/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110523.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, May 23, 2011, Vol. 12, No. 100 Headlines B R A Z I L OGX PETROLEO: Moody's Assigns 'B1' rating to Sr. Unsecured Notes TAM CAPITAL: S&P Rates Proposed US$300MM Sr. Unsecured Notes 'B' C A Y M A N I S L A N D S CABOLEASE INC: Members' Final Meeting Set for June 10 CAPITAL TRADING: Shareholders' Final Meeting Set for June 10 CASSIOPEIA MULTI: Member to Receive Wind-Up Report on May 31 CHEYNE SPECIAL: Shareholders Receive Wind-Up Report ENTRUST CAPITAL: Shareholders' Final Meeting Set for June 10 ING CLARION: Shareholder to Receive Wind-Up Report on June 1 ROCKWELL DIVERSIFIED: Creditors' Proofs of Debt Due May 30 SOLENT CREDIT: Members' Final Meeting Set for May 31 SOLENT CREDIT: Members' Final Meeting Set for May 31 SOLENT CREDIT: Members' Final Meeting Set for May 31 J A M A I C A SUGAR COMPANY OF JAMAICA: Unions for Workers to Meet With Complant T R I N I D A D & T O B A G O CL FINANCIAL: State Prepares CLICO 'Exit Strategy' CL FINANCIAL: Sagicor Seeks to Acquire CLICO TRINIDAD CEMENT: Chief Executive Officer Denies Firm is Insolvent X X X X X X X X * BOND PRICING: For the Week May 16, to May 20, 2011 - - - - - =========== B R A Z I L =========== OGX PETROLEO: Moody's Assigns 'B1' rating to Sr. Unsecured Notes ---------------------------------------------------------------- Moody's Investors Service assigned OGX Petroleo e Gas Participa‡oes S.A. a B1 Corporate Family Rating and a B1 rating to the company's proposed US$2 billion senior unsecured notes. The proceeds from the notes offering will be used primarily to fund the company's production and development campaign and for general corporate purposes. The rating outlook is stable. "OGX's B1 rating reflects the company's large, world scale resource base, which provides excellent reserves and production growth potential," commented Gretchen French, Moody's Vice President -- Senior Analyst. "However, the company remains pre- operational with high staging and execution risk." RATINGS RATIONALE While OGX's B1 rating favorably considers the company's resource base, energy sector experienced management team and board and solid liquidity position, the rating is restrained by the company's pre-operational status, with no production or proven reserves, early stage small scale and concentrated production operations through the third quarter of 2013, and high front-end leverage, with large up-front capital spending and lack of free cash flow until 2014. OGX's resource base provides excellent reserves and production growth potential more indicative of an investment grade profile. The company has conducted an accelerated and highly successful exploration campaign since its IPO in 2008, particularly in the shallow to mid-waters offshore Campos Basin and the onshore Parnaiba Basin. As of December 31, 2010, based on volumetric reservoir estimates, third-party engineering firm DeGolyer & MacNaughton (D&M) has estimated net 2C contingent resources of approximately 0.7 billion barrels of oil equivalent (boe). However, none of these barrels are classified as proven reserves under SEC definitions and the company remains pre-operational. First production is not expected until October 2011 from the Waimea Complex in the Campos Basin. Moody's expects a portion of OGX's contingent resources will be converted to proven reserves after the company submits a declaration of commerciality for the Waimea Complex to the Brazilian National Petroleum, Natural Gas and Biofuel Agency (ANP). With additional field delineation and successful development wells, additional contingent resources should move to the proven category. Until operating performance that reasonably meets management's projections is achieved, the ratings remain restrained at the B1 rating. Commercial operation and production ramp up faces inherent staging and execution risk, as well as the risk of inconsistent reservoir thickness, reservoir rock quality, and unknown production decline curves. Moody's notes that D&M's contingent resources estimates were only based on volumetric analysis with limited available data and did not include a field development economic feasibility study. However, D&M appears to have used conservative assumptions in its estimates of contingent resources. Over the next several years, OGX is planning to develop its oil resources in the prolific Campos Basin through drilling horizontal wells and using FPSOs and wellhead platforms. First production will entail an extended well test from OGX's first horizontal well, with production expected to come onstream at about 15 thousand barrels per day (bpd). The well is at a water depth of 134 meters (440 feet) and will be connected to an FPSO. Management expects production from the Waimea complex to ramp up to around 40-50 thousand bpd in 2012 from the drilling of two additional horizontal wells and two injection wells. These three producing wells represent significant production concentration over the near to medium term rating horizon. Mody's notes that the company has certain mitigants in place with respect to its production concentration, including spare equipment for the wells and five semi-submersibles operating in the basin to perform workovers, if needed. While the company expects to have 10 horizontal production wells onstream and up to 280,000 bpd of installed capacity by 2013, significant production ramp up isn't expected until after the third quarter of 2013, with 150 thousand bpd targeted in the later half of 2013. OGX has secured in Brazil nearly all key equipment for first production at Waimea, with the notable exception of the FPSO, which is currently undergoing customization in a Keppel FELS shipyard in Singapore and which will be leased to OGX from affiliate company OSX. The customization is approximately 85% complete and the vessel is expected to be delivered to Brazil this August. Ramp up of production to 150 thousand bpd is subject to the delivery of two yet to be constructed wellhead platforms that will be constructed in Brazil by Technit and two yet to be constructed FPSOs that will be built in Singapore by SBM and Modec. In addition, Moody's notes that OGX is awaiting approval from the Brazilian Institute of the Environment and Natural Renewable Resources (IBAMA) for environmental licenses to install and operate offshore production facilities in the Campos Basin. OGX benefits from a seasoned management team. The company has a deep exploration and production team with considerable experience with E&P operations in Brazil, namely Petrobras. In particular, management has deep experience in a number of offshore field development projects at Petrobras. In addition, several members of OGX's board members have substantial energy industry experience. OGX faces large up-front capital spending and long project lead times. As such, Moody's expects the company will generate negative free cash flow through 2013. The company projects total capital expenditures of just under US$5 billion over the next three years, and based on Moody's price deck, Moody's estimates negative cash flow of over US$4 billion. Cash flow deficits could be greater than projected due to the risk of project delays from equipment and/or labor constraints or geological or drilling and completion complications. The company should have sufficient liquidity over the near to medium term following the notes issuance. Balance sheet cash will be the primary funding source for its exploration and development initiatives in the next two years given limited anticipated production and internal cash flow generation. At March 31, 2011 and pro forma for the proposed US$2 billion notes issuance, the company had approximately US$3.97 billion of cash. The company also had US$508 million in marketable securities at March 31, 2011. Due to the preponderance of a single class of debt in the capital structure, the proposed US$2.0 billion senior notes are rated B1, the same level as the Corporate Family Rating. The notes rank pari passu with all present and future senior unsecured indebtedness of the company. The notes have upstream guarantee from OGX Ltda. and OGX Campos - subsidiaries comprising over 75% of OGX's resources. OGX Maranhao, which holds the interest in the Parnaiba blocks, is not a guarantor for the notes. If the company were to incur material levels of secured debt in the future, the notes could face notching pressure down from the Corporate Family Rating. Moody's notes that the proposed notes have a substantial secured debt carve out for the greater of US$1.0 billion and 10% of Consolidated Total Assets. The B1 ratings and stable rating outlook are highly prospective and assume reasonable achievement of production forecasts over the next 12-18 months. The company faces significant staging and execution risk in achieving its production growth targets. The B1 rating could face positive momentum going forward based on the production and proven reserve growth potential from OGX's large resource base. Success in meeting production growth targets in 2012 and substantial progress on the construction of the two additional FPSOs and wellhead platforms could result in positive rating action. Material delays or production shortfalls (worse than Moody's stress case scenario of a six month delay) or diminished liquidity could result in negative pressure on the rating. The principal methodology used in rating OGX was the Independent Exploration and Production (E&P) Industry Methodology, published December 2008. Based in Rio de Janeiro, Brazil, OGX is one of the largest independent exploration and production companies in Latin America. TAM CAPITAL: S&P Rates Proposed US$300MM Sr. Unsecured Notes 'B' ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' rating to TAM Capital 3 Inc.'s forthcoming US$300 million senior unsecured notes due in 2021. "We are placing the rating on CreditWatch with positive implications. TAM Capital 3 Inc. is a wholly owned subsidiary of TAM S.A. (B+/Watch Pos/--). TAM will unconditionally and irrevocably guarantee the debt at TAM Capital 3 Inc. TAM reported adjusted total debt, including operating leases, of Brazilian reais (R$) 8.4 billion as of March 31, 2011. The rating on the senior unsecured notes is one notch lower than the corporate credit rating assigned to TAM to reflect effective subordination of unsecured creditors to secured obligations. Under our criteria, operating leases and other aircraft financing are assumed to be senior secured obligations with priority of payment relative to other unsecured debt. As of March 31, 2011, TAM reported approximately R$5.6 billion in secured debt," S&P elaborated. The CreditWatch listing follows the corporate credit rating on TAM. "We expect to resolve the CreditWatch status as soon as regulatory authorities reach their conclusions about the merger between LAN Airlines S.A. and TAM. This may, however, take several quarters to complete. Our assessment of TAM's improved business and financial profiles as we obtain more clarity on LATAM's strategic plan, the combined company if the merger succeeds, could lead us to raise our ratings on TAM," S&P added. Ratings List TAM S.A. Corporate Credit Rating B+/Watch Pos/-- New Rating TAM Capital 3 Inc. US$300 Mil. Senior Unsecured Due 2021 B/Watch Pos =========================== C A Y M A N I S L A N D S =========================== CABOLEASE INC: Members' Final Meeting Set for June 10 ----------------------------------------------------- The members of Cabolease Inc. will hold their final meeting on June 10, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jose Ricardo Martins Cordeiro c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands CAPITAL TRADING: Shareholders' Final Meeting Set for June 10 ------------------------------------------------------------ The shareholders of The Capital Trading Fund Offshore, Ltd. will hold their final meeting on June 10, 2011, 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: Jonathan Culshaw Telephone: +44 207 842 6085 Facsimile: +44 207 353 0487 Harney Westwood & Riegels LLP 5 New Street Square, 5th Floor London EC4A 3BF United Kingdom CASSIOPEIA MULTI: Member to Receive Wind-Up Report on May 31 ------------------------------------------------------------ The member of Cassiopeia Multi Global Strategy Fund Ltd. will receive on May 31, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 11, 2011. The company's liquidator is: Philip Manduca Telephone: + 447770 477499 High Lanes, North Drive Wentworth, Surrey GU25 4NL United Kingdom CHEYNE SPECIAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Cheyne Special Situations Special Purpose Asset Vehicle Inc. received on March 18, 2011, 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 ENTRUST CAPITAL: Shareholders' Final Meeting Set for June 10 ------------------------------------------------------------ The shareholders of Entrust Capital Market Neutral Fund Ltd. will hold their final meeting on June 10, 2011, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House 87 Mary Street, George Town Grand Cayman Cayman Islands KY1 9002 ING CLARION: Shareholder to Receive Wind-Up Report on June 1 ------------------------------------------------------------ The shareholder of ING Clarion Market Neutral, Ltd. will receive on June 1, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jennifer Parsons Telephone: (345) 815-1820 Facsimile: (345) 949-9877 ROCKWELL DIVERSIFIED: Creditors' Proofs of Debt Due May 30 ---------------------------------------------------------- The creditors of Rockwell Diversified Fund Limited are required to file their proofs of debt by May 30, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2011. The company's liquidator is: Philip Manduca Telephone: + 447770 477499 High Lanes, North Drive Wentworth, Surrey GU25 4NL United Kingdom SOLENT CREDIT: Members' Final Meeting Set for May 31 ---------------------------------------------------- The members of Solent Credit Opportunities General Partner Limited will hold their final meeting on May 31, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 SOLENT CREDIT: Members' Final Meeting Set for May 31 ---------------------------------------------------- The members of Solent Credit Opportunities Master Fund will hold their final meeting on May 31, 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: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 SOLENT CREDIT: Members' Final Meeting Set for May 31 ---------------------------------------------------- The members of Solent Credit Opportunities Notes Fund will hold their final meeting on May 31, 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: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 ============= J A M A I C A ============= SUGAR COMPANY OF JAMAICA: Unions for Workers to Meet With Complant ------------------------------------------------------------------ RJR News reports that Dr. Christopher Tufton, the Minister of Agriculture, has reportedly agreed to a request from trade unions for a meeting to discuss the fate of sugar workers with the impending takeover of Sugar Company of Jamaica Holdings Limited (SCJ)'s factories by the Chinese firm, Complant. The meeting is set for June 1. The unions want answers on how the employees will be treated when the factories are fully placed under Complant's control, according to RJR News. "We have written to the minister requesting a meeting to discuss the winding up process (and) the terminal arrangements for the workers who have been engaged since January 2009. A meeting has been arranged for June 1 at 10 o'clock to commence those discussions," Mr. Morrison told RJR's Financial Report in an interview. Last year, RJR News recalls that Complant spent US$9 million to acquire the Frome, Bernard Lodge, and Monymusk sugar factories in Westmoreland, St. Catherine and Clarendon respectively. Complant, which is still carrying out due diligence on the entities ahead of the formal handover in early August, recently dispatched a high-level delegation to the island to hold talks with the government, RJR News notes. 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 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. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: State Prepares CLICO 'Exit Strategy' -------------------------------------------------- Ria Taitt at Trinidad Express reports Finance Minister Winston Dookeran said the government has paid TT$225 million to 7,242 Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago) depositors whose investments were TT$75,000 or less; and has paid TT$19 million to 93 persons who were "in distress" under the compassionate window facility. CLICO is a subsidiary of CL Financial Limited. Minister Dookeran said most of the 11,000 eligible depositors have been paid, according to Trinidad Express. Those who have not been paid out are those who cannot be located," he added. Trinidad Express notes that of this 93 persons, (those with investments over TT$75,000) Minister Dookeran said his understanding was that most of the cases have been "for age and medical purposes". Trinidad Express discloses that Minister Dookeran said with respect to the 15,000 depositors who have an investment of over TT$75,000, government has to take legislation to Parliament before it can issue the bonds. He said he was hoping to do this before the end of the current parliamentary session by June 17, the report relates. Meanwhile, Minister Dookeran said government was preparing an "exit strategy" from CLICO. "We are in the process of doing an exit strategy from this problem. It would still take some time . . . There are issues of restructuring of the shareholding of the company . . . . The most difficult part of the exit strategy is how the State would get back the money it has invested. That remains an issue but we are trying to address that problem now," Trinidad Express quoted Minister Dookeran as saying. Minister Dookeran said government has been able to put CLICO in more stable position, Trinidad Express discloses. The interest of some 225,000 traditional policyholders had been addressed, since the statutory reserves had been restored, he added. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company 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 TCR-LA 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. CL FINANCIAL: Sagicor Seeks to Acquire CLICO -------------------------------------------- RJR News reports that insurance company, Sagicor Life Jamaica is eyeing the purchase of troubled Trinidad and Tobago counterpart, Colonial Life Insurance Company (Trinidad) Limited (CLICO). CLICO is a subsidiary of CL Financial Limited. Sagicor, which is on the verge of receiving JM$200 million from the International Finance Corporation, said that money would better place it to carry out the acquisition, according to RJR News. RJR News says that Dr. Dodridge Miller, the Chairman of the Board of Directors of Sagicor Life Jamaica, said a Sagicor team had already met with the Trinidad Government and had also alerted the Barbados Government and regulators of its interest. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company 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 TCR-LA 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. TRINIDAD CEMENT: Chief Executive Officer Denies Firm is Insolvent ----------------------------------------------------------------- Darcel Choy at Trinidad and Tobago Newsday reports that Trinidad Cement Limited Group Director and Group Chief Executive Officer Dr. Rollin Bertrand assured that despite two years of decline in revenue and "cash flow problems", the company was not insolvent. Audited yearly results showed TCL recorded a 10% decline in revenue of TT$179 million in 2010 following the 16% decline of TT$333 million recorded in 2009, according to T&T Newsday. Mr. Bertrand told the news agency in an interview that the group was experiencing cash flow problems as a consequence of contraction in the markets. "The group however is looking to develop new markets which we have identified. With the current liquidity challenges we approached our lenders to see how our debt can be restructured and we plan to develop these markets to bring the group back to profitability," T&T Newsday quoted Mr. Bertrand as saying. Mr. Bertrand, T&T Newsday notes, said that shareholders were concerned about the group's performance but he was sure the plan would return it to profitability. T&T Newsday relates that auditor Ernst and Young said the group was not in compliance with certain loan ratio requirements and as such was in default of its obligations under various loan agreements. The report discloses that the auditors said lenders could therefore initiate legal action to demand immediate repayment of outstanding loan obligations, which the group was not in a position to immediately meet. This condition, along with other matters, indicated the existence of a "material uncertainty" that may impact on the group's ability to continue as a going concern, they added. Meanwhile, T&T Newsday relates that the Readymix Group, a member of TCL, recorded a net loss of TT$3.4 million for 2010. The report notes that Caribbean Cement Co Ltd, another subsidiary, recorded a net loss after tax of TT$1.56 billion compared to a loss of TT$145 million for the previous year mainly due to a changing market mix of local and export sales which saw revenue falling by TT$939 million. Ernest and Young in their note said the TCL Group's current liabilities exceeded its current assets by TT$839 million as at December 31, 2010, the report adds. Trinidad Cement Limited Group is a cement company in Trinidad and Tobago. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 16, to May 20, 2011 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-PAR 1.18 12/31/2038 ARS 61.49 ARGENT-DIS 7.82 12/31/2033 EUR 73 ARGENT-DIS 7.82 12/31/2033 EUR 72.75 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PR13 2 3/15/2024 ARS 110.04 BODEN 2014 2 9/30/2014 ARS 32.5 BOGAR 2018 2 2/4/2018 ARS 31.85 PRO12 2 1/3/2016 ARS 118.14 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.099 BCP FINANCE BANK 5.01 3/31/2024 EUR 47.206 BCP FINANCE BANK 5.31 12/10/2023 EUR 49.744 BCP FINANCE CO 5.54 EUR 65.956 BCP FINANCE CO 4.23 EUR 65.65 BES FINANCE LTD 5.77 2/7/2035 EUR 57.101 BES FINANCE LTD 5.58 EUR 64.864 BES FINANCE LTD 4.5 EUR 66.012 BES FINANCE LTD 6.62 EUR 73.009 EFG ORA FUNDING 1.7 10/29/2014 EUR 62.834 ESFG INTERNATION 5.75 EUR 58.322 IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.5 CHILE ----- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.099 AGUAS NUEVAS 3.4 5/15/2012 CLP 0.13 CGE DISTRIBUCION 3.25 12/1/2012 CLP 40.042 ESVAL S.A. 3.8 7/15/2012 CLP 37.677 MASISA 4.25 10/15/2012 CLP 29.682 QUINENCO SA 3.5 7/21/2013 CLP 38.182 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 53.531 PUERTO RICO CONS 6.5 4/1/2016 USD 63.375 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 46.082 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.81 PETROLEOS DE VEN 5.25 4/12/2017 USD 60.148 PETROLEOS DE VEN 5.125 10/28/2016 USD 61.709 PETROLEOS DE VEN 5 10/28/2015 USD 65.873 PETROLEOS DE VEN 8.5 11/2/2017 USD 71.244 PETROLEOS DE VEN 8.5 11/2/2017 USD 71.055 PETROLEOS DE VEN 4.9 10/28/2014 USD 73.904 VENEZUELA 7 3/31/2038 USD 56.146 VENEZUELA 7 3/31/2038 USD 57.1 VENEZUELA 6 12/9/2020 USD 60 VENEZUELA 7.65 4/21/2025 USD 61.625 VENEZUELA 8.25 10/13/2024 USD 64.125 VENEZUELA 9.25 5/7/2028 USD 68 VENEZUELA 9 5/7/2023 USD 69 VENEZUELA 7.75 10/13/2019 USD 69.625 VENEZUELA 7 12/1/2018 USD 70.625 VENEZUELA 9.25 9/15/2027 USD 71.737 VENEZUELA 9.25 9/15/2027 USD 72.42 VENZOD - 189000 9.375 1/13/2034 USD 68.75 *********** 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 * * *