/raid1/www/Hosts/bankrupt/TCRLA_Public/111011.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 11, 2011, Vol. 12, No. 201
Headlines
A R G E N T I N A
* REPUBLIC OF ARGENTINA: DBRS Upgrades Ratings to 'B'
B E R M U D A
GLOBAL CROSSING: STT Crossing's Equity Stake Down to 0%
B R A Z I L
BLOCKBUSTER INC: Moves to Block Brazil Retailer From Using Name
INDEPENDENCIA SA: Creditors Reject US$376-Mil. Offer for Assets
B O L I V I A
FONDO FINANCIERO: Moody's Raises Currency Deposit Ratings to 'B2'
C A Y M A N I S L A N D S
CAPTIVA IV FINANCE: Shareholders' Final Meeting Set for Oct. 14
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
HK POST: Shareholders' Final Meeting Set for Oct. 14
KFH COMMODITY: Shareholders' Final Meeting Set for Oct. 14
MA MW TOPS: Shareholders' Final Meeting Set for Oct. 14
MA NORTH: Shareholders' Final Meeting Set for Oct. 14
NORTH OF SOUTH: Shareholders' Final Meeting Set for Oct. 14
SIGNUM KESSLER 8: Shareholders' Final Meeting Set for Oct. 14
SIGNUM MIG: Shareholders' Final Meeting Set for Oct. 14
SIGNUM MIG HF: Shareholders' Final Meeting Set for Oct. 14
TENCENT AM BASKET: Shareholders' Final Meeting Set for Oct. 14
VENUS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 14
ZAMRID 0365: Shareholders' Final Meeting Set for Oct. 14
ZAMRID 0372: Shareholders' Final Meeting Set for Oct. 14
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: IDB Gives US$30MM Loan for Tourism Sector
M E X I C O
FORD CREDIT: Moody's Reviews 'Ba2' Currency Debt Rating
METRO FINANCIERA CONSTRUCTION: S&P Cuts Class A Rating to 'C'
P U E R T O R I C O
JELD-WEN INC: S&P Assigns 'B' Corporate Credit Rating
JMR DEVELOPMENT: Hires Luis R. Carrasquillo as Accountant
JMR DEVELOPMENT: Taps Charles A. Cuprill as Bankruptcy Attorney
T R I N I D A D & T O B A G O
CL FIN'L: BIPA to Ensure 100% Retrieval of Clico Investments
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
* REPUBLIC OF ARGENTINA: DBRS Upgrades Ratings to 'B'
-----------------------------------------------------
DBRS Inc. has upgraded its ratings on the Republic of Argentina's
long-term foreign and local currency securities to "B" from B
(low). The trends have been revised to Stable. Underpinning the
upgrade is the progress made in clearing debt arrears and
Argentina's positive growth outlook, with what appears to be a
strong recovery in GDP growth in 2010 and continued high growth
expected in 2011. Accommodative fiscal and monetary policies are
likely to continue, with presidential and congressional elections
scheduled for October 2011. Strong growth in neighboring Brazil,
Argentina's main trade partner, and highly favorable world
agricultural commodity prices have contributed to the strong
recovery. Nonetheless, there are risks of overheating as the
official estimate of monthly growth for the first six months of
2011 was 8.8%, comparable with 2010's 9.2% GDP growth rate.
Additionally, inflationary expectations remain high at 25%.
Furthermore, increasing downside risks in advanced economies have
the potential to cause a significant adverse external shock to the
Argentine economy.
Despite a favorable growth performance, the following three
considerations limit Argentina's creditworthiness: (1) taxation
and expenditure policies lack a long-term economic management
framework. As a result, the country is reliant on high export
taxes, a financial transactions tax, and transfers of Central Bank
(BCRA) profits and reserves for additional resources. If
commodity prices were to fall sharply, the ensuing adjustment
could be difficult as access to external market financing is
likely to remain limited and expensive. (2) There are large
subsidies in place with an unclear economic rationale and a high
financial transaction tax. These interventions may distort
investment incentives in key sectors and constrain the already
limited development of the financial sector, reducing potential
GDP growth. (3) Doubts over inflation reporting persist, calling
into question the accuracy of official statistics and the
credibility of macroeconomic policies.
The government is meeting its financing needs through a number of
domestic sources, including the Central Bank. In addition to high
fiscal revenues, these sources have been sufficient to accommodate
substantial increases in primary spending. Adjusting revenues for
the transfer of profits from the Central Bank, revenues from the
financial assets of Argentina's national social security program
(ANSES), and the 2010 primary surplus of 1.74% of GDP, falls to a
small primary deficit of 0.28% of GDP. The brisk increase in
primary spending has continued in 2011, with nominal spending
during the first seven months of 2011 exceeding the same period
last year by 33.6%. Nevertheless, revenue growth has risen by
28.9% over the same period.
Over the medium term, Argentina's growth prospects appear good,
partly because of its relatively well-educated workforce, a
positive growth outlook for Brazil, which generates demand for
Argentine transportation equipment, and high agricultural
commodity prices. If favorable terms of trade persist, this would
bode well for export revenue growth while limiting external
financing requirements. Nevertheless, a reversal of the positive
terms of trade position could lead to an abrupt and potentially
difficult adjustment as access to external financing would likely
be limited. A scenario with a large adverse external shock has
become more probable as the downside risks to growth in advanced
economies have increased. Given this environment, should there be
a restoration of confidence in inflation reporting and a more
prudent policy stance, with renewed access to market financing,
Argentina's foreign and local currency ratings could come under
strong upward pressure.
=============
B E R M U D A
=============
GLOBAL CROSSING: STT Crossing's Equity Stake Down to 0%
-------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Temasek Holdings (Private) Limited, Singapore
Technologies Telemedia Pte Ltd, STT Communications Ltd, and STT
Crossing Ltd, disclosed that they do not beneficially own any
shares of common stock of Global Crossing Limited. As previously
reported by the TCR on April 18, 2011, STT Crossing and its
affiliates disclosed beneficial ownership of 47,351,431 shares or
60.2% equity stake. A full-text copy of the latest Schedule 13D
is available for free at http://is.gd/GNCkMA
About Global Crossing
Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.
Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.
The Company's balance sheet at June 30, 2011, showed US$2.28
billion in total assets, US$2.83 billion in total liabilities and
a US$548 million total shareholders' deficit.
* * *
As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'. The outlook is stable. S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019. The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.
===========
B R A Z I L
===========
BLOCKBUSTER INC: Moves to Block Brazil Retailer From Using Name
---------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Blockbuster Inc.'s
new owners want a bankruptcy judge to halt Brazilian retail giant
Lojas Americanas S.A.'s use of the movie renter's iconic blue-and-
yellow logo on Lojas's stores and video kiosks in the South
American country.
Blockbuster Inc., the movie rental chain with a library of more
than 125,000 titles, along with 12 U.S. affiliates, initiated
Chapter 11 bankruptcy proceedings with a pre-arranged
reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No. 10-
14997) on Sept. 23, 2010. It disclosed assets of US$1 billion and
debts of US$1.4 billion at the time of the filing.
Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the U.S. Debtors.
Rothschild Inc. is the financial advisor. Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer. Kurtzman Carson
Consultants LLC is the claims and notice agent. The Official
Committee of Unsecured Creditors retained Cooley LLP as its
counsel.
In April 2011, Blockbuster conducted a bankruptcy court-sanctioned
auction for all the assets. Dish Network Corp. won with an offer
having a gross value of US$320 million.
INDEPENDENCIA SA: Creditors Reject US$376-Mil. Offer for Assets
---------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that creditors of
Independencia SA rejected a BRL706.9 million (US$376 million)
offer for the company's assets from investors Alfredo Kaefer &
Cia. Ltda. and Unibrax Investimentos & Participacoes SA.
As reported in the Troubled Company Reporter-Latin America on
Aug. 25, 2011, Bloomberg News said that Independencia SA creditors
postponed a meeting to assess bids for the company's assets. The
report relates that Bankruptcy Trustee Fernando Chad said the vote
on whether to accept the bids for the assets was delayed until
Oct. 3. A separate TCRLA report on May 11, 2011, citing
Bloomberg, related that Independencia SA will auction assets for
at least BRL706.9 million (US$440 million) to help pay debt.
Independencia accepted bids through July 12. The sale includes
three slaughterhouses, three plots of land and two warehouses,
according to Bloomberg. Bloomberg said that under the plan, which
was approved by creditors in a meeting on March 3, bidders will be
required to inject at least BRL150 million into the company.
About Independencia SA
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.
=============
B O L I V I A
=============
FONDO FINANCIERO: Moody's Raises Currency Deposit Ratings to 'B2'
-----------------------------------------------------------------
Moody's Investors Service upgraded Fondo Financiero Privado Fassil
S.A.'s global local and foreign currency deposit ratings to B2
from B3 due to the upgrade in the baseline credit assessment to B2
from B3. At the same time, Moody's Latin America upgraded
Fassil's National Scale Rating for both local and foreign currency
deposits to Aa3.bo from A1.bo.
As a consequence of the aforementioned rating action, the rating
agency also upgraded Fassil's foreign currency subordinated debt
ratings to B3, from Caa1, on the global scale, and to A1.bo, from
A3.bo, on the national scale.
The bank financial strength rating of E+ and the short term global
local and foreign currency deposit ratings of Not Prime were
affirmed, as were the short term local and foreign currency
deposit ratings of BO-1.
The outlook on all the ratings is stable.
These ratings of Fondo Financiero Privado Fassil S.A. were
upgraded:
Long term global Local and Foreign- currency deposit ratings:
B2 from B3, stable outlook.
Long-Term National Scale Local and Foreign-Currency Deposit
Rating: Aa3.bo from A1.bo, stable outlook.
Long-Term Foreign-currency debt ratings: B3 from Caa1, stable
outlook.
Long-Term National Scale Foreign Currency Debt Rating: A1.bo
from A3.bo, stable outlook.
These ratings were affirmed:
Bank Financial Strength Rating: E+, stable outlook.
Short term global local and foreign-currency deposit ratings:
Not Prime, stable outlook.
Short term National Scale local and foreign-currency deposit
ratings: BO-1
Ratings Rationale
The recent rating actions reflect Fassil's improved market
position and growing operations among the Bolivian private
financial fund (FFP) segment, which is composed of five entities,
specialized in microfinance. Fassil's growth has been supported
by an increasing deposit base and capital injections from its
shareholders, which combined have allowed it to expand
geographically, while building the necessary infrastructure to
serve a growing client universe. As part of its strategy, Fassil
has been focused on leveraging existing borrowers, with a proven
credit track record.
The expansion of Fassil's operations and business volumes reflects
in improving profitability and should allow the entity to benefit
from economies of scale as it consolidates its new branches and
customer base. Investments in IT and human resources should also
benefit Fassil's operating efficiency in the future.
Moody's notes that Fassil's capitalization ratio of 8.6% in June
2011 should allow it to further expand its balance sheet, although
currently growth rates have already been very robust. While fast
growth rates may result in asset quality deterioration as loans
season, Fassil's loan portfolios is predominantly granular, as its
caters primarily to microlending and small companies. To date,
delinquency rates are under control, but could weaken over the
medium term. At the same time the company maintained a balanced
funding diversification, concentrated mainly in deposits which
represented 87.4% as of June 2011. Since the beginning of its
operations, Fassil has been managed to avoid currency and term
mismatches even if it meant compromising profitability.
The agency however considers that this small entity within the
Bolivian banking system faces the challenge of increasing
competition, which could affect its margins and put pressure on
its profitability as well as its capitalization.
Fondo Financiero Privado Fassil S.A. is headquartered in Santa
Cruz de la Sierra, Bolivia, and it had assets of Bs 1,241 million
and equity of Bs 106 million as of June 2011.
===========================
C A Y M A N I S L A N D S
===========================
CAPTIVA IV FINANCE: Shareholders' Final Meeting Set for Oct. 14
---------------------------------------------------------------
The shareholders of Captiva IV Finance Ltd. will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Goldentree High Yield Opportunities (Offshore)
II, Ltd. will hold their final meeting on Oct. 14, 2011, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
GOLDENTREE HIGH: Shareholders' Final Meeting Set for Oct. 14
------------------------------------------------------------
The shareholders of Goldentree High Yield Opportunities (Offshore-
Debt Securities) II, Ltd. will hold their final meeting on
Oct. 14, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
HK POST: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------
The shareholders of HK Post Basket Fund will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
KFH COMMODITY: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of KFH Commodity Portfolio will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
MA MW TOPS: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of MA MW Tops Worldwide Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
MA NORTH: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------
The shareholders of MA North of South Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
NORTH OF SOUTH: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------------
The shareholders of North of South Trading Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
SIGNUM KESSLER 8: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------------
The shareholders of Signum Kessler 8 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
SIGNUM MIG: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of Signum MIG Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
SIGNUM MIG HF: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of Signum MIG HF Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
TENCENT AM BASKET: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------------
The shareholders of Tencent AM Basket Fund will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
VENUS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------------
The shareholders of Venus International Limited will hold their
final meeting on Oct. 14, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
ZAMRID 0365: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Zamrid 0365 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
ZAMRID 0372: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Zamrid 0372 Limited will hold their final
meeting on Oct. 14, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: IDB Gives US$30MM Loan for Tourism Sector
---------------------------------------------------------------
The Dominican Republic will promote tourism in the Colonial City
of Santo Domingo to generate income and create jobs for the
capital's residents, in a program financed with a US$30 million
loan approved by the Inter-American Development Bank.
Tourism is a key sector in the Dominican economy generating 6.3%
of its gross domestic product and 64 percent of its foreign
exchange (US$4.1 billion) in 2009. Tourism also provided some
200,000 jobs and brought in 9% in foreign direct investment.
Tourism activities in the country are currently concentrated in
beach destinations such as Punta Cana, La Romana, Puerto Plata,
and Samana.
The new IDB-financed program will help the Dominican Republic to
reposition itself as a major tourism center in the region, opening
new market niches to complement its "sun and sand" destinations,
and promoting tourism based on its cultural and historical
heritage and social inclusion.
The program will include restoration of the Colonial City, which
is a UNESCO World Heritage Site, promotion of the tourism
production chain, and support for tourism activities provided by
local people, whose culture and lifestyle are one of the area's
attractions. The objective is for residents of the Colonial City
take the role of protagonists of tourism development and receive
the principal economic benefits.
"The program will develop tourism in the Colonial City with a
comprehensive vision to ensure that growth in the sector is not
only quantitative but above all qualitative, and that it takes
place in an orderly and sustainable manner that ensures the
participation of local people and good experiences for visitors,"
said Mercedes Velasco, head of the IDB project team.
The loan was extended for a term of 25 years with a grace period
of five years and a variable interest rate based on LIBOR. There
will be an additional contribution of US$1.15 million in local
counterpart funds.
===========
M E X I C O
===========
FORD CREDIT: Moody's Reviews 'Ba2' Currency Debt Rating
-------------------------------------------------------
Moody's Investors Service placed Ford Credit de Mexico, S.A. de
C.V., SOFOM E.N.R. (Ford Credit de Mexico)'s global local currency
long term debt rating of Ba2 on review for possible upgrade. At
the same time, Moody's de Mexico placed Ford Credit de Mexico's
Mexican National Scale long term debt rating of A2.mx on review
for possible upgrade.
Rating Rationale
The rating upgrade follows Moody's rating action on parent company
Ford Motor Credit Company LLC, whose ratings were placed on review
for possible upgrade. For further detail on this rating action
please refer to Moody's press release "Moody's reviews Ford
ratings for possible upgrade -- CFR at Ba2", dated October 5,
2011.
Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC.
The last rating action taken on Ford Credit de Mexico was on
September 12, 2011, when Moody's assigned debt ratings to Ford
Credit de Mexico's debt program of Certificados Bursatiles for
MXN8 billion and to the first issuance of MXN$1 billion.
METRO FINANCIERA CONSTRUCTION: S&P Cuts Class A Rating to 'C'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
the class A notes from Metrofinanciera Construction Loan Trust
#650 to 'C (sf)' from 'CC (sf)' and lowered its Mexican national
scale rating to 'mxCC (sf)' from 'mxCCC (sf)'.
"At the same time, we affirmed the 'mxCC (sf)' rating on the
subordinated class B notes. The certificates are backed by a
portfolio of Mexican construction loans originated and serviced by
Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R. and transferred to
trust No. 650 constituted at Banco Invex S.A. Institucion de Banca
Multiple," S&P related.
The rating actions follow the notification from the Bank of New
York Mellon, the indenture trustee, stating that no interest
payment was made to class A noteholders Sept. 26, 2011, because
the trust's payment account had insufficient funds. Interest for
the class B notes has not been paid and has been capitalizing
since 2009, after the controlling party declared an early
amortization event.
"Our ratings on both classes indicate the probability that all
capitalized interests for both classes will be paid by their
maturity date, as per the transaction documents. Our 'C (sf)' and
'mxCC (sf)' ratings for class A and our 'mxCC (sf)' rating for
class B reflect that, although there has been missed interest
payments under both classes, the ultimate payment obligation
of capitalized interest is due at maturity. According to our
criteria and rating definitions, we do not consider a nonpayment
of interest as a default if the interest payments can be deferred
and capitalized," S&P related.
"The ratings on both classes also reflect the weak performance of
the portfolio backing the certificates. Currently, 90-plus-day
delinquencies total approximately 98%, and we don't expect the
notes to be able to meet their payment obligations at legal
maturity if performance does not improve significantly," S&P said.
Ratings Lowered
Metrofinanciera Construction Loan Trust #650
Rating Outstanding amount
Series To From (MXN million)
Class A C (sf) CC (sf) 1,031.85
Class A mxCC (sf) mxCCC (sf) 1,031.85
Ratings Affirmed
Metrofinanciera Construction Loan Trust #650
Outstanding amount
Series Rating (MXN million)
Class B mxCC (sf) 214.00
=====================
P U E R T O R I C O
=====================
JELD-WEN INC: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Klamath Falls, Ore.-based Jeld-Wen Inc. "At the
same time, we assigned a 'B-' issue-level rating (one notch below
the corporate credit rating) to JELD-WEN's US$460 million senior
secured notes due 2017. The recovery rating is '5', indicating
our expectation for modest (10% to 30%) recovery for lenders in
the event of a payment default. The rating outlook is stable," S&P
related.
The company partially refinanced its existing debts with the notes
proceeds. In conjunction with this transaction, private equity
firm Onex Corp. invested US$700 million in convertible preferred
stock and US$189 million in an 18-month bridge loan (also
convertible into preferred convertible stock if not repaid before
maturity) to complete the refinancing of existing debt of
approximately US$1.2 billion.
"The 'B' rating on JELD-WEN reflects what we consider to be the
company's highly leveraged financial risk profile, resulting from
its high debt and relatively modest free cash flow generation,"
said Standard & Poor's credit analyst Thomas Nadramia. "We expect
total pro forma adjusted debt (including US$700 million preferred
convertible stock) will be in excess of 10x EBITDA."
"The ratings also reflect what we consider to be the company's
weak business risk profile because JELD-WEN is highly dependent on
the currently depressed residential construction and remodeling
end markets, has thin operating profit margins, and operates in
highly competitive markets," added Mr. Nadramia. Still, the
company maintains a leading position in residential doors in North
America, Europe, and Australia, and possesses good geographic
diversity, with more than 50% of revenues and profits from outside
of the U.S.
"The rating and outlook incorporates our expectation that demand
for JELD-WEN's window and door products, which the company sells
primarily to residential end markets and account for approximately
90% of sales, will continue to face difficulties over the next
several quarters as housing and remodeling markets remain near
cyclically low levels. We believe repair and replacement markets,
which constitute about 47% of JELD-WEN's sales, will be flat for
the remainder of 2011. Weak housing markets in both the U.S. and
Europe will likely continue to affect new residential
construction, which accounts for 41% of JELD-WEN's worldwide
sales. In the U.S., Standard & Poor's economists expect
approximately 590,000 total housing starts for 2011, roughly the
same as 2010 and still well below historical averages. The
weakness in U.S. markets will be partially offset by better market
conditions in Canada, Europe, and Australia, where JELD-WEN
derives over 50% of its revenues. We expect sales of the
company's products related to commercial end markets in Europe,
which represent about 12% of recent sales, to remain flat for the
remainder of 2011 and into 2012," S&P stated.
"The stable rating outlook reflects our expectation that JELD-
WEN's operating performance during the next several quarters will
likely be flat to showing modest improvement, primarily thanks to
internal cost saving measures, as we expect market conditions to
remain weak. As a result, we expect credit measures to remain in
line with the ratings given the company's weak business risk
profile. We expect adjusted leverage to be about 10x over the
next year based on adjusted EBITDA of about $150 million and cash
interest coverage of about 2x. The stable rating outlook also
reflects our expectation that liquidity will be adequate to meet
all of the company's obligations over the next year, given the
expected US$50 million in cash as well as nearly full availability
under the new US$300 million revolving credit facility," S&P
stated.
"We could take a negative rating action if sales and adjusted
EBITDA were to fall below our projected level of about US$150
million in 2011 and 2012, which could result from a double-dip
recession and reduced construction activity, or if the company
fails to achieve benefits derived from its ongoing restructuring
efforts," S&P related.
For a lower rating, EBITDA would have to decline about 25% from
projected levels for interest coverage to fall below 1.5x.
Downward rating pressure could also occur if a decline in EBITDA
caused the company to use cash to fund operating losses, resulting
in a drop in liquidity materially below the projected US$350
million of combined cash on hand and revolver availability.
"A positive rating action, although unlikely in the near term,
could occur if a greater-than-expected recovery in residential and
commercial construction were to result in leverage to fall below
7x. For this to occur we project EBITDA would have to improve to
US$250 million or higher," S&P said.
JMR DEVELOPMENT: Hires Luis R. Carrasquillo as Accountant
---------------------------------------------------------
JRM Development Group Corporation asks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to appoint CPA
Luis R. Carrasquillo & CO., P.S.C as financial accountant.
Upon retention, the firm will, among other things:
(a) assist the Debtor in the financial restructuring of its
affairs by providing advice in strategic planning;
(b) prepare the Debtor's plan of reorganization, disclosure
statement and business plan; and
(c) participate in the Debtor's negotiations with creditors.
The Debtor has retained Carrasquillo on the basis of US$10,000
advance by the Debtor, against which Carrasquillo has billed and
will bill as per the hourly billing rates.
The firm's hourly rates are:
Personnel Rates
--------- -----
CPA Luis R. Carrasquillo, Partner US$160
CPA Marcelo Gutierrez, Senior CPA $125
Other CPAs $90-$125
Lionel Rodriguez Perez, Senior Accountant $85
Carmen Echevarria, Senior Accountant $75
Omara Torres Ortiz, Senior Tax Specialist $75
Sandra Zavala Diaz, Junior Accountant $50
Janet Marrero, Administrative & Support $35
Iris L. Franqui, Administrative & Support $35
Luis R. Carrasquillo Ruiz, CPA, assures the Court that the firm
and its members are disinterested persons as defined under 11
U.S.C. Sec. 101(14).
About JMR Development Group
JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
Charles A Curpill PSC Law Office serves as counsel to the Debtor.
The Debtor scheduled assets of US$12,732,474 and debts of
US$48,587,611. An affiliate, JMR Tourist Development Group Corp.
sought Chapter 11 protection (Case No. 11-07911) on the same day.
JMR DEVELOPMENT: Taps Charles A. Cuprill as Bankruptcy Attorney
---------------------------------------------------------------
JRM Development Group Corporation asks permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to appoint
Charles A. Cuprill, P.S.C., Law Offices as attorney.
The law firm's address is:
Charles A. Cuprill, P.S.C., Law Offices
356 Fortaleza Street, Second Floor
San Juan, PR 00901
Tel: (787) 977-0515
Fax: (787) 977-0518
The firm's principal, Charles A. Cuprill-Hernandez, Esq., attests
that the members of the firm are disinterested persons as defined
in 11 U.S.C. Sec. 101(14).
The firm's hourly rates are:
Personnel Rates
--------- -----
Charles A. Cuprill-Hernandez, Esq. US$300
Senior Associates $225
Junior Associates $150
Paralegals $85
About JMR Development Group
JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant. The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611. An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: BIPA to Ensure 100% Retrieval of Clico Investments
------------------------------------------------------------
Caribbean360.com reports that the Barbados Investors and
Policyholders Alliance (BIPA) is ready to do "battle" to ensure
that Clico investors and policyholders across Barbados and the
Eastern Caribbean to get 100% of their investments in Colonial
Life Insurance Company (Trinidad) Limited (CLICO). Clico is a
subsidiary of CL Financial Limited.
This was the clear message sent by the BIPA in a Press statement
issued following their evaluation of the various options presented
to Clico policyholders and investors at a recent series of
meetings called by judicial manager for Clico, Deloitte Consulting
Ltd, according to Caribbean360.com.
The report relates that while stating that BIPA thoroughly
appreciated and welcomed "the sterling and timely work" by the
judicial manager, it expressed concerns that the proposal by
Deloitte Consulting to liquidate the assets of Clico that could be
traced and identified up to the time when the judicial manager
submitted its report to the law courts on July 28 would
disenfranchise Clico policyholders in Barbados and countries
throughout the Eastern Caribbean by giving them less than 50 cents
on the dollar for their investments.
This scenario was likely, pointed out BIPA, because Deloitte
Consulting stated at the time of the report that they could not
account for approximately TT$350 million in Clico assets,
Caribbean360.com notes.
The report discloses that BIPA also noted that they found to be
"more palatable" the four alternative options presented by a
committee, including representatives from the Central Bank of
Barbados, the Caribbean Development Bank and the Ministry of
Finance, which each required varying degrees of funding from the
governments of each of the affected countries.
BIPA said that it was only right for the regional governments to
assist in the funding of the proposed solutions, given their
"culpability", "the negligence of their agencies" and their
"procrastination," Caribbean360.com says. The pressure group said
there was a price to be paid for such abandon and disregard, and
governments should pay the price, the report adds.
Caribbean360.com relates that while there has been concern about
the length of time in which any of these options could take to be
exercised, BIPA assured its constituents that it would continue to
keep up pressure on all parties to conclude matters in a timely
manner.
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$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
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TELEBRAS-CED C/E TEL4C AR 280204646 -21109882.4
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TELEBRAS-PF RCPT CBRZF US 280204646 -21109882.4
TELEBRAS SA-PREF TLBRPN BZ 280204646 -21109882.4
TELEBRAS-RECEIPT TLBRUO BZ 280204646 -21109882.4
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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
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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
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HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
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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
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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
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RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
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TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
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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
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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
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RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
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RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
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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 * * *