI4 BZ 22274027 -44537138
CHIARELLI SA-PRF CCHPN BZ 22274027 -44537138
CHIARELLI SA CCHON BZ 22274027 -44537138
CHIARELLI SA CCHI3 BZ 22274027 -44537138
FER HAGA-PREF HAGA4 BZ 21299043 -62858771
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858771
FERRAGENS HAGA HAGAON BZ 21299043 -62858771
HAGA HAGA3 BZ 21299043 -62858771
CAF BRASILIA-PRF CAFE4 BZ 21097370 -9.04E+08
CAFE BRASILIA SA CSBRON BZ 21097370 -9.04E+08
CAFE BRASILIA-PR CSBRPN BZ 21097370 -9.04E+08
CAF BRASILIA CAFE3 BZ 21097370 -9.04E+08
TECEL S JOSE-PRF FTSJPN BZ 19067322 -52580501
TECEL S JOSE FTSJON BZ 19067322 -52580501
TECEL S JOSE-PRF SJOS4 BZ 19067322 -52580501
TECEL S JOSE SJOS3 BZ 19067322 -52580501
NORDON MET NORD3 BZ 16108143 -22352941
NORDON MET-RTS NORD1 BZ 16108143 -22352941
NORDON METAL NORDON BZ 16108143 -22352941
GAZOLA-PREF GAZO4 BZ 12452143 -40298506
GAZOLA SA GAZON BZ 12452143 -40298506
GAZOLA SA-DVD CM GAZO11 BZ 12452143 -40298506
GAZOLA-RCPT PREF GAZO10 BZ 12452143 -40298506
GAZOLA SA-PREF GAZPN BZ 12452143 -40298506
GAZOLA SA-DVD PF GAZO12 BZ 12452143 -40298506
GAZOLA GAZO3 BZ 12452143 -40298506
GAZOLA-RCPTS CMN GAZO9 BZ 12452143 -40298506
ARTHUR LANGE ARLA3 BZ 11642256 -17154462
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154462
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154462
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154462
ARTHUR LANGE SA ALICON BZ 11642256 -17154462
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154462
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154462
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154462
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154462
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154462
FERREIRA GUIMARA FGUION BZ 11016542 -1.52E+08
F GUIMARAES FGUI3 BZ 11016542 -1.52E+08
FERREIRA GUIM-PR FGUIPN BZ 11016542 -1.52E+08
F GUIMARAES-PREF FGUI4 BZ 11016542 -1.52E+08
COLOMBIA
CHILESAT CORP SA TELEX CI 953784479 -1.03E+08
TELMEX CORP-ADR CSAOY US 953784479 -1.03E+08
TELMEX CORP SA CHILESAT CI 953784479 -1.03E+08
TELEX-RTS TELEXO CI 953784479 -1.03E+08
CHILESAT CO-ADR TL US 953784479 -1.03E+08
CHILESAT CO-RTS CHISATOS CI 953784479 -1.03E+08
TELEX-A TELEXA CI 953784479 -1.03E+08
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2011. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *