/raid1/www/Hosts/bankrupt/TCRLA_Public/111004.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, October 4, 2011, Vol. 12, No. 196
Headlines
A R G E N T I N A
AES CHIVOR: S&P Raises Issuer Credit Rating From 'BB+' to 'BBB-'
COMPANIA SUD: S&P Cuts Rating to 'B-' on Weak Performance
B E R M U D A
ADIA FUNDING: Creditors' Proofs of Debt Due Oct. 7
ADIA FUNDING: Sole Member to Receive Wind-Up Report on Oct. 27
CIT VENDOR: Creditors' Proofs of Debt Due Oct. 7
CIT VENDOR: Sole Member to Receive Wind-Up Report on Oct. 27
LAP MAN IP 220: Creditors' Proofs of Debt Due Oct. 5
LAP MAN IP 220: Member to Receive Wind-Up Report on Oct. 28
SAGECREST LTD: Court Appoints Calow as Provisional Liquidator
B R A Z I L
* BRAZIL: IDB Oks US$15MM Loan to Revamp Federal Assets Division
C A Y M A N I S L A N D S
CAPTIVA IV FINANCE: Creditors' Proofs of Debt Due Oct. 12
GARTMORE LATIN: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH I: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
INTEGRAL ADMINISTRATIVE: Creditors' Proofs of Debt Due Oct. 12
KFH COMMODITY: Creditors' Proofs of Debt Due Oct. 12
MA MW TOPS: Creditors' Proofs of Debt Due Oct. 12
MA NORTH: Creditors' Proofs of Debt Due Oct. 12
SIGNUM KESSLER 8: Creditors' Proofs of Debt Due Oct. 12
SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
TCW LINC III: Creditors' Proofs of Debt Due Oct. 12
VENUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 12
ZAMRID 0365: Creditors' Proofs of Debt Due Oct. 12
ZAMRID 0372: Creditors' Proofs of Debt Due Oct. 12
M E X I C O
TUBO DE PASTEJE: Reorganization Plan Took Effect Sept. 9
P U E R T O R I C O
GARAGE RUBEN: Case Summary & 20 Largest Unsecured Creditors
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
AES CHIVOR: S&P Raises Issuer Credit Rating From 'BB+' to 'BBB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit rating
on Colombia-based power generation company Aes Chivor & CIA S.C.A.
E.S.P. to 'BBB-' from 'BB+'. The outlook is stable.
"Standard & Poor's Ratings Services' ratings on Chivor reflect the
company's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its large portfolio of short- and medium-term
power sales contracts, and its strong credit metrics," said
Standard & Poor's credit analyst Javier Cobas. "The difficulties
of operating in the highly competitive and largely hydro-based
Colombian power system, its single-asset nature, and its exposure
to hydrological conditions partially offset the strengths. We
assess Chivor's business risk profile as fair, and its financial
risk profile as intermediate."
"The upgrade is based on our perception of an improved business
climate in Colombia because of an increasingly resilient economy.
It also considers our view of political consensus on market-
friendly economic policies combined with a sound financial
performance even under changing hydrological conditions and
energy spot price volatility. In addition, we believe that
leverage and interest expenses will remain low, offsetting the
currency mismatch risks related to revenue sources that are linked
to the Colombian peso compared with dollar-denominated debt," S&P
said.
"The stable outlook incorporates our expectation that Chivor will
maintain relatively sound financial metrics mainly as a result of
its adequate competitive position in a growing economy with
increasing demand. We also expect strong FFO to debt and debt to
EBITDA through 2012. We could lower the ratings if we see
significant deterioration in cash-flow generation with debt
to EBITDA exceeding 2x or if there is evidence of a more
aggressive financial policy. An upgrade is unlikely because of
the single-asset nature of the company and the inherent volatility
of hydropower generation," S&P stated.
COMPANIA SUD: S&P Cuts Rating to 'B-' on Weak Performance
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Compania
Sud Americana de Vapores (CSAV) to 'B-' from 'B'. The outlook is
stable.
"The rating action follows CSAV's very weak performance in first-
half 2011 and the potential for continuing bad results and cash
drains in the next two to three quarters," said Standard & Poor's
credit analyst Diego Ocampo.
Very challenging conditions are impairing the profitability of
most industry players.
"Historically low tariffs and peak fuel costs are the main reasons
for the crisis," Mr. Ocampo added. "The former is a consequence
of a mix of overcapacity in some trades with the effects of larger
and more efficient vessels coming in and economic turmoil in
Europe. The latter is mainly consequence of political upheaval in
some of the producing countries."
These developments have caused CSAV to report negative EBITDA cash
flow from operations, resulting in a discretionary cash shortfall
of US$675 million in first-half 2011.
Management is implementing a major turnaround process aimed at
reducing the business scale and improving profitability, but the
effects of this will not be visible until year-end 2011 or first-
quarter 2012.
In the meantime, the two shareholding groups, the Claro and the
Luksic families, have committed US$350 million in credit lines
(still undrawn) and underwritten US$1.1 billion of a future
capital increase announced for US$1.2 billion.
"We consider these measures vital for CSAV to sail away from a
potential distress scenario in the short term," said Mr. Ocampo.
=============
B E R M U D A
=============
ADIA FUNDING: Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------
The creditors of Adia Funding Limited are required to file their
proofs of debt by Oct. 7, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 15, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
ADIA FUNDING: Sole Member to Receive Wind-Up Report on Oct. 27
--------------------------------------------------------------
The sole member of Adia Funding Limited will receive on Oct. 27,
2011, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
CIT VENDOR: Creditors' Proofs of Debt Due Oct. 7
------------------------------------------------
The creditors of CIT Vendor Finance Note Purchasing, Ltd. are
required to file their proofs of debt by Oct. 7, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 20, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
CIT VENDOR: Sole Member to Receive Wind-Up Report on Oct. 27
------------------------------------------------------------
The sole member of CIT Vendor Finance Note Purchasing, Ltd. will
receive on Oct. 27, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
LAP MAN IP 220: Creditors' Proofs of Debt Due Oct. 5
----------------------------------------------------
The creditors of LAP Man IP 220 Class U2 USD Trading Ltd are
required to file their proofs of debt by Oct. 5, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 16, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
LAP MAN IP 220: Member to Receive Wind-Up Report on Oct. 28
-----------------------------------------------------------
The sole member of LAP Man IP 220 Class U2 USD Trading Ltd will
receive on Oct. 28, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
SAGECREST LTD: Court Appoints Calow as Provisional Liquidator
-------------------------------------------------------------
On Sept. 13, 2011, the Supreme Court of Bermuda appointed Garth
Calow as provisional liquidator of Sagecrest Ltd.
===========
B R A Z I L
===========
* BRAZIL: IDB Oks US$15MM Loan to Revamp Federal Assets Division
----------------------------------------------------------------
The Inter-American Development Bank approved a US$15 million loan
to revamp Brazil's Federal Assets Division (SPU), which
administers properties owned by the federal government. The five-
year program aims to improve the overall management and expansion
of SPU's property database, potentially identifying 100,000 new
properties.
"The project will propose new business models to put government
properties to a better use, creating social as well as economic
benefits," said Pedro Farias, IDB project team leader. "We expect
legalization of previously illegal or irregular settlements to
benefit a total of 50,000 families, most of them living in poverty
or in precarious conditions."
In addition, system upgrades and training will ramp up revenue and
help SPU increase its productivity by 20%. Annual revenue is
expected to grow by US$156 million, totaling $411 million by the
last year of the operation.
A new geo-referenced information system developed as part of the
program aims to integrate all SPU processes, supporting decision-
making and management of government properties.
New communication technologies will facilitate information-sharing
between SPU headquarters and the 27 property management offices
across the country. Files and documents will be stored digitally,
making access and management more secure and providing a
convenient way of consulting and expanding information in the
future.
The total cost of the program will be US$30 million, including
US$15 million in counterpart funds provided by the Government of
Brazil. The IDB loan has an amortization period of 20 years, with
a five-year grace period, at a LIBOR-based interest rate.
===========================
C A Y M A N I S L A N D S
===========================
CAPTIVA IV FINANCE: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Captiva IV Finance Ltd. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GARTMORE LATIN: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------------
The creditors of Gartmore Latin America L/S Trading Limited are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GOLDENTREE HIGH I: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore) I,
Ltd. are required to file their proofs of debt by Oct. 12, 2011,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore)
II, Ltd. are required to file their proofs of debt by Oct. 12,
2011, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GOLDENTREE HIGH II: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Goldentree High Yield Opportunities (Offshore-
Debt Securities) II, Ltd. are required to file their proofs of
debt by Oct. 12, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
INTEGRAL ADMINISTRATIVE: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------------
The creditors of Integral Administrative Partner III Ltd. are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
KFH COMMODITY: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of KFH Commodity Portfolio are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA MW TOPS: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of MA MW Tops Worldwide Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA NORTH: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------
The creditors of MA North of South Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
SIGNUM KESSLER 8: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------------
The creditors of Signum Kessler 8 Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Signum MIG Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
TCW LINC III: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of TCW Linc III CBO Ltd. are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
VENUS INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------------
The creditors of Venus International Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
ZAMRID 0365: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------
The creditors of Zamrid 0365 Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
ZAMRID 0372: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------
The creditors of Zamrid 0372 Limited are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Sept. 1, 2011.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
===========
M E X I C O
===========
TUBO DE PASTEJE: Reorganization Plan Took Effect Sept. 9
--------------------------------------------------------
Tubo de Pasteje, S.A., de C.V., informed Judge Kevin J. Carey of
the U.S. Bankruptcy Court for the District of Delaware that its
plan of reorganization became effective on Sept. 9, 2011.
Judge Carey confirmed the plan of reorganization of the Debtor on
August 25, 2011, after determining that it complies with the
confirmation requirements laid out under Section 1129(a) of the
Bankruptcy Code.
The Plan provides for restructuring transactions contemplating:
(a) the cancellation of the Old 2016 Notes and the ESBDS I Loan
and the Series B Eligible Debt; and
(b) the issuance of new debt securities, which New Series A
Notes will be guaranteed by Tubo and secured by the capital
stock of CLH to the holders of the Old 2016 Notes and the
ESBDS I Loan and new debt securities, which will be on
substantially the same terms as the New Series A Notes but
will not be secured by any assets of the Reorganized
Debtors, to holders of the Copper Debt and holders of the
Commercial Paper who elect to accept the New Series B Notes
in exchange for their Series B Eligible Debt.
As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2011, Michael Bathon at Bloomberg News says holders of
US$200 million in 11.5% notes will get the new Series A notes in
the same amount plus interest, which will be secured by the stock
of Tubo's U.S. unit, Cambridge-Lee Holdings Inc. Lenders that
extended about US$803,000 of credit will share in the Series A
notes. Holders of more than US$145 million in so-called "copper
debt notes" and holders of US$24.5 million of commercial paper
will get unsecured Series B notes in exchange for their claims.
The company will reinstate about US$39.8 million in debt owed on a
Bank of America Corp. loan, as well as about US$62.3 million owed
on a General Electric Capital Corp. loan.
A full-text copy of the Confirmation Order is available for free
at http://ResearchArchives.com/t/s?76c5
About Tubo de Pasteje
Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016. Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.
Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products. The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.
=====================
P U E R T O R I C O
=====================
GARAGE RUBEN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Garage Ruben Inc.
PMB 487, Suite 140
Ave Rafael Cordero 200
Caguas, PR 00725
Bankruptcy Case No.: 11-08334
Chapter 11 Petition Date: September 29, 2011
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Wigberto Lugo Mender, Esq.
LUGO MENDER & CO
Centro Internacional De Mercadeo
Carr 165 Torre 1, Suite 501
Guaynabo, PR 00968
Tel: (787) 707-0404
E-mail: wlugo@lugomender.com
Estimated Assets: US$1,000,001 to US$10,000,000
Estimated Debts: US$1,000,001 to US$10,000,000
Affiliates that simultaneously filed separate Chapter 11
petitions:
Entity Case No. Petition Date
------ -------- -------------
Inmobiliaria Agy, Inc. 11-08332 09/29/11
Assets: US$1,000,001 to US$10,000,000
Debts: US$1,000,001 to US$10,000,000
Industrias Automotrices Figueroa Inc. 11-08333 09/29/11
Assets: US$0 to US$50,000
Debts: US$1,000,001 to US$10,000,000
Garage Ruben's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb11-08334.pdf
Inmobiliaria Agy's list of its nine largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb11-08332.pdf
Industrias Automotrices' list of its 20 largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb11-08333.pdf
The petitions were signed by Luis A. Figueroa Rivera, president.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
SOC COMERCIAL PL CADN EO 177502185 -343324574
SOC COMERCIAL PL CADN SW 177502185 -343324574
SOC COMERCIAL PL SCDPF US 177502185 -343324574
SOC COMERCIAL PL CVVIF US 177502185 -343324574
SOC COMERCIAL PL CAD IX 177502185 -343324574
SOC COMERCIAL PL COME AR 177502185 -343324574
SOC COMERCIAL PL COMED AR 177502185 -343324574
COMERCIAL PL-ADR SCPDS LI 177502185 -343324574
SOC COMERCIAL PL COMEC AR 177502185 -343324574
COMERCIAL PLA-BL COMEB AR 177502185 -343324574
SOC COMERCIAL PL CADN EU 177502185 -343324574
SOCOTHERM-5 VT-A STHE5 AR 101075648 -3157975.35
SOCOTHERM SA-B STHE AR 101075648 -3157975.35
SOCOTHERM-SP ADR SOCOY US 101075648 -3157975.35
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
BELIZE
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 -71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
BATTISTELLA BTTL3 BZ 355816098 -2564562.7
BATTISTELLA-RECE BTTL9 BZ 355816098 -2564562.7
BATTISTELLA-RI P BTTL2 BZ 355816098 -2564562.7
BATTISTELLA-RIGH BTTL1 BZ 355816098 -2564562.7
BATTISTELLA-RECP BTTL10 BZ 355816098 -2564562.7
BATTISTELLA-PREF BTTL4 BZ 355816098 -2564562.7
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCAS SA DOCAON BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
TELEBRAS-CED C/E TEL4C AR 280204646 -21109882.4
TELEBRAS-CEDE PF RCT4D AR 280204646 -21109882.4
TELEBRAS-CM RCPT TBRTF US 280204646 -21109882.4
TELEBRAS-CEDEA $ TEL4D AR 280204646 -21109882.4
TELEBRAS-ADR TBAPY US 280204646 -21109882.4
TELEBRAS-COM RT TELB1 BZ 280204646 -21109882.4
TELEBRAS-RTS PRF TLCP2 BZ 280204646 -21109882.4
TELEBRAS-PF RCPT RCTB42 BZ 280204646 -21109882.4
TELEBRAS SA-PREF TELB4 BZ 280204646 -21109882.4
TELEBRAS SA TELB3 BZ 280204646 -21109882.4
TELEBRAS-ADR TBASY US 280204646 -21109882.4
TELEBRAS-PF BLCK TELB40 BZ 280204646 -21109882.4
TELEBRAS-RTS PRF RCTB2 BZ 280204646 -21109882.4
TELEBRAS SA TLBRON BZ 280204646 -21109882.4
TELEBRAS-CM RCPT RCTB32 BZ 280204646 -21109882.4
TELEBRAS-ADR TBX GR 280204646 -21109882.4
TELEBRAS-CM RCPT RCTB30 BZ 280204646 -21109882.4
TELEBRAS-PF RCPT TLBRUP BZ 280204646 -21109882.4
TELEBRAS-CEDE BL RCT4B AR 280204646 -21109882.4
TELEBRAS-CEDE PF TELB4 AR 280204646 -21109882.4
TELEBRAS-PF RCPT RCTB41 BZ 280204646 -21109882.4
TELEBRAS-PF RCPT CBRZF US 280204646 -21109882.4
TELEBRAS SA-PREF TLBRPN BZ 280204646 -21109882.4
TELEBRAS-RECEIPT TLBRUO BZ 280204646 -21109882.4
TELEBRAS-CM RCPT TELE31 BZ 280204646 -21109882.4
TELEBRAS-PF RCPT RCTB40 BZ 280204646 -21109882.4
TELEBRAS-RCT PRF TELB10 BZ 280204646 -21109882.4
TELEBRAS/W-I-ADR TBH-W US 280204646 -21109882.4
TELEBRAS-RTS CMN TCLP1 BZ 280204646 -21109882.4
TELEBRAS SA-RT TELB9 BZ 280204646 -21109882.4
TELEBRAS-PF RCPT TBAPF US 280204646 -21109882.4
TELEBRAS-PF RCPT TELE41 BZ 280204646 -21109882.4
TELEBRAS-CM RCPT RCTB31 BZ 280204646 -21109882.4
TELEBRAS-CEDE PF RCT4C AR 280204646 -21109882.4
TELECOMUNICA-ADR 81370Z BZ 280204646 -21109882.4
TELEBRAS-BLOCK TELB30 BZ 280204646 -21109882.4
TELEBRAS-RCT RCTB33 BZ 280204646 -21109882.4
TELEBRAS-ADR TBRAY GR 280204646 -21109882.4
TELEBRAS SA TBASF US 280204646 -21109882.4
TELEBRAS-ADR RTB US 280204646 -21109882.4
TELEBRAS-RTS CMN RCTB1 BZ 280204646 -21109882.4
TELEBRAS-ADR TBH US 280204646 -21109882.4
TELEBRAS-CEDE PF RCTB4 AR 280204646 -21109882.4
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANG-RT 4115360Q BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
SANSUY SA SNSYON BZ 200809365 -115213257
SANSUY SNSY3 BZ 200809365 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809365 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809365 -115213257
SANSUY-PREF A SNSY5 BZ 200809365 -115213257
SANSUY-PREF B SNSY6 BZ 200809365 -115213257
D H B-PREF DHBI4 BZ 185992309 -151323933
DHB IND E COM-PR DHBPN BZ 185992309 -151323933
DHB IND E COM DHBON BZ 185992309 -151323933
D H B DHBI3 BZ 185992309 -151323933
BALADARE BLDR3 BZ 159454016 -52992212.8
FABRICA RENAUX FTRX3 BZ 109683744 -48836146.4
FABRICA RENAUX FRNXON BZ 109683744 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683744 -48836146.4
FABRICA TECID-RT FTRX1 BZ 109683744 -48836146.4
FABRICA RENAUX-P FTRX4 BZ 109683744 -48836146.4
WETZEL SA-PREF MWELPN BZ 100017711 -5359345.82
WETZEL SA MWET3 BZ 100017711 -5359345.82
WETZEL SA MWELON BZ 100017711 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711 -5359345.82
ESTRELA SA ESTRON BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486.8
ESTRELA SA ESTR3 BZ 89585906 -80761486.8
ACO ALTONA EALT3 BZ 89152030 -9848587.47
ACO ALTONA-PREF EALT4 BZ 89152030 -9848587.47
ACO ALTONA SA EAAON BZ 89152030 -9848587.47
ACO ALTONA-PREF EAAPN BZ 89152030 -9848587.47
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
SCHLOSSER SCLO3 BZ 73036750 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036750 -34357832.6
SCHLOSSER SA-PRF SCHPN BZ 73036750 -34357832.6
SCHLOSSER SA SCHON BZ 73036750 -34357832.6
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144534 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144534 -60655823.4
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR-RT 9314542Q BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
GRADIENTE ELETR IGBON BZ 61088978 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088978 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088978 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088978 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088978 -282692297
IGB ELETRONICA IGBR3 BZ 61088978 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088978 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088978 -282692297
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST-PREF WISA4 BZ 34108201 -126997429
RECRUSUL RCSL3 BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL2 BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605.7
RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605.7
SANESALTO SNST3 BZ 31044053 -1843297.83
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER-PF B COBE6B BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474 -4918659.9
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474 -4918659.9
CONST BETER-PFA COBE5B BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
FERRAGENS HAGA HAGAON BZ 23732827 -65883555.8
HAGA HAGA3 BZ 23732827 -65883555.8
FER HAGA-PREF HAGA4 BZ 23732827 -65883555.8
FERRAGENS HAGA-P HAGAPN BZ 23732827 -65883555.8
ALL ORE MINERACA STLB3 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
CAF BRASILIA CAFE3 BZ 21097370 -903951461
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
NORDON METAL NORDON BZ 15354597 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597 -26859636.7
NORDON MET NORD3 BZ 15354597 -26859636.7
REII INC REIC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
CHIARELLI SA CCHON BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
HERCULES HETA3 BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
PUERTO RICO
TEXTIL SAN CRI-C SNCR/C PE 59428058 -8824587.31
TEXTIL SAN CRI-C SNCRISC1 PE 59428058 -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 * * *