/raid1/www/Hosts/bankrupt/TCRLA_Public/111226.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
Monday, December 26, 2011, Vol. 12, No. 255
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Receivers Vie in Court for Control of Assets
A R G E N T I N A
OFFSET CONGRESO: Creditors' Proofs of Debt Due May 9
RIDELAND SA: Creditors' Proofs of Debt Due May 3
TEXTIL DELOS: Creditors' Proofs of Debt Due March 19
TRILOGIA SA: Creditors' Proofs of Debt Due March 23
B R A Z I L
BANCO PANAMERICANO: Suspends Payout of Local Bonds
C A Y M A N I S L A N D S
COMPASS FUND: Shareholders Receive Wind-Up Report
D & T HOLDINGS: Shareholders Receive Wind-Up Report
DELOITTE & TOUCHE: Shareholders Receive Wind-Up Report
DELOITTE PROPERTY: Shareholders Receive Wind-Up Report
EDMOND MACRO: Shareholders Receive Wind-Up Report
EDMOND MACRO: Shareholders Receive Wind-Up Report
KC II SPECIAL: Shareholders Receive Wind-Up Report
LOEB MARATHON: Shareholders Receive Wind-Up Report
LOEB MARATHON: Shareholders Receive Wind-Up Report
LUX FUNDS: Shareholders Receive Wind-Up Report
PAMPLONA FOF: Shareholders Receive Wind-Up Report
SPIRIT CREDIT: Shareholder Receives Wind-Up Report
UNIVERSAL STRUCTURED: Shareholder Receives Wind-Up Report
VAM BRAZIL: Shareholder Receives Wind-Up Report
VAM INTERNATIONAL: Shareholder Receives Wind-Up Report
T R I N I D A D & T O B A G O
CL FIN'L: Policyholders Take Legal Actions Against Directors
X X X X X X X X
* BOND PRICING: For the Week December 19 to December 23, 2011
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Receivers Vie in Court for Control of Assets
------------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins at Bloomberg News
report that U.S. and Antiguan-appointed receivers for Robert
Allen Stanford's holdings vied in court for control of his assets
as investors await payment for losses in his alleged US$7 billion
fraud scheme.
U.S. District Judge David Godbey heard evidence and arguments
from attorneys for Ralph Janvey, whom he appointed almost three
years ago to marshal and liquidate Mr. Stanford's business and
personal holdings, and from lawyers for executives of the global
auditing firm Grant Thornton, led by executives Marcus Wide and
Hugh Dickson, chosen by an Antiguan court for the same task,
according to Bloomberg.
Bloomberg notes that at the heart of Mr. Stanford's alleged fraud
are certificates of deposit sold by his Antigua-based Stanford
International Bank Ltd. to about 28,000 investors. That makes
the island nation the legal center of interest, the two Grant
Thornton receivers contend, Bloomberg relates.
However, Bloomberg discloses that Mr. Janvey's lawyer, Kevin
Sadler, disagreed. "The last thing this receivership needs, the
last thing that investors need, is two liquidators of the bank
here in the U.S. . . . It duplicates work that has already been
done," Mr. Sadler told Judge Godbey, Bloomberg relates.
Bloomberg, citing a report submitted to Judge Godbey last month,
relays that Mr. Janvey has recovered more than US$114 million in
cash and US$96 million in assets while spending about US$102
million winding up Mr. Stanford's operations and pursuing
litigation.
Bloomberg notes that the Grant Thornton receivers said in a Dec.
7 online briefing to investors said they recovered US$3.2 million
in Panama, obtained a freeze on real estate holdings worth US$70
million and were working to recover US$9 million in assets in
Colombia.
Meanwhile, Bloomberg notes that Edward Davis, one of the
attorneys for Grant Thornton executives Marcus Wide and Hugh
Dickson, said that the Antiguan estate will be able to distribute
more than US$300 million of Stanford's European bank funds, which
are claimed by both receivers. Custody of the funds, now frozen
at the request of the U.S. Justice Department, was awarded to
Antiguan control by U.K. and Swiss courts, as well as proceeds
realized from the sale of Stanford's considerable Antiguan real
estate and resort properties, Mr. Davis said, Bloomberg relates.
Bloomberg discloses that opposing the Antiguan receivership's bid
for primacy, the U.S. Securities and Exchange Commission filed
papers Dec. 5 with Judge Godbey, arguing that the alleged
Stanford Ponzi scheme was Houston-born.
Bloomberg notes that Mr. Janvey and Dallas lawyer John J. Little,
appointed by Judge Godbey to advocate for investors, agreed. In
a court filing, they said the center of interest in the Stanford
case ought to remain in the U.S, the report adds.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement. Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.
On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.
A criminal case was also pursued against Mr. Stanford in June
2009 before the U.S. District Court in Houston, Texas. Mr.
Stanford pleaded not guilty to 21 charges of multi-billion dollar
fraud, money-laundering and obstruction of justice. Assistant
Attorney General Lanny Breuer, as cited by Agence France-Presse
News, said in a 57-page indictment that Mr. Stanford could face
up to 250 years in prison if convicted on all charges. Mr.
Stanford surrendered to U.S. authorities after a warrant was
issued for his arrest on the criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
=================
A R G E N T I N A
=================
OFFSET CONGRESO: Creditors' Proofs of Debt Due May 9
----------------------------------------------------
Maria Catalina Gassi, the court-appointed trustee for Offset
Congreso SA's bankruptcy proceedings will be verifying creditors'
proofs of claim until May 9, 2012.
Ms. Gassi will present the validated claims in court as
individual
reports. The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Catalina Gassi
Defensa 898
Argentina
RIDELAND SA: Creditors' Proofs of Debt Due May 3
------------------------------------------------
Alberto Javier Sansolo, the court-appointed trustee for Rideland
SA's bankruptcy proceedings will be verifying creditors' proofs
of claim until May 3, 2012.
Mr. Sansolo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Alberto Javier Sansolo
Viamonte 1636
Argentina
TEXTIL DELOS: Creditors' Proofs of Debt Due March 19
----------------------------------------------------
Estudio Cichero y Asociados, the court-appointed trustee for
Textil Delos SA's reorganization proceedings will be verifying
creditors' proofs of claim until March 19, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 6, 2012.
The Trustee can be reached at:
Estudio Cichero y Asociados
Viamonte 1459
Argentina
TRILOGIA SA: Creditors' Proofs of Debt Due March 23
---------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Trilogia SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 23, 2012.
Ms. Varela will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ana Maria Varela
Tucuman 1506
Argentina
===========
B R A Z I L
===========
BANCO PANAMERICANO: Suspends Payout of Local Bonds
--------------------------------------------------
Karen Eeuwens and Francisco Marcelino at Bloomberg News report
that Banco Panamericano SA suspended payments of four local bonds
after it was granted an injunction from a Sao Paulo state court.
The bank said in a regulatory filing that it filed a lawsuit
against bondholders on Dec. 19 to get the injunction to withhold
payments because the securities have "atypical" rates and
maturities, according to Bloomberg. The court's decision issued
on Dec. 20 affects payment of certain private bonds, known as
certificados de depositos bancario, that were issued in 2005,
2006 and 2008, Bloomberg relates.
Bloomberg discloses that Banco Panamericano said in the filing
that it's "fully able to pay the bonds, which are properly
accounted for" on its financial statement. The bonds can't be
resold by holders, according to the filing, Bloomberg relays.
Bloomberg recalls that the lender's former controlling
shareholder, Grupo Silvio Santos, had to borrow BRL2.5 billion
(US$1.35 billion) in November 2010 from the nation's bank
deposits insurance fund, or FGC, after allegations of accounting
fraud arose. BTG Pactual bought Silvio Santos's stake in the
bank in February, assuming BRL3.8 billion in debt, Bloomberg
notes.
Bloomberg relates that Valor Economico reported that Banco
Panamericano won the injunction to withhold payment of BRL21
million of private bonds suspected of being part of a fraud.
===========================
C A Y M A N I S L A N D S
===========================
COMPASS FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Compass Fund Limited received on Dec. 19,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
D & T HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of D & T Holdings (Cayman) Limited received on
Dec. 15, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Pearson
c/o Brad Kirby
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue
George Town KY1-1109
Telephone: +1(345) 814 3471
e-mail: bwkirby@deloitte.com
DELOITTE & TOUCHE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Deloitte & Touche (Caribbean) Investments LDC
received on Dec. 15, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Michael Pearson
c/o Brad Kirby
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue
George Town KY1-1109
Telephone: +1(345) 814 3471
e-mail: bwkirby@deloitte.com
DELOITTE PROPERTY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Deloitte Property Consulting Ltd. received on
Dec. 15, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Pearson
c/o Brad Kirby
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue
George Town KY1-1109
Telephone: +1(345) 814 3471
e-mail: bwkirby@deloitte.com
EDMOND MACRO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Edmond Macro Fund Limited received on Dec.
21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
EDMOND MACRO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Edmond Macro Master Fund Limited received on
Dec. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand
KC II SPECIAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of KC II Special Opportunites SPV received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Harbour Centre
42 North Church Street, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
LOEB MARATHON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loeb Marathon Offshore Fund, Ltd. received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David S. Hampson
Loeb Partners Corporation
61 Broadway, 24th Floor, New York
New York 10006, U.S.A.
LOEB MARATHON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loeb Marathon Offshore Partners, Ltd.
received on Dec. 22, 2011, the liquidator's report on the
company's wind-up
proceedings and property disposal.
The company's liquidator is:
David S. Hampson
Loeb Partners Corporation
61 Broadway, 24th Floor, New York
New York 10006, U.S.A.
LUX FUNDS: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of LUX Funds SPC received on Dec. 22, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Banque Privee Edmond De Rothschild Europe
20 Boulevard Emmanuel Servais
L-2535 Luxembourg
PAMPLONA FOF: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pamplona FOF EM Limited received on Dec. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
SPIRIT CREDIT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Spirit Credit Management, Ltd. received on
Dec. 20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
UNIVERSAL STRUCTURED: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Universal Structured Products Fund received on
Dec. 22, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Nico Thuler
Traugott Meyer-Strasse 11
4147 Aesch
Switzerland
VAM BRAZIL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Vam Brazil SPC Ltd. received on Dec. 20, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
VAM INTERNATIONAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Vam International SPC Ltd. received on Dec.
20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Policyholders Take Legal Actions Against Directors
------------------------------------------------------------
Caribbean360.com reports that the Santa Rosa Team, which
represents a number of Colonial Life Insurance Company
(CLICO) Executive Flexible Premium Annuity (EFPA) policyholders,
said that they were going after the "the hundreds of millions of
dollars (and possibly much more) in assets of those who are
directly responsible for [the policyholders] financial plight."
CLICO is a subsidiary of CL Financial Limited.
The association was not satisfied with the payout plan recently
offered by government to some larger CLICO investors and
policyholders, according to Caribbean360.com
The report discloses that the Santa Rosa team argued that the
difference between what the EFPA policyholders were due (as per
Rajnauth-Lee judgment) and what they were now being offered by
the government, was a loss resulting directly from a "catalogue
of failures on the part of directors, past and present to
discharge their fiduciary responsibilities, and in some cases
perhaps to have conspired in the execution of fraudulent acts".
Under its new plan, Caribbean360.com relates that the government
has said policyholders for the first ten years would get a yield
of approximately 80 cents for every dollar of their investment if
they chose to cash in their investment within six months.
The report notes that for years 11 to 20, the investors have been
promised a return of 100 cents on the dollar, if they opt to swap
these zero-coupon bonds for units in the investment holding
company that has been called NEL II.
David Walker, the lead consultant for the Santa Rosa Team, said
Monday's statement that the legal action also included those who
chose to accept the government's offer, but he we strongly
recommended the EFPA policyholders to reject the government plan
as it greatly reduced their chances of getting a full payout,
Caribbean360.com notes.
Mr. Walker urged the EFPA policyholders in the statement to lend
their support both for the likelihood of a greater settlement and
for the national good, the report adds.
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$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week December 19 to December 23, 2011
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 69
ARGENT-$DIS 8.28 12/31/2033 USD 71
ARGENT-PAR 1.18 12/31/2038 ARS 46.4
ARGENT- DIS 7.82 12/31/2033 EUR 55
ARGENT- DIS 7.82 12/31/2033 EUR 59.1
ARGENT- DIS 7.82 12/31/2033 EUR 59
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- PAR 0.45 12/31/2038 JPY 15
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
PROV BUENOS AIRE 9.625 4/18/2028 USD 63.8
PROV BUENOS AIRE 9.375 9/14/2018 USD 73.8
PROV BUENOS AIRE 10.875 1/26/2021 USD 72.7
PROV BUENOS AIRE 9.375 9/14/2018 USD 71.5
PROV BUENOS AIRE 10.875 1/26/2021 USD 73.2
BRAZIL
------
BANCO CRUZEIRO 8.875 9/22/2020 USD 62
BANCO CRUZEIRO 8.875 9/22/2020 USD 63.8
BANCO CRUZEIRO 8.25 1/20/2016 USD 68.9
BANCO CRUZEIRO 8.25 1/20/2016 USD 68
BANCO CRUZEIRO 8.5 2/20/2015 USD 77.1
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 34.6
BCP FINANCE BANK 5.01 3/31/2024 EUR 31.6
BCP FINANCE BANK 5.31 12/10/2023 EUR 33.6
BCP FINANCE CO 5.543 EUR 32
BCP FINANCE CO 4.239 EUR 32.9
BES FINANCE LTD 5.58 EUR 29.7
BES FINANCE LTD 4.5 EUR 41.6
CAM GLOBAL FIN 6.08 12/22/2030 EUR 63.4
CHINA AUTOMATION 7.75 4/20/2016 USD 65.4
CHINA FORESTRY 10.25 11/17/2015 USD 67.5
CHINA FORESTRY 10.25 11/17/2015 USD 64.6
CHINA HUIYUAN JU 4 4/29/2016 USD 69.8
CHINA MED TECH 6.25 12/15/2016 USD 30.4
CHINA MED TECH 4 8/15/2013 USD 51.3
CHINA SCE PROPER 10.5 1/14/2016 CNY 68.4
CHINA SUNERGY 4.75 6/15/2013 USD 61.5
DUBAI HLDNG COMM 6 2/1/2017 GBP 71.1
EFG ORA FUNDING 1.7 10/29/2014 EUR 49.3
ESFG INTERNATION 5.753 EUR 32.7
FANTASIA HOLDING 14 5/12/2015 USD 72.9
FANTASIA HOLDING 14 5/12/2015 USD 72.8
GLORIOUS PROPERT 13 10/25/2015 USD 70.1
GREENTOWN CHINA 9 11/8/2013 USD 74.9
GREENTOWN CHINA 9 11/8/2013 USD 74.9
HIDILI INDUSTRY 8.625 11/4/2015 USD 75.4
HOME INNS 2 12/15/2015 USD 77.2
HOME INNS 2 12/15/2015 USD 73.6
JA SOLAR HOLD CO 4.5 5/15/2013 USD 72.3
JINKOSOLAR HOLD 4 5/15/2016 USD 38.4
KAISA GROUP 8 12/20/2015 CNY 72.5
LDK SOLAR CO LTD 4.75 4/15/2013 USD 63.3
LDK SOLAR CO LTD 4.75 4/15/2013 USD 52.3
LDK SOLAR CO LTD 4.75 4/15/2013 USD 65
LUPATECH FINANCE 9.875 USD 65
LUPATECH FINANCE 9.875 USD 63
MARFRIG OVERSEAS 9.5 5/4/2020 USD 71
MARFRIG OVERSEAS 9.5 5/4/2020 USD 72.3
MBPS FINANCE 11.25 11/15/2015 USD 67.5
MBPS FINANCE 11.25 11/15/2015 USD 65.5
MINGFA GROUP INT 5.25 5/23/2016 HKD 72
POLARCUS LTD 2.875 4/27/2016 USD 73.1
POWERLONG RE HLD 13.75 9/16/2015 USD 64.9
POWERLONG RE HLD 13.75 9/16/2015 USD 64.5
POWERLONG RE HLD 11.5 3/17/2014 CNY 67.6
PUBMASTER FIN 6.962 6/30/2028 GBP 53.5
PUBMASTER FIN 8.44 6/30/2025 GBP 57
RENHE COMMERCIAL 11.75 5/18/2015 USD 70
RENHE COMMERCIAL 13 3/10/2016 USD 71.8
RENHE COMMERCIAL 13 3/10/2016 USD 72.1
RENHE COMMERCIAL 11.75 5/18/2015 USD 70.5
SHIMAO PROPERTY 8 12/1/2016 USD 75
SOLARFUN POWER H 3.5 1/15/2018 USD 49.5
SOLARFUN POWER H 3.5 1/15/2018 USD 48.5
SPG LAND HOLDING 13.5 4/8/2016 USD 64.3
SUNTECH POWER 3 3/15/2013 USD 40
SUNTECH POWER 3 3/15/2013 USD 43.5
TEXHONG TEXTILE 7.625 1/19/2016 USD 71.9
TEXHONG TEXTILE 7.625 1/19/2016 USD 68
YUZHOU PROPERTIE 13.5 12/15/2015 USD 66.6
YUZHOU PROPERTIE 13.5 12/15/2015 USD 65
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 0.44
CGE DISTRIBUCION 3.25 12/1/2012 CLP 19.5
COLBUN SA 3.2 5/1/2013 CLP 73
ESVAL S.A. 3.8 7/15/2012 CLP 25.3
MASISA 4.25 10/15/2012 CLP 19.7
QUINENCO SA 3.5 7/21/2013 CLP 24.9
PANAMA
------
NEWLAND INT PROP 9.5 11/15/2014 USD 58
PUERTO RICO
-----------
BANCO SANTANDER 6.1 6/1/2032 USD 60
BANCO SANTANDER 6.3 6/1/2032 USD 62.1
PUERTO RICO CONS 6.3 11/1/2033 USD 0.01
PUERTO RICO CONS 6.2 5/1/2017 USD 53
VENEZUELA
---------
PETROLEOS DE VEN 5.5 4/12/2037 USD 46.9
PETROLEOS DE VEN 5.375 4/12/2027 USD 48.4
PETROLEOS DE VEN 5.25 4/12/2017 USD 62.9
PETROLEOS DE VEN 5.125 10/28/2016 USD 63.9
PETROLEOS DE VEN 5 10/28/2015 USD 70.4
PETROLEOS DE VEN 8.5 11/2/2017 USD 74.2
PETROLEOS DE VEN 8.5 11/2/2017 USD 74.4
VENEZUELA 7 3/31/2038 USD 56.3
VENEZUELA 7 3/31/2038 USD 57.3
VENEZUELA 6 12/9/2020 USD 60.5
VENEZUELA 7.65 4/21/2025 USD 61.7
VENEZUELA 8.25 10/13/2024 USD 64.3
VENEZUELA 9.25 5/7/2028 USD 69
VENEZUELA 9 5/7/2023 USD 68.3
VENEZUELA 7 12/1/2018 USD 69.8
VENEZUELA 7.75 10/13/2019 USD 70.8
VENEZUELA 9.25 9/15/2027 USD 71.5
VENEZUELA 9.25 9/15/2027 USD 72.3
VENZOD - 189000 9.375 1/13/2034 USD 67.8
***********
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
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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 * * *