/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120416.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, April 16, 2012, Vol. 13, No. 075 Headlines B R A Z I L REDE ENERGIA: To Present Restructuring Plan for Celpa on May 5 C A Y M A N I S L A N D S DAIRY HOLDINGS: Court Enters Wind-Up Order FOOD HOLDINGS: Court Enters Wind-Up Order HIMELSEIN MANDEL: Commences Liquidation Proceedings KNOLL SPECIAL: Creditors' Proofs of Debt Due May 10 LINCOLN HOLDINGS: Creditors' Proofs of Debt Due April 30 MARATHON OIL: Creditors' Proofs of Debt Due May 10 PROTIUM RESERVE: Creditors' Proofs of Debt Due May 10 SINOPAY.COM HOLDINGS: Creditors' Proofs of Debt Due May 10 SP CPS: Creditors' Proofs of Debt Due May 10 TINTO HOLDING: Creditors' Proofs of Debt Due May 10 J A M A I C A CARIBBEAN CEMENT: Uses Spanish-Labelled Bags 'Til TCL Strike Ends DIGICEL GROUP: Reopens Voluntary Separation Programme M E X I C O GLOBAL BANK: S&P Puts 'BB+' Issuer Credit Ratings; Outlook Stable SATELITES MEXICANOS: S&P Affirms 'B' Rating on Sr. Secured Notes P E R U DOE RUN PERU: Creditors Reject Plan; Smelter to be Liquidated P U E R T O R I C O CERTENEJAS INCORPORADO: Files for Chapter 11 in Puerto Rico T R I N I D A D & T O B A G O TRINIDAD CEMENT: Can't Supply Unit Bags Until Union Strike Ends U R U G U A Y CITIBANK URUGUAY: S&P Ups Counterparty Credit Ratings From BB+/B * URUGUAY: DBRS Upgrades Currency Debt Ratings to 'BB(high)' X X X X X X X X * BOND PRICING: For the Week April 9 to April 13, 2012 - - - - - =========== B R A Z I L =========== REDE ENERGIA: To Present Restructuring Plan for Celpa on May 5 -------------------------------------------------------------- Centrais Electricas do Para SA Chief Executive Officer Jorge Queiroz de Moraes Filho said that Rede Energia SA will present to debt holders a restructuring plan for Celpa by May 5, Valor Economico reports. According to Valor Economico, the plan mainly involves renegotiating maturities of Celpa's debt. Valor Economico relates that Celpa has BRL2.4 billion in debt, of which BRL1.7 billion matures this year. Rede Energia will seek to extend BRL2 billion of the debt for five years, Valor Economico says. Valor Economico relates that Laep Investments Ltd. and Equatorial Energia SA confirmed an interest in acquiring Celpa. Mr. Moraes denied being in talks to sell the company, Valor Economico states. Rede Energia SA, headquartered in Sao Paulo, Brazil, is a holding company with interests mostly in the electricity distribution. Through majority-owned subsidiaries Companhia de Energia Eletrica do Estado do Tocantins - Celtins, Centrais Eletricas Matogrossenses S.A. - Cemat, Centrais Eletricas do Para S.A. - Celpa and Empresa Energ. do Mato Grosso Sul -- Enersul, the group operates concessions to distribute electricity in the states of Tocantins, Mato Grosso, Para and Mato Grosso do Sul, respectively. ========================== C A Y M A N I S L A N D S ========================== DAIRY HOLDINGS: Court Enters Wind-Up Order ------------------------------------------ On April 1, 2005, the Grand Court of Cayman Islands entered an order to wind up the operations of Dairy Holdings Limited. The company's liquidator is: Gwynn Hopkins P.O. Box 1102 Building 3, 4th Floor, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: 1 345 946 0081 Fax: 1 345 946 0082 FOOD HOLDINGS: Court Enters Wind-Up Order ----------------------------------------- On April 1, 2005, the Grand Court of Cayman Islands entered an order to wind up the operations of Food Holdings Limited. The company's liquidator is: Gwynn Hopkins P.O. Box 1102 Building 3, 4th Floor, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: 1 345 946 0081 Fax: 1 345 946 0082 HIMELSEIN MANDEL: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary general meeting held on March 23, 2012, the members of Himelsein Mandel Offshore Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Mark Longbottom Geoffrey Varga Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands KNOLL SPECIAL: Creditors' Proofs of Debt Due May 10 --------------------------------------------------- The creditors of Knoll Special Opportunities Fund II Master Fund, Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 5, 2012. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: JFL Telephone: (+1) 345 949 4123 Fax: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Fax: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348 George Town Grand Cayman KY1-1108 Cayman Islands LINCOLN HOLDINGS: Creditors' Proofs of Debt Due April 30 -------------------------------------------------------- The creditors of Lincoln Holdings (Cayman) Ltd. are required to file their proofs of debt by April 30, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 29, 2012. The company's liquidator is: Lincoln Holdings LLC Attn: Mr. Peter A. Hochfelder Trust Company Complex Ajeltake Road Ajeltake Islands Majuro MH96960 Marshall Islands Telephone: 1 914 253 6688 E-mail: phochfelder@bccny.com MARATHON OIL: Creditors' Proofs of Debt Due May 10 -------------------------------------------------- The creditors of Marathon Oil Garnet Limited are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company's liquidator is: Y. R. Kunetka 5555 San Felipe Street Houston, Texas 77056 U.S.A. PROTIUM RESERVE: Creditors' Proofs of Debt Due May 10 ----------------------------------------------------- The creditors of Protium Reserve Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 28, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SINOPAY.COM HOLDINGS: Creditors' Proofs of Debt Due May 10 ---------------------------------------------------------- The creditors of Sinopay.Com Holdings Limited are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 23, 2012. The company's liquidator is: Zhang Shenglan Michelle R. Bodden-Moxam Portcullis TrustNet (Cayman) Ltd., The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1203 Cayman Islands SP CPS: Creditors' Proofs of Debt Due May 10 -------------------------------------------- The creditors of SP CPS Investments Corp. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 26, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TINTO HOLDING: Creditors' Proofs of Debt Due May 10 --------------------------------------------------- The creditors of Tinto Holding Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 20, 2012. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Fax: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands ============= J A M A I C A ============= CARIBBEAN CEMENT: Uses Spanish-Labelled Bags 'Til TCL Strike Ends ---------------------------------------------------------------- The Jamaica Observer reports that Caribbean Cement Company has temporarily packaged its product in Spanish-labelled bags, carrying the brand names Carib Cement OPC and TCL Premium Plus. According to the Jamaica Observer, Caribbean Cement said on Thursday that the ongoing industrial action at Trinidad Cement Limited has prevented supplier Trinidad Packaging Ltd, a Trinidad Cement Ltd. subsidiary, to send bags. "In order to supply the market here, we are utilizing the bags we have in stock," the Jamaica Observer quoted Caribbean Cement public relations officer Lystra Sharp as saying. "It's the same Carib Cement Plus, except that it will be in bags that don't say Carib Cement Plus. Caribbean Cement, the Jamaica Observer reports, has assured local clients that it will revert to normal packaging when industrial action in Trinidad ends, and that it has an adequate supply of bags in stock to fill the needs of the domestic market "for at least a few weeks". Citing Ms. Sharpe, the report states that use the alternative packaging has the Bureau of Standards Jamaica's approval. Caribbean Cement has already identified an outside supplier that could provide it with bags should the Trinidad strike continue for an extended period, the Jamaica Observer relates. Camille Bethel at the Trinidad Express reports that TCL's general manager Satnarine Bachew said in a phone interview from TCL's Claxton Bay plant that TPL's ability to supply Caribbean Cement with bags wouldn't improve until the strike was over. 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. DIGICEL GROUP: Reopens Voluntary Separation Programme ----------------------------------------------------- RJR News reports that Digicel Group Limited has reopened its Voluntary Separation Programme for its Jamaican staff, following the integration of the Jamaican Claro operations into the company. The Jamaica Observer relates that Digicel Group started cutting jobs on Thursday, offering enhanced packages to its 1,170 Jamaican staff if they resign voluntarily. Digicel Group, the Jamaica Observer reports, said that under its Voluntary Separation Programme, permanent, temporary and part-time workers are eligible to receive enhanced packages based on years of service as well as extended health cover, pro rata bonuses and career change advisory sessions. The program runs until April 26, the report states. Digicel Jamaica CEO, Mark Linehan in a press statement, "Now is the time to review our operations to ensure we are well positioned to meet the opportunities that are ahead of us and that we have the right people with the right skills in the right jobs." Voluntary Separation Programme was first offered successfully to Digicel employees in 2009, the Jamaica Observer states. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========== M E X I C O =========== GLOBAL BANK: S&P Puts 'BB+' Issuer Credit Ratings; Outlook Stable ----------------------------------------------------------------- Standard & Poor's Rating Services assigned its global scale 'BB+' long-term and 'B' short-term issuer credit ratings to Global Bank Corporation y Subsidiarias (GBC). The outlook on the ratings is stable. "The ratings on GBC reflect its 'adequate' business position in the highly competitive Panamanian banking system, our expectation of a 'moderate' risk-adjusted capital ratio with 'moderate' earnings capacity, and an 'adequate' risk position that's based on average credit losses and good asset quality metrics. GBC's funding base is well diversified, composed mainly of stable deposits. However, the bank has a higher-than-peers' loan-to- deposit ratio. The bank's stand-alone credit profile is 'bb+' which is the same of its issuer credit rating, reflecting no external support," S&P said. SATELITES MEXICANOS: S&P Affirms 'B' Rating on Sr. Secured Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its corporate credit rating on Satelites Mexicanos S.A. de C.V. (Satmex). "At the same time, we affirmed our 'B' issue rating on Satmex's senior secured notes following the $35 million add-on. In addition, a recovery rating of '3', indicating our expectation of meaningful (50% to 70%) recovery for debt holders in the event of a payment default, remains unchanged. The outlook is stable," S&P said. "The ratings on Satmex reflect its highly leveraged financial risk profile, our expectation of negative free operating cash flow in 2012, the company's weak business risk profile as a result of strong competition from regional and global satellite companies in the same markets where it operates, its limited fleet, its customer concentration risk, and operational risks related to the launch of Satmex 8. Partially mitigating these factors are some features inherent to the fixed satellite services industry, such as high barriers of entry given the scarcity of licenses for orbital slots (with Satmex holding three orbital locations); the high cost of building, insuring, launching, and operating satellites; attractive orbital locations and elevation angles that provide robust coverage to 90% of the population of the Americas; high utilization rates; and favorable growth opportunities in the region as demand for data applications continue to grow. Dollar- denominated contracts mitigate foreign-exchange risk," S&P said. ======= P E R U ======= DOE RUN PERU: Creditors Reject Plan; Smelter to be Liquidated ------------------------------------------------------------- Doe Run Peru Vice President Jose Mogrovejo said on Thursday that creditors unanimously rejected a debt restructuring plan and will seek the liquidation of its closed zinc smelter in La Oroya, Alex Emergy at Bloomberg News reports. Bloomberg News relates that the creditors included Glencore International Plc, Trafigura Beheer BV and Pan American Silver Corp. Mr. Mogrovejo said that the creditors have a 30-day "window" to take a final decision, Bloomberg News reports. Carlos Galvez, chief financial officer at precious metals miner Buenaventura, said that the plan was rejected because creditors found that it lacked clear financing commitments from parent company Renco Group Inc. and a timetable for a $160 million environmental clean-up, Bloomberg News states. Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur, local newspaper La Republica relates that Doe Run Peru submitted new conditions to complete environmental cleanup at the smelter, including a new restructuring plan in the hopes to restart operations this year. Mineweb says Renco Doe Run suggested that the Peruvian government take responsibility for third-party claims and the costs of litigation filed against Renco in U.S. courts. As part of Doe Run Peru's 1997 privatization agreement, the government agreed to assume responsibility for third-party claims related to contamination in La Oroya until the company had completed its environmental clean-up program. The plan would have implied the resumption of operations without Doe Run Peru having completed an environmental clean-up program, putting the level of pollution in the area well above legal limits, Mining.com relates, citing Diego Calmet, president of the creditors board. According to Bloomberg News, Mr. Mogrovejo said in a telephone interview, "The board of creditors chose an ongoing liquidation." Bloomberg News relates that Mining & Energy Ministry legal representative Rosario Patino told reporters outside the creditors meeting in Lima that a liquidator will be appointed to reopen and operate the smelter to repay $160 million to creditors and retain all 3,700 of the smelter's workers. Legal representative of the ministry, Rosario Patino, explained that Doe Run Peru was placed in a process of operational liquidation, which allows the company to continue operating while the board of creditors further analyzes its situation and makes a final decision, Cecilia Jamasmie at Mining.com reports. Mr. Calmet told Peruvian newspaper La Republica that the smelter will remain closed, while operations at Doe Run Peru's Cobriza mine may continue. Doe Run Peru has one year to submit a new plan, Mining.com reports. Citing union officials, Bloomberg News reports that workers plan protests in La Oroya. Union official Luis Castillo, Bloomberg News states, said that workers may block the central Andean highway, which is used to transport food and minerals from half- a-dozen companies to Lima, to protest the decision. According to Bloomberg News, Mr. Castillo said in a telephone interview, "It's a lie to say the workers won't lose out, because in the end, all of us will be laid off." About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. According to Reuters, Peruvian mining minister said earlier this year that creditors were looking at taking over the smelter or liquidating it under a bankruptcy process overseen by regulator Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding before INDECOPI. ==================== P U E R T O R I C O ==================== CERTENEJAS INCORPORADO: Files for Chapter 11 in Puerto Rico ----------------------------------------------------------- Certenejas Incorporado filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April 11, 2012. The Debtor disclosed $27.68 million in assets and $45.29 million in debts as of the Chapter 11 filing. Banco Popular de Puerto Rico is owed $40.42 million on account of secured bank loans with mortgages over the Debtor's properties. According to the schedules, the unsecured portion of the claim is $14.01 million. The Debtor owns these motels or short-term guest houses: (1) Hotel Flor Del Valle in Cidra, Puerto Rico, valued at $6.8 million. (2) Motel El Eden at Juana Diaz, Puerto Rico, valued at $4.45 million. (3) Motel Molino Azul at Vega Baja, Puerto Rico, valued at $3.47 million. (4) Motel Molino Rojo at Vega Baja, Puerto Rico, valued at $2.79 million. (5) Motel Las Palmas, in Rio Grande, Puerto Rico, valued at $4.25 million. (6) Motel El Rio, in Rio Grande, Puerto Rico, valued at $3.33 million. The Debtor also owns a parcel of land in Rio Grande, Puerto Rico, valued at $1.45 million. A copy of the schedules filed with the petition is available for free at http://bankrupt.com/misc/prb12-02806.pdf =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Can't Supply Unit Bags Until Union Strike Ends --------------------------------------------------------------- Trinidad Cement Limited general manager Satnarine Bachew said in a phone interview from the company's Claxton Bay plant that the ability to supply Caribbean Cement Company with bags wouldn't improve until the strike was over, Camille Bethel at the Trinidad Express reports. The Jamaica Observer relates that Caribbean Cement has temporarily packaged its product in Spanish-labelled bags, carrying the brand names Carib Cement OPC and TCL Premium Plus. According to the Jamaica Observer, Caribbean Cement said on Thursday that the ongoing industrial action at Trinidad Cement Limited has prevented supplier Trinidad Packaging Ltd, a Trinidad Cement Ltd. subsidiary, to send bags. "In order to supply the market here, we are utilizing the bags we have in stock," the Jamaica Observer quoted Caribbean Cement public relations officer Lystra Sharp as saying. "It's the same Carib Cement Plus, except that it will be in bags that don't say Carib Cement Plus. Caribbean Cement, the Jamaica Observer reports, has assured local clients that it will revert to normal packaging when industrial action in Trinidad ends, and that it has an adequate supply of bags in stock to fill the needs of the domestic market "for at least a few weeks". Citing Ms. Sharpe, the report states that use the alternative packaging has the Bureau of Standards Jamaica's approval. Caribbean Cement has already identified an outside supplier that could provide it with bags should the Trinidad strike continue for an extended period, the Jamaica Observer relates. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * 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. ============= U R U G U A Y ============= CITIBANK URUGUAY: S&P Ups Counterparty Credit Ratings From BB+/B ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its counterparty credit ratings on Citibank N.A. (Uruguay Branch) to 'BBB-/A-3' from 'BB+/B', while affirming the national scale counterparty credit rating at 'uyAAA'. The outlooks are stable. The rating action on Citibank Uruguay followed Standard & Poor's April 3, 2012, upgrade of the Oriental Republic of Uruguay to 'BBB-/A-3' from 'BB+/B'. "We based our rating action on Uruguay on the country's sound economic growth prospects and improving external and fiscal indicators," said Standard & Poor's credit analyst Joaqu�n Meda. "Foreign direct investment has strengthened and improved its economic diversification." Standard & Poor's ratings on Citibank Uruguay reflect sovereign risk and the bank's status as a branch of New York-based Citibank N.A. (A/Negative/A-1). "We assume that, in a stressed scenario, without the sovereign's direct intervention, the parent company would ensure full and timely payment of its Uruguayan branch's obligations," Mr. Meda added. "We cap our global scale ratings on Citibank Uruguay with the sovereign credit ratings on Uruguay," S&P said. The national scale ratings on the bank exclude sovereign intervention risk and reflect the bank's position relative to other financial institutions in that country. The stable outlook on Citibank Uruguay reflects that on the sovereign. * URUGUAY: DBRS Upgrades Currency Debt Ratings to 'BB(high)' ------------------------------------------------------------ DBRS, Inc. has upgraded the ratings on the long-term foreign and local currency debt of the Oriental Republic of Uruguay to BB (high) from BB, and maintained the Positive trends on both ratings. The reasons for the upgrade are: (1) sustained high rates of economic growth driven by investment, exports and a structural transformation of the agriculture sector, (2) very low rollover risk, and (3) larger financial buffers. These factors have improved public debt dynamics and enhanced the resilience of the economy to adverse shocks. The Positive trends reflect DBRS's assessment that the ratings could be raised to investment grade if fiscal discipline is sustained and public debt ratios continue on a downward trajectory. From 2006 to 2011, Uruguay expanded at an average annual rate of 5.8%. Supply and demand factors contributed to this strong economic performance. On the supply side, the agriculture sector has undergone a structural transformation, supported by large FDI inflows and technological advances, that has significantly expanded and diversified production. Higher investment rates overall have also increased the economy's productive capacity. Positive demand factors include favorable terms of trade and strong regional demand for tourism services. This solid growth performance has been accompanied by a rising employment rate and substantial real wage gains. The economy expanded 5.7% in 2011 and is expected to grow 4.0% in 2012, indicating resilience during a period of weak global economic growth. This strong economic performance combined with persistent primary surpluses and proactive debt management has led to a significant improvement in the level and composition of Uruguay's debt profile. Gross public debt declined from 100.8% of GDP in 2003 to 55.6% of GDP in 2011. The government aims to reduce debt-to- GDP to 40% by 2015, which DBRS views as a realistic baseline scenario. Net public sector debt - which deducts liquid financial assets from gross debt - declined to 27.3% of GDP in 2011. Debt management operations have also substantially reduced vulnerabilities, including refinancing and exchange rate risks. The average maturity of central government debt is 12.3 years, and the share denominated in local currency increased from 11% in 2005 to 49% in 2011. Fallout over sovereign debt and financial fragility in the Euro area or a sharp deceleration in China present downside risks to Uruguay's growth outlook, principally through the terms of trade channel. Agricultural products account for more than 60% of Uruguay's merchandise exports and therefore are exposed to fluctuations in world agricultural prices. Moreover, first round effects from a terms of trade shock could be amplified by reduced demand from Uruguay's commodity-producing neighbors, particularly Argentina. Trade disruptions or an economic downturn in the region would likely have a negative effect on economic activity in Uruguay, principally through weaker demand for tourism services. However, low rollover risk, high international reserves and economic diversification bolster the economy's defenses to potential negative shocks. The government, with limited debt maturing and $2.5 billion (5.4% of GDP) in precautionary savings, has ample resources to cover gross financing needs over the next twelve months. Contingent credit lines totaling $1.1 billion (2.4% of GDP) from the World Bank, CAF and FLAR offer additional financial cushion. On the external front, high FDI provides the economy with a stable source of financing. Annual FDI inflows averaged 5.9% of GDP from 2005 to 2011, among the highest in Latin America, and several large projects are underway or in the process of negotiation, suggesting this trend will continue. In addition, international reserves rose to $11.3 billion (24.0% of GDP) in March 2012, up $3.5 billion from a year prior, further strengthening the economy's liquidity position. Economic diversification and prudent financial regulation have reduced Uruguay's exposure to regional volatility. While benefiting from its comparative advantage in traditional products such as beef, Uruguay has expanded into new agricultural markets, such as soy, dairy and wheat. With more exports destined for global markets, Uruguay has reduced its exposure to country- specific shocks, particularly from Argentina. The share of merchandise exports destined for Argentina was 7% in 2011, down from 18% in 2000. Furthermore, the share of non-resident deposits in the Uruguayan banking system, primarily from Argentina, account for just 15% of total deposits, down from 41% in 2001. However, in the event of an adverse shock DBRS believes Uruguay has very limited fiscal space to provide expansionary policy. The debt burden, though declining, is still high compared to most investment grade sovereigns in the region, and the fiscal accounts are in a modest deficit position, despite above-trend growth in 2010 and 2011. Moreover, inflation has remained near or above the upper limit of the Central Bank of Uruguay (BCU) target range for the last five years. With tight labor market conditions and rising real salaries, continued vigilance will be needed to anchor inflation expectations within the target range. Moreover, the high level of financial dollarization creates balance sheet vulnerabilities throughout the economy which carry exchange rate and liquidity risks. Measures that enhance the credibility of monetary policy could facilitate de-dollarization and increase policy flexibility. Sound macroeconomic management, a stable political environment and strong public institutions have provided a foundation for economic growth and social development in Uruguay. Weakened political commitment to debt reduction or a change in policy that reduces the resiliency of the economy to adverse shocks could result in a stabilization of the ratings at the current level. On the other hand, continuing prudent fiscal management alongside solid growth prospects - in line with DBRS's baseline expectations - could result in an upgrade of the ratings. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 9 to April 13, 2012 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-USDDIS 8.28 12/31/2033 USD 65.44 ARGENT-USDDIS 8.28 12/31/2033 USD 69.5 ARGENT-USDDIS 8.28 12/31/2033 USD 72 ARGENT-PAR 1.18 12/31/2038 ARS 41.7 ARGENT-EURDIS 7.82 12/31/2033 EUR 56 ARGENT-EURDIS 7.82 12/31/2033 EUR 65 ARGENT-EURDIS 7.82 12/31/2033 EUR 60 ARGENT-JPYDIS 4.33 12/31/2033 JPY 42 ARGENT-JPYPAR 0.45 12/31/2038 JPY 15 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT BOGAR 2 2/4/2018 ARS 144 ARGNT-BOCON PRE9 2 3/15/2014 ARS 74.3 EMP DISTRIB NORT 9.75 10/25/2022 USD 60 EMP DISTRIB NORT 9.75 10/25/2022 USD 58 PROV BUENOS AIRE 9.625 4/18/2028 USD 64.07 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.66 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.97 PROV BUENOS AIRE 10.875 1/26/2021 USD 70.9 TRANSENER 9.75 8/15/2021 USD 79 BRAZIL ------ BANCO CRUZEIRO 8.875 9/22/2020 USD 80 REDE EMPRESAS 11.125 USD 54 REDE EMPRESAS 11.125 USD 52.88 REDE EMPRESAS 11.125 USD 38.02 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 56.25 BCP FINANCE BANK 5.01 3/31/2024 EUR 51.13 BCP FINANCE BANK 5.31 12/10/2023 EUR 53.63 BCP FINANCE CO 5.543 EUR 30.33 BCP FINANCE CO 4.239 EUR 32.83 BES FINANCE LTD 6.625 EUR 91.75 BES FINANCE LTD 5.58 EUR 43.75 BES FINANCE LTD 4.5 EUR 53.12 CAM GLOBAL FIN 6.08 12/22/2030 EUR 68 CHINA AUTOMATION 7.75 4/20/2016 USD 75.5 CHINA FORESTRY 10.25 11/17/2015 USD 56 CHINA FORESTRY 10.25 11/17/2015 USD 50.5 CHINA SUNERGY 4.75 6/15/2013 USD 52 EFG ORA FUNDING 1.7 10/29/2014 EUR 55.79 ESFG INTERNATION 5.753 EUR 35.33 JINKOSOLAR HOLD 4 5/15/2016 USD 50.87 LDK SOLAR CO LTD 10 2/28/2014 CNY 49.04 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.67 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.67 LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32 LUPATECH FINANCE 9.875 USD 73.25 LUPATECH FINANCE 9.875 USD 74.63 PUBMASTER FIN 5.943 12/30/2024 GBP 73.37 PUNCH TAVERNS 4.767 6/30/2033 GBP 72 RENHE COMMERCIAL 11.75 5/18/2015 USD 62.03 RENHE COMMERCIAL 13 3/10/2016 USD 65 RENHE COMMERCIAL 11.75 5/18/2015 USD 62.88 RENHE COMMERCIAL 13 3/10/2016 USD 61.5 SOLARFUN POWER H 3.5 1/15/2018 USD 63.2 SOLARFUN POWER H 3.5 1/15/2018 USD 64.34 SPG LAND HOLDING 13.5 4/8/2016 USD 75.25 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 1.521 CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.13 ESVAL S.A. 3.8 7/15/2012 CLP 12.59 MASISA 4.25 10/15/2012 CLP 10 QUINENCO SA 3.5 7/21/2013 CLP 25.51 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 74.64 PUERTO RICO CONS 6.2 5/1/2017 USD 59.38 PUERTO RICO CONS 6.5 4/1/2016 USD 69.47 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 72.5 PETROLEOS DE VEN 5.5 4/12/2037 USD 57.39 PETROLEOS DE VEN 5.375 4/12/2027 USD 57 PETROLEOS DE VEN 5.25 4/12/2017 USD 71.5 PETROLEOS DE VEN 5.125 10/28/2016 USD 74.99 VENEZUELA 7 3/31/2038 USD 67.56 VENEZUELA 7 3/31/2038 USD 67.5 *********** 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 * * *