/raid1/www/Hosts/bankrupt/TCRLA_Public/110802.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, August 2, 2011, Vol. 12, No. 151
Headlines
A R G E N T I N A
PETROBRAS ARGENTINA: Fitch Upgrades Foreign Currency IDR to 'BB'
B E R M U D A
NESTA T LTD: Creditors' Proofs of Debt Due August 5
NESTA T LTD: Members' Final Meeting Set for August 26
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due August 18
CAPELLA HOLDING: Creditors' Proofs of Debt Due August 17
CARNAUBA FUND: Creditors' Proofs of Debt Due August 31
CATHAY STABILIS: Creditors' Proofs of Debt Due August 17
CAVALRY TECHNOLOGY: Creditors' Proofs of Debt Due August 8
DEMETER (CAYMAN): Creditors' Proofs of Debt Due August 17
DYNAMIC VISION: Creditors' Proofs of Debt Due August 9
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due August 9
FRANCK MULTI-ADVISOR E: Creditors' Proofs of Debt Due August 31
FRANCK MULTI-ADVISOR S: Creditors' Proofs of Debt Due August 31
PEQUOT DIVERSIFIED FUND: Creditors' Proofs of Debt Due August 8
PEQUOT DIVERSIFIED PORTFOLIO: Creditors' Proofs of Debt Due Aug. 8
SIGNUM CGD: Creditors' Proofs of Debt Due August 17
STRAITS LION ASIA: Creditors' Proofs of Debt Due August 17
STRAITS LION SGD: Creditors' Proofs of Debt Due August 17
C H I L E
EMPRESAS LA POLAR: To Renegotiate Repayments & Avert Bankruptcy
J A M A I C A
* JAMAICA: U.S. Debt Crisis May Affect Economy
M E X I C O
COPAMEX SA: Fitch Withdraws 'B+' Issuer Default Ratings
GRUPO ELEKTRA: Fitch Rates Proposed Senior 2018 Notes 'BB-'
P U E R T O R I C O
AUTOS VEGA: To Have Access to Cash Collateral Until January 2012
AUTOS VEGA: Files Schedules of Assets & Liabilities
CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute
T R I N I D A D & T O B A G O
CL FINANCIAL: Black Sand Bids for Lascelles de Mercado
V E N E Z U E L A
* VENEZUELA: Fitch Rates US$4200 Million Global Bond 'B+'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
PETROBRAS ARGENTINA: Fitch Upgrades Foreign Currency IDR to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Petrobras Argentina
S.A. (PESA):
-- Foreign currency Issuer Default Rating (IDR) to 'BB' from
'BB-';
-- Senior Unsecured Notes due 2013 to 'BB' from 'BB-'.
In conjunction with this action, Fitch has affirmed these ratings:
-- Local currency IDR at 'BB';
-- Guaranteed notes due 2017 at 'BBB'.
The Outlook for all the ratings is Stable.
PESA's ratings are supported by solid credit metrics, an
integrated business profile and a competitive cost structure. The
two-notch differentiation from Argentina's country ceiling rating
of 'B' incorporates support from PESA's majority shareholder,
Petroleo Brasiliero S.A. (Petrobras; rated 'BBB' by Fitch), strong
internal cash flow generation, dollar-denominated export revenues
that cover all senior unsecured debt, and its right to maintain up
to 70% of export revenues offshore.
PESA is a subsidiary of Petrobras Participaciones SL (Spain) which
in turn is 100% owned by Petrobras. Petrobras does guarantee
US$300 million notes through Petrobras International Finance Co.
(PIFCO) and although it has no legal tie or cross-default clause
with PESA's senior unsecured debt, Fitch believes that it is
likely that Petrobras would support PESA to meet its debt
obligations in the event of the imposition of transfer and
convertibility (T&C) restrictions by the Argentine government.
This would minimize any negative implications for Petrobras should
one of its key subsidiaries default.
Key credit concerns center on the Argentine government's
interference in the energy sector, the prevailing weak regulatory
framework, PESA's asset and revenue concentration in the domestic
market and declining production and reserve levels.
Petrobras Argentina's credit quality is underpinned by the
operating flexibility and synergies of its vertically integrated
model, a competitive cost structure, and strong diverse downstream
assets in retail gas stations, electric assets in Argentina, and
petrochemicals. As of December 2010, the refining business
contributed US$1,845 million of revenues and US$96 million of
EBITDA, upstream activities had US$920 million of revenues and
US$474 million of EBITDA, out of total consolidated revenues of
US$3,651 million and total consolidated EBITDA of US$686 million.
This favorably compares with total consolidated revenues of
US$3,170 million and EBITDA of US$613 million as of December 2009
mainly due to improved prices at the pump and their positive
effect on both upstream and downstream operations. The
continuation of price increases at retail gas stations is
uncertain as it depends on government approval.
In April 2011, the company executed various asset sales that will
significantly reduce the export flows from Argentina to
approximately US$200 million from nearly US$360 million as of
December 2010. Positively, those sales will help to reduce
operating costs and capex needs, as PESA's refining capacity will
be in line with its production levels. In addition, the liquidity
buffer created by those asset sales, including Refineria San
Lorenzo and other related distribution assets for US$36 million
(representing approximately half of PESA's refining capacity) and
Innova for US$332 million (located in Brazil, representing near
10% of total revenues) will allow the company to continue
deleveraging its capital structure.
As of December 2010, the company's reserves-to-production (R/P)
ratio was seven years, with total combined proved reserves of 250
million barrels of oil equivalent (BOE), of which 57% were
developed. As of December 2010, PESA's total reserves declined by
14%; over the last two years the decline was almost 50%. That
sharp decrease in reserves has to do with the divestures in Peru,
Ecuador and Colombia. Over the coming years, PESA's operating
risk will be determined by the negotiation of key concession
contracts. Consequently, Fitch expects declining reserve and
production levels to continue for a couple of years, while capex
will be constrained at low levels until concession contracts are
renegotiated. PESA's moderate level of production compared to
reserves and competitive cost structure compared to industry peers
indicates the company's ability to generate cash flows.
Fitch's expectation of leverage for PESA incorporates that net
debt to EBITDA will be below 1.0x. At March 31, 2011, (last 12
months basis), net debt-to-EBITDA was 1.2 times (x), and EBITDA-
to-interest expense was 5.5x, which compared to 1.8x and 4.8x,
respectively, for the same period in 2010. For this period, total
debt amounted to US$1300 million, of which US$587 million is debt
issued in the capital markets. PESA holds US$200 million of
senior unsecured debt at the capital markets due 2013, and US$300
million in secured notes due 2017 supported by a stand-by purchase
agreement by PIFCO. Scheduled maturities are comfortably covered
by PESA's liquidity position, including expected free cash flow
generation and cash balances.
The company's liquidity position is strong. As of March 31, 2011,
cash balances reached US$557 million on top of cash from
operations during 2010 of US$591 million. Free cash flow is
expected to remain strong until the company negotiates key
concession contracts due 2015/2016. Low leverage mitigates any
cash shortfall should price trends reverse or capex needs rise
above current levels.
Petrobras Argentina is an integrated energy company, engaged in
oil and gas exploration and production, refining, petrochemicals,
electricity generation, transmission and distribution, and
hydrocarbon marketing and transportation. PESA is an Argentine
corporation with operations concentrated in Argentina.
=============
B E R M U D A
=============
NESTA T LTD: Creditors' Proofs of Debt Due August 5
---------------------------------------------------
The creditors of Nesta T 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 wind-up proceedings on July 20, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
NESTA T LTD: Members' Final Meeting Set for August 26
-----------------------------------------------------
The members of Nesta T Ltd. will hold their final meeting on
August 26, 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 July 20, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
===========================
C A Y M A N I S L A N D S
===========================
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due August 18
------------------------------------------------------------
The creditors of Anthracite Balanced Company (R-25) Limited are
required to file their proofs of debt by August 18, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 5, 2011.
The company's liquidator is:
Simon Conway
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
CAPELLA HOLDING: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------
The creditors of Capella Holding II are required to file their
proofs of debt by August 17, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 7, 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
CARNAUBA FUND: Creditors' Proofs of Debt Due August 31
------------------------------------------------------
The creditors of The Carnauba Fund-Class S are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
CATHAY STABILIS: Creditors' Proofs of Debt Due August 17
--------------------------------------------------------
The creditors of Cathay Stabilis CDO Limited are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 7, 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
CAVALRY TECHNOLOGY: Creditors' Proofs of Debt Due August 8
----------------------------------------------------------
The creditors of Cavalry Technology Institutional, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 28, 2011.
The company's liquidator is:
John Milani
Two Embarcadero Center
Suite 600
San Francisco
California 94111
United States of America
DEMETER (CAYMAN): Creditors' Proofs of Debt Due August 17
---------------------------------------------------------
The creditors of Demeter (Cayman) Limited are required to file
their proofs of debt by August 17, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 5, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
DYNAMIC VISION: Creditors' Proofs of Debt Due August 9
------------------------------------------------------
The creditors of Dynamic Vision Limited are required to file their
proofs of debt by August 9, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Chwang-Shen Wen
No. 16 Li-Hsin Road
Science-Based Industrial Park
Hsinchu
Taiwan
ROC
Telephone: 03 578 6688
Facsimile: 03 563 2999
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due August 9
------------------------------------------------------------
The creditors of Founders Corporation are required to file their
proofs of debt by August 9, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Kazuhiko Yoshida
15A, Taggart, 109 Repulse Bay Road
Hong Kong
Telephone: (852) 2528 5016
Facsimile: (852) 2528 5020
FRANCK MULTI-ADVISOR E: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------------
The creditors of Franck Multi-Advisor Growth-Class E are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
FRANCK MULTI-ADVISOR S: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------------
The creditors of Franck Multi-Advisor Growth-Class S are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
PEQUOT DIVERSIFIED FUND: Creditors' Proofs of Debt Due August 8
---------------------------------------------------------------
The creditors of Pequot Diversified Offshore Fund, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 5, 2011.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PEQUOT DIVERSIFIED PORTFOLIO: Creditors' Proofs of Debt Due Aug. 8
------------------------------------------------------------------
The creditors of Pequot Diversified Offshore Portfolio, Ltd. are
required to file their proofs of debt by August 8, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 5, 2011.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SIGNUM CGD: Creditors' Proofs of Debt Due August 17
---------------------------------------------------
The creditors of Signum CGD Limited are required to file their
proofs of debt by August 17, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 7, 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
STRAITS LION ASIA: Creditors' Proofs of Debt Due August 17
----------------------------------------------------------
The creditors of Straits Lion Asia CDO I Limited are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 7, 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
STRAITS LION SGD: Creditors' Proofs of Debt Due August 17
---------------------------------------------------------
The creditors of Straits Lion SGD CDO I Limited are required to
file their proofs of debt by August 17, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 7, 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
=========
C H I L E
=========
EMPRESAS LA POLAR: To Renegotiate Repayments & Avert Bankruptcy
---------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Empresas La Polar
SA (LAPOLAR), the Chilean retailer that set aside US$900 million
last month for consumer-lending losses, will seek a court
agreement with creditors to renegotiate repayments and avoid
bankruptcy.
The board agreed to file a so-called preventative judicial
agreement that requires support from creditors representing more
than half the outstanding debt to be processed, La Polar said in
an e-mailed statement obtained by the news agency.
Bloomberg says the company would then have 90 days protection
against bankruptcy requests as it seeks an agreement on new
repayment terms from at least two-thirds of creditors. "We took
this decision due to the difficulty of reaching unanimity with
creditors, a task that would take too long," Bloomberg quoted
Chairman Cesar Barros. "Also, we seek to wrest unjust veto powers
from some of them that would have led us to defend the company
from requests to declare bankruptcy," he added.
The company disclosed on June 9 that executives restructured
CLP475 billion (US$1 billion) of overdue credit without the
consent of the more than 400,000 customers involved, triggering
regulatory and criminal probes, according to Bloomberg.
Bondholders agreed June 20 on a waiver of covenants that allows
the company to suspend pre-payments while stockholders approved on
June 22 the sale of US$200 million in new shares that Mr. Barros
said would help make the company viable, the report adds.
Empresas La Polar SA (LAPOLAR) is a retailer based in Chile.
=============
J A M A I C A
=============
* JAMAICA: U.S. Debt Crisis May Affect Economy
----------------------------------------------
RJR News reports that Jamaica could feel some of the effects of
the United States debt crisis, which is threatening to trigger
further turmoil in global financial markets.
One area likely to be hit is the international bond market,
according to RJR News. The report relates that according to
financial analyst, Dennis Chung, the ripple effect will be wide
ranging.
"Interest rates (and) commodity prices would go up. I think we
would see the stock markets overseas fall out, which means that
you'll have less income in the United States and it might even go
as far as Europe and start affecting the European markets and
since they're already in their debt crisis, then it could have a
significant impact. Christine Lagarde, the chief of the
International Monetary Fund has even said herself that if they
don't reach an agreement, it's going to be calamitous. It will
definitely be worse that what happened in 2008," Mr. Chung told
the news agency in an interview.
The U.S. government's authority to borrow more money has expired,
and the country risks a first-ever default on its debt obligations
if Congressional and White House negotiators are unable to agree
on a plan to increase the debt limit by Aug. 2, RJR News
discloses.
* * *
As of May 14, 2011, Jamaica continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short term
debt ratings.
===========
M E X I C O
===========
COPAMEX SA: Fitch Withdraws 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has withdrawn its ratings on Copamex, S.A. de C.V.
(Copamex). Consistent with Fitch's policies, it will no longer
provide analytical coverage of Copamex. The company no longer has
outstanding market debt issuances following last year's
refinancing of its entire debt with a syndicated loan.
Fitch has withdrawn these ratings:
-- Foreign Currency Issuer Default Rating (IDR) 'B+';
-- Local Currency IDR 'B+';
-- National scale long-term rating 'BBB(mex)';
-- National scale short-term rating 'F3(mex)';
-- Short-term local 'Certificados Bursatiles' program
'F3(mex)'.
GRUPO ELEKTRA: Fitch Rates Proposed Senior 2018 Notes 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned these ratings to Grupo Elektra, S.A.B.
de C.V. (Elektra):
-- Foreign and Local Currency Issuer Default Ratings (IDRs)
'BB-';
-- Proposed US$350 million senior notes due 2018 'BB-'.
The proposed notes will be unsecured and have the guarantee of all
non-regulated subsidiaries: Elektra del Milenio, S.A. de C.V.;
Salinas y Rocha, S.A. de C.V.; Comercializadora de Motocicletas de
Calidad, S.A. de C.V.; Inmuebles Ardoma, S.A. de C.V.,
Procuraduria de Cobranza Judicial, S.A. de C.V.; Elektra Guatemala
S.A. de C.V.; Servicios de Telecomunicaciones Viva, S.A. de C.V.;
and GS Distribucion, S.A. de C.V.
Proceeds from the proposed issuance will be used to refinance
existing debt amounting to MXN$3.3 billion (approximately US$$280
million) and general corporate uses, including working capital and
Capex.
Fitch currently rates Grupo Elektra:
-- Long-term National Scale Rating 'A(mex)';
-- Short-term National Scale Rating 'F2(mex)';
-- MXN4,000 million long-term Certificados Bursatiles issuances
(ELEKTRA10, ELEKTRA10-2 y ELEKTRA11) 'A(mex)';
-- MXN5,000 million short- and long-term Certificados
Bursatiles program 'F2(mex)' and 'A(mex)', respectively.
The Rating Outlook is Stable.
Elektra's ratings reflect its operation's geographical
diversification, its market position both in the retail and
finance business, the latter including Banco Azteca (BAZ,; rated
'A(mex)' by Fitch), as well as the strong linkage between both
operations. On the retail side, the ratings are supported by its
market share, being one of the leading chains in its sector, with
considerable brand equity (Elektra), supported by and extensive
retail network across Mexico and, increasingly, in countries such
as Guatemala, Honduras, Panama, El Salvador, Peru, Brazil and
Argentina. Grupo Elektra's retail operations are strongly linked
to those of Banco Azteca, a result of the retail business strategy
of selling on credit. BAZ's credit quality is supported by its
management expertise in consumer credit, asset quality, strong
liquidity and the credit risk of its portfolio.
Fitch believes that the retail operation, by focusing on
consolidating operations under the Elektra banner over the last
few quarters, in introducing new products (motorcycles), and in
diversifying geographically across parts of Latin America, tempers
its business risk (operations in Mexico, both retail and
financial, generate about 87% of the Group's consolidated
revenues). The company competes in a highly competitive market,
in which other participants have increased their footprint.
A better business climate, the discontinuation of low
profitability product lines, and changes in marketing strategies,
have resulted in revenues increasing 13.3% in 2010, above 2009
levels. Operating margins climbed to 15.0%, above the 11.2%
registered the previous year. This is in contrast with the stable
sales and decreasing operating margins between 2007 and 2009.
BAZ's ratings reflect its broad experience and competitive
advantage in consumer finance, the recent recovery in asset
quality and profitability ratios towards historical levels (trends
that Fitch expects to further consolidate in the near future), as
well as an ample, stable and diversified base of core customer
deposits, which allows the bank to maintain robust liquidity. The
ratings also consider the strong growth of its loan portfolio and
management's challenge to sustain recent improvement in its
financial performance amid an increasingly challenging competitive
environment, given the high relative level of operating costs
associated with its business model.
Credit risk is BAZ's major exposure. While commercial loans have
grown considerably in recent years, the portfolio is still mainly
composed of consumer loans (65.6% of total portfolio). Adverse
economic conditions affected its borrowers' payment capacity,
deteriorating its asset quality indicators; however, enhanced
collection efforts and sizable charge-offs allowed the bank to
strengthen its past due loans and coverage ratios (first quarter
2011 (1Q'11): 3.7% and 146.4%, respectively). Commercial loans
(31.8% of total portfolio) are highly concentrated and the 20
largest exposures accounted for 1.8 times (x) equity. In Fitch's
opinion, BAZ has a low risk appetite in its securities portfolio
and at 1Q'11 this was composed of government bonds (66.2%), bank
debt (28.2%), with the balance made of investments in mutual funds
and securities issued by state-owned companies.
BAZ's funding mix and costs remain among its main strengths.
Current customer deposits (96% of total deposits) are highly
diversified and have demonstrated stability through different
phases of the economic cycle. In Fitch's opinion, the high
portion of liquid assets in the securities portfolio and the
stability of deposits are critical factors that significantly
mitigate the bank's liquidity risk.
For the last 12 months (LTM) ended June 30, 2011 and in
consolidated terms, debt to EBITDA (including bank deposits), has
kept constant at 9.9x compared to 10.0x over the same period the
previous year.
Nonetheless, with regard to the retail operation's leverage (which
excludes BAZ and other financial businesses), Fitch estimates that
debt to EBITDA (LTM June 2011) is above 2.0x, slightly higher than
the same period the previous year. Fitch considers that this
ratio could be around 2.5x at the end of 2011, as a result of
additional debt required to finance capex and including the
proposed issuance.
As of June 2011, the retail business' total debt (excluding BAZ
and other financial businesses) amounted to MXN$11.1 billion,
48.5% above the same period in 2010. This debt is made up of bank
loans, debt issuances and structured issuances. Remaining
amortizations for 2011 total MXN$3.9 billion. Elektra has paid
annual dividends of about MXN$350 million and Fitch expects that
this amount will increase moderately. For 2011, total capex will
be about MXN$2 billion, mainly to be used for branch remodeling in
Mexico and point of sales growth.
=====================
P U E R T O R I C O
=====================
AUTOS VEGA: To Have Access to Cash Collateral Until January 2012
----------------------------------------------------------------
Autos Vega, Inc., and secured creditor Reliable Finance Holding
Company ask the U.S. Bankruptcy Court for the District of Puerto
Rico to approve their joint stipulation authorizing Debtor's use
of Reliable's cash collateral, on an interim basis, for the period
commencing on July 6, 2011, through and including Jan. 31, 2012.
The Debtor needs cash collateral for the purchase of new motor
vehicle inventory.
The Debtor will deposit into the Banco Santander account to be
opened all funds received from the sale of vehicles subject to
Reliable's pre- and post-petition liens immediately upon receipt.
The Debtor will pay Reliable the amounts owed on a per-unit basis
on the vehicles sold subject to its liens. Upon payment to
Reliable, the Debtor will transfer any remaining funds to its DIP
account for the Debtor's operational expenses.
As of the Petition Date, the Debtor owed Reliable the principal
amount of US$14,710,558 plus interest and related fees under the
Financing Agreements, as amended. The obligations to Reliable are
secured by substantially all of the Debtor's assets, which
primarily consist of Debtor's inventory of vehicles, and proceeds
thereof, among others.
As adequate protection, the Debtor proposes to grant Reliable
additional collateral, in the form of a post petition pledge of
US$1,000,000, and a postpetition, first priority security interest
on any the vehicles, assets and collateral acquired by the debtor
with the proceeds from Reliable's cash collateral on and after the
petition date. The Debtor will continue making monthly regular
payments on the interest accrued as invoiced by Reliable, and will
pay the expenses as invoiced by Reliable in the ordinary course of
its operations.
The Debtor agrees and ratifies that, if the replacement liens and
other forms of protection described above are inadequate to
protect Reliable's interests, Reliable's claim, including any
unpaid invoices for monthly interest charges and monthly invoices
for expenses, will be entitled to priority under Sections 363(c)
(1) and 507 (b) of the Code over all other expenses of
administration of the estate. Any deficiency will also be secured
by all Pre-Petition collateral.
Finally, Reliable will not consent to the continued use of its
cash collateral unless the Cash Deposit is delivered to Reliable
on or before July 26, 2011, or the date the Bankruptcy Court has
approved the delivery of the Cash Deposit to Reliable, whichever
is later. Therefore, the Debtor will open all required Debtor-in-
Possession bank accounts and the Collateral Clearing Account by
July 26, 2011.
The amount of US$430,133 advanced by Reliable for the purchase of
additional new motor vehicle inventory in the ordinary course of
business from July 6, 2011, to date will be recognized as an
administrative priority expense owing to Reliable, and the Debtor
will provide the appropriate replacement liens or collateral
guarantees as may be necessary to protect Reliable's interest in
said amount prior to the entry of the appropriate Court Order.
The Debtor also asks the Court for authorization to obtain
postpetition secured financing in connection with the increase by
Reliable of the credit line from $10,000,000 to $13,000,000.
Counsel for Reliable may be reached at:
Patrick D. O'Neill, Esq.
Charles P. Gilmore, Esq.
O'NEILL & GILMORE, P.S.C.
Suite 1701, Citibank Towers
252 Ponce de Leon Avenue
San Juan, PR 00918
Tel: (787) 620-0670
Fax: (787) 620-0671
E-mail: pdo@go-law.com
cpg@go-law.com
About Autos Vega
Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011. The case has been
assigned to Judge Sara E. DeJesus Kellogg. The Debtor estimated
its assets and debts at US$10 million to US$50 million.
Antonio A. Arias-Larcada, Esq., and Yarilyn C. Perez-Colon, Esq.,
at McConnell Valdes LLC, in San Juan, Puerto Rico, serve as
counsel to the Debtor. Luis R. Carrasquillo Ruiz, CPA, is the
Debtor's accountant.
AUTOS VEGA: Files Schedules of Assets & Liabilities
---------------------------------------------------
Autos Vega, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico, its schedules of assets and liabilities,
disclosing:
Name of Schedule Assets Liabilities
---------------- ------- -----------
A. Real Property US$0
B. Personal Property $22,959,296
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims US$13,640,998
E. Creditors Holding
Unsecured Priority
Claims $1,657,742
F. Creditors Holding
Unsecured Non-priority
Claims $18,925,582
----------- -------------
TOTAL US$22,959,296 US$34,224,323
About Autos Vega
Autos Vega, Inc., is a car dealer and automotive parts wholesaler
based in San Juan, Puerto Rico. The Company filed for Chapter 11
bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on
July 6, 2011. The case has been assigned to Judge Sara E. De
Jesus Kellogg. The Debtor estimated its assets and debts at US$10
million to US$50 million.
Antonio A. Arias-Larcada, Esq., at McConnell Valdes LLC, in San
Juan, Puerto Rico -- aaa@mcvpr.com -- serves a counsel to the
Debtor. Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.
CARIBBEAN PETROLEUM: Settles Interstate PR-22 Dispute
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved a
settlement and release agreement dated May 17, 2011, among
Caribbean Petroleum Corporation and its debtor affiliates, Puma
Energy Caribe, LLC, Puerto Nuevo Development Corp., Jupiter
Property Management, LLC, and Jupiter Property Management, Inc.
The settlement will resolve the disputes related to the ownership
of a strip of approximately six acres of land located on the south
side of Interstate PR-22 in Puerto Rico and the claims related to
the subject property.
The consideration to be paid by Puma to Puerto Nuevo under the
agreement and release of claims related to the subject property is
fair, equitable, and reasonable.
In an effort to avoid the substantial risk, expense, and burden of
further and additional disputes and ongoing litigation in Puerto
Rico, with respect to the subject property, the Debtors, Puma and
Puerto Nuevo engaged in extensive, good faith negotiations to
settle, resolve and terminate any and all disputes and obligations
arising from, related to the subject property and the claims
related thereto.
The key terms of the agreement includes:
-- On the effective date, (a) any interest or claim of Puerto
Nuevo in the subject property will be deemed irrevocably waived
and released to the Debtors; and (b) any interest or claims
that Puerto Nuevo may have in the subject property will be
deemed automatically and irrevocably transferred to the Debtors
without the need to execute any other document.
-- On the effective date, (a) any interest of the Debtors in
funds held in escrow in connection with the pending actions
will be deemed waived and released to Puerto Nuevo; and (b) any
interest or claim that the Debtors may have in such funds will
be deemed automatically transferred to Puerto Nuevo without the
need to execute any other document. The subject property will
then be transferred to Puma as an acquired asset pursuant to
the asset purchase agreement for no further consideration. The
parties to the agreement have further agreed to take all
actions necessary to further document and formalize the waiver
and transfer.
-- In exchange for the waiver and transfer of the subject
property, Puerto Nuevo will receive: (a) payment of $300,000 in
immediately available funds from Puma on the effective date; or
(b) receipt and transfer of the specified escrowed funds; and
(c) the release specifically set forth in the agreement.
-- The effective date of the agreement will be the date on
which the cash payment to be made by Puma is received by Puerto
Nuevo.
-- Within 10 days of the effective date, Puerto Nuevo and the
Debtors will execute and file the appropriate court papers
dismissing with prejudice the pending actions, and such
dismissal will direct that, as between the parties, all
escrowed funds that are to be released at any time thereafter
will be paid to Puerto Nuevo.
-- on the effective date, any and all proofs of claim, requests
for payment of administrative expenses, and claims of any other
kinds or priority filed otherwise held by Puerto Nuevo relating
to the subject property will be deemed released, dismissed and
otherwise expunged.
About Caribbean Petroleum Corporation
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products. Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations. The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.
John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., of Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors. Mark D.
Collins, Esq., and Jason M. Madron, Esq., of Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc. The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc. Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.
In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million. Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.
This is Caribbean Petroleum's second stint in Chapter 11.
Fourth Amended Joint Plan of Liquidation for
Caribbean Petroleum Corp. and its debtor affiliates effective on
June 3, 2011.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Black Sand Bids for Lascelles de Mercado
------------------------------------------------------
Trinidad Express reports that St. Lucia-registered business
company, Black Sand Acquisition, made a bid on July 29, 2011, to
take over Lascelles de Mercado & Company. Lascelles de Mercado is
controlled by CL Spirits, a subsidiary of CL Financial Limited.
Trinidad Express notes that Black Sand plans to acquire 90% of
Lascelles de Mercado's ordinary shares, all its 6% preference
shares and its 15% preference shares. Lascelles de Mercado's
shares are traded on the Jamaican Stock Exchange.
In a statement from Jamaica-based Pan Caribbean Financial Services
Ltd, the principal broker of the bid, Black Sand said Lascelles
shareholders US$3.86 each for ordinary shares and US$0.29 for its
six-per-cent preference shares and US$0.23 for its 15-per-cent
preference shares.
The offer launched on July 29, and will close on September 19.
As reported in the Troubled Company Reporter-Europe on Aug. 1,
2011, RJR News said that Lascelles de Mercardo former boss William
McConnell will lead Black Sand in the takeover. RJR News related
that Black Sand said it's seeking to take over the company because
it believes the future of the company is in serious jeopardy.
CL Spirits defaulted on US$342 million of notes issued in Trinidad
and Tobago and Jamaica that are secured by a pledge of CL
Financial's shares in Lascelles de Mercado, Black Sand said in a
statement obtained by Trinidad Express. "Given the continued
uncertainty of repayment of all of CL's creditors...as well as
recent corporate actions taken by the CL-controlled board of
directors of the company, it is our belief that the future of the
company is now in serious jeopardy," the statement 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.
=================
V E N E Z U E L A
=================
* VENEZUELA: Fitch Rates US$4200 Million Global Bond 'B+'
---------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'B+' to the Bolivarian Republic of Venezuela US$4200 million
Global bond (11.95% coupon) maturing in 2031.
The rating is in line with Venezuela's foreign currency Issuer
Default Rating (IDR). Venezuela's ratings are underpinned by its
manageable debt service profile, relative financing flexibility
and good record of servicing debt even under political and
economic stress in recent years. In addition to international
reserves, the sovereign has sizable foreign currency liquid assets
that could be used for debt service.
Venezuela's credit strengths are balanced by a volatile
macroeconomic performance and an exchange regime that leads to
lower growth, higher inflation and the deterioration of external
credit metrics. The importance of international oil prices for
external and public accounts has increased in recent years. At
the same time, there is limited transparency regarding the
administration and use of the government's financial assets as
well as the 'oil and devaluation related' windfalls.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
SOC COMERCIAL PL COMED AR 175824387.4 -338338057
SOC COMERCIAL PL CAD IX 175824387.4 -338338057
SOC COMERCIAL PL COMEC AR 175824387.4 -338338057
SOC COMERCIAL PL CADN SW 175824387.4 -338338057
COMERCIAL PLA-BL COMEB AR 175824387.4 -338338057
SOC COMERCIAL PL CADN EO 175824387.4 -338338057
SOC COMERCIAL PL CADN EU 175824387.4 -338338057
COMERCIAL PL-ADR SCPDS LI 175824387.4 -338338057
SOC COMERCIAL PL COME AR 175824387.4 -338338057
SOC COMERCIAL PL CVVIF US 175824387.4 -338338057
SOC COMERCIAL PL SCDPF US 175824387.4 -338338057
SOCOTHERM-SP ADR SOCOY US 101075648.4 -3157975.35
SOCOTHERM-5 VT-A STHE5 AR 101075648.4 -3157975.35
SOCOTHERM SA-B STHE AR 101075648.4 -3157975.35
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
SNIAFA SA SNIA AR 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
BELIZE
VARIG SA VARGON BZ 966298025.5 -4695211316
VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316
VARIG SA VAGV3 BZ 966298025.5 -4695211316
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
LAEP INVESTMENTS LEAP LX 439175081.9 -60172005
LAEP-BDR MILK11 BZ 439175081.9 -60172005
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
DOCA INVESTIMENT DOCA3 BZ 354715604.5 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604.5 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604.5 -119368960
DOCAS SA DOCAON BZ 354715604.5 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604.5 -119368960
BATTISTELLA BTTL3 BZ 349898178.9 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898178.9 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898178.9 -3135090.39
BATTISTELLA-PREF BTTL4 BZ 349898178.9 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898178.9 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898178.9 -3135090.39
BOMBRIL-RIGHTS BOBR1 BZ 316331264.9 -123554206
BOMBRIL BMBBF US 316331264.9 -123554206
BOMBRIL SA-ADR BMBBY US 316331264.9 -123554206
BOMBRIL-PREF BOBR4 BZ 316331264.9 -123554206
BOMBRIL BOBR3 BZ 316331264.9 -123554206
BOMBRIL SA-ADR BMBPY US 316331264.9 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331264.9 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331264.9 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331264.9 -123554206
TELEBRAS-CED C/E TEL4C AR 280204646.3 -21109882.4
TELEBRAS-ADR TBH US 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCTB4 AR 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCT4D AR 280204646.3 -21109882.4
TELEBRAS-CEDEA $ TEL4D AR 280204646.3 -21109882.4
TELEBRAS-ADR TBAPY US 280204646.3 -21109882.4
TELEBRAS-ADR TBASY US 280204646.3 -21109882.4
TELEBRAS-CM RCPT TBRTF US 280204646.3 -21109882.4
TELEBRAS SA TELB3 BZ 280204646.3 -21109882.4
TELEBRAS SA-PREF TELB4 BZ 280204646.3 -21109882.4
TELEBRAS-COM RT TELB1 BZ 280204646.3 -21109882.4
TELEBRAS-PF BLCK TELB40 BZ 280204646.3 -21109882.4
TELEBRAS-RTS PRF RCTB2 BZ 280204646.3 -21109882.4
TELEBRAS-RTS PRF TLCP2 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB42 BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB32 BZ 280204646.3 -21109882.4
TELEBRAS-ADR TBX GR 280204646.3 -21109882.4
TELEBRAS SA TLBRON BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB30 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TLBRUP BZ 280204646.3 -21109882.4
TELEBRAS-CEDE BL RCT4B AR 280204646.3 -21109882.4
TELEBRAS-CEDE PF TELB4 AR 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB31 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT CBRZF US 280204646.3 -21109882.4
TELEBRAS SA-PREF TLBRPN BZ 280204646.3 -21109882.4
TELEBRAS-RECEIPT TLBRUO BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT TELE31 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB40 BZ 280204646.3 -21109882.4
TELEBRAS-RCT PRF TELB10 BZ 280204646.3 -21109882.4
TELEBRAS/W-I-ADR TBH-W US 280204646.3 -21109882.4
TELEBRAS-RTS CMN TCLP1 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TBAPF US 280204646.3 -21109882.4
TELEBRAS SA-RT TELB9 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB41 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TELE41 BZ 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCT4C AR 280204646.3 -21109882.4
TELECOMUNICA-ADR 81370Z BZ 280204646.3 -21109882.4
TELEBRAS-BLOCK TELB30 BZ 280204646.3 -21109882.4
TELEBRAS-RCT RCTB33 BZ 280204646.3 -21109882.4
TELEBRAS-ADR TBRAY GR 280204646.3 -21109882.4
TELEBRAS SA TBASF US 280204646.3 -21109882.4
TELEBRAS-ADR RTB US 280204646.3 -21109882.4
TELEBRAS-RTS CMN RCTB1 BZ 280204646.3 -21109882.4
HOTEIS OTHON SA HOTHON BZ 255036149.9 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036149.9 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036149.9 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036149.9 -42606769.7
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PET MANG-RIGHTS 3678569Q BZ 231024467.2 -184606117
PET MANG-RT RPMG2 BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467.2 -184606117
PET MANG-RT 4115360Q BZ 231024467.2 -184606117
PETRO MANGUINHOS MANGON BZ 231024467.2 -184606117
PET MANG-RT RPMG1 BZ 231024467.2 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467.2 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467.2 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467.2 -184606117
PET MANG-RT 4115364Q BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467.2 -184606117
SANSUY-PREF B SNSY6 BZ 200809364.6 -115213257
SANSUY SNSY3 BZ 200809364.6 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809364.6 -115213257
SANSUY SA SNSYON BZ 200809364.6 -115213257
SANSUY-PREF A SNSY5 BZ 200809364.6 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809364.6 -115213257
BALADARE BLDR3 BZ 159454015.9 -52992212.8
DHB IND E COM-PR DHBPN BZ 151796583.3 -160270949
D H B-PREF DHBI4 BZ 151796583.3 -160270949
DHB IND E COM DHBON BZ 151796583.3 -160270949
D H B DHBI3 BZ 151796583.3 -160270949
FABRICA TECID-RT FTRX1 BZ 109683743.8 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683743.8 -48836146.4
FABRICA RENAUX-P FTRX4 BZ 109683743.8 -48836146.4
FABRICA RENAUX FRNXON BZ 109683743.8 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683743.8 -48836146.4
WETZEL SA-PREF MWELPN BZ 100017711.4 -5359345.82
WETZEL SA MWET3 BZ 100017711.4 -5359345.82
WETZEL SA MWELON BZ 100017711.4 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711.4 -5359345.82
DOCAS IMBITUBA IMBION BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064.5 -42592602.5
DOC IMBITUBA-RTC 8174503Q BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064.5 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064.5 -42592602.5
DOC IMBITUBA IMBI3 BZ 96977064.5 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064.5 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT 9866923Q BZ 96977064.5 -42592602.5
ESTRELA SA-PREF ESTR4 BZ 89585906.2 -80761486.8
ESTRELA SA ESTR3 BZ 89585906.2 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906.2 -80761486.8
ESTRELA SA ESTRON BZ 89585906.2 -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 83017828.56 -495721700
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721700
RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXPN BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXON BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -103943206
RENAUXVIEW SA TXRX3 BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -103943206
SCHLOSSER SA-PRF SCHPN BZ 73036749.69 -34357832.6
SCHLOSSER SCLO3 BZ 73036749.69 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036749.69 -34357832.6
SCHLOSSER SA SCHON BZ 73036749.69 -34357832.6
MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823.4
MINUPAR MNPR3 BZ 63144533.79 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144533.79 -60655823.4
MINUPAR SA MNPRON BZ 63144533.79 -60655823.4
MINUPAR-RT MNPR1 BZ 63144533.79 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823.4
MINUPAR-RT 9314542Q BZ 63144533.79 -60655823.4
IGB ELETRONICA IGBR3 BZ 61088977.95 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088977.95 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088977.95 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088977.95 -282692297
GRADIENTE ELETR IGBON BZ 61088977.95 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088977.95 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088977.95 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088977.95 -282692297
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
WIEST WISA3 BZ 34108201.43 -126997429
WIEST-PREF WISA4 BZ 34108201.43 -126997429
WIEST SA-PREF WISAPN BZ 34108201.43 -126997429
WIEST SA WISAON BZ 34108201.43 -126997429
RECRUSUL - RT RCSL2 BZ 31427766.04 -30307605.7
RECRUSUL RCSL3 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766.04 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766.04 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766.04 -30307605.7
RECRUSUL SA RESLON BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766.04 -30307605.7
SANESALTO SNST3 BZ 31044053.25 -1843297.83
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
STAROUP SA STARON BZ 27663604.95 -7174512.03
CONST BETER-PR A COBEAN BZ 25469474.32 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474.32 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474.32 -4918659.9
CONST BETER SA COBE3 BZ 25469474.32 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474.32 -4918659.9
CONST BETER SA COBEON BZ 25469474.32 -4918659.9
CONST BETER SA 1COBON BZ 25469474.32 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474.32 -4918659.9
CONST BETER SA 1007Q BZ 25469474.32 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474.32 -4918659.9
CONST BETER SA COBE3B BZ 25469474.32 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474.32 -4918659.9
FER HAGA-PREF HAGA4 BZ 23732827.38 -65883555.8
FERRAGENS HAGA HAGAON BZ 23732827.38 -65883555.8
FERRAGENS HAGA-P HAGAPN BZ 23732827.38 -65883555.8
HAGA HAGA3 BZ 23732827.38 -65883555.8
ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051.4 -8699861.07
STEEL - RT STLB1 BZ 23040051.4 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07
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 21097369.71 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097369.71 -903951461
CAFE BRASILIA SA CSBRON BZ 21097369.71 -903951461
CAF BRASILIA CAFE3 BZ 21097369.71 -903951461
TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1
TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1
NORDON METAL NORDON BZ 15354597.14 -26859636.7
NORDON MET NORD3 BZ 15354597.14 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597.14 -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 14300741.22 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741.22 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741.22 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741.22 -46729432.5
HERCULES HETA3 BZ 12689117.49 -170680899
HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899
HERCULES-PREF HETA4 BZ 12689117.49 -170680899
HERCULES SA HERTON BZ 12689117.49 -170680899
GAZOLA GAZO3 BZ 12452144.11 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144.11 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144.11 -40298531.2
GAZOLA SA GAZON BZ 12452144.11 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144.11 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144.11 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144.11 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144.11 -40298531.2
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599104 -50416404
TELMEX CORP-ADR CSAOY US 1156945109 -122555290
CHILESAT CORP SA TELEX CI 1156945109 -122555290
CLARO COM SA CHILESAT CI 1156945109 -122555290
TELEX-A TELEXA CI 1156945109 -122555290
CHILESAT CO-ADR TL US 1156945109 -122555290
TELEX-RTS TELEXO CI 1156945109 -122555290
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290
PUERTO RICO
TEXTIL SAN CRI-C SNCRISC1 PE 59428057.88 -8824587.31
TEXTIL SAN CRI-C SNCR/C PE 59428057.88 -8824587.31
***********
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 * * *