/raid1/www/Hosts/bankrupt/TCRLA_Public/120313.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, March 13, 2012, Vol. 13, No. 052
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Owner's Sentencing Delayed by New Trial
A R G E N T I N A
RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Credit
B R A Z I L
CENTRAIS ELETRICAS: Regulator May Start Investigation on Firm
TELEFONICA BRASIL: To Fire 1,500 Employees After Vivo Merger
C A Y M A N I S L A N D S
CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for March 28
CORO VOLTIN: Members' Final Meeting Set for March 21
DGC LONG/SHORT: Members' Final Meeting Set for March 19
ELROND INVESTMENTS: Creditors' Proofs of Debt Due March 28
EMIRATES TARIAN: Members' Final Meeting Set for March 20
FLEX HOLDING: Members' Final Meeting Set for Feb. 24
FRONTIER XI: Creditors' Proofs of Debt Due March 28
FRONTIER XII: Creditors' Proofs of Debt Due March 28
GEM DIF 2: Shareholders' Final Meeting Set for March 21
MAN LONG SHORT ASIA: Members' Final Meeting Set for March 21
MAN LONG SHORT EQUITY: Members' Final Meeting Set for March 21
MAN LONG SHORT JAPAN: Final Meeting Set for March 21
SANMAR IP: Shareholders' Final Meeting Set for March 30
SHENGLI LIMITED: Members' Final Meeting Set for March 19
VESTA IAM: Shareholders' Final Meeting Set for May 1
C O L O M B I A
* COLOMBIA: IDB OKs US$46MM for Educational Quality Improvement
J A M A I C A
CARIBBEAN CEMENT: Ships Supplies to Trinidad & Tobago
V E N E Z U E L A
FERTINITRO FINANCE: Fitch Withdraws Junk Rating on US$250MM Bonds
GRUPO POSADAS: Fitch Lowers Rating on US$200MM Sr. Notes to 'B-'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Owner's Sentencing Delayed by New Trial
-------------------------------------------------------
Caribbean360.com reports that whether Allen Stanford will spend
the next 20 years or more in a Texas prison is yet to be known as
prosecutors have now initiated a new trial aimed at asset
recovery. Mr. Stanford is the owner of Stanford International
Bank Limited.
Following Mr. Stanford's conviction last week, a prosecutor asked
jurors to allow federal authorities to seize US$330 million from
nearly 30 accounts controlled by Mr. Stanford and others, saying
the funds are proceeds from Mr. Stanford's massive Ponzi scheme
and can be traced back to investors who lost billions, according
to Caribbean360.com. The report relates that deliberations on the
criminal forfeiture proceedings would have started on March 8
before the same jury that convicted the former billionaire.
The report notes that a sentencing date for Mr. Stanford is not
expected to be set until after the jury makes a decision in the
forfeiture proceeding.
As reported in the Troubled Company Reporter-Latin America on
March 12, 2012, Jamaica Gleaner said that Antigua Prime Minister
Baldwin Spencer has pledged to work with other agencies to try to
help victims of Mr. Stanford. On March 7, 2012, a federal jury in
Houston, Texas, convicted Mr. Stanford for orchestrating a 20-year
investment fraud scheme in which he misappropriated US$7 billion
from SIB to finance his personal businesses. Following a six-week
trial before U.S. District Judge David Hittner, and approximately
three days of deliberation, the jury found Mr. Stanford guilty on
13 of 14 counts in the indictment. The jury found Mr. Stanford
not guilty on one count of wire fraud. At sentencing, Mr. Stanford
faces a maximum prison sentence of 20 years for the count of
conspiracy to commit wire and mail fraud, each count of wire and
mail fraud, and the count of conspiracy to commit money
laundering, and five years for the count of conspiracy to obstruct
an SEC investigation and the count of obstruction of an SEC
investigation.
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 United States 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, 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 an US$8 billion
Certificate of Deposit program.
A criminal case was pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Credit
-----------------------------------------------------------------
On March 8, 2011, Radiation Therapy Services, Inc. disclosed in
its fourth quarter 2011 earnings filing that they took a $123
million impairment charge bringing the total impairments for the
year to US$361 million. The impairment charge erodes the
company's net worth and reduces expected future free cash flow
generation, but the company's B2 corporate family rating and
negative outlook are currently not impacted.
Radiation Therapy Services, Inc. -- http://www.rtsx.com--
operates and manages radiation treatment centers primarily under
the name 21st Century Oncology, a provider of advanced radiation
therapy services to cancer patients. Radiation Therapy is a
wholly-owned subsidiary of Radiation Therapy Services Holdings,
Inc. The Company has operations in Argentina and India.
===========
B R A Z I L
===========
CENTRAIS ELETRICAS: Regulator May Start Investigation on Firm
-------------------------------------------------------------
Fabiola Moura at Bloomberg News reports that Brazil's Energy
Regulator Agencia Nacional de Energia Eletrica (ANEEL) may start
an investigation on Centrais Eletricas do Para SA after the
company filed for bankruptcy protection, Reuters reported.
As reported in the Troubled Company Reporter-Latin America on
March 8, 2012, Bloomberg News said that ANEEL denied Centrais
Eletricas do Para SA's request to increase energy tariffs by 2%.
Bloomberg cited a statement posted on ANEEL's Web site where the
regulator said, "The current financial-economic unbalance alleged
by the concessionaire is not due to the tariffs level . . . . It
depends on actions to improve management and increase resources
by its shareholders."
CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.
* * *
As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).
TELEFONICA BRASIL: To Fire 1,500 Employees After Vivo Merger
------------------------------------------------------------
Stephan Nielsen at Bloomberg News reports that Sindicato dos
Trabalhadores em Telecomunicacoes no Estado de Sao Paulo said
Telefonica Brasil SA will dismiss 1,500 staff in the states of Sao
Paulo and Rio de Janeiro following its merger with Vivo
Participacoes SA at the end of last year. Sindicato dos
Trabalhadores is a local workers' union.
The union said that the company originally wanted to fire more
staff, according to Bloomberg.
The report notes that the union negotiated fewer job cuts and
secured a benefit package for those dismissed. Telefonica Brasil
had about 19,000 workers as of Dec. 31, according to Bloomberg
data.
Telefonica Brasil, S.A. -- http://www.telefonica.com.br/--
provides fixed-line telecommunications services to residential and
commercial customers in the state of Sao Paulo, Brazil.
===========================
C A Y M A N I S L A N D S
===========================
CEDARVIEW LEVERAGED: Shareholders' Final Meeting Set for March 28
-----------------------------------------------------------------
The shareholders of Cedarview Leveraged Opportunities MA II, Ltd.
will hold their final meeting on March 28, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Swiss Re Services Limited
30 St Mary's Axe
London
CORO VOLTIN: Members' Final Meeting Set for March 21
----------------------------------------------------
The members of Coro Voltin Fund Limited will hold their final
meeting on March 21, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gavin Lowe
c/o Turner & Roulstone Management Ltd.
PO Box 2636 Strathvale House
90 North Church Street
Grand Cayman, KY1-1102
Cayman Islands
Telephone: 1 345 943 5555
DGC LONG/SHORT: Members' Final Meeting Set for March 19
-------------------------------------------------------
The members of DGC Long/Short Ltd. will hold their final meeting
on March 19, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Gene DaCosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
PO Box 2681 Grand Cayman KY1-1111
Cayman Islands
ELROND INVESTMENTS: Creditors' Proofs of Debt Due March 28
----------------------------------------------------------
The creditors of Elrond Investments Limited are required to file
their proofs of debt by March 28, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
EMIRATES TARIAN: Members' Final Meeting Set for March 20
--------------------------------------------------------
The members of Emirates Tarian Special Situations Asia Fund will
hold their final meeting on March 20, 2012, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
FLEX HOLDING: Members' Final Meeting Set for Feb. 24
----------------------------------------------------
The members of Flex Holding Ltd will hold their final meeting on
Feb. 24, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
Ronald Fuccillo is the company's liquidator.
FRONTIER XI: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Frontier XI Limited are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
FRONTIER XII: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
The creditors of Frontier XII Limited are required to file their
proofs of debt by March 28, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 10, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
GEM DIF 2: Shareholders' Final Meeting Set for March 21
-------------------------------------------------------
The shareholders of Gem DIF 2 Ltd. will hold their final meeting
on March 21, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MAN LONG SHORT ASIA: Members' Final Meeting Set for March 21
------------------------------------------------------------
The members of Man Long Short Equity Asia Exjapan (Master) Ltd.
will hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MAN LONG SHORT EQUITY: Members' Final Meeting Set for March 21
--------------------------------------------------------------
The members of Man Long Short Equity Emerging Markets (Master) Ltd
will hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MAN LONG SHORT JAPAN: Final Meeting Set for March 21
----------------------------------------------------
The shareholders of Man Long Short Equity Japan (Master) Ltd. will
hold their final meeting on March 21, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SANMAR IP: Shareholders' Final Meeting Set for March 30
-------------------------------------------------------
The shareholders of Sanmar IP Repository Ltd will hold their final
meeting on March 30, 2012, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
SHENGLI LIMITED: Members' Final Meeting Set for March 19
--------------------------------------------------------
The members of Shengli Limited will hold their final meeting on
March 19, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
VESTA IAM: Shareholders' Final Meeting Set for May 1
----------------------------------------------------
The shareholders of Vesta IAM Limited will hold their final
meeting on May 1, 2012, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
===============
C O L O M B I A
===============
* COLOMBIA: IDB OKs US$46MM for Educational Quality Improvement
---------------------------------------------------------------
The Inter-American Development Bank approved a loan for US$46
million to reduce educational lags and inequities and improve
coverage in Colombia.
The new program, which will be carried out by Colombia's Ministry
of Education, will modernize management of educational
institutions, implement programs of citizenship skills in basic
education, and modernize the provision of technical and
technological education.
"With this program, the IDB is supporting the Colombian government
in its efforts to improve both coverage and quality in education,
with a strong emphasis on equity," said Hugo Nopo, IDB project
team leader.
The project aims to help 4,200 educational institutions manage
their resources using administrative and financial systems to
improve operational efficiency. Through the program, more than a
thousand educational institutions will improve the capacity of
citizens to work more effectively in society. In addition, the
program will provide some 60,000 new students with access to
professional technical education and technology to help improve
their employability.
The program will introduce mechanisms to make funds available to
local jurisdictions on a competitive basis, focusing on
municipalities identified by the Colombian government as having
unmet basic needs.
The loan was granted for 25 years with a grace period of three
years and a variable interest rate based on LIBOR.
=============
J A M A I C A
=============
CARIBBEAN CEMENT: Ships Supplies to Trinidad & Tobago
-----------------------------------------------------
RJR News reports that Caribbean Cement Company Limited will
dispatch its first shipment of supplies to Trinidad to help ease
the shortage caused by the extended strike at its parent company,
Trinidad Cement Limited.
TCL has turned to its Jamaican and Barbados subsidiaries for
cement as the work stoppage has crippled operations and resulted
in a major shortage of the product in the twin island republic,
according to RJR News.
RJR News notes that TCL General Manager Satnarine Bachew said
customers could expect to pay a small increase in cement prices,
but nowhere near what he said was a 100% increase in prices being
asked by some hardware dealers. The report relates that Mr.
Bachew said about 23,000 tons of cement will be entering the
island.
As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed. It will also import supplies from Barbabos,
according to RJR News. The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse. The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.
As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt. The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.
Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.
About Caribbean Cement
Caribbean Cement Company Limited manufactures and sells cement.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010. Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.
=================
V E N E Z U E L A
=================
FERTINITRO FINANCE: Fitch Withdraws Junk Rating on US$250MM Bonds
-----------------------------------------------------------------
Fitch Ratings has withdrawn its 'CCC' rating on FertiNitro Finance
Inc.'s US$250 million 8.29% secured bonds due 2020.
The withdrawal is due to lack of information from FertiNitro, as
the company has discontinued providing monthly financial and
operational data. The company's government-owned sponsor Pequiven
purchased 99.2% of the FertiNitro debt with approximately US$2
million remaining outstanding.
Pequiven entered into a lock-up agreement with the holders of
approximately 79% of the US$250 million aggregate principal amount
of the secured bonds issued by its subsidiary FertiNitro Finance
Inc. The tender offer for the bonds began Nov. 30, 2011 and
lasted 10 days. For bondholders who tendered within this time
frame, Pequiven offered for each US$1,000 original principal
amount of bonds a payment of US$1,049.70 plus accrued and unpaid
interest. Bondholders who tendered after the early tender date
and prior to the expiration date were to receive the par value
(US$1,000 per US$1,000 original principal amount of bonds accepted
for purchase) plus accrued and unpaid interest.
FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 metric tons (MT) of ammonia and 4,400 MT of urea. Of total
revenues, 80% are derived from urea sales and the remainder from
ammonia. FertiNitro was nationalized in October 2010 and made a
subsidiary of Pequiven. Prior to the nationalization,
FertiNitro's ownership was as follows: 35% by a Koch Industries,
Inc. subsidiary, 35% by Pequiven, 20% by a Snamprogetti S.p.A.
subsidiary, and 10% by a Cerveceria Polar, C.A. subsidiary.
Established in 1977, Pequiven is a petrochemical corporation
wholly owned by the government of Venezuela, organized into three
business units: fertilizers, olefins and plastics, and industrial
products.
GRUPO POSADAS: Fitch Lowers Rating on US$200MM Sr. Notes to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Grupo Posadas S.A.B. de C.V.'s
(Posadas) ratings as follows:
-- Local currency Issuer Default Rating (IDR) to 'B-' from 'B';
-- Foreign currency IDR to 'B-' from 'B';
-- National scale rating to 'B+(mex)' from 'BB+(mex)';
-- US$200 million senior notes due 2015 to 'B-/RR4' from
'B/RR4';
-- MXN2.25 billion Certificados Bursatiles issuance Posadas08 to
'B+(mex)' from 'BB+(mex)'.
In addition, the ratings are placed on Rating Watch Negative.
The downgrade reflects Posadas' continued high leverage and
heightened refinancing risk towards 2013. The approved equity
increase in the form of convertible debentures for MXN900 million
and the unwinding of some of its hedges should ease liquidity
concerns during 2012 but leverage should remain high. Total
adjusted debt to EBITDAR ended 2011 at 6.8 times (x) and 5.9x
after excluding a non-recurrent non-cash charge of MXN183 million.
The Negative Rating Watch reflects near and medium term
refinancing concerns regarding the 2012 maturities and the
Certificados Bursatiles issuance for MXN2,250 million due in April
2013. Inability to make progress in refinancing the maturities
could pressure the ratings and lead to further downgrades.
Positive Equity Increase
On March 8, 2012, Posadas announced the approval of a private
issuance of MXN900 million mandatorily convertible debentures,
with a maturity of 27 months and a 9% optional pay in kind (PIK)
coupon. This transaction is expected to close by March 26, 2012.
Proceeds will be used to pay most of the secured bank loans of
approximately MXN850 million, refinancing most of the 2012
maturities, and the rest will be used for general corporate uses.
Fitch views the MXN900 million equity increase as an improvement
in liquidity. However, the mandatory convertible debentures
should have a small effect on adjusted leverage reducing it to
6.1x from 6.8x as of Dec. 31, 2011. Fitch will treat the hybrid
securities as 100% equity due to its mandatory convertibility to
common equity in less than three years, interest deferral, and
subordination to senior creditors. The convertible debentures
will share the assets previously secured by the bank loans with
the senior notes due 2015 and the Certificados Bursatiles due
2013. Upon the sale of assets, the company can use the funds to
pay down debt on a pro rata basis to these three secured
securities.
Grupo Posadas has also unwound most of its currency hedges (about
US$112 million, 77% of derivatives contracts), greatly reducing
liquidity pressures due to margin calls. This should reduce any
liquidity concerns related to margin calls in the event of future
MXN deprecation. Net debt exposure to the US$ should approach
57%, from 76% before the unwinding of derivatives.
Hotel Operations Performing Well, Others Businesses
Underperforming
Posadas' lodging operations continue to perform well, driven by
improved REVPAR levels, a trend that should continue during 2012.
Both increased occupation levels and better ADR across all hotel
formats and locations supported REVPAR during 2011. Other
businesses, including Vacation Club and Ampersand, had negative
effects of operating results in the amount of MXN247.5 million.
Vacation Club had a non-cash write-down of delinquent memberships
for MXN183 million while Ampersand, the customer loyalty
management business, had a lower EBITDA generation of MXN64
million due to the shift of the co-branded Fiesta Rewards credit
card to another bank. These two events are expected to be non-
recurrent.
Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by increased leverage, and
exposure to currency fluctuation which can pressure liquidity and
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico. The use of multiple hotel
formats allows the company to target domestic and international
business travelers of different income levels as well as tourists,
diversifying its revenue base.
===============
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-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
SOC COMERCIAL PL COMEC AR 167911092 -342440147
SOC COMERCIAL PL CADN EU 167911092 -342440147
SOC COMERCIAL PL COME AR 167911092 -342440147
SOC COMERCIAL PL SCDPF US 167911092 -342440147
SOC COMERCIAL PL CADN EO 167911092 -342440147
SOC COMERCIAL PL CADN SW 167911092 -342440147
SOC COMERCIAL PL CVVIF US 167911092 -342440147
SOC COMERCIAL PL CAD IX 167911092 -342440147
SOC COMERCIAL PL COMED AR 167911092 -342440147
COMERCIAL PL-ADR SCPDS LI 167911092 -342440147
COMERCIAL PLA-BL COMEB AR 167911092 -342440147
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
BELIZE
------
CELGPAR GPAR3 BZ 3.959E+09 -418654757
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
PORTX OPERA-GDR PXTPY US 734596799 -5675399.32
PORTX OPERACOES PRTX3 BZ 734596799 -5675399.32
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 -71738547
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
PETRO MANGUINHOS RPMG3 BZ 418867615 -98663724
PET MANG-RT RPMG1 BZ 418867615 -98663724
PETRO MANGUINHOS MANGON BZ 418867615 -98663724
PET MANG-RECEIPT RPMG10 BZ 418867615 -98663724
PET MANG-RT 0229249Q BZ 418867615 -98663724
PET MANG-RECEIPT 0229292Q BZ 418867615 -98663724
PET MANGUINH-PRF RPMG4 BZ 418867615 -98663724
PET MANG-RT RPMG2 BZ 418867615 -98663724
PET MANG-RECEIPT 0229296Q BZ 418867615 -98663724
PET MANG-RIGHTS 3678565Q BZ 418867615 -98663724
PET MANG-RECEIPT RPMG9 BZ 418867615 -98663724
PET MANG-RIGHTS 3678569Q BZ 418867615 -98663724
PETRO MANGUIN-PF MANGPN BZ 418867615 -98663724
PET MANG-RT 0229268Q BZ 418867615 -98663724
PET MANG-RT 4115364Q BZ 418867615 -98663724
PET MANG-RT 4115360Q BZ 418867615 -98663724
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
BATTISTELLA BTTL3 BZ 313830220 -5623755.88
BATTISTELLA-RECP BTTL10 BZ 313830220 -5623755.88
BATTISTELLA-RECE BTTL9 BZ 313830220 -5623755.88
BATTISTELLA-RIGH BTTL1 BZ 313830220 -5623755.88
BATTISTELLA-PREF BTTL4 BZ 313830220 -5623755.88
BATTISTELLA-RI P BTTL2 BZ 313830220 -5623755.88
HOTEIS OTHON-PRF HOTHPN BZ 309799346 -23928667
HOTEIS OTHON SA HOTHON BZ 309799346 -23928667
HOTEIS OTHON SA HOOT3 BZ 309799346 -23928667
HOTEIS OTHON-PRF HOOT4 BZ 309799346 -23928667
TEKA TEKAON BZ 278124701 -447124084
TEKA-ADR TKTPY US 278124701 -447124084
TEKA-ADR TKTQY US 278124701 -447124084
TEKA TKTQF US 278124701 -447124084
TEKA TEKA3 BZ 278124701 -447124084
TEKA-PREF TEKA4 BZ 278124701 -447124084
TEKA-PREF TKTPF US 278124701 -447124084
TEKA-PREF TEKAPN BZ 278124701 -447124084
TEKA-ADR TEKAY US 278124701 -447124084
DOCAS SA DOCAON BZ 265185849 -158092426
DOCA INVESTI-PFD DOCA4 BZ 265185849 -158092426
DOCAS SA-RTS PRF DOCA2 BZ 265185849 -158092426
DOCA INVESTIMENT DOCA3 BZ 265185849 -158092426
DOCAS SA-PREF DOCAPN BZ 265185849 -158092426
SANSUY SA SNSYON BZ 180443812 -114112111
SANSUY SA-PREF B SNSYBN BZ 180443812 -114112111
SANSUY SA-PREF A SNSYAN BZ 180443812 -114112111
SANSUY-PREF B SNSY6 BZ 180443812 -114112111
SANSUY SNSY3 BZ 180443812 -114112111
SANSUY-PREF A SNSY5 BZ 180443812 -114112111
DHB IND E COM DHBON BZ 155020175 -122349774
D H B-PREF DHBI4 BZ 155020175 -122349774
D H B DHBI3 BZ 155020175 -122349774
DHB IND E COM-PR DHBPN BZ 155020175 -122349774
TEXTEIS RENA-RCT TXRX10 BZ 133619338 -68177415.4
RENAUXVIEW SA TXRX3 BZ 133619338 -68177415.4
RENAUXVIEW SA-PF TXRX4 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX1 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXPN BZ 133619338 -68177415.4
TEXTEIS RENA-RCT TXRX9 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX2 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXON BZ 133619338 -68177415.4
MINUPAR MNPR3 BZ 130265489 -6044124.99
MINUPAR-RCT 9314634Q BZ 130265489 -6044124.99
MINUPAR SA-PREF MNPRPN BZ 130265489 -6044124.99
MINUPAR-PREF MNPR4 BZ 130265489 -6044124.99
MINUPAR-RT 9314542Q BZ 130265489 -6044124.99
MINUPAR-RCT MNPR9 BZ 130265489 -6044124.99
MINUPAR-RT MNPR1 BZ 130265489 -6044124.99
MINUPAR SA MNPRON BZ 130265489 -6044124.99
BUETTNER SA-PRF BUETPN BZ 97195114 -13140028.8
BUETTNER BUET3 BZ 97195114 -13140028.8
BUETTNER SA-RT P BUET2 BZ 97195114 -13140028.8
BUETTNER SA-RTS BUET1 BZ 97195114 -13140028.8
BUETTNER SA BUETON BZ 97195114 -13140028.8
BUETTNER-PREF BUET4 BZ 97195114 -13140028.8
FABRICA RENAUX-P FRNXPN BZ 95282688 -59034912
FABRICA RENAUX FTRX3 BZ 95282688 -59034912
FABRICA TECID-RT FTRX1 BZ 95282688 -59034912
FABRICA RENAUX-P FTRX4 BZ 95282688 -59034912
FABRICA RENAUX FRNXON BZ 95282688 -59034912
COBRASMA SA COBRON BZ 93053413 -2050908520
COBRASMA-PREF CBMA4 BZ 93053413 -2050908520
COBRASMA CBMA3 BZ 93053413 -2050908520
COBRASMA SA-PREF COBRPN BZ 93053413 -2050908520
ESTRELA SA-PREF ESTR4 BZ 92218510 -92769915.9
ESTRELA SA ESTRON BZ 92218510 -92769915.9
ESTRELA SA ESTR3 BZ 92218510 -92769915.9
ESTRELA SA-PREF ESTRPN BZ 92218510 -92769915.9
GRADIENTE-PREF A IGBR5 BZ 69132281 -253174445
IGB ELETRONICA IGBR3 BZ 69132281 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281 -253174445
GRADIENTE ELETR IGBON BZ 69132281 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281 -253174445
SCHLOSSER-PREF SCLO4 BZ 61819354 -42308353.6
SCHLOSSER SCLO3 BZ 61819354 -42308353.6
SCHLOSSER SA-PRF SCHPN BZ 61819354 -42308353.6
SCHLOSSER SA SCHON BZ 61819354 -42308353.6
CAF BRASILIA-PRF CAFE4 BZ 49512076 -999279159
CAF BRASILIA CAFE3 BZ 49512076 -999279159
CAFE BRASILIA-PR CSBRPN BZ 49512076 -999279159
CAFE BRASILIA SA CSBRON BZ 49512076 -999279159
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 PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
RECRUSUL - RT RCSL1 BZ 42802194 -19134971.9
RECRUSUL SA-PREF RESLPN BZ 42802194 -19134971.9
RECRUSUL - RCT 4529793Q BZ 42802194 -19134971.9
RECRUSUL - RT 4529781Q BZ 42802194 -19134971.9
RECRUSUL SA RESLON BZ 42802194 -19134971.9
RECRUSUL - RCT 0163583D BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL12 BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL10 BZ 42802194 -19134971.9
RECRUSUL - RCT 4529789Q BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL11 BZ 42802194 -19134971.9
RECRUSUL - RT 0163580D BZ 42802194 -19134971.9
RECRUSUL - RT RCSL2 BZ 42802194 -19134971.9
RECRUSUL - RT 0163579D BZ 42802194 -19134971.9
RECRUSUL-PREF RCSL4 BZ 42802194 -19134971.9
RECRUSUL RCSL3 BZ 42802194 -19134971.9
RECRUSUL - RCT 0163582D BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL9 BZ 42802194 -19134971.9
RECRUSUL - RT 4529785Q BZ 42802194 -19134971.9
WIEST-PREF WISA4 BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
SANESALTO SNST3 BZ 31802628 -2924062.87
CONST BETER SA 1007Q BZ 31374374 -1555470.16
CONST BETER-PFA COBE5B BZ 31374374 -1555470.16
CONST BETER-PR B COBEBN BZ 31374374 -1555470.16
CONST BETER SA COBEON BZ 31374374 -1555470.16
CONST BETER-PF A COBE5 BZ 31374374 -1555470.16
CONST BETER-PF B COBE6 BZ 31374374 -1555470.16
CONST BETER SA COBE3B BZ 31374374 -1555470.16
CONST BETER-PR B 1009Q BZ 31374374 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374374 -1555470.16
CONST BETER-PR A COBEAN BZ 31374374 -1555470.16
CONST BETER SA COBE3 BZ 31374374 -1555470.16
CONST BETER SA 1COBON BZ 31374374 -1555470.16
CONST BETER-PR A 1008Q BZ 31374374 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374374 -1555470.16
CONST BETER-PF B COBE6B BZ 31374374 -1555470.16
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
FERRAGENS HAGA-P HAGAPN BZ 21992326 -56631998.5
FER HAGA-PREF HAGA4 BZ 21992326 -56631998.5
HAGA HAGA3 BZ 21992326 -56631998.5
FERRAGENS HAGA HAGAON BZ 21992326 -56631998.5
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
TECEL S JOSE SJOS3 BZ 18420379 -64108300.1
TECEL S JOSE-PRF FTSJPN BZ 18420379 -64108300.1
TECEL S JOSE FTSJON BZ 18420379 -64108300.1
TECEL S JOSE-PRF SJOS4 BZ 18420379 -64108300.1
NORDON MET NORD3 BZ 15971163 -28156360.8
NORDON MET-RTS NORD1 BZ 15971163 -28156360.8
NORDON METAL NORDON BZ 15971163 -28156360.8
LARK MAQS-PREF LARK4 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK1 BZ 15298294 -2072193.19
LARK MAQUINAS-PR LARPN BZ 15298294 -2072193.19
LARK MAQUINAS LARON BZ 15298294 -2072193.19
LARK MAQS LARK3 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK2 BZ 15298294 -2072193.19
CHIARELLI SA CCHON BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHPN BZ 14960467 -43105640.5
CHIARELLI SA CCHI3 BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHI4 BZ 14960467 -43105640.5
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
CONST A LINDEN LINDON BZ 14398838 -3020065.57
CONST A LIND-PRF CALI4 BZ 14398838 -3020065.57
CONST A LIND-PRF LINDPN BZ 14398838 -3020065.57
CONST LINDEN RCT CALI9 BZ 14398838 -3020065.57
CONST LINDEN RCT CALI10 BZ 14398838 -3020065.57
CONST LINDEN RT CALI2 BZ 14398838 -3020065.57
CONST A LINDEN CALI3 BZ 14398838 -3020065.57
CONST LINDEN RT CALI1 BZ 14398838 -3020065.57
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
-----
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502 -1250905.47
PUYEHUE PUYEH CI 24447502 -1250905.47
***********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *