/raid1/www/Hosts/bankrupt/TCRLA_Public/110712.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, July 12, 2011, Vol. 12, No. 136
Headlines
A N T I G U A & B A R B U D A
STANFORD INTERNATIONAL: Receiver Not Returning Money to Victims
A R G E N T I N A
TARJETAS CURYANA: Fitch Affirms Local Currency IDR at 'B'
TARJETA NARANJA: Fitch Affirms 'B' Issuer Default Rating
B E R M U D A
MC & MAN: Creditors' Proofs of Debt Due July 13
MC & MAN: Member to Receive Wind-Up Report on August 5
SMART HOME: Creditors' Proofs of Debt Due July 13
SMART HOME: Members' Final Meeting Set for August 3
SMART HOME: Creditors' Proofs of Debt Due July 13
SMART HOME: Members' Final Meeting Set for August 3
B R A Z I L
BANCO DE SERVICIOS: Moody's Rates Local Currency Debt 'Ba2'
COSAN OVERSEAS: Fitch Rates Proposed Reopening of Notes at 'BB'
C A Y M A N I S L A N D S
AALL STAR: Creditors' Proofs of Debt Due August 4
BT CAYMAN: Creditors' Proofs of Debt Due August 4
CALIBURN SPECIAL: Creditors' Proofs of Debt Due August 5
CDG COMPANY: Creditors' Proofs of Debt Due August 4
CENTRAL MASSACHUSETTS: Creditors' Proofs of Debt Due September 29
ICE CAPS: Creditors' Proofs of Debt Due August 4
M&G MANAGED: Creditors' Proofs of Debt Due August 4
POLYGON GENERAL: Creditors' Proofs of Debt Due August 5
POLYGON GLOBAL: Creditors' Proofs of Debt Due August 5
TIVOLI FINANCE: Creditors' Proofs of Debt Due August 4
KINGDOM 5-KR-163: Commences Liquidation Proceedings
KINGDOM 5-KR-186: Commences Liquidation Proceedings
KINGDOM 5-KR-196: Commences Liquidation Proceedings
KINGDOM 5-KR-197: Commences Liquidation Proceedings
C O S T A R I C A
BANCO INTERNATIONAL: Fitch Affirms Long-Term IDR at 'BB+'
D O M I N I C A N R E P U B L I C
CARIBBEAN CEMENT: Faces More Opposition in Dominican Republic
* DOMINICAN REPUBLIC: Senate OKs US$184.2MM Bond on Budget Deficit
J A M A I C A
WINDALCO: In Talks Over Non-Compliance to Environmental License
M E X I C O
CEMEX SAB: Fitch Rates Reopening of Notes Due 2018
T R I N I D A D & T O B A G O
* T&T: Business Associations Urge Gov't & Unions to Ease Tension
U R U G U A Y
NUEVO BANCO: Fitch Upgrades Currency Long-Term IDRs from 'BB-'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A N T I G U A & B A R B U D A
===============================
STANFORD INTERNATIONAL: Receiver Not Returning Money to Victims
---------------------------------------------------------------
Caribbean360.com reports that a motion filed on behalf of the
investors who lost money in Robert Allen Stanford's alleged Ponzi
scheme claims that court-appointed receiver, Ralph Janvey, is
using up the money instead of helping the victims.
The investors said that since the U.S. Securities and Exchange
Commission shut down Stanford International Bank Limited in 2009,
the money collected, which were intended to help them recover
their losses, has mostly been used to pay expenses, according to
Caribbean360.com. The report relates that according to the motion
filed by Kachroo Legal Services, P.C. and its principal, Gaytri
Kachroo, out of the US$7 billion which investors were allegedly
defrauded out of, Mr. Janvey has collected US$1.5 million
excluding expenses.
"Whereas, through January 2011 the receivership estate has paid
out a massive US$118.2 million in expenses, but none to the
investors. As a result, there remains only US$1.5 million for the
Stanford victims from the efforts of the receiver. This equates
to US$71.42 per investor, but even this small amount will likely
be consumed by the receiver," the Stanford International Victims
Group said in a statement obtained by the news agency. "It is
clear that the receiver has not added any substantial value to the
estate, and failed in his directive," the statement added.
In the motion led by Catherine Burnell of Antigua and the U.K.,
Ursula Mesa of Florida and Peru, Marcelo Avila of Ecuador, and
Steven Graham of Louisiana -- representatives of the international
breadth of investment into the alleged Ponzi scheme -- investors
state that Mr. Janvey has taken all US$120 million of the assets
thus far collected by him and already existing in the estate,
Caribbean360 notes.
The report relays that investors also claim that the attorneys who
were installed on the Stanford Investors Committee, which is
responsible for holding the receiver accountable, had struck a
deal to make themselves a preapproved 25% on all the fraudulent
conveyance cases launched by the receivership.
Investors said "no party to the receivership is acting as a check
on the excessive fees and expenses compared to the minimal
recovery, challenging the contingency fee arrangement, the
operation of the receivership, and otherwise voicing concern over
the ineffectiveness of this receivership," the report adds.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas,
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.
A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas. Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice. Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges. Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
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A R G E N T I N A
=================
TARJETAS CURYANA: Fitch Affirms Local Currency IDR at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed Tarjetas Cuyanas S.A.'s (TC) ratings:
-- Long-term local currency Issuer Default Rating (IDR) at 'B';
-- Short-term local currency IDR at 'B';
-- Individual rating at 'D';
-- Support rating at '5';
-- US$65 million unsubordinated fixed-rate debt long-term local
currency rating at 'B/RR4'.
The Rating Outlook is Stable.
TC's national ratings were affirmed on July 4, 2011:
-- National long-term rating at 'AA-(arg)', Stable Outlook;
-- National short-term rating at 'A1(arg)';
-- Unsubordinated fixed-rate notes totaling USD85 million
national long-term rating at 'AA-(arg)';
-- Short-term notes totaling ARS90 million national short-term
rating at 'A1(arg)'.
-- Fitch also assigned a national long-term rating of 'AA-
(arg)' to TC's class V series II notes for up to ARS40
million and a national short-term rating of 'A1(arg)' to
class V series I short-term notes for up to ARS30 million.
TC's ratings reflect its strong growth, maintenance of its sound
historical profitability and asset quality and its satisfactory
liquidity and capital base. They also reflect the benefits of
belonging to the Tarjetas Regionales Group (owned by Banco de
Galicia y Buenos Aires [Banco Galicia]), which has ample
experience in the credit card business. Additionally, they also
take into account the potentially volatile operating environment
in Argentina and the small size of the company.
The low sovereign ratings add significant ratings compression to
most Argentine issuers. Upside rating potential for TC lies in a
sovereign upgrade. Downside potential exists in significant
reduction of its capitalization or deterioration in the operating
environment affecting TC's asset quality. TC's profitability
remains sound and is based on strong revenue generation and growth
and healthy asset quality. Fitch expects TC's profitability to
remain robust in the medium term, in line with the good economic
prospects. TC's lending has grown significantly in recent years.
In 2010 loan growth resumed after a sharp slowdown suffered in
2009 due to lower deman d and a self-imposed restriction following
the economic slowdown. Total loans, net of loan loss reserves,
grew by 74.3% year-over-year (YOY) at March 31, 2011. Fitch
considers such growth rates to be a source of potential risks but
it takes some comfort from TC's track record of good asset quality
and sound risk management, which, together with the positive
economic prospects, should allow the company to keep asset quality
under control. Non-performing loans (NPLs) have declined since
2009 due to the economy's recovery and growth and accounted for a
low 2.91% of the total at March 31, 2011 and were 152.5% reserved.
TC's liquidity is adequate, supported by the short-term nature of
its lending. Also, it has had access to capital market funds
through bond issuance, interbank lending, and loan
securitizations. Exposure to foreign currency risk is low.
TC's capital base is adequate, with an equity/assets ratio of
18.42% at March 31, 2011. Although TC's capitalization has
decreased due to the significant growth, its strong internal
capital generation should allow it to maintain a satisfactory
capital base.
TC is a credit card issuer created in 1996 in the Cuyo region
(provinces of Mendoza, San Juan and San Luis) and is now the
leading issuer in that region. Since 1996, it has expanded into
the west, northwest, and south of Argentina. At March 31, 2011,
TC had about 450,000 credit cards issued and 39 branches and
commercial offices.
TC is 60% indirectly owned by Banco de Galicia y Buenos Aires, the
third largest private sector bank in Argentina by deposits.
TARJETA NARANJA: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Tarjeta Naranja S.A.'s (TN) ratings:
-- Long-term local and foreign currency Issuer Default Rating
(IDR) at 'B';
-- Short-term local and foreign currency IDRs at 'B';
-- National long-term rating at 'AA(arg)';
-- National short-term rating at 'A1+(arg)';
-- Individual rating at 'D';
-- Support rating at '5';
-- USD300 million unsubordinated fixed-rate debt long-term
local currency rating at 'B/RR4' and National long-term
rating at 'AA(arg)';
-- USD50 million unsubordinated fixed-rate notes National long-
term rating at 'AA(arg)';
-- ARS80 million short-term notes National short-term rating at
'A1+(arg)'.
The Rating Outlook is Stable.
TN's ratings reflect its strong growth; maintenance of its sound
historical profitability, asset quality, and liquidity; and its
satisfactory capital base. They also reflect the benefits of
belonging to the Tarjetas Regionales Group (owned by Banco de
Galicia y Buenos Aires), which has ample experience in the credit
card business. Additionally, the potentially volatile operating
environment in Argentina was also factored in the ratings.
Despite TN's stand-alone strength, the low sovereign ratings add
significant ratings compression to most Argentine issuers. Upside
rating potential for TN lies in a sovereign upgrade. Downside
potential exists in significant deterioration in the operating
environment, affecting TN's asset quality and capitalization.
Given its strong historical performance, Fitch views TN's
individual rating as stable. Downward pressure could arise from a
significant rise in loan loss provisions that affect the bank's
profitability or from markedly lower capitalization.
TN's sound profitability is based on strong revenue generation and
growth, adequate cost efficiency and healthy asset quality. Fitch
expects TN's profitability to remain robust in 2011 as the
economic environment is set to remain benign.
TN's lending has grown significantly in recent years. In 2010,
loan growth resumed after a sharp slowdown suffered in 2009 due to
lower demand and a self-imposed restriction following the economic
slowdown. Asset quality ratios have historically been very good
considering its activity and the segments served, based on
conservative credit limits and good scoring systems. NPLs have
declined since 2009 due to the economy's recovery, accounting for
a low 3.16% of total loans at March 31, 2011, and were fully
reserved.
TN's liquidity is strong, supported by the short-term nature of
its lending. Also, it has had access to capital market funds
through bond issuance, interbank lending, and loan
securitizations, helping extend funding maturity. Exposure to
foreign currency risk is low.
TN's capital base is ample, with an equity/assets ratio of 21.73%
at March 31, 2011. Despite significant growth, strong internal
capital generation has allowed it to maintain a satisfactory
capital base.
TN was established in 1985 in the Province of Cordoba. Since 1996
it has expanded significantly and now operates in most of the
country. At March 31, 2011 TN had about 4.7 million credit cards
and 171 branches and commercial offices.
TN is 80% owned by Banco de Galicia y Buenos Aires, the third
largest private sector bank in Argentina by deposits.
=============
B E R M U D A
=============
MC & MAN: Creditors' Proofs of Debt Due July 13
-----------------------------------------------
The creditors of MC & Man Ltd are required to file their proofs of
debt by July 13, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 22, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MC & MAN: Member to Receive Wind-Up Report on August 5
------------------------------------------------------
The member of MC & Man Ltd will receive on August 5, 2011, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on June 22, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
SMART HOME: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of Smart Home Reinsurance 2005-1 Limited are
required to file their proofs of debt by July 13, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 27, 2011.
The company's liquidator is:
John C. McKenna
CA of Finance & Risk Services Ltd.
Suite 502, 26 Bermudiana Road
Hamilton HM 11
Bermuda
SMART HOME: Members' Final Meeting Set for August 3
---------------------------------------------------
The members of SMART HOME Reinsurance 2005-1 Limited will hold
their final meeting on August 3, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on June 27, 2011.
The company's liquidator is:
John C. McKenna
CA of Finance & Risk Services Ltd.
Suite 502, 26 Bermudiana Road
Hamilton HM 11
Bermuda
SMART HOME: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of SMART HOME Reinsurance 2004-1 Limited are
required to file their proofs of debt by July 13, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 27, 2011.
The company's liquidator is:
John C. McKenna
CA of Finance & Risk Services Ltd.
Suite 502, 26 Bermudiana Road
Hamilton HM 11
Bermuda
SMART HOME: Members' Final Meeting Set for August 3
---------------------------------------------------
The members of SMART HOME Reinsurance 2004-1 Limited will hold
their final meeting on August 3, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on June 27, 2011.
The company's liquidator is:
John C. McKenna
CA of Finance & Risk Services Ltd.
Suite 502, 26 Bermudiana Road
Hamilton HM 11
Bermuda
===========
B R A Z I L
===========
BANCO DE SERVICIOS: Moody's Rates Local Currency Debt 'Ba2'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency debt rating to the expected second issuance of Banco de
Servicios Financieros S.A. (BSF), up to the amount of
AR$75 million, to be issued in under the already rated program of
AR$300 million. The outlook for the rating is stable.
At the same time, Moody's Latin America assigned Aa1.ar national
scale local currency debt rating to BSF's debt rating to the
expected second issuance.
These ratings were assigned to Banco de Servicios Financieros
S.A.:
Second Issuance of AR$ 75 million:
Global Local Currency debt rating: Ba2, stable outlook
National Scale rating for local currency debt: Aa1.ar
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from BSF's Ba2 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."
Banco de Servicios Financieros is headquartered in Buenos Aires,
Argentina, and had assets of AR$0.6 billion (US$0.15 billion) and
deposits for AR$0.1 billion (US$0.02 billion) as of March 2011.
COSAN OVERSEAS: Fitch Rates Proposed Reopening of Notes at 'BB'
---------------------------------------------------------------
Fitch rates Cosan Overseas Limited's proposed reopening of its
perpetual notes, in the amount of USD150 million, 'BB'. The notes
are unconditionally guaranteed by Cosan S/A Industria e Comercio
(Cosan) and Cosan Combustiveis e Lubrificantes S.A. (CCL), which
is responsible for the lubes business. With the consummation of
the joint venture between Cosan and Shell International Petroleum
Company Limited (Shell), on June 1, 2011, Cosan's sugar and
ethanol assets, CCL's fuels distribution assets and BRL5.24
billion of net debt, including BRL300 million of adjustments in
assets and liabilities connected to Zanin mill that was acquired
in February 2011, have been transferred to the joint venture. The
expected new bond issuance should not rank pari passu with the
current outstanding bond issuances, which were contributed into
the joint venture (JV). Net proceeds will be used for general
corporate purposes.
Fitch currently rates Cosan, CCL, and Cosan Overseas:
Cosan
-- Foreign Currency IDR 'BB';
-- Local Currency IDR 'BB';
-- National Scale Rating 'A+(bra)'.
CCL
-- Foreign Currency IDR 'BB';
-- Local Currency IDR 'BB';
-- National Scale rating 'A+(bra)';
-- US$350 million senior unsecured notes due 2014 'BB'.
Cosan Overseas Limited
-- US$300 million senior unsecured perpetual notes 'BB'.
In addition, Fitch has assigned a 'BB' FC IDR to Cosan Overseas
Limited.
The Rating Outlooks are Stable.
The ratings reflect Cosan and CCL's stronger business and
financial profiles after the JV partnership with Shell. As part of
the JV agreement Shell and Cosan will create two joint ventures
involving certain of their respective assets. The association was
approved by the European Commission in January 2011 and it is
still pending the approval from CADE (the Brazilian Antitrust
Association); however, that does not preclude the integration
process of the JVs. Fitch believes that the likelihood of
completion of this transaction is high. In case it does not
happen, the ratings could be revised.
The ratings also reflect Cosan's strong market position as Latin
America's largest agroenergy company. This position has enabled
the company to access both the equity and debt capital markets
frequently, mitigating to an extent the company's exposure to
commodity price cyclicality and its volatile cash flow generation.
The robustness of Cosan's businesses should lead to a more
disciplined growth strategy. Fitch sees the recent partnerships
with strategic investors to develop investment opportunities as
positive, and has lowered the impact on leverage. Additionally,
the association with Shell also strengthens Cosan's overall
business profile as an integrated player, probably leading to a
slower pace for investments not contemplated in the current
business plan for the next few years.
Stronger Operational Profile Partially Mitigates Business
Volatility
The two operating JVs will have one focused on the sugar and
ethanol and co-generation businesses (called Raizen Energia S.A.)
and one on the fuel distribution business (Raizen Combustiveis
S.A.). Cosan will hold 51% of the voting shares of Raizen Energia
while Shell will hold 51% of the voting shares of Raizen
Combustiveis. However, the economic interest is 50%/50%. The
management of both JVs will be shared. Fitch intends to analyse
the JVs as a combined entity provided that all relevant debt under
the JVs will count on cross guarantees and their cash will be also
managed on a consolidated basis. The underlying credit quality of
the JVs is likely stronger than Cosan on its own and holds the
potential to be rated higher.
The association with Shell will result in a stronger business
profile in the fuel distribution segment, associated with the
larger combined size and market share, as the third largest fuel
distributor in Brazil. Moreover, the fuel distribution business
generates more predictable cash flows and will represent a more
relevant portion of Cosan's consolidated EBITDA, around 30% to
35%. Fitch expects that Shell and Cosan will operate this JV with
low leverage given the narrow margins characteristic of the fuel
distribution business. Fitch also believes that Shell and Cosan
will be able to capture some synergies with the sugar and ethanol
businesses.
The increase in EBITDA in the latest 12 months (LTM) ended March
2011 to BRL2.7 billion (versus BRL 2.1 billion in the previous
period), reflected, among other things, relevant BRL530 million
net adjustments derived from the implementation of the
International Financial Reporting Standards (IFRS). In spite of
lower than expected sugar and ethanol sales volumes for the LTM
ended on March 31, 2011 due to lower than expected sugar cane
crushing volume, consolidated EBITDA benefited from the
maintenance of solid sugar and ethanol prices, the robust
performance of the fuel distribution business, which registered a
12% increase over the previous period and the continuity of the
growth of the logistics operations carried out by Rumo, a company
that is not part of the JV.
Cash and Assets Contributions Enhance Financial Profile
On a consolidated basis, Cosan will benefit from Shell's USD1.6
billion cash contribution into the JVs (to be effective in three
phases, within two years, with an initial cash contribution of
BRL815 million) and additional EBITDA, which Fitch calculates to
be around USD300 million. Cosan will allocate BRL5.24 billion of
net debt to the two JVS, an amount higher than the BRL4.6 billion
previously announced. This adjustment reflects some changes that
occurred up to the JVs closing date, mainly related to the raising
of new debt from BNDES to finance investments that will migrate to
Raizen Energia and the acquisition of Zanin mill, which occurred
in February 2011.
Fitch estimates that the initial pro forma leverage incorporating
Cosan's equity participations in both JVs, and its other
businesses that will not be part of the JVs, such as the logistics
and lubricants businesses, would result in a total debt/EBITDA
ratio of 2.2 times (x), which compares positively to actual
consolidated total debt/EBITDA of 2.7x reached at LTM ended March
2011 as per the IFRS. On a net basis, the pro forma and actual
ratios would be 1.4x and 2.3x, respectively. Going forward, the
still favorable scenario for sugar and ethanol prices should
continue to support the results. In Fitch's view, Cosan's main
challenges, through Raizen, should be the integration of the
downstream business, in order to realize the expected synergies,
and managing the mix toward sugar or ethanol.
Solid Credit Metrics at the Holding Company Level
Following the JV closing, debt at the Cosan level will be subject
to structural subordination to the obligations of the operational
subsidiaries. Considering the estimated dividend cash flow, Cosan
should present adequate debt service coverage. As per Fitch
estimates, coverage would be above 140% for the coming year.
Robust Liquidity Also Supports the Ratings
As of March 31, 2011, Cosan's cash position amounted to BRL1.3
billion and covered its short-term debt of BRL1,038 million by
1.2x. Consolidated adjusted total debt, including off-balance
sheet obligations, was BRL7.3 billion, composed of capital markets
instruments (34%), loans from the BNDES and Finame (31%), export
financing lines (13%), rescheduled taxes (9%), and other lines
(13%).
Potential Rating or Outlook Drivers
Positive rating action could be driven by lower than expected
consolidated leverage and more stable and predictable cash flows.
Factors that could lead to a Negative Outlook or downgrade include
the failure by CADE to approve the JV agreement, further
acquisitions or investments not contemplated in the current
business plan that could result in leverage levels beyond
expectations, and/or material refinancing needs.
===========================
C A Y M A N I S L A N D S
===========================
AALL STAR: Creditors' Proofs of Debt Due August 4
-------------------------------------------------
The creditors of AALL Star Financial Group Ltd. are required to
file their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2011.
The company's liquidator is:
Patrick Shaunessy
Telephone: (345) 949-5588
Facsimile: (345) 945-5772
The Crighton Building, Suite 201
256 Crewe Road
P.O. Box 1166 Grand Cayman, KY1-1102
Cayman Islands
BT CAYMAN: Creditors' Proofs of Debt Due August 4
-------------------------------------------------
The creditors of BT Cayman Income No.1 are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 23, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CALIBURN SPECIAL: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------
The creditors of Caliburn Special Situations Ltd. are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 15, 2011.
The company's liquidator is:
David A.K. Walker
c/o Kadi Merren
Telephone: (345) 914 8639
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
CDG COMPANY: Creditors' Proofs of Debt Due August 4
---------------------------------------------------
The creditors of CDG Company Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 23, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CENTRAL MASSACHUSETTS: Creditors' Proofs of Debt Due September 29
-----------------------------------------------------------------
The creditors of Central Massachusetts Indemnity Company, Ltd. are
required to file their proofs of debt by September 29, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 13, 2011.
The company's liquidators are:
Christopher D. Johnson
Russell Homer
Johnson Smith Associates Ltd.
Elizabethan Square
80 Shedden Road
P.O. Box 2499, Grand Cayman KY1-1104
Cayman Islands
ICE CAPS: Creditors' Proofs of Debt Due August 4
------------------------------------------------
The creditors of Ice Caps Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 23, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
M&G MANAGED: Creditors' Proofs of Debt Due August 4
---------------------------------------------------
The creditors of M&G Managed CSO Limited are required to file
their proofs of debt by August 4, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 23, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
POLYGON GENERAL: Creditors' Proofs of Debt Due August 5
-------------------------------------------------------
The creditors of Polygon General Partner Limited are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 10, 2011.
The company's liquidator is:
Ian D. Stokoe
c/o Jodi Jones
Telephone: (345) 914 8694
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
POLYGON GLOBAL: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Polygon Global Opportunities Fund are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 10, 2011.
The company's liquidator is:
Ian D. Stokoe
c/o Jodi Jones
Telephone: (345) 914 8694
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
TIVOLI FINANCE: Creditors' Proofs of Debt Due August 4
------------------------------------------------------
The creditors of Tivoli Finance Limited are required to file their
proofs of debt by August 4, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 23, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
KINGDOM 5-KR-163: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-163, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1 Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-186: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-186, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1 Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-196: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-196, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1 Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
KINGDOM 5-KR-197: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-197, Ltd. resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
c/o Kingdom Holding Company
Kingdom Center-Floor 66
P.O. Box 1 Riyadh 11321
Saudi Arabia
Telephone: +966 1 211 1111 (ext. 1211)
e-mail: alwaleed@kingdom.net
===================
C O S T A R I C A
===================
BANCO INTERNATIONAL: Fitch Affirms Long-Term IDR at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional de Costa Rica's
(BICSA) long-term Issuer Default Rating (IDR) at 'BB+'. The
Rating Outlook is Stable.
BICSA IDRs reflect Fitch's opinion that the bank would receive
support from its shareholders, Banco de Costa Rica (BCR, 'BB+'
IDR), if needed. The individual rating reflects BICSA's adequate
capitalization, conservative risk management, good asset quality,
and enhanced profitability metrics, which previously were
considered to be modest. However, high borrower and creditor
concentrations continue to limit the bank's individual
creditworthiness. BICSA's IDRs could be positively influenced by
an upgrade of BCR's IDRs. Alternatively, BICSA's IDRs could
benefit from an upgrade if its individual rating, which is
possible in the medium/long term should the bank's performance
continues to improve as the current strategy successfully
consolidates. Downside risk for BICSA's IDRs would stem from a
downward pressure on BCR's IDRs. In turn, BICSA's Individual
rating could be negatively affected by a sharp deterioration in
asset quality that would affect performance and erode the
capital/reserve cushion.
BICSA's operative performance has gradually improved over the past
years and its profitability metrics are now comparables to that of
regional corporate-oriented banks. An increased net interest
margin couple with a strengthened efficiency and controlled credit
costs has boosted profitability. Fitch expects profits to improve
over 2011 as well-contained costs combined with higher business
volumes should benefit the bank's performance.
BICSA's asset quality is sound, reflecting its moderate risk
appetite. However, borrower concentrations remain high and are
not expected to decrease over the foreseeable future. Loan loss
reserves cover 211.7% of non-performing loans but are low in view
of the concentrated portfolio. Positively, the enhanced risk
management provides some comfort relating to likely growing credit
costs.
Customer deposits are the main funding source, but these are
highly concentrated and potentially less stable (the 20 largest
depositors accounted for 50% of total deposits as of March 2011).
Offsetting factors are the short-term nature of most assets and a
reasonable cushion of liquid assets.
Although it has recently reduced to 10.33%, the capital-to-assets
ratio is sound and mostly unencumbered. Internal capital
generation should continue to improve to strengthen the bank's
ability to absorb unexpected losses and sustain loan growth.
Fitch has affirmed these ratings on BICSA:
International ratings
-- Long-term IDR at 'BB+'; Outlook Stable;
-- Short-term IDR at 'B';
-- Individual at 'C/D';
-- Support at '3'.
National ratings
-- Long-term rating at 'AA-(pan)'; Outlook Stable;
-- Short-term rating at 'F1+(pan)';
-- Long-term rating of Bonos Corporativos at 'AA-(pan)' and
'AA+(slv)';
-- Short-term of Valores Comerciales Negociables at 'F1+(pan)'.
==================================
D O M I N I C A N R E P U B L I C
==================================
CARIBBEAN CEMENT: Faces More Opposition in Dominican Republic
-------------------------------------------------------------
RJR News reports that cement makers in Dominican Republic
complained that Caribbean Cement Company Limited's Jamaican cement
is being sold without undergoing the required tests for quality.
The Dominican Republic's cement makers also claim that the
Jamaican product is being sold without the Public Works Ministry
permit, according to RJR News. The report relates that the
shipment of Caribbean Cement was dispatched to the Dominican
Republic earlier this week.
As reported in the Troubled Company Reporter-Latin America on
June 21, 2011, RJR News said that Caribbean Cement Company is
admitting that it still has lingering concerns about its exports
to the Dominican Republic. RJR News noted that a shipment of
Caribbean Cement to the Dominican Republic in April was detained
for 49 days resulting in significant financial losses for the
company and its distributor in the Spanish speaking country. RJR
News related that this occurred despite certification from the
Bureau of Standards Jamaica and confirmation by independent and
internationally recognized laboratories that the cement met all
the standards required. The company said that while the shipment
was eventually released there has been no clarity as to whether
future shipments will be subjected to similar non-tariff barriers,
RJR News said. The company added that it will continue to feel
the pinch if its future shipments to the Dominican Republic are
held at the port for an unnecessarily long time, RJR News related.
RJR News notes that Dominican Republic's cement makers accused the
Carib Cement of having little regard for the rules in their
country. RJR News relates that they warned consumers that the
Carib Cement is being marketed "irregularly" and it does not have
the quality certificate or the required permit from the Public
Works Ministry.
Caribbean Cement Company Limited manufactures and sells cement.
* DOMINICAN REPUBLIC: Senate OKs US$184.2MM Bond on Budget Deficit
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Senate
authorized the Treasury Ministry to issue a RD$7.0 billion bond
(US$184.2 million) to partially pay the government's pending
national debt, an Executive Branch initiative that will now go to
the Chamber of Deputies.
The Senate also approved a EUR78.5 million loan from France for a
water treatment projects in San Cristobal, Azua, Independencia
Montecristi, and San Jose de Ocoa provinces, according to
Dominican Republic.
Moreover, the report notes, the legislators also study an
amendment to this year's Budget of RD$390.5 billion, which looks
for an additional RD$20.7 billion to face the shortfall, required
for the electrical sector.
=============
J A M A I C A
=============
WINDALCO: In Talks Over Non-Compliance to Environmental License
---------------------------------------------------------------
RJR News reports that West Indies Alumina Company (WINDALCO)
Kirkvine Works in Manchester is working to become compliant with
certain regulations regarding its operations.
The National Environment and Planning Agency (NEPA) said the
operators of the company presently have an Environmental License,
but they are not in full compliance with the conditions, according
to RJR News. The report relates that NEPA said it has been in
dialogue with the operators for them to become compliant.
Natalie Fearon, NEPA corporate communications manager, said that a
plan is to be agreed on for the required actions, RJR News relays.
About WINDALCO
West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean. The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant. The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market. The
company is 93% owned by Russian entity, UC Rusal.
===========
M E X I C O
===========
CEMEX SAB: Fitch Rates Reopening of Notes Due 2018
--------------------------------------------------
Fitch rates the reopening of the 2018 bond program of Cemex,
S.A.B. de C.V.'s (CEMEX) issuance of up to USD650 million
'B+/RR3'. Proceeds from the notes are expected to be used for
general corporate purposes, including the repayment of debt.
The notes are unconditionally guaranteed by CEMEX Mexico, S.A. de
C.V., New Sunward Holding B.V., and CEMEX Espana, S.A. and will be
secured with a first priority interest over a collateral package
consisting of substantially all of the shares of CEMEX Mexico,
S.A. de C.V., Centro Distribuidor de Cemento, S.A. de C.V.,
Mexcement Holdings, S.A. de C.V., Corporacion Gouda, S.A. de C.V.,
CEMEX Trademarks Holding Ltd., New Sunward Holding B.V. and CEMEX
Espana, S.A.
Fitch currently rates CEMEX:
-- Issuer Default Rating 'B';
-- Senior unsecured notes 'B+/RR3';
-- National scale long-term rating 'BB-(mex)';
-- National scale short-term rating 'B (mex)'.
The Rating Outlook is Positive.
The 'B' ratings of CEMEX and its subsidiary, CEMEX Espana, reflect
the company's high leverage and the weak, near-term cash flow
prospects for two of the company's three key markets -- the United
States and Spain. The 'RR3' Recovery Rating (RR) on the company's
unsecured debt indicates above average recovery prospects for
holders of the proposed notes in the event of default. The
collateral package for the proposed notes is similar to that for
the debt associated with the Aug. 14, 2009 Financing Agreement, as
well as substantially all of the company's capital markets debt.
The Positive Outlook reflects the company's success in accessing
the capital markets and refinancing its bank debt. It also
reflects the very strong market positions of CEMEX in its key
markets, as well as the favorable demographic trends for these
markets over the long term.
A positive rating action could result from a signal that the
company's operations in the U.S. have hit a bottom and that the
turnaround of profitability is beginning. In contrast, a negative
rating action could occur, if CEMEX's sales volumes unexpectedly
deteriorate in Mexico, the key source of the company's current
operating cash flow.
CEMEX had US$18.2 billion of total debt and US$656 million of cash
and marketable securities as of March 31, 2011. The company
raised approximately US$3.5 billion of funds through the debt
capital markets during the first five months of 2011. Proceeds
were used to refinance existing debt and to improve the company's
liquidity position. As a result, the company has lowered its debt
amortizations for the remainder of 2011 to US$66 million, for 2012
to USD390 million and for 2013 to US$762 million. During 2014,
the company faces debt amortizations of nearly US$8.3 billion.
Most of this debt is associated with the August 2009 Financing
Agreement and will likely have to be refinanced by the company
during 2012.
During 2010, CEMEX generated US$2.3 billion of EBITDA, a decline
from US$2.7 billion during 2009. The company's cash flow from
operations (CFFO) also declined during this time period to US$1.7
billion from US$2.6 billion. The drop in operating cash flow was
primarily due to weaker demand for cement and ready mix in the
U.S., Spain and Mexico, as well as lower prices in the U.S. and
Europe. CEMEX's most important market in terms of EBITDA during
2010 was Mexico. CEMEX generated US$1.150 billion of EBITDA in
this market during 2010, a US$300 million decline from the peak
EBITDA figure in this market of US$1.450 billion during 2008.
Europe represented US$434 million of EBITDA, while the Caribbean,
South and Central America accounted for US$460 million of EBITDA.
In the U.S., CEMEX's EBITDA was a negative US$45 million during
2010. This compares with a Fitch calculated pro forma EBITDA
(including Rinker) of USD2.345 billion during 2006.
Cash flow is projected to remain relatively flat during 2011.
Positively, the pricing environment should improve in many of the
company's markets, after declining during 2010 due to large
inventory levels. The company could also benefit from a stronger
Mexican peso and Euro versus the U.S. dollar. Challenges faced by
the company include extremely weak demand for ready mix and cement
in both the U.S. and Spain. The company's profitable Egyptian
operations will also suffer due to the recent political turmoil in
that market. To offset some of these challenges, CEMEX has
announced spending reductions in excess of US$250 million for
2011. These spending reductions will come from areas such as a
rationalization of the company's U.S. operations, a lowering of
staffing levels globally, and an increase in the use of
alternative fuels.
===============================
T R I N I D A D & T O B A G O
===============================
* T&T: Business Associations Urge Gov't & Unions to Ease Tension
----------------------------------------------------------------
Camille Bethel at Trinidad Express reports that business
associations are calling on both the Trinidad and Tobago
government and the country's trade unions to think about the very
fragile state of the economy, even as the trade unions get ready
to make good on their promise to shut down the country.
The union heads, who issued the threat in Fyzabad during Labour
Day celebrations, restated their intent to bring the country to a
halt, according to Trinidad Express.
President of the Downtown Owners and Merchants Association (DOMA),
Gregory Aboud, said that DOMA is very concerned about the possible
disruption in the running of the country's day to day operations.
"We have concerns about the fragile state of the Trinidad and
Tobago economy and many of the unresolved issues, not only dealing
with these negotiations but also with respect to matters involving
the weak state of investment and the weak levels of investment,"
the report quoted Mr. Aboud as saying. The continued decline in
the activities of many key sectors including the construction
sector is cause for worry in that any type of disruption will only
worsen a situation that is currently fragile, he added.
Imtiaz Ali, president of the San Juan Business Association, said:
"When we look at the economic climate, when you take that kind of
action, it will make things worse. If the government is saying a
five per cent cap we would hope that they would negotiate in good
faith and get the union to hold on whatever decision they are
making that would impact negatively on the economy of the
country," Trinidad Express relays.
Mr. Ali, Trinidad Express notes, said there was the question of
tripartite talks that were supposed to take place but never did.
=============
U R U G U A Y
=============
NUEVO BANCO: Fitch Upgrades Currency Long-Term IDRs from 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded Nuevo Banco Comercial's (NBC) ratings
after the regulatory approval of the acquisition of NBC by Bank of
Nova Scotia (BNS; Fitch Issuer Default Rating of 'AA-') of 60% of
the bank's equity:
-- Foreign currency long-term IDR to 'BBB-'from 'BB-';
-- Local currency long-term IDR to 'BBB' from 'BB-';
-- National Long-term rating to 'AAA(ury)' from 'AA(ury)';
-- Support Rating to '2' from '4'.
At the same time, the agency has withdrawn the support rating
floor of 'B'.
The Rating Outlook on the IDRs is Positive, the same as on the
sovereign's IDRs, and the Outlook on the National long-term rating
is Stable. NBC's foreign currency IDR rating is constrained by
the country ceiling and further rating actions will mirror any
rating action on the sovereign. These ratings, along with the
bank's support rating, reflect the potential support from BNS.
The rating action follows the acquisition of NBC by Bank of Nova
Scotia (IDR rated 'AA-') of 60% of the bank's capital, held by a
consortium of foreign investors led by Advent International; the
Uruguayan government owns the remaining 40% in the form of
preferred stock with no voting rights.
NBC is the fourth-largest private sector bank in Uruguay. Its
market presence is significant in all segments and it had 5.71% of
the banking system's assets at April 30, 2011.
===============
X x x x x x x x
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
SOC COMERCIAL PL COME AR 175824387 -338338057
SOC COMERCIAL PL CADN EU 175824387 -338338057
SOC COMERCIAL PL CVVIF US 175824387 -338338057
SOC COMERCIAL PL CADN SW 175824387 -338338057
SOC COMERCIAL PL COMEC AR 175824387 -338338057
COMERCIAL PL-ADR SCPDS LI 175824387 -338338057
SOC COMERCIAL PL CADN EO 175824387 -338338057
SOC COMERCIAL PL COMED AR 175824387 -338338057
SOC COMERCIAL PL CAD IX 175824387 -338338057
COMERCIAL PLA-BL COMEB AR 175824387 -338338057
SOC COMERCIAL PL SCDPF US 175824387 -338338057
SOCOTHERM-5 VT-A STHE5 AR 101075648 -3157975.35
SOCOTHERM SA-B STHE AR 101075648 -3157975.35
SOCOTHERM-SP ADR SOCOY US 101075648 -3157975.35
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
BELIZE
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
LAEP-BDR MILK11 BZ 439175082 -60172005
LAEP INVESTMENTS LEAP LX 439175082 -60172005
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCAS SA DOCAON BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
BATTISTELLA-PREF BTTL4 BZ 349898179 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898179 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898179 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898179 -3135090.39
BATTISTELLA BTTL3 BZ 349898179 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898179 -3135090.39
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -123554206
BOMBRIL BMBBF US 316331265 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -123554206
BOMBRIL SA-ADR BMBBY US 316331265 -123554206
BOMBRIL-PREF BOBR4 BZ 316331265 -123554206
BOMBRIL BOBR3 BZ 316331265 -123554206
BOMBRIL SA-ADR BMBPY US 316331265 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331265 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -123554206
TELEBRAS-CED C/E TEL4C AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCTB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4D AR 269372906 -13465060.7
TELEBRAS-CM RCPT TBRTF US 269372906 -13465060.7
TELEBRAS-CEDEA $ TEL4D AR 269372906 -13465060.7
TELEBRAS-ADR TBAPY US 269372906 -13465060.7
TELEBRAS-ADR TBASY US 269372906 -13465060.7
TELEBRAS-COM RT TELB1 BZ 269372906 -13465060.7
TELEBRAS SA TELB3 BZ 269372906 -13465060.7
TELEBRAS SA-PREF TELB4 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF TLCP2 BZ 269372906 -13465060.7
TELEBRAS-PF BLCK TELB40 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF RCTB2 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB42 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB32 BZ 269372906 -13465060.7
TELEBRAS-ADR TBX GR 269372906 -13465060.7
TELEBRAS SA TLBRON BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB30 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TLBRUP BZ 269372906 -13465060.7
TELEBRAS-CEDE BL RCT4B AR 269372906 -13465060.7
TELEBRAS-CEDE PF TELB4 AR 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB31 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT CBRZF US 269372906 -13465060.7
TELEBRAS SA-PREF TLBRPN BZ 269372906 -13465060.7
TELEBRAS-RECEIPT TLBRUO BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TELE31 BZ 269372906 -13465060.7
TELEBRAS-RCT PRF TELB10 BZ 269372906 -13465060.7
TELEBRAS/W-I-ADR TBH-W US 269372906 -13465060.7
TELEBRAS-RTS CMN TCLP1 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TBAPF US 269372906 -13465060.7
TELEBRAS SA-RT TELB9 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TELE41 BZ 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4C AR 269372906 -13465060.7
TELECOMUNICA-ADR 81370Z BZ 269372906 -13465060.7
TELEBRAS-BLOCK TELB30 BZ 269372906 -13465060.7
TELEBRAS-RCT RCTB33 BZ 269372906 -13465060.7
TELEBRAS-ADR TBRAY GR 269372906 -13465060.7
TELEBRAS SA TBASF US 269372906 -13465060.7
TELEBRAS-ADR RTB US 269372906 -13465060.7
TELEBRAS-RTS CMN RCTB1 BZ 269372906 -13465060.7
TELEBRAS-ADR TBH US 269372906 -13465060.7
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 -42606769.7
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
SANSUY SA-PREF A SNSYAN BZ 200809365 -115213257
SANSUY SA SNSYON BZ 200809365 -115213257
SANSUY SNSY3 BZ 200809365 -115213257
SANSUY-PREF B SNSY6 BZ 200809365 -115213257
SANSUY-PREF A SNSY5 BZ 200809365 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809365 -115213257
BALADARE BLDR3 BZ 159454016 -52992212.8
DHB IND E COM-PR DHBPN BZ 151796583 -160270949
D H B-PREF DHBI4 BZ 151796583 -160270949
DHB IND E COM DHBON BZ 151796583 -160270949
D H B DHBI3 BZ 151796583 -160270949
FABRICA RENAUX-P FTRX4 BZ 109683744 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683744 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683744 -48836146.4
FABRICA RENAUX FRNXON BZ 109683744 -48836146.4
FABRICA TECID-RT FTRX1 BZ 109683744 -48836146.4
WETZEL SA MWET3 BZ 100017711 -5359345.82
WETZEL SA MWELON BZ 100017711 -5359345.82
WETZEL SA-PREF MWELPN BZ 100017711 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711 -5359345.82
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592602.5
DOC IMBITUBA IMBI3 BZ 96977064 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064 -42592602.5
DOCAS IMBITUBA IMBION BZ 96977064 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064 -42592602.5
ESTRELA SA ESTR3 BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486.8
ESTRELA SA ESTRON BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486.8
ACO ALTONA EALT3 BZ 89152030 -9848587.47
ACO ALTONA SA EAAON BZ 89152030 -9848587.47
ACO ALTONA-PREF EAAPN BZ 89152030 -9848587.47
ACO ALTONA-PREF EALT4 BZ 89152030 -9848587.47
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
SCHLOSSER SA-PRF SCHPN BZ 73036750 -34357832.6
SCHLOSSER SCLO3 BZ 73036750 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036750 -34357832.6
SCHLOSSER SA SCHON BZ 73036750 -34357832.6
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144534 -60655823.4
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
MINUPAR-RT 9314542Q BZ 63144534 -60655823.4
IGB ELETRONICA IGBR3 BZ 61088978 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088978 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088978 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088978 -282692297
GRADIENTE ELETR IGBON BZ 61088978 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088978 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088978 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088978 -282692297
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
WIEST WISA3 BZ 34108201 -126997429
WIEST-PREF WISA4 BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
RECRUSUL - RT RCSL2 BZ 31427766 -30307605.7
RECRUSUL RCSL3 BZ 31427766 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605.7
RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605.7
SANESALTO SNST3 BZ 31044053 -1843297.83
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474 -4918659.9
ALL ORE MINERACA STLB3 BZ 23040051 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
FER HAGA-PREF HAGA4 BZ 21299043 -62858780.7
FERRAGENS HAGA HAGAON BZ 21299043 -62858780.7
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858780.7
HAGA HAGA3 BZ 21299043 -62858780.7
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAF BRASILIA CAFE3 BZ 21097370 -903951461
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
NORDON METAL NORDON BZ 15354597 -26859636.7
NORDON MET NORD3 BZ 15354597 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597 -26859636.7
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
CHIARELLI SA CCHON BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
HERCULES HETA3 BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
***********
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, 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 * * *