/raid1/www/Hosts/bankrupt/TCRLA_Public/110809.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 9, 2011, Vol. 12, No. 156
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Liquidators Win Bid to Get US$20MM in U.K. Assets
B R A Z I L
BANCO BVA: Fitch Affirms Foreign Currency IDR at 'B-'
BANCO PINE: Fitch Affirms LT Issuer Default Rating at 'BB-'
INVEPAR: Fitch Assigns 'BB-' Issuer Default Ratings
OURINVEST: Moody's Withdraws (P)Ba2(sf) LC Rating of Sr. Shares
C A Y M A N I S L A N D S
CARNAUBA FUND CLASS E: Shareholders' Final Meeting Set for Aug. 31
CARNAUBA FUND CLASS S: Shareholders' Final Meeting Set for Aug. 31
CIGMA ABSOLUTE: Shareholder Receives Wind-Up Report
CIGMA CHINA: Shareholder Receives Wind-Up Report
CIGMA GLOBAL: Shareholder Receives Wind-Up Report
EPIC CAPITAL: Shareholders' Final Meeting Set for August 19
FOUNDERS CORPORATION: Shareholders' Final Meeting Set for Aug. 16
FRANCK MULTI-ADVISOR CLASS E: Final Meeting Set for August 31
FRANCK MULTI-ADVISOR CLASS S: Final Meeting Set for August 31
ONEWAVE INC: Shareholders' Final Meeting Set for August 9
ONEWAVE LIMITED: Shareholders' Final Meeting Set for August 16
PAN CHINA: Shareholders' Final Meeting Set for August 9
PEQUOT COSMOS OFFSHORE: Shareholders' Final Meeting Set for Aug 19
PEQUOT COSMOS MASTER: Shareholders' Final Meeting Set for Aug. 19
PONTIS LTD: Shareholders' Final Meeting Set for August 19
T R I N I D A D & T O B A G O
CL FINANCIAL: CLICO Pays Millions to Two Regional Banks
X X X X X X X X
* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
* 15 Companies in S&P List of Defaulters in Second Quarter
* Large Companies With Insolvent Balance Sheets
- - - - -
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A N T I G U A & B A R B U D A
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STANFORD INT'L: Liquidators Win Bid to Get US$20MM in U.K. Assets
-----------------------------------------------------------------
Kit Chellel at Bloomberg News reports that London's Central
Criminal Court Judge Elizabeth Gloster ordered the release of
US$20 million of Stanford International Bank Limited assets frozen
in the United Kingdom, with US$5 million to be made available to
Grant Thornton, liquidators of the Antigua-based bank. The bank
is the center of a multi-billion Ponzi scheme allegedly
orchestrated by its owner Robert Allen Stanford, who is currently
in jail facing criminal and civil charges.
Grant Thornton said it will use the money to fund lawsuits against
banks and advisers who worked with Stanford International Bank,
according to Bloomberg. The report relates that Grant Thornton
lawyers said the accounting firm also hopes to clawback funds from
investors who profited from the alleged fraud.
As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2011, The Financial Times said Grant Thornton made an
application for US$20 million to be released from an estimated
US$100 million of assets frozen in the United Kingdom so they can
help recover other assets for victims of Mr. Stanford's alleged
Ponzi scheme. The court heard that the liquidators would make use
of the funds for lawsuits and to help manage and market property
assets in the West Indies, according to The Financial Times. The
report noted that the liquidators' application was opposed by
lawyers for the United Kingdom Serious Fraud Office (SFO) on
behalf of the U.S. Department of Justice (DOJ) that said the money
should ultimately be repatriated to the U.S. The Financial Times
recalled that the assets, mostly invested in hedge funds, were
frozen after an earlier Court of Appeal ruling.
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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B R A Z I L
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BANCO BVA: Fitch Affirms Foreign Currency IDR at 'B-'
-----------------------------------------------------
Fitch Ratings has affirmed these ratings for Banco BVA S.A.(BVA):
-- Foreign currency Issuer Default Rating (IDR) at 'B-';
Outlook Stable;
-- Short-term foreign currency IDR at 'B';
-- Local currency IDR at 'B-'; Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Individual rating at 'D/E';
-- Viability rating at 'b-';
-- Support rating at '5';
-- Support rating floor at 'No floor';
-- National long-term rating at 'BB(bra)'; Outlook Stable;
-- National short-term rating at 'B(bra)';
-- Senior unsecured Debt at 'B-/RR4'.
BVA's ratings reflect its guarantee's follow-up controls, wide
expertise over its medium and small customer's portfolios, and
acceptable liquidity. However, they also consider its high
leverage, considerable concentration of assets and liabilities,
the bank's overall revenue generation dependency on credit
origination, low products and regional diversification, fast
growth in recent years and small size.
After being able to sustain a stable deposits base during the 2008
crisis, albeit with reduced profitability due to lower credit
origination, BVA has tripled its credit portfolio, following the
resumption of Brazil's GDP growth since 2H'09. Nonetheless, Fitch
notes that the bank's provisioning coverage decreased along with
this aggressive growth. Its focus continues to be on Middle
Market companies, offering plain vanilla credits facilities,
primarily Cedulas de Credito Bancario (CCBs), which are
securitizable, receivables discount and other financial services.
The bank has lengthened its credit portfolio considerably since
2008, mainly with funding from corporate and individual
depositors, and sales of portfolios to other securitization
vehicles (FDICs). BVA is using close to 100% of its DPGE issuance
limit (BRL577 million in December 2010) set by Brazil's Central
Bank (Bacen) and, therefore, has low room for further deposits
lengthening through the use of this facility, which represent 19%
of total deposits.
BVA's asset quality indicators are distorted by the fast loan
growth in recent years. BVA reduced its credit portfolio growth
from 242% in 2009 to a still aggressive 68% in 2010, while NPLs as
a share of total loans grew to 5.25% in FY10, from 3.9% in FY09.
Thus, Fitch notes that the real quality of BVA's portfolio will be
known only after it is seasoned, which might occur in 2011 and
2012 following economic tightening from the government.
BVA's results have improved in 2009 and 2010, as lower Net
Interest Margins due to growing competition were compensated by
higher revenues from CCB issuances (BRL 245 million in 2010 and
BRL243 million in 2009), which only occur when new credits are
originated.
From 2008 to 1Q'11, BVA received capital injections of BRL338
million and paid no dividends in order to support its growth.
However, given BVA' hybrid instruments which Fitch deducted on its
Fitch core capital ratio, of 11.6% in 1Q'11 (7.4% in 2010), the
agency highlights BVA's elevated leverage.
Slower portfolio growth, increasing funding sources, as well as
funding tenor and costs, aligned with an improvement in Fitch Core
Capital to closer to peer average (provided asset quality remains
stable), could trigger an upgrade. Further deterioration on these
aspects could trigger a downgrade.
Fitch believes BVA would seek support from its shareholders in
case of difficulties. Nevertheless, Fitch believes this support
is possible but not certain, even though some capital injections
were made by shareholders recently.
Launched in 1994, and based in Sao Paulo, BVA focuses its
activities on middle market companies with sales mostly
concentrated in the local market.
BANCO PINE: Fitch Affirms LT Issuer Default Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Pine S.A. (Pine):
-- Long-term Issuer Default Rating (IDR) at 'BB-'; Stable
Outlook;
-- Short-term IDR at 'B';
-- Local currency Long-Term IDR at 'BB-'; Stable Outlook;
-- Local currency Short-Term IDR at 'B';
-- Individual rating at 'C/D';
-- Viability rating at 'bb-'
-- Support rating at '5';
-- Support rating Floor 'NF'
-- National long-term rating at 'A(bra)'; Stable Outlook;
-- National short-term rating at 'F1(bra)'
-- Banco Pine S.A. USD 125million Subordinated notes at 'B'.
Fitch also withdraws its expected rating of 'BB-(exp)' that was
previously assigned to an expected Senior Unsecured Note issuance
that was postponed by the issuer prior to the issuance.
The above ratings reflect Pine's continued strengthening of its
position in its operating niche which focuses primarily on upper
middle and low corporate segments, its focused strategy further
improved profitability through the cross selling of products other
than loans which now represent over 30% of revenues, its strong
asset quality and conservative provisioning, its liquidity and
greater diversification of funding sources.
The bank's ratings are driven by the Viability Rating that
reflects the above mentioned strengths and also takes into account
the still concentrated funding and capital base that is slightly
inferior to its peers.
Fitch continues to be comfortable with regard to Pine's strategy,
risk management controls and systems combined with its
conservative provisioning. Also the continuous diversification of
its revenue mix is a positive trend. Pine has shown a healthy
growth in its loan portfolio while maintaining asset quality. It
faces the challenge of maintaining performance consistency in view
of the expected greater competition stemming from banks that are
increasing their focus to the middle-market corporate segment.
Despite recent improvements, funding diversification and the
maintenance of a stronger capital base are other challenges for
the bank. The bank has been able to access alternative sources of
funding; however, its funding still remains concentrated. In
addition, high dividend payout ratios have reduced Fitch Core
Capital to 13.6%, reflecting a slightly weaker capital base. As of
March 31, 2011 Pine's total regulatory capital BIS ratio was
17.1%.
A more diversified funding base and a more comfortable Tier I
capital ratio combined with the continuation of favorable
liquidity, asset quality and profitability could lead to an
improvement in the ratings.
Founded in 1997, Pine is controlled by Noberto Pinheiro and is
listed on the Sao Paulo stock exchange (Bovespa) since 2007. The
bank operates through 10 branches and focuses its activities to
middle-market companies, especially the upper-middle and low
corporate segments (whose net sales exceed BRL500 million).
INVEPAR: Fitch Assigns 'BB-' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'BB-' to Investimentos e Participacoes
em Infraestrutura S.A. (Invepar). Fitch has also assigned Invepar
a Long-Term National Scale Rating of 'A(bra)'. The Rating Outlook
is Stable.
These ratings reflect the group's solid business profile, based on
a diversified portfolio of strong cash-generating assets in the
Brazilian infrastructure sector. Invepar's ratings are also based
on the robust and already proven financial support capacity of its
main shareholders, which include the largest pension funds in the
country.
The ratings are constrained by the company's highly leveraged
capital structure, resulting from a high level of investments.
The company has a weak liquidity position. The ratings
incorporate Fitch's expectations that Invepar will be successful
in rolling over its short-term debt.
Invepar's asset portfolio comprises: control of Concessao
Metroviaria do Rio de Janeiro S.A. (Metro Rio), which accounted
for around 48% of pro forma EBITDA and 63% of pro forma debt in
2010; Linha Amarela S/A - LAMSA (Lamsa), which accounted for
around 32% of the pro forma EBITDA and 4.5% of pro forma debt;
Concessionaria Litoral Norte S.A. (CLN) (approximately 2% of pro
forma EBITDA and 1% of the pro forma debt); and Concessionaria
Auto Raposo Tavares (CART) (around 15% of pro forma EBITDA and 29%
of pro forma debt). The latter three companies are toll road
companies.
Invepar's portfolio also includes two joint ventures with the
Odebrecht group (50% participation): Concessionaria Bahia Norte
S.A. (CBN) and Concessionaria Rota do Atlantico S.A. (Rota do
Atlantico), which are still pre-operational, and a 24.9%
participation in Concessionaria Rio Teresopolis S.A. (CRT).
Adequate Business Profile Sustains the Group's Fund Generating
Capacity
Invepar's business profile benefits from its strong and
diversified portfolio of assets in the toll road and public
transportation sectors. These businesses offer relatively
predictable cash flows. For the latest 12 months (LTM) ended
March 31, 2011, Invepar generated BRL329 million of consolidated
EBITDA and BRL193 million of cash flow from operations (CFFO).
Fitch expects Invepar's EBITDA to climb to about BRL400 million
during 2011. Invepar's consolidated free cash flow (FCF) has been
negative since 2009, due to a high level of investments. During
2009 and 2010, the group invested about BRL2.9 billion in new
projects, resulting in negative FCF of about BRL1.7 billion in
2009 and BRL796 million in 2010. Investments of around BRL2.7
billion until 2015 should continue to pressure the group's cash
flow and will lead to additional debt.
Commitment of Invepar Shareholders Supports the Group's Financial
Flexibility
Invepar is controlled by Previ, Funcef and Petros, the three
largest pension funds in Brazil, and by group OAS, one of the
largest of the heavy construction companies in the country. Since
2009, they have jointly injected around BRL1.73 billion of cash
into Invepar, through capital increases (BRL1.4 billion) and the
subscription of debentures (BRL338 million). Determining factors
for the assigned ratings were the high financial support capacity
of Invepar's shareholders and their proven support for Invepar.
This support has allowed the company to expand its operations.
Aggressive Volume of Investments Should Maintain High Leverage
Invepar's consolidated leverage is high for the rating category;
most of it is associated with projects under development. The
risk of high leverage is partially mitigated by the historical
support from shareholders, as well as by the potential capacity of
future cash generation by the company from projects under
development. On a consolidated basis, the company reported
leverage, as measured by the ratio of net debt/EBITDA, of 7.0
times (x) for the LTM ended March 31, 2011. During this period,
total consolidated debt was BRL2.4 billion, while cash and
marketable securities was BRL132 million. At the holding company
level, total debt was BRL481 million, with BRL54 million falling
due in the next 12 months. Cash was low at BRL6 million. The
company has already contracted long-term financing in order to
roll over its short-term debt, and a few others credit lines are
being contracted, which helps to mitigate refinancing risks.
Debt Service Coverage Ratio at the Holding Company is Manageable
In 2010, Invepar covered debt service at the holding company by a
ratio of 4.5x through dividends received from Lamsa and interest
received on a debenture issued by Metro Rio, which was acquired by
Invepar. Fitch projects this ratio to weaken to about 1.2x by
2012, when the company starts to amortize long-term debt. This
coverage metric could fall below 1.0x if only the dividend from
Lamsa was considered. Currently, the cash flow from Metro Rio is
under pressure due to significant investments.
Key Rating Drivers
A potential rating upgrade may take place in the case of
consistent improvement in consolidated credit measures and a
sustained improvement in the company's liquidity position. The
ratings might be lowered if shareholders do not continue
supporting the company through capital injections. The ratings
may also be downgraded if the performance of the group's operating
subsidiaries deteriorates. Increases of consolidated leverage
ratios above those initially estimated by Fitch could also lead to
negative rating action, as would large investments or acquisitions
not anticipated by Fitch.
OURINVEST: Moody's Withdraws (P)Ba2(sf) LC Rating of Sr. Shares
---------------------------------------------------------------
Moody's America Latina has withdrawn the definitive ratings of the
senior shares of Ourinvest Fundo de Investimento em Direitos
Creditorios Financeiros -- Suppliercard ("Ourinvest FIDC --
Suppliercard").
Details on the relevant notes are provided below:
Issuer: Ourinvest FIDC - Suppliercard
Senior Shares, Withdrawn; previously on Feb 15, 2007 assigned
preliminary ratings of (P) Ba2 (sf) (Global Scale, Local Currency)
and (P) Aa2.br (sf) (National Scale, Local Currency)
Senior Shares, Withdrawn; previously on Dec 21, 2007 assigned
definitive ratings of Ba2 (sf) (Global Scale, Local Currency) and
Aa2.br (sf) (National Scale, Local Currency)
===========================
C A Y M A N I S L A N D S
===========================
CARNAUBA FUND CLASS E: Shareholders' Final Meeting Set for Aug. 31
------------------------------------------------------------------
The shareholders of The Carnauba Fund-Class E will hold their
final meeting on August 31, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
CARNAUBA FUND CLASS S: Shareholders' Final Meeting Set for Aug. 31
------------------------------------------------------------------
The shareholders of The Carnauba Fund-Class S will hold their
final meeting on August 31, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
CIGMA ABSOLUTE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Cigma Absolute Strategies Fund received on
August 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Barry Wang Chi Lau
Telephone: (852) 2217 3487
Facsimile: (345) 949-9877
89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
CIGMA CHINA: Shareholder Receives Wind-Up Report
------------------------------------------------
The sole shareholder of Cigma China Evolution Fund Limited
received on August 8, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Barry Wang Chi Lau
Telephone: (852) 2217 3487
Facsimile: (345) 949-9877
89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
CIGMA GLOBAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Cigma Global Strategies Fund received on
August 8, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Barry Wang Chi Lau
Telephone: (852) 2217 3487
Facsimile: (345) 949-9877
89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
EPIC CAPITAL: Shareholders' Final Meeting Set for August 19
-----------------------------------------------------------
The shareholders of Epic Capital Offshore Inc. will hold their
final meeting on August 19, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
FOUNDERS CORPORATION: Shareholders' Final Meeting Set for Aug. 16
-----------------------------------------------------------------
The shareholders of Founders Corporation will hold their final
meeting on August 16, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Kazuhiko Yoshida
15A, Taggart, 109 Repulse Bay Road
Hong Kong
Telephone: (852) 2528 5016
Facsimile: (852) 2528 5020
FRANCK MULTI-ADVISOR CLASS E: Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Franck Multi-Advisor Growth-Class E will hold
their final meeting on August 31, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
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 CLASS S: Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Franck Multi-Advisor Growth-Class S will hold
their final meeting on August 31, 2011, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
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
ONEWAVE INC: Shareholders' Final Meeting Set for August 9
---------------------------------------------------------
The shareholders of Onewave Inc. will hold their final meeting on
August 9, 2011, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814 7366
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
ONEWAVE LIMITED: Shareholders' Final Meeting Set for August 16
--------------------------------------------------------------
The shareholders of Onewave Limited will hold their final meeting
on August 16, 2011, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Sun Yilang
Telephone: (86 21) 6142 1822
Facsimile: (86 21) 6181 8388
Mirae Asset Tower, 6th Floor
No. 166, Lujiazui Ring Rd.
Shanghai, PRC 200120
PAN CHINA: Shareholders' Final Meeting Set for August 9
-------------------------------------------------------
The shareholders of Pan China Land (Holdings) Corporation will
hold their final meeting on August 9, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814 7366
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
PEQUOT COSMOS OFFSHORE: Shareholders' Final Meeting Set for Aug 19
------------------------------------------------------------------
The shareholders of Pequot Cosmos Offshore Fund, Ltd. will hold
their final meeting on August 19, 2011, at 11:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
PEQUOT COSMOS MASTER: Shareholders' Final Meeting Set for Aug. 19
-----------------------------------------------------------------
The shareholders of Pequot Cosmos Master Fund, Ltd. will hold
their final meeting on August 19, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
PONTIS LTD: Shareholders' Final Meeting Set for August 19
---------------------------------------------------------
The shareholders of Pontis Ltd. will hold their final meeting on
August 19, 2011, at 10:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: CLICO Pays Millions to Two Regional Banks
-------------------------------------------------------
Jada Loutoo at Trinidad & Tobago Newsday reports that Colonial
Life Insurance Company (Trinidad) Limited (CLICO) has paid out
millions to regional banks, Bank of Nevis (BN) and Bank of Nevis
International (BNI) Limited, after a default judgment was entered
against the company in the local courts. CLICO is a subsidiary of
CL Financial Limited.
CLICO had been taken to court by the two regional banks for the
full repayment of all outstanding principal, and interest
payments, according to T&T Newsday. The report relates that both
banks held Executive Flexible Premium Annuity policies.
T&T Newsday notes that the banks' lawsuits were dated May 17,
2010, and judgment was awarded in default of appearance by Clico's
attorneys on June 14, 2010.
The court ordered Clico to pay BNI the sum of GBP550,003,
EUR851,189, and US$2,000,010, and BN GBP150,002 and EUR200,000,
T&T Newsday discloses. The insurance company was placed under
direct control of the Central Bank in 2009.
The report notes that on July 8, 2010, Central Bank filed an
application seeking to have the default judgment set aside. As
part of its argument, T&T Newsday relates, Clico maintained that
BNI was not entitled to the payment of the US$$2,000,010 sum under
the EFPA policy as the guaranteed interests rate was 2%, and not
8%, as the bank sought to surrender the EFPA on March 17, 2010,
and not March 18, 2010, which was the calculated maturity date for
the policy.
T&T Newsday discloses that in an apparent change of heart, Clico
was given leave on October 10, 2010, to withdraw its objection to
the default judgment, and agreed to pay. According to the banks'
consolidated financial statements for the year ended June 30,
2010, noted that at the time of approval of the statements, all
payments had been honored.
This about turn by Clico is now troubling EFPA policyholders, who
are now questioning a recent decision by Finance Minister Winston
Dookeran, to appeal a similar judgment of the high court that
compelled the insurance company to pay six EFPA policy holders
more than TT$58.7 million, T&T Newsday relates.
As reported in the Troubled Company Reporter-Latin America on
July 28, 2011, Caribbean News Now said the Trinidad and Tobago
Ministry of Finance has advised CLICO intends to appeal the July
22 High Court judgment against the company.
The judgment arose out of claims brought against CLICO by the
following claimants:
-- St. Christopher and Nevis Social Security Board;
-- Alvin Fitzpatrick;
-- Darryl Goede and Nancy Goede;
-- Lesley-Ann Lucky-Samaroo;
-- Vindra Amar; and
-- David Knott
The High Court found that, while the six claims were different in
form, they substantially related to the repayment or return of
monies paid by the claimants to CLICO under CLICO's Executive
Flexible Premium Annuity Plans (the EFPA agreements), according to
Caribbean News Now. Madam Justice Rajnauth-Lee issued a judgment
in favor of each of the claimants and against CLICO in respect of
the EFPAs, the report related.
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.
===============
X X X X X X X X
===============
* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered its long-term
sovereign credit rating on the United States of America to 'AA+'
from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard &
Poor's affirmed its 'A-1+' short-term rating on the U.S. In
addition, Standard & Poor's removed both ratings from CreditWatch,
where they were placed on July 14, 2011, with negative
implications.
The transfer and convertibility (T&C) assessment of the U.S. --
S&P's assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure
foreign exchange for debt service -- remains 'AAA'.
"We lowered our long-term rating on the U.S. because we believe
that the prolonged controversy over raising the statutory debt
ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending,
especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain
a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to
this week falls short of the amount that we believe is necessary
to stabilize the general government debt burden by the middle of
the decade," S&P said in a statement.
"Our lowering of the rating was prompted by our view on the rising
public debt burden and our perception of greater policymaking
uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
"We have taken the ratings off CreditWatch because the Aug. 2
passage of the Budget Control Act Amendment of 2011 has removed
any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe
that the act provides sufficient clarity to allow us to evaluate
the likely course of U.S. fiscal policy for the next few years.
"The political brinksmanship of recent months highlights what we
see as America's governance and policymaking becoming less stable,
less effective, and less predictable than what we previously
believed. The statutory debt ceiling and the threat of default
have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal
consolidation program that some proponents had envisaged until
quite recently. Republicans and Democrats have only been able to
agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive
measures. It appears that for now, new revenues have dropped down
on the menu of policy options. In addition, the plan envisions
only minor policy changes on Medicare and little change in other
entitlements, the containment of which we and most other
independent observers regard as key to long-term fiscal
sustainability.
"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S.
public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011, especially Paragraphs
36-41). In our view, the difficulty in framing a consensus on
fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve
more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid). A new
political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden
will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray
Will Likely Cost Even More Green, Now," June 21, 2011)."
"Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might
conclude is appropriate for putting the U.S.'s finances on a
sustainable footing. The act calls for as much as US$2.4 trillion
of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the US$917
billion agreed to initially, followed by an additional US$1.5
trillion that the newly formed Congressional Joint Select
Committee on Deficit Reduction is supposed to recommend by
November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend
them.
"The act further provides that if Congress does not enact the
committee's recommendations, cuts of US$1.2 trillion will be
implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending,
defense, and Medicare. We understand that this fall-back
mechanism is designed to encourage Congress to embrace a more
balanced mix of expenditure savings, as the committee might
recommend.
"We note that in a letter to Congress on Aug. 1, 2011, the
Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least US$2.1 trillion over the next
10 years relative to its baseline assumptions. In updating our
own fiscal projections, with certain modifications outlined below,
we have relied on the CBO's latest "Alternate Fiscal Scenario" of
June 2011, updated to include the CBO assumptions contained in its
Aug. 1 letter to Congress. In general, the CBO's "Alternate
Fiscal Scenario" assumes a continuation of recent Congressional
action overriding existing law.
"We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism
that leaves open the details of what is finally agreed to until
the end of 2011, and Congress and the Administration could modify
any agreement in the future. Even assuming that at least US$2.1
trillion of the spending reductions the act envisages are
implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to
be consistent with a 'AA+' long-term rating and a negative
outlook--we now project that net general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79%
in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer
credits and, as noted, would continue to rise under the act's
revised policy settings.
Compared with previous projections, our revised base case scenario
now assumes that the 2001 and 2003 tax cuts, due to expire by the
end of 2012, remain in place. We have changed our assumption on
this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we
believe Congress reinforced by passing the act. Key macroeconomic
assumptions in the base case scenario include trend real GDP
growth of 3% and consumer price inflation near 2% annually over
the decade.
"Our revised upside scenario--which, other things being equal, we
view as consistent with the outlook on the 'AA+' long-term rating
being revised to stable--retains these same macroeconomic
assumptions. In addition, it incorporates US$950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for
high earners lapse from 2013 onwards, as the Administration is
advocating. In this scenario, we project that the net general
government debt would rise from an estimated 74% of GDP by the end
of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside scenario--which, other things being equal, we
view as being consistent with a possible further downgrade to a
'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second
round of spending cuts (at least US$1.2 trillion) that the act
calls for does not occur. This scenario also assumes somewhat
higher nominal interest rates for U.S. Treasuries. We still
believe that the role of the U.S. dollar as the key reserve
currency confers a government funding advantage, one that could
change only slowly over time, and that Fed policy might lean
toward continued loose monetary policy at a time of fiscal
tightening. Nonetheless, it is possible that interest rates could
rise if investors re-price relative risks. As a result, our
alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from
2013 onwards. In this scenario, we project the net public debt
burden would rise from 74% of GDP in 2011 to 90% in 2015 and to
101% by 2021.
"Our revised scenarios also take into account the significant
negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29. From our perspective, the
effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government.
First, the revisions show that the recent recession was deeper
than previously assumed, so the GDP this year is lower than
previously thought in both nominal and real terms. Consequently,
the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when
compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could
be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in
the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real
trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward."
"When comparing the U.S. to sovereigns with 'AAA' long-term
ratings that we view as relevant peers -- Canada, France, Germany,
and the U.K. -- we also observe, based on our base case scenarios
for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the U.S., we estimate that
these five sovereigns will have net general government debt to GDP
ratios this year ranging from 34% (Canada) to 80% (the U.K.), with
the U.S. debt burden at 74%. By 2015, we project that their net
public debt to GDP ratios will range between 30% (lowest, Canada)
and 83% (highest, France), with the U.S. debt burden at 79%.
However, in contrast with the U.S., we project that the net public
debt burdens of these other sovereigns will begin to decline,
either before or by 2015.
"Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'. Our T&C assessment reflects our view of the likelihood of
the sovereign restricting other public and private issuers' access
to foreign exchange needed to meet debt service. Although in our
view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or
the Administration. Consequently, we continue to view this risk
as being highly remote."
"The outlook on the long-term rating is negative. As our downside
alternate fiscal scenario illustrates, a higher public debt
trajectory than we currently assume could lead us to lower the
long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint
Select Committee on Deficit Reduction -- independently or coupled
with other initiatives, such as the lapsing of the 2001 and 2003
tax cuts for high earners -- lead to fiscal consolidation measures
beyond the minimum mandated, and we believe they are likely to
slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'."
On Monday, S&P will issue separate releases concerning affected
ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance
sectors.
* 15 Companies in S&P List of Defaulters in Second Quarter
----------------------------------------------------------
Globally, 15 companies (13 public and two confidentially rated)
defaulted in the second quarter of 2011. The volume of rated debt
affected by defaulters in the second quarter was US$39.5 billion,
up from five defaults in the first quarter with US$3.6 billion in
debt, said an article published Friday by Standard & Poor's Global
Fixed Income Research, titled "Quarterly Global Corporate Default
Update And Rating Transitions."
Of the 15 defaults in second-quarter 2011, eight were domiciled in
the U.S., two in Canada, two in New Zealand, and one each in
U.A.E, Russia, and France.
"On a trailing-12-month basis, the global speculative-grade
default rate as of June 2011 was 2%, down slightly from 2.08% at
the end of March and 5.12% at the same time in 2010," said Diane
Vazza, head of Standard & Poor's Global Fixed Income Research.
"The default rate is now at its lowest point since August 2008,
the last reading prior to the collapse of Lehman Brothers and the
ensuing recession in the U.S."
"Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, as the number of downgrades has decreased
slightly across all regions," said Ms. Vazza. "The downgrade-to-
upgrade ratio fell to 0.64% in second-quarter 2011 from 1.10% in
the previous quarter."
The decrease from the first quarter is the result of a slight
uptick in upgrades -- to 3.5% from 2.45% -- along with a decrease
in downgrades--to 2.25% from 2.7%.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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 * * *