/raid1/www/Hosts/bankrupt/TCRLA_Public/110830.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 30, 2011, Vol. 12, No. 171
Headlines
B E R M U D A
DIGICEL GROUP: Denies Reports of Gov't Approval of Claro Takeover
B R A Z I L
FIDC CDC: Moody's Assigns (P)Ba3 (sf) Ratings to Senior Shares
C A Y M A N I S L A N D S
ANALYTIC US MARKET: Creditors' Proofs of Debt Due September 5
BEACON FUND: Commences Liquidation Proceedings
BORD HOLDINGS: Creditors' Proofs of Debt Due September 7
CASTLE POINT: Creditors' Proofs of Debt Due September 14
CBC PARTNERS: Creditors' Proofs of Debt Due September 5
CHINA MILK: Placed Under Provisional Liquidation
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due September 6
PEQUOT DIVERSIFIED: Creditors' Proofs of Debt Due September 5
PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 15
POLAR CAPITAL: Creditors' Proofs of Debt Due September 5
SILVER CREEK: Creditors' Proofs of Debt Due September 14
SIMPLE LIFE: Creditors' Proofs of Debt Due September 14
SPRINGLAND INTERNATIONAL: Commences Liquidation Proceedings
WFS (CAYMAN): Creditors' Proofs of Debt Due September 14
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: Government Seeks to Borrow TT$16 Billion
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B E R M U D A
=============
DIGICEL GROUP: Denies Reports of Gov't Approval of Claro Takeover
-----------------------------------------------------------------
RJR News reports that Digicel Group Limited has dismissed media
reports that it has already received approval from the government
for its proposed takeover of Claro.
The company said in a statement that it is awaiting the official
announcement from the government, according to RJR News.
RJR News notes that Digicel Group was adamant that no such
confirmation has come, but hopes to have it by sometime next week.
As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2011, RJR News said Claro dealers are contemplating legal
action after complaining that they have been left in the dark on
the status of the proposed Claro/Digicel Group merger, which was
initially expected to be completed by the end of June. The dealers
are upset that there has been no formal response to a request sent
to Daryl Vaz, the Minister responsible for Information, seeking a
meeting to discuss their concerns about the merger, according to
RJR News. The report related that Claro dealers claimed they were
racking up debts as they had received little or no goods from the
company to sell and were uncertain about how they would be
affected if the merger with Digicel Group went through.
About Digicel Group
Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and
state- of-the-art handsets. By offering innovative wireless
services and community support, Digicel has become a leading brand
across its 31 markets worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has
coverage in St. Martin and St. Barts. Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of Jan. 14, 2010, the company continues to carry Moody's "Caa1"
senior unsecured debt rating.
===========
B R A Z I L
===========
FIDC CDC: Moody's Assigns (P)Ba3 (sf) Ratings to Senior Shares
--------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)A2.br (sf) (Brazilian National Scale) and of (P)Ba3 (sf)
(Global Scale, Local Currency) to the Senior Shares to be issued
by Fundo de Investimento em Direitos Creditorios CDC Financiamento
de Veiculos Banif (FIDC BANIF or the Issuer), a securitization
backed by a pool of auto loans originated by Banif -- Banco
Internacional do Funchal (Brasil) S.A. (Banif Brasil). FIDC BANIF
is the first securitization of vehicle loans sponsored by Banif
Brasil rated by Moody's.
Issuer: FIDC BANIF
Senior Shares - (P)A2.br (sf) (National Scale) & (P)Ba3 (sf)
(Global Scale, Local Currency)
Ratings Rationale
The ratings are based on these factors, among others:
- The minimum 30% credit enhancement, at closing and during the
life of the transaction, in the form of subordination supporting
the Senior Shares;
- The static nature of the transaction, with no on-going revolving
purchases. Any additional future portfolio sales would require
issuance of new Senior Shares and confirmation of the
outstanding rating on this transaction, given the A2.br (sf)
minimum rating requirement in the fund indenture;
- Fast deleveraging of transaction with monthly principal and
interest cash flows to the Senior Shares starting on the first
month of the transaction;
- The discount rate stipulated in transaction documents at 190% of
the DI Rate, considered appropriate in light of the overall risk
profile of the portfolio;
- The transaction structure and its legal framework, including the
bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations for the securitization of vehicle
loans; and
- Operational mitigants to commingling risk allowing for a de-
linkage from the Banif Brasil's credit rating given the role of
Banco Bradesco as the Master Servicer, Trustee and Payment Agent
of the transaction. Monthly payments made by the borrowers will
be made via bank vouchers; collections will be deposited
directly into a segregated bank account in the name of the fund
(Conta Autorizada do Fundo) held at the Master Servicer
(Bradesco).
FIDC BANIF is a newly incorporated closed-ended FIDC with
unspecified legal final maturity. It has the ability to issue
multiple series of Shares. The provisional ratings are assigned
to the first series of Senior Shares to be distributed to
qualified investors. The Junior Shares will be entirely retained
by the seller, Banif Brasil. The Senior Shares will accrue a
floating-rate interest of DI Rate (Brazilian Interbank Rate) plus
an annual spread of 3.85% per annum with daily accrual.
The final maturity of the Senior Shares will take place 60 months
after closing. Payments to Junior Shares are permitted on a semi-
annual basis as long as the minimum subordination ratio of 30% is
maintained and subject to the general discretion of the Trustee
(BEM DTVM S.A.).
The assets backing FIDC BANIF are vehicle loans originated by
Banif Brasil. Most of the securitized pool will be represented by
light vehicles (sedans); trucks and heavy vehicles can represent
up to a maximum of 30% of the fund net assets. Loans for
motorcycles are not allowed. The maximum single borrower
concentration accepted is 0.35%.
The transaction structure includes certain revision events. Should
a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.
Key revision event triggers include:
- Downgrade of the Senior Shares by Moody's;
- Failure of Trustee, Custodian Bank or Seller to carry out its
duties;
- One day increase of the DI Rate above 130%;
- Failure to establish Payment Reserve Account for 3 consecutive
business days;
- Failure to establish Liquidity Reserve Account for 3 consecutive
business days;
- Breach of certain delinquency triggers stipulated in fund
indenture;
- Breach of Minimum Subordination Level (30%) for 3 consecutive
business days;
- Early redemption of the Senior Shares to reestablish the minimum
subordination level;
- Three or more repurchases by the Seller in a 12 month window
exceeding 0.8% of outstanding loans;
- Errors in formalization that account for more than 1% of
underlying loan contracts or guarantees during a quarterly
audit.
Key eligibility criteria and conditions of sale:
- Loans must have tenor of maximum 60 months
- The contracts must have a final maturity date before the legal
final maturity of the Senior Shares
- Maximum concentration for trucks: 30% of the fund net assets
- Obligors must not have restrictions with the credit bureaus
(SERASA /SPC)
- Maximum concentration of 0.35% of fund net assets per borrower
- Loans must not have any encumbrances or third party pledges
- The financed vehicle must be less than 10 years old
- The financed vehicle must have been pledged as collateral to the
loan contract by means of fiduciary assignment (alienacao
fiduciaria);
- The loans must have no installments in arrears at the moment of
sale.
Banco Bradesco S.A. will act as Master Servicer (Custodiante) of
the transaction as well as Payment Bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the Issuer's daily financial and operating activities.
BEM DTVM S.A. (Banco Bradesco Group) will be the Trustee.
Banco Internacional do Funchal (Brasil) S.A. (Banif Brasil) has an
E+ Bank Financial Strength Rating, B1 Long-term Bank Deposit
Rating in the Global Scale, Local Currency, and Baa1.br rating in
the Brazilian National Scale. It is a subsidiary of Banif SGPS
S.A., a financial conglomerate headquartered in Portugal.
In assigning the ratings to this transaction, Moody's evaluated a
receivables' portfolio for 35 month period starting July 1, 2008
and ending May 31, 2011. During this period, Banif Brasil
originated vehicle loans financing for an amount of BRL 452.0
million (corresponding to BRL 831.7 million nominal installments).
The average ticket size of the contracts was BRL 24 thousand
(corresponding to BRL 44.5 thousand nominal installments) and the
average effective interest rate was approximately 31.8% per annum.
Moody's key ratings-model assumptions for this transaction include
various performance statistics, including log normal estimate of
the annual loss rate with mean loss 8.0% per annum and a standard
deviation of 5.0% per annum. Other model input assumptions
include an annual prepayment rate of 6% per annum and a discount
rate of 190% of the DI Rate used for the purchase of the assets by
the FIDC. The DI Rate was stressed from 12.4% per annum at
closing of transaction to 21.0% at month 60 after closing.
These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the (P)Ba3
(sf)/(P)A2.br (sf) rating level. The resulting cash flows
available to the Senior Share holders for each scenario was then
discounted using an estimated DI Rate plus an annual spread of
3.85%, the promised coupon to investors, to determine if, and the
amount of, loss to the Senior Shares. Expected loss and
probability of default on the Senior Shares are then computed
across all scenarios. These statistics were finally translated
into Moody's global scale rating using Moody's idealized loss
tables. The global scale rating was then mapped to a national
scale rating using Moody's published national scale mappings.
Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by rating
committees, which evaluate many quantitative and qualitative
factors.
Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining all
other assumptions equal. For example, by increasing the base case
annual loss rate from 8% to 10%, the probability of default on the
senior shares would increase and resulting rating of (P)Ba3 (sf)
(global scale) would drop one notch to (P)B1 (sf) (global scale).
Moody's also performed deterministic break-even analysis to assess
the maximum annual credit loss rate the transaction can support
before senior shareholders suffer losses. Senior Shares would
start to suffer a loss if the annual credit loss rate on the
performing pool would exceed 18.6% per annum or a 2.3x coverage
assuming base case 8.0% per annum credit losses.
The main concern of this transaction relates to the limited
historical data available, comprising a 35-month of period,
whereby the first 12 month of data during the start up operations
of Banif Brasil vehicle lending business may not be statistically
significant.
===========================
C A Y M A N I S L A N D S
===========================
ANALYTIC US MARKET: Creditors' Proofs of Debt Due September 5
-------------------------------------------------------------
The creditors of Analytic US Market Neutral Offshore, Ltd. are
required to file their proofs of debt by September 5, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 27, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
BEACON FUND: Commences Liquidation Proceedings
----------------------------------------------
On August 1, 2011, a resolution was passed that liquidates the
business of Beacon Fund.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Kenrich Partners Pte Ltd
77 Science Park Drive
#02-11 Cintech III
Singapore 118256
BORD HOLDINGS: Creditors' Proofs of Debt Due September 7
--------------------------------------------------------
The creditors of Bord Holdings Limited are required to file their
proofs of debt by September 7, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 28, 2011.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
CASTLE POINT: Creditors' Proofs of Debt Due September 14
--------------------------------------------------------
The creditors of Castle Point Capital Fund, Ltd. are required to
file their proofs of debt by September 14, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 22, 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
CBC PARTNERS: Creditors' Proofs of Debt Due September 5
-------------------------------------------------------
The creditors of CBC Partners Holding Corporation are required to
file their proofs of debt by September 5, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 26, 2011.
The company's liquidator is:
Ming-Shan Cheng
No. 3, Li Hsin 5 Road, Science Park
Hsinchu
Taiwan, R.O.C.
CHINA MILK: Placed Under Provisional Liquidation
------------------------------------------------
On July 22, 2011, China Milk Products Group Limited was placed
under provisional liquidation by the Grand Court of the Cayman
Islands.
The provisional liquidators are:
Kenneth M. Krys
Krys Global of Governors Square Building 6
2nd Floor, 23 Lime Tree Bay Avenue
P.O. Box 31237, Grand Cayman KY1-1205
Cayman Islands,
Cosimo Borrelli
Borrelli Walsh Limited
Level 17, Tower 1
Admiralty Centre, 18 Harcourt Road
Hong Kong; and
Jason Kardachi
Borrelli Walsh Pte Limited
14-04 City House, 36 Robinson Road
Singapore
FOUNDERS CORPORATION: Creditors' Proofs of Debt Due September 6
---------------------------------------------------------------
The creditors of Founders Corporation are required to file their
proofs of debt by September 6, 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
PEQUOT DIVERSIFIED: Creditors' Proofs of Debt Due September 5
-------------------------------------------------------------
The creditors of Pequot Diversified Master Fund, Ltd. are required
to file their proofs of debt by September 5, 2011, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on July 22, 2011.
The company's liquidator is:
Ogier
c/o Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
Ogier
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PETROEXPORT LTD: Creditors and Contributories to Meet on Sept. 15
-----------------------------------------------------------------
The creditors and contributories of Petroexport Limited will hold
their annual meetings on September 15, 2011, at 11:00 a.m.
The company's liquidator is:
Roy Bailey
c/o Lynden John
Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510, Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 814 8915
Facsimile: (345) 949 8529
e-mail: Lynden.John@ky.ey.com
POLAR CAPITAL: Creditors' Proofs of Debt Due September 5
--------------------------------------------------------
The creditors of Polar Capital Discovery Fund Limited are required
to file their proofs of debt by September 5, 2011, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on July 15, 2011.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square
64 Earth Close, 1st Floor
West Bay Beach
P.O. Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
SILVER CREEK: Creditors' Proofs of Debt Due September 14
--------------------------------------------------------
The creditors of Silver Creek FHM SPV, Ltd. are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 19, 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
SIMPLE LIFE: Creditors' Proofs of Debt Due September 14
-------------------------------------------------------
The creditors of Simple Life Company are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 26, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
SPRINGLAND INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on July 12, 2011, the
members of Springland International Assurance Company resolved to
voluntarily liquidate the company's business.
The company's liquidator is:
Marsh Management Services Cayman Ltd.
Governors Square
Building 4, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 1051, Grand Cayman KY1-1102
Cayman Islands
WFS (CAYMAN): Creditors' Proofs of Debt Due September 14
--------------------------------------------------------
The creditors of WFS (Cayman) Limited are required to file their
proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 21, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
===============================
T R I N I D A D & T O B A G O
===============================
* TRINIDAD & TOBAGO: Government Seeks to Borrow TT$16 Billion
-------------------------------------------------------------
Andre Bagoo at Trinidad & Tobago Newsday reports that the Trinidad
government is moving to authorize TT$16 billion in State company
borrowing in a series of motions which are to be voted on in
Parliament.
In the latest Order Paper, Minister of Finance Winston Dookeran is
to table three motions which will authorize the state to borrow a
total of TT$16 billion "internally or externally", and to shift
the limit of how much State company borrowing can be guaranteed by
the Treasury, according to T&T Newsday.
T&T Newsday says that one motion on the Order Paper notes that "it
is necessary for the Government to borrow further sums of money"
for the purposes set out under the Development Loans Act.
That act authorizes the government to borrow for the purpose of
"financing general development in Trinidad and Tobago, repayment
of borrowing effected for general development" by State
enterprises and the University of the West Indies, T&T Newsday
discloses. The motion calls for the statutory borrowing limit in
this regard to be pushed to no more than TT$10 billion, T&T
Newsday relates.
T&T Newsday relays that another motion authorizes borrowing up to
TT$6 billion in relation to the External Loans Act, also for
"general development". A third motion on the Order Paper notes
that "it is now necessary to increase the aggregate amount of all
borrowing by companies that are guaranteed by the Government. . .
. by a further sum of (TT$16 billion)" and calls on Parliament to
authorize such guarantee, the report adds.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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 * * *