/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110425.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 25, 2011, Vol. 12, No. 80 Headlines A R G E N T I N A CAA SA: Creditors' Proofs of Debt Due May 27 DROGUERIA DEL PLATA: Creditors' Proofs of Debt Due May 18 EL BARREAL: Creditors' Proofs of Debt Due May 30 SOCIEDAD CONCESIONARIA: S&P Lowers Sr. Secured Debt Rating to 'BB' B E R M U D A BRITISH AMERICAN: Meeting of Creditors Set for May 19 C A Y M A N I S L A N D S AIS HOLDINGS: Shareholders' Final Meeting Set for May 19 AVIAMAX XRS: Shareholders' Final Meeting Set for May 12 AZURE FUNDING: Shareholders' Final Meeting Set for May 12 AZURE FUNDING: Shareholders' Final Meeting Set for May 12 CHAPONE INVESTMENTS: Shareholders' Final Meeting Set for May 18 CQS CREDIT: Shareholders' Final Meeting Set for May 19 CQS GLOBAL: Shareholders' Final Meeting Set for May 18 GOLD ARROW: Shareholders' Final Meeting Set for May 2 INSINGER DE BEAUFORT: Shareholders' Final Meeting Set for May 12 INVEST AD: Shareholders' Final Meeting Set for May 13 PALACE GATE: Shareholders' Final Meeting Set for May 2 SECTOR ATLANTIS: Shareholders' Final Meeting Set for May 12 TRIBECA CONVERTIBLES: Shareholders' Final Meeting Set for May 18 TRIBECA GLOBAL: Shareholders' Final Meeting Set for May 18 C O L O M B I A AES CHIVOR: Moody's Upgrades Corporate Family Rating to 'Ba1' J A M A I C A AIR JAMAICA: Financial Support To Reach J$10 Bil., Says Minister SUGAR CO: Government To Receive US$2.5MM Payment From Complant P E R U * Congress Passes Law for Sugar Mills' Bankruptcy Protection X X X X X X X X * BOND PRICING: For the Week April 4 to April 8, 2011 - - - - - ================= A R G E N T I N A ================= CAA SA: Creditors' Proofs of Debt Due May 27 -------------------------------------------- Fernando J. Marziano, the court-appointed trustee for CAA SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 27, 2011. Mr. Marziano will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 49, 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: Fernando J. Marziano Av. Callao 930 Argentina DROGUERIA DEL PLATA: Creditors' Proofs of Debt Due May 18 --------------------------------------------------------- Salomon Simon Whilhelm, the court-appointed trustee for Drogueria del Plata SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 18, 2011. Mr. Whilhelm will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, 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: Salomon Simon Whilhelm Lavalle 1290 Argentina EL BARREAL: Creditors' Proofs of Debt Due May 30 ------------------------------------------------ Maria L. Orazi, the court-appointed trustee for El Barreal SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 30, 2011. Ms. Orazi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, 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 L. Orazi Tucuman 1484 Argentina SOCIEDAD CONCESIONARIA: S&P Lowers Sr. Secured Debt Rating to 'BB' ------------------------------------------------------------------ Standard & Poor's Ratings Services said it corrected its senior secured debt rating on the wrapped notes due 2028 issued by Chilean toll-road operator Sociedad Concesionaria Vespucio Norte Express S.A. (VNE) to 'BB' from 'BB+'. "On Dec. 22, 2010, we lowered our counterparty credit, financial strength, and financial enhancement ratings on MBIA Insurance Corp. (MBIA) to 'B' from 'BB+'. At that time, we did not lower our rating on VNE's senior secured debt to its underlying rating of 'BB'. The senior secured debt rating is the higher of the underlying rating and that on the bond-insurance provider, MBIA," S&P stated. Ratings List Rating lowered To From Sociedad Concesionaria Vespucio Norte Express S.A. Senior Secured Debt BB/Stable BB+/Negative ============= B E R M U D A ============= BRITISH AMERICAN: Meeting of Creditors Set for May 19 ----------------------------------------------------- The Royal Gazette Online reports that the Bermuda Supreme Court has authorized the Official Receiver, the liquidator of the British American Insurance Company's defunct Bermuda branch, to hold a meeting of creditors on May 19, 2011. The meeting will be held at the Ruth Seaton James Centre at CedarBridge Academy, says The Royal Gazette. According to The Royal Gazette, the scheme of arrangement to repay life insurance policyholders will return up to 50 cents on the dollar to the policyholders. KPMG, the agent for the Official Receiver, posted on its Web site that two information meetings will also be held on April 26, 2011, and May 3, 2011. British American Insurance Company is a Bahamian company, which is owned by Trinidad-based parent CL Financial. Casey McDonald, the British Virgin Islands liquidator for British American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr. McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson in Miami, Fla. At the time of the filing, the liquidator estimated British American Isle of Venice (BVI), Ltd's asset at less than US$10 million and its debts at more than US$100 million. Two affiliates -- British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) -- are also subject to the jurisdiction of the U.S. Bankruptcy Court. ========================== C A Y M A N I S L A N D S ========================== AIS HOLDINGS: Shareholders' Final Meeting Set for May 19 -------------------------------------------------------- The shareholders of AIS Holdings Limited will hold their final meeting on May 19, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands AVIAMAX XRS: Shareholders' Final Meeting Set for May 12 ------------------------------------------------------- The shareholders of Aviamax XRS Ltd will hold their final meeting on May 12, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands AZURE FUNDING: Shareholders' Final Meeting Set for May 12 --------------------------------------------------------- The shareholders of Azure Funding North America II will hold their final meeting on May 12, 2011, at 10:50 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands AZURE FUNDING: Shareholders' Final Meeting Set for May 12 --------------------------------------------------------- The shareholders of Azure Funding North America I will hold their final meeting on May 12, 2011, at 10:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CHAPONE INVESTMENTS: Shareholders' Final Meeting Set for May 18 --------------------------------------------------------------- The shareholders of Chapone Investments Limited will hold their final meeting on May 18, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CQS CREDIT: Shareholders' Final Meeting Set for May 19 ------------------------------------------------------ The shareholders of CQS Credit Volatility and Correlation Master Fund Limited will hold their final meeting on May 19, 2011, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CQS GLOBAL: Shareholders' Final Meeting Set for May 18 ------------------------------------------------------ The shareholders of CQS Global Volatility Feeder Fund Limited will hold their final meeting on May 18, 2011, at 10:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands GOLD ARROW: Shareholders' Final Meeting Set for May 2 ----------------------------------------------------- The shareholders of Gold Arrow Global Mining (Offshore) Fund, Ltd. will hold their final meeting on May 2, 2011, 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: K.D. Blake c/o Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 INSINGER DE BEAUFORT: Shareholders' Final Meeting Set for May 12 ---------------------------------------------------------------- The shareholders of Insinger De Beaufort GP Cayman Limited will hold their final meeting on May 12, 2011, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands INVEST AD: Shareholders' Final Meeting Set for May 13 ----------------------------------------------------- The shareholders of Invest AD UAE Real Estate Opportunity Fund No. 1 GP Limited will hold their final meeting on May 13, 2011, at 1:15 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 KY1-9002 Cayman Islands PALACE GATE: Shareholders' Final Meeting Set for May 2 ------------------------------------------------------ The shareholders of Palace Gate Holdings Limited will hold their final meeting on May 2, 2011, 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: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands SECTOR ATLANTIS: Shareholders' Final Meeting Set for May 12 ----------------------------------------------------------- The shareholders of Sector Atlantis will hold their final meeting on May 12, 2011, at 10:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TRIBECA CONVERTIBLES: Shareholders' Final Meeting Set for May 18 ---------------------------------------------------------------- The shareholders of Tribeca Convertibles Ltd. will hold their final meeting on May 18, 2011, at 11:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TRIBECA GLOBAL: Shareholders' Final Meeting Set for May 18 ---------------------------------------------------------- The shareholders of Tribeca Global Convertible Investments Ltd. will hold their final meeting on May 18, 2011, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands =============== C O L O M B I A =============== AES CHIVOR: Moody's Upgrades Corporate Family Rating to 'Ba1' ------------------------------------------------------------- Moody's Investors Service confirmed the Baa3 senior unsecured rating of AES Gener S.A. (Gener), and upgraded the corporate family rating (CFR) and senior unsecured rating of AES Chivor & Cia. S.C.A. E.S. P. (Chivor) to Ba1 from Ba2. The rating action concludes the rating review for Gener, which had been placed under review for possible downgrade on October 29, 2010. The rating outlook for Gener and Chivor is stable. Upgrades: Issuer: AES Chivor & Cia. S.C.A. E.S.P. -- Corporate Family Rating, Upgraded to Ba1 from Ba2 -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba2 Outlook Actions: Issuer: AES Gener S.A. -- Outlook, Changed To Stable From Rating Under Review Confirmations: Issuer: AES Gener S.A. -- Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3 Ratings Rationale Gener's rating confirmation largely reflects the fact that construction activities at the 270MW coal-fired Campiche facility resumed in late 2010 after the Valparaiso Court of Appeals dismissed the two constitutional protection actions filed against the construction permit granted in August 2010 by the Puchuncavi Municipality. Construction at the facility had been on hold since June 2009, and its completion is now scheduled for early 2013. "We view the scheduled completion of the Campiche plant in early 2013 as an important milestone for Gener since it further enhances the efficiency of its generation fleet and the long-term cash flow predictability" said Natividad Martel, a Moody's analyst. Moody's rating action factors in the continuation of the related construction risk along with the recognition that output from Gener's efficient fleet will not fully meet contractual obligations during 2012. In addition to the favorable developments on Campiche, the rating confirmation considers the expected improvement in cash flows and the related reduction in contingent obligations from the settlement executed between Gener's subsidiary, Electrica Santiago (EESA) and three natural gas transportation companies which resolves the several-year litigation that had existed between the parties. The use of LNG at ESSA's plant Nueva Renca has further improved its financial performance, as Gener is now able to generate positive margins from this plant during the current period of extreme dry conditions in the Central Interconected System (SIC). Nevertheless, Gener rating is capped by Moody's assessment of the company's projected credit metrics, particularly retained cash flow (RCF) to debt and free cash flow (FCF) to debt which remain weak for the rating category reflecting the company's capital expenditure program for the next few years as well as expected pressure from AES Corporation (AES; CFR: B1; positive outlook) on Gener to make substantial dividend distributions over the next several years. The upgrade of Chivor's CFR and senior unsecured debt to Ba1 reflects the companies' strong standalone financial performance and relative stable cash flow that is underpinned by the company's commercial policy during the severe El Ni�o 2009/2010 phenomena. These factors are somewhat offset by the business concentration risk that exists at Chivor in terms of its ownership of a single asset with one fuel source in one geographic region. The rating action further considers today's rating confirmation of Gener's Baa3, since both ratings are highly interrelated given Gener's reliance on Chivor's dividends and capital calls (reductions) to fund the remainder of its capital expenditure program. Despite the increased pressure to upstream funds and the relatively modest capital outlays associated with Chivor's 20 MW new hydro-facility, Moody's anticipates that Chivor will continue to be free cash flow positive over the near to medium term, and will continue reporting strong credit metrics for its current rating category, such that its RCF to debt and FCF to debt are at least 15% and 12%, both on a sustainable basis. Gener's stable outlook reflects the expectation that the improved fleet-mix with the scheduled completion of the Campiche plant will enhance cash flow and related cash flow predictability over the medium term, and that the company will maintain adequate liquidity profile. The outlook also incorporates Moody's expectation that Gener will fund any new generation project it may decide to pursue in a conservative manner, so that its credit metrics remain commensurate to the Baa rating category, to include if necessary, accompanying reductions in distributions to AES. In light of the continued construction of Campiche and the prospects for additional generation in Chile, given the country's growth prospects, an upgrade of Gener's ratings over the intermediate term appears less likely. Given the importance to the company's commercial and cash flow enhancement strategy, a substantial delay in the completion of the Campiche, and the Angamos unit II plants, which is scheduled for completion in October 2011, could trigger a negative rating action. Various additional factors could pressure Gener's rating including, among others, an unexpected weakening of its consolidated cash flow such that the CFO pre W/C to debt and CFO pre W/C interest coverage falls below, 17% and 3.5x, respectively, on a sustainable basis. Chivor's stable outlook reflects the improving political and macroeconomic conditions in Colombia. It also reflects Moody's assessment of certain improvements in the market framework which underpin the company's strong financial profile, as well as the implementation of a commercial policy that offsets its substantial business concentration risks. In light of the concentration of the single asset risk in a region where volatility can impact financial results, an upgrade in the near-term is not likely. That said, Moody's recognizes that Chivor continued to de-lever its balance sheet, which does help to offset the potential volatitlity in earnings and cash flow that has historically existed. Factors that could raise the ratings include a further improvement in its operating cash flow, such that it reports a RCF to debt in the high twenties and a FCF to debt above 20%, on a sustainable basis. Factors that could create downward rating pressure include: a significant deterioration in Colombia's political and economic environment, changes to the country's regulatory framework that have an adverse impact on the power markets and Chivor, a significant and prolonged devaluation of the Colombian peso vis-�- vis the U.S. dollar that renders Chivor's hedging strategy inadequate, and a substantial increase in leverage at the Chivor level. In addition, if the rating of Gener was to experience a downgrade, the rating of Chivor could be affected. The principal methodology used in this rating was Global Unregulated Utilities and Power Companies published in August 2009. Headquartered in Santiago de Chile, Gener is Chile's second- largest electricity generation company and is 71%-owned by AES and 29% by Chilean public shareholders. At year-end 2010, Gener reported consolidated assets amounting to approximately US$5.7 billion. Headquartered in Bogota, Chivor is a wholesale power generation company (1,000MW installed capacity) in Colombia (FC Gov. bond: Ba1). Since 1996, it is a wholly-owned subsidiary of Gener and since 2001 an indirect subsidiary of AES. At year-end 2010, Gener reported consolidated assets amounting to approximately US$1.6 billion. ============= J A M A I C A ============= AIR JAMAICA: Financial Support To Reach J$10 Bil., Says Minister ---------------------------------------------------------------- Support for Air Jamaica in terms of legacy payments and interest payments and servicing existing bond on the international bond market will reach J$10 billion this year, the RJR News reports, citing Jamaican Finance Minister Audley Shaw. According to the RJR News, Minister Shaw said the costs of Air Jamaica will continue to be significant this year as the government prepares to pay the airline's debt. Air Jamaica was divested to Caribbean Airlines in 2010, but the government kept the debt in that divestment, the RJR News states. Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. * * * As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCR- LA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. RadioJamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, RadioJamaica said, Air Jamaica currently has over US$600 million in loans outstanding. As of Aug. 18, 2010, the airline continues to carry Moody's "B3" long-term corporate family, and senior unsecured debt ratings. SUGAR CO: Government To Receive US$2.5MM Payment From Complant -------------------------------------------------------------- The RJR News reports that Complant International will make a second payment of US$2.5 million to the Jamaican government for the Sugar Company of Jamaica's Frome, Monymusk and Bernard Lodge sugar estates. As reported by the Troubled Company Reporter-Latin America on April 19, 2011, the RJR News said Complant spent US$9 million last year to acquire the three sugar factories, and was carrying out due diligence on the divested entities ahead of the formal handover in August. The RJR News related that Complant had delayed the formal takeover until due diligence is complete, which is expected in July. Dr. Christopher Tufton said a feasibility study has already been carried out to determine the viability of a 200,000-ton refinery and an ethanol plant, and that the result is being analyzed in China, the RJR News relates. The RJR News states that an additional US$200 million will be invested in these two enterprises. According to the RJR News, Dr. Tufton said that a statement on the findings will be made in August. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. ======= P E R U ======= * Congress Passes Law for Sugar Mills' Bankruptcy Protection ------------------------------------------------------------ Alex Emery at Bloomberg News reports that the Peruvian congress has passed a law guaranteeing bankruptcy protection for sugar mills for a year. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 4 to April 8, 2011 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 36.9250 ARGENT-PAR 1.18 12/31/2038 ARS 65.1062 ARGENT-DIS 4.330 12/31/2033 JPY 42.00 ARGENT-PAR&GDP 0.450 12/31/2038 JPY 8.0000 BANCO MACRO SA 10.750 06/07/2012 USD 71.54 BODEN 2014 2 9/30/2014 ARS 33.89 BOGAR 2018 2 2/4/2018 ARS 34.40 PRO12 2 1/3/2016 ARS 30.92 BRAZIL ------ CONCESS AUTOBAN 10.650 10/01/2013 BRL 7.45 SANEAMENTO BASIC 12.870 10/15/2015 BRL 8.3350 TRANSMISSORA ALI 7.400 7/15/2015 BRL 8.4500 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 45.89 BCP FINANCE BANK 5.01 3/31/2024 EUR 58.2240 BCP FINANCE BANK 5.31 12/10/2023 EUR 60.4710 BCP FINANCE CO 5.543 06/29/2049 EUR 61.33 BCP FINANCE CO 4.239 10/29/2049 EUR 61 BES FINANCE LTD 6.625 5/29/2049 EUR 65 BES FINANCE LTD 5.58 7/29/2049 EUR 60.50 BES FINANCE LTD 4.5 12/29/2049 EUR 59.3330 BES FINANCE LTD 6 02/07/2035 EUR 57.50 CHINA FORESTRY 7.75 11/17/2015 USD 67.25 CHINA FORESTRY 7.75 11/17/2015 USD 70.50 EFG ORA FUNDING 1.7 10/29/2014 EUR 65.9840 ESFG INTERNATION 5.753 6/29/2049 EUR 57.7500 IMCOPA INTL CAYM 10.375 12/19/2014 USD 36.5000 PUBMASTER FIN 6.962 6/30/2028 GBP 46.5000 PUBMASTER FIN 8.44 6/30/2025 GBP 49.0250 SHINSEI FINANCE 7.160 7/29/2049 USD 75.0000 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 1.3838 CGE DISTRIBUCION 3.25 12/1/2012 CLP 39.8474 ESVAL S.A. 3.8 7/15/2012 CLP 37.8066 MASISA 4.25 10/15/2012 CLP 40.3028 QUINENCO SA 3.50 7/21/2013 CLP 38.1775 PUERTO RICO ----------- PUERTO RICO CONS 6.20 5/01/2017 USD 55.3750 PUERTO RICO CONS 6.50 4/01/2016 USD 61.3750 VENEZUELA --------- PETROLEOS DE VEN 5 10/28/2015 USD 64.6670 PETROLEOS DE VEN 5.125 10/28/2016 USD 60.4250 PETROLEOS DE VEN 5.250 04/12/2017 USD 59.5420 PETROLEOS DE VEN 8.500 11/02/2017 USD 69.1250 PETROLEOS DE VEN 5.375 04/12/2017 USD 46.3750 PETROLEOS DE VEN 5.500 04/12/2037 USD 45.3750 PETROLEOS DE VEN 4.900 10/28/2014 USD 72.1250 VENEZUELA 5.75 2/26/2016 USD 73.4000 VENEZUELA 7 12/1/2018 USD 69.2500 VENEZUELA 7.75 10/13/2019 USD 68.4850 VENEZUELA 6 12/9/2020 USD 59.2150 VENEZUELA 9 5/7/2023 USD 68.1150 VENEZUELA 8.25 10/13/2024 USD 64.4500 VENEZUELA 7.65 4/21/2025 USD 61.0000 VENEZUELA 9.25 9/15/2027 USD 73.8150 VENEZUELA 9.25 9/15/2027 USD 71.1502 VENEZUELA 9.25 5/7/2028 USD 67.7200 VENEZUELA 7 3/31/2038 USD 55.9089 VENEZUELA 7 3/31/2038 USD 55.9700 VENZOD - 189000 9.375 1/13/2034 USD 67.8600 *********** 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 * * *