/raid1/www/Hosts/bankrupt/TCRLA_Public/120424.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, April 24, 2012, Vol. 13, No. 082
Headlines
A R G E N T I N A
ARCOS DORADOS: Moody's Assigns 'B2' Rating to Senior Notes
BANCO BMG: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable
B E R M U D A
AMUNDI ALTERNATIVE: Creditors' Proofs of Debt Due May 4
AMUNDI ALTERNATIVE: Members' Final Meeting Set for May 23
BAICO: Creditors Left Waiting After Building Sale Falls Through
BRENCO TRADING: Creditors' Proofs of Debt Due May 2
BRENCO TRADING: Members' Final Meeting Set for May 22
BUFFALO HOLDINGS: Creditors' Proofs of Debt Due May 4
BUFFALO HOLDINGS: Members' Final Meeting Set for May 28
MAX I TMK: Creditors' Proofs of Debt Due May 4
MAX I TMK: Members' Final Meeting Set for May 28
MGPA CO-INVEST: Creditors' Proofs of Debt Due May 4
MGPA CO-INVEST: Members' Final Meeting Set for May 23
MGPA MILLENNIUM: Creditors' Proofs of Debt Due May 4
MGPA MILLENNIUM: Members' Final Meeting Set for May 23
SAGECREST HOLDINGS: Court Enters Wind-Up Order
TEN FORTY: Creditors' Proofs of Debt Due May 4
TEN FORTY: Members' Final Meeting Set for May 25
B R A Z I L
BANCO BONSUCESSO: Moody's Cuts BFSR to 'E+'; Outlook Negative
BRAZILIAN SECURITIES: Moody's Cuts Ratings on Certs. to 'B1'
C A Y M A N I S L A N D S
PETROEXPORT LTD: Judge Won't Dismiss US$35-Mil. Suits
C O S T A R I C A
CORPORACION INTERAMERICANA: Fitch Affirms LT IDR Rating at 'BB-'
P E R U
BANCO DE CREDITO: Fitch Rates Junior Subordinated Debt at 'B+'
P U E R T O R I C O
INTERNATIONAL HOME: Files for Chapter 11 in Puerto Rico
INTERNATIONAL HOME: Case Summary & 20 Largest Unsecured Creditors
T R I N I D A D & T O B A G O
CARIBBEAN AIRLINES: Offers Jobs to Air Jamaica Pilots
X X X X X X X X
* S&P Global Default Tally at 28 as of April 19
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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ARCOS DORADOS: Moody's Assigns 'B2' Rating to Senior Notes
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the reopening
of Arcos Dorados Holdings' 2016 Brazilian real-denominated Senior
Unsecured Global Notes and affirmed its Ba2 corporate family
rating. At the same time, Moody's affirmed Arcos Dorados' B.V. Ba2
rating to its outstanding US$309 million Senior Unsecured Notes.
Arcos Dorados Holdings is the indirect holding company of Arcos
Dorados B.V. The outlook for all ratings is stable.
Proceeds from reopening, which is expected to be for up to BRL275
million (US$150 million), will be used for the company's capital
expenditure program, opening and reimaging restaurants, and for
general corporate purposes.
Assignments:
Issuer: Arcos Dorados Holdings Inc.
Senior Unsecured 2016 Global Notes Reopening, Ba2
Ratings Affirmation:
Issuer: Arcos Dorados Holdings Inc.
Corporate Family Rating, Ba2
Issuer: Arcos Dorados B.V.
Senior Unsecured 2019 Global Notes, Ba2
Outlook, Stable
Ratings Rationale
Arcos Dorados' Ba2 ratings are underpinned by the company's status
as McDonald's master franchisee in Latin America, which affords it
a leading position and broad geographic footprint in the region's
under-penetrated and growing quick service restaurant segment of
the informal eating out market. Moody's believes that the
company's rights to use McDonald's strong brand name and proven
operating procedures as a master franchisee, an expected close
strategic alignment with McDonald's, and the industry experience
of the company's management provide a solid basis to pursue growth
opportunities and expand its earnings base across the region.
Furthermore, the company owns the land covering 28% of its
restaurants and most of its restaurants' buildings, which provides
hard asset protection for bondholders.
Credit negatives partly offsetting these strengths include Arcos
Dorados' relatively high lease-adjusted leverage pro-forma for the
new Notes and concentration of cash flows in a limited number of
markets with increasing dependency on its Brazilian subsidiary.
Moody's notes that performance challenges in Mexico have been
improving, reflecting the company's turnaround strategy. Moody's
also notes that Arcos Dorados faces some exposure to Argentina and
Venezuela's country risk and that the company is subject to
certain minimum investment requirements and financial covenants
under its MFAs.
Pro-forma for the transaction, Moody's views consolidated
liquidity as adequate, with cash on hand and expected cash
generation for 2012 covering interest payments, taxes, and working
capital needs. Going forward, however, Moody's expects free cash
flow generation to turn negative due to the company's aggressive
expansion plan. Moody's also expects lease-adjusted Debt/EBITDA to
peak at about 4.0 times, with credit metrics improving as EBITDA
grows in line with the projected expansion. With the add-on, Arcos
Dorados will not have any material debt maturing before July 2016.
Additionally, Arcos Dorados' liquidity is supported by available
cash balances and short-term investments of around US$176 million
at December 2011. The company has a US$50 million committed
revolving credit facility that matures in August 2012 and an ample
amount of uncommitted revolving credit available through
facilities in different countries.
The stable ratings outlook reflects Moody's expectation that
revenue growth and operating margins will continue improving in
line with positive growth trends in Latin America. It is also
based on the expectation that the company will maintain a
conservative financial profile, with long-term investment spend
generally covered by internal cash flow generation.
There could be upward rating pressure if better than anticipated
cash flow generation and prudent financial policies cause a
material and sustainable strengthening of credit metrics, with
lease-adjusted Debt/EBITDA dropping to close to 3.0 times and
EBIT/Interest rising towards 3.0 times. An upgrade would likely
also require solid progress in turning around its operations in
Mexican, a reduction of debt structure currency exposures and
acceptable levels of country risk in relevant markets subject to
weak sovereign credit quality.
Downward pressure on ratings could occur if Arcos Dorados' free
cash flow turns negative over an extended period of time, for
example because of a combination of margin pressures and
aggressive investment spending, and if as a result credit metrics
weaken substantially such that Debt/EBITDA exceeds 4.5 times or
EBIT/Interest falls well below 2.0 times. A significant weakening
of local currencies and further tightening of currency controls in
Venezuela, or their implementation in Argentina, could also place
pressure on the ratings if dollar cash flow available to
bondholders is significantly reduced.
Headquartered in Buenos Aires, Argentina, Arcos Dorados' Holding
Inc. is the leading quick service restaurant operator in Latin
America and the Caribbean and McDonald's largest franchisee
globally in terms of systemwide sales and restaurant count. Arcos
Dorados began operating in August 2007 when it acquired most of
McDonald's operations in Latin America and the Caribbean in a
leveraged buyout led by the company's controlling shareholder
Woods Staton, who is also the company's current CEO and chairman.
For the fiscal year ended on December 31, 2011, the company's
revenues reached US$3.6 billion.
BANCO BMG: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' issuer credit
rating and its 'brBB+' Brazilian National Scale ratings on Banco
BMG S.A.'s rating action is a part of its regular review.
"We view the bank's liquidity as adequate. We believe that the
company will need to maintain an adequate cash cushion given the
more volatile nature of funding sources. As of December 2011,
highly liquid assets including LFT (Letras Financeiras do Tesouro)
and cash and money market instruments represented 10% of total
assets (excluding ceded loans) and 64% of total deposits maturing
in less than a year," S&P said.
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B E R M U D A
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AMUNDI ALTERNATIVE: Creditors' Proofs of Debt Due May 4
-------------------------------------------------------
The creditors of Amundi Alternative Investments, Ltd. are required
to file their proofs of debt by May 4, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 18, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
AMUNDI ALTERNATIVE: Members' Final Meeting Set for May 23
---------------------------------------------------------
The members of Amundi Alternative Investments, Ltd. will hold
their final meeting on May 23, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on April 18, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
BAICO: Creditors Left Waiting After Building Sale Falls Through
---------------------------------------------------------------
Marina Mello at The Royal Gazette reports that British American
Insurance Company creditors faced a new blow after it was
confirmed an anticipated sale of the defunct company's building on
Front Street fell through.
The official receivers of the folded Bermuda branch of British
American Insurance said the four-storey building has been relisted
on the market and for a substantially lower asking price than
before, according to The Royal Gazette.
The report notes that the steel-framed 11,080-square-foot building
is listed with Coldwell Banker Bermuda Realty for US$2.7 million,
when last April the asking price was US$3.6 million.
The Royal Gazette says that the drop in asking price means the
final distribution to be divided among creditors or policyholders
still awaiting promised payouts from the company's 2009 collapse
will be even less than expected. The report relays that they've
agreed to a plan giving them less than 50 cents on the dollar of
the value of policies they had paid into for years.
"The Official Receiver and his realtor have been negotiating with
a potential purchaser. These negotiations have continued for a
considerable period of time. As no contract for sale has yet been
executed the building remains open to offers and as such the
decision has been made to relist it for sale," Mike Morrison, of
liquidator's agents KPMG Advisory Ltd, told The Royal Gazette in
an interview. The report relates that Mr. Morrison added: "The
level of offers received to date, the present economic situation
and our realtor's advice have resulted in the building being
marketed at a lower price. It is worth noting that the potential
purchaser, who initially offered in excess of the current asking
price, has subsequently reduced its offer.
The Royal Gazette says that the liquidators had been hoping to
give creditors their full allocation in one distribution,
including their share of funds from the sale of the BAICO
building. BAICO owns 40% of the building with the other 60%
belonging to the BAICO Bermuda pension scheme.
However, the report notes that because of the delay in the sale of
the building, a decision was made to give policyholders partial
payouts this past December.
The Royal Gazette discloses that there are approximately 3,800
BAICO policyholders and 6,000 policies. The branch's assets total
almost BM$11 million and its liabilities around BM$21 million, the
report says.
BAICO's Bermuda business, which is a branch of its parent company
in the Bahamas, went into receivership in August 2009, the report
recalls.
About BAICO
British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.
Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson
in Miami, Fla. At the time of the filing, the liquidator
estimated British American Isle of Venice (BVI), Ltd's asset at
less than US$10 million and its debts at more than US$100 million.
Two affiliates -- British American Insurance Company Limited
(Bankr. S.D. Fla. Case No. 09-31881) and British American
Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) --
are also subject to the jurisdiction of the U.S. Bankruptcy Court.
BRENCO TRADING: Creditors' Proofs of Debt Due May 2
---------------------------------------------------
The creditors of Brenco Trading Company Ltd. are required to file
their proofs of debt by May 2, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 16, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
BRENCO TRADING: Members' Final Meeting Set for May 22
-----------------------------------------------------
The members of Brenco Trading Company Ltd. will hold their final
meeting on May 22, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 16, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
BUFFALO HOLDINGS: Creditors' Proofs of Debt Due May 4
-----------------------------------------------------
The creditors of Buffalo Holdings, Ltd. are required to file their
proofs of debt by May 4, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
BUFFALO HOLDINGS: Members' Final Meeting Set for May 28
-------------------------------------------------------
The members of Buffalo Holdings, Ltd. will hold their final
meeting on May 28, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MAX I TMK: Creditors' Proofs of Debt Due May 4
----------------------------------------------
The creditors of Max I TMK Holdings Limited are required to file
their proofs of debt by May 4, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MAX I TMK: Members' Final Meeting Set for May 28
------------------------------------------------
The members of Max I TMK Holdings Limited will hold their final
meeting on May 28, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MGPA CO-INVEST: Creditors' Proofs of Debt Due May 4
---------------------------------------------------
The creditors of MGPA Co-Invest GP Ltd. are required to file their
proofs of debt by May 4, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MGPA CO-INVEST: Members' Final Meeting Set for May 23
-----------------------------------------------------
The members of MGPA Co-Invest GP Ltd. will hold their final
meeting on May 23, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MGPA MILLENNIUM: Creditors' Proofs of Debt Due May 4
----------------------------------------------------
The creditors of MGPA Millennium GP Ltd. are required to file
their proofs of debt by May 4, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MGPA MILLENNIUM: Members' Final Meeting Set for May 23
------------------------------------------------------
The members of MGPA Millennium GP Ltd. will hold their final
meeting on May 23, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 17, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
SAGECREST HOLDINGS: Court Enters Wind-Up Order
----------------------------------------------
On March 23, 2012, the Court of Bermuda entered an order to wind
up the operations of Sagecrest Holdings Ltd.
TEN FORTY: Creditors' Proofs of Debt Due May 4
----------------------------------------------
The creditors of Ten Forty (Bermuda) Ltd. are required to file
their proofs of debt by May 4, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 18, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
TEN FORTY: Members' Final Meeting Set for May 25
------------------------------------------------
The members of Ten Forty (Bermuda) Ltd. will hold their final
meeting on May 25, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on April 18, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
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B R A Z I L
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BANCO BONSUCESSO: Moody's Cuts BFSR to 'E+'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded Banco Bonsucesso S.A.'s bank
financial strength rating (BFSR) to E+ from D-, as well as its
long-term global local and foreign currency deposit ratings to B1
from Ba3. At the same time, Moody's downgraded Bonsucesso's
Brazilian national scale deposit ratings to Baa3.br and BR-3 from
A3.br and BR-2, long- and short-term, respectively. The bank's
long-term foreign currency subordinated debt rating was lowered to
B2 from B1. The short-term global local and foreign deposit
ratings were not affected.
The outlook on the standalone BFSR is stable, while the outlook on
all deposit and debt ratings remained negative.
Rating Rationale
The downgrade of Bonsucesso's standalone BFSR to E+, mapping to b1
on the long-term scale, reflects Moody's view that the bank's
specialized business model remains under pressure because of
increasing competition within the niche segment of payroll
lending, and challenging funding conditions that will likely
constrain business growth and financial margins . As a result,
Bonsucesso's ability to generate earnings, and, therefore, to
increase capital through income retention, will also be
challenged. In lowering the bank's ratings, Moody's also mentioned
the recent deterioration in Bonsucesso's profitability that
resulted from elevated funding costs and extraordinary provision
expenses. "At this point, we expect limited potential for earnings
enhancement for Bonsucesso because its future performance will no
longer benefit from the anticipation of revenues from credit
sales, which accounted for 52% of income from lending operations
in 2011", said Alexandre Albuquerque.
The bank continues to report high dependence on volatile and
expensive funding instruments to grow its long-term consumer loan
book, which, in Moody's opinion is negative for its standalone
credit strength. Together, credit sales to third parties and
deposits guaranteed by the FGC (local deposit insurance
corporation) represent almost two thirds of the bank's funding
structure. As such, Bonsucesso will need to seek alternative
sources of funding to face the anticipated gradual run off of
guaranteed deposits by 2016, while facing growing selectiveness by
institutional investors and depositors and a more restrictive
scenario for securitizations and credit sales. The lowering of
Bonsucesso's ratings, therefore, incorporates Moody's view that
difficult funding conditions will remain an important risk factor
in 2012 and beyond.
The negative outlook on Bonsucesso's ratings incorporates the
challenging environment the bank faces as a mono-line franchise
specialized in payroll loans, in a scenario of moderate loan
growth and high competition from large retail banks. Limited
prospects to maintain revenues origination at the same levels as
in previous years, is also reflected in the negative outlook.
The last rating action on Banco Bonsucesso S.A. occurred on
December 15, 2011, when Moody's downgraded Bonsucesso's bank
financial strength rating (BFSR) to D- from D, as well as its
long-term global local and foreign currency deposit ratings to Ba3
from Ba2. At the same time, Moody's downgraded Bonsucesso's
Brazilian national scale deposit ratings to A3.br and BR-2 from
A1.br and BR-1, long- and short-term, respectively. The bank's
long-term foreign currency subordinate debt rating was lowered to
B1 from Ba3. The outlook on all ratings remained negative. The
short-term global local and foreign deposit ratings were not
affected.
Banco Bonsucesso S.A. is headquartered in Belo Horizonte, Brazil,
and had total consolidated assets of R$2.59 billion (US$1.39
billion) and shareholders' equity of R$381 million (US$204
million), as of December 31, 2011.
The Local Market analyst for this rating is Alexandre Albuquerque,
+55 (11) 3043-7356.
The following ratings of Bonsucesso were downgraded:
Bank Financial Strength Rating: to E+ from D-, stable outlook
Long-term Global Local Currency Deposit Rating: to B1 from Ba3,
negative outlook
Long-term Foreign Currency Deposit Rating: to B1 from Ba3,
negative outlook
Long-term Foreign Currency Subordinate Debt Rating: to B2 from B1,
negative outlook
Long-term Brazilian National Scale Deposit Rating: to Baa3.br from
A3.br, negative outlook
Short-term Brazilian National Scale Deposit Rating: to BR-3 from
BR-2
The following ratings were not affected:
Short-term Global Local Currency Deposit Rating: Not Prime
Short-term Foreign Currency Deposit Rating: Not Prime
BRAZILIAN SECURITIES: Moody's Cuts Ratings on Certs. to 'B1'
------------------------------------------------------------
Moody's America Latina has downgraded the ratings of the first
issuance of the 177th Series of certificates issued by Brazilian
Securities Companhia de Securitizacao (Brazilian Securities or the
issuer), to B1 from Ba2, global local currency scale, and to
Baa2.br from A1.br on the Brazilian national scale.
Ratings Rationale
The certificates are ultimately backed by cedulas de credito
bancario (CCB or Bank Loan) which document a bank loan to Gafisa
S.A. (Gafisa), one of the largest fully integrated homebuilders in
Brazil.
Moody's views the certificates as being full pass through
securities of the underlying Bank Loan.
The rating action follows Moody's April 18,2012 downgrade of
Gafisa's ratings. The senior unsecured ratings were downgraded to
B1/Baa2.br from Ba2/A1.br. The ratings outlook is negative.
The Baa2.br / B1 ratings of the 177th Series of certificates
issued by Brazilian Securities are primarily based on Gafisa's
ability to make payments under the bank loan agreement. This is
commensurate with Gafisa's Baa2.br / B1 senior unsecured debt
rating. Any future changes to the senior unsecured debt rating of
Gafisa will lead to a change in the ratings assigned to the
certificates.
Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels.
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C A Y M A N I S L A N D S
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PETROEXPORT LTD: Judge Won't Dismiss US$35-Mil. Suits
-----------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that Judge Barabara R.
Kapnick refused Wednesday to dismiss a pair of lawsuits over
allegations that hedge fund Platinum Partners Value Arbitrage Fund
bankrupted Petroexport Ltd. when it pulled out of a US$35 million
crude oil refining agreement, saying too many factual issues were
still in play.
On June 11, 2010, the Grand Court of the Cayman Islands entered an
order that voluntarily winds up the operations of Petroexport
Limited.
The company's liquidator is:
Roy Bailey
c/o Lynden John
Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510, Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 814 8915
Facsimile: (345) 949 8529
E-mail: Lynden.John@ky.ey.com
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C O S T A R I C A
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CORPORACION INTERAMERICANA: Fitch Affirms LT IDR Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Corporacion Interamericana para el
Financiamiento de Infraestructura's (CIFI) Long-term Issuer
Default Rating (IDR) at 'BB-' and Viability Rating (VR) at 'bb-'.
The Rating Outlook remains Stable.
CIFI's IDRs and VR reflect the entity's conservative risk
management, coherent long-term strategy, expertise in
infrastructure financing, and experienced management. The ratings
also factors the operational and funding support provided by its
shareholders, comprised by multilaterals and private financial
institutions. In turn, CIFI's ratings are limited by the
company's small size and consequently high concentrations on both
sides of the balance sheet.
CIFI's VR and IDRs may benefit from further diversification on
both sides of balance sheet and from a more ample base of
revenues. In turn, unexpected deterioration in asset quality
and/or capital ratios could trigger a downgrade.
The Support Rating of '5' denotes that, although there is a
possibility of external support, it cannot be relied upon given
the absence of a majority shareholder while CIFI is not considered
to be a systematically important financial institutions for the
Panamanian government.
CIFI's risk management policies are conservative and complemented
by the shareholders' oversight. CIFI's policies encourage assets
diversification by country/sector while loans are usually well
secure. Most loans are structured in the form of A/B syndicated
loans in which a multilateral acts as 'lender of record' and
shares with CIFI the same rights, including preferred creditor
status. Bonds approvals follow the same policies as loans.
CIFI's total assets were comprised by only 54 exposures at end-
2011 and no material changes are anticipated on this regard over
the medium-term. While historical realized credit losses are
significantly low, asset quality may severely weaken and loan
losses reserves may result to be limited should a large debtor
defaults, given the high concentration in a limited number of
counterparties. Positively, CIFI has never had a loan payment
delayed more than 90 days. The small size of the portfolio allows
for close follow up and timely detection of potential problems,
and the adoption of appropriate remedial action.
CIFI's funding relies on a limited number of syndicated loans,
predominantly from its shareholders; however, the entity has
flexibility to access additional funds as it has committed
facilities available by multilaterals. At end-2011, undisbursed
committed lines accounted for US$100.6 million (50.0% of total
funding), which allowed CIFI to keep a well-managed cash flow
profile in terms of maturity.
CIFI's operating profits have increased steadily over the past
years, achieving elevated levels. A relatively ample net interest
margin coupled with outstanding efficiency ratios supports CIFI's
profitability. On the negative side, total revenues heavily rely
on interest income and profits may be significantly affected
should a large debtor default. Non-interest income is expected to
continue growing, strengthening CIFI's revenue stream and
rendering it less vulnerable to loans and/or margins contractions.
CIFI's capital position is sound and Fitch expects such strength
to be maintained throughout the medium term. At end-2011, Fitch
Core Capital and Risk Weighted Asset ratio stood at 28.3%, well
above the minimum of 15% that CIFI aimed to maintain in the long
run, which in Fitch's view is adequate, although necessary given
the concentrated loan portfolio.
Founded in 2001 under the laws of Costa Rica, and re-domiciled in
Panama on April 2011, CIFI is a non-deposit-taking financial
institution specializing in providing financing to medium-sized
private sector infrastructure projects in Latin America and the
Caribbean.
Fitch has affirmed CIFI ratings as follows:
-- Long-term IDR at 'BB-'; Outlook Stable;
-- Short-term IDR at 'B';
-- Viability Rating at 'bb-';
-- Support Rating at '5';
-- Support Floor at 'NF'.
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P E R U
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BANCO DE CREDITO: Fitch Rates Junior Subordinated Debt at 'B+'
--------------------------------------------------------------
Fitch Ratings expects to rate Banco de Credito del Peru's (BCP)
upcoming 15-year U.S. dollar subordinated notes 'BBB- (exp)'. The
notes -- for an amount to be determined -- will be issued by BCP
through its Panamanian branch.
Principal will mature in 15 years, and interest payments will be
made semi-annually until maturity. The notes will carry a fixed
interest rate to be set at time of issuance for the first 10 years
and a LIBOR-based floating rate starting on year 11 (2023). The
final rating is contingent upon the receipt of final documents
conforming to information already received.
BCP has a long-term local currency Issuer Default Rating (IDR) of
'BBB', and a long-term foreign currency IDR of 'BBB'. The notes
rank junior to BCP's senior unsecured debt and will be
structurally subordinated to the existing and future obligations
of BCP's subsidiaries - including trade payables - and to labor,
tax and other obligations that are privileged by law. The notes
will rank pari-passu with all of BCP's existing and future
subordinated debt and will be senior to BCP's existing and future
junior subordinated debt.
BCP will use the proceeds from the planned issue for general
corporate purposes. Although its leverage will slightly increase
in the short run, Fitch expects that gradual debt replacement and
continued growth and positive returns, will allow the bank to
sustain adequate capital levels.
Fitch currently rates BCP as follows:
-- Long-term foreign currency Issuer Default Rating (IDR)
'BBB';
-- Short-term foreign currency IDR 'F2';
-- Long-term local currency IDR 'BBB';
-- Short-term local currency IDR 'F2';
-- Viability rating 'bbb';
-- Support rating '3';
-- Support floor 'BB+';
-- Senior unsecured debt 'BBB';
-- Subordinated debt 'BBB-'
-- Junior subordinated debt 'B+'
The Rating Outlook is Stable.
BCP is Peru's largest bank with a dominating market share of about
36% of the banking system's assets. It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 97.6% of BCP; Credicorp is widely held.
=====================
P U E R T O R I C O
=====================
INTERNATIONAL HOME: Files for Chapter 11 in Puerto Rico
-------------------------------------------------------
International Home Products, Inc., filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 12-02997) in Old San Juan, Puerto Rico,
on April 19, 2012.
The Debtor has tapped Carmen D. Conde Torres as counsel. Ms.
Torres is charging $300 per hour for her services. Paralegal and
associates of Ms. Torres' firm will bill the Debtor $150 to $275
per hour.
International Home -- http://www.ollaslifetime.com/-- is a Hato
Rey, Puerto Rico-based privately held retailer of house-ware.
The Debtor disclosed $66.16 million in assets and $43.35 million
in liabilities. It projects that funds will be available for
distribution to unsecured creditors.
The Debtor owns commercial and other real property in Puerto Rico
and Florida valued at an aggregate of US$17 million. The Debtor
has also interests in Keyman insurance policies worth US$6.5
million and accounts receivables totaling US$40 million. Secured
debt total US$17 million.
The statement of financial affairs say that the Debtor generated
income of US$15.98 million in 2010, US$10.6 million in 2011 and
US$2 million for the period Jan. 1 to April 18, 2012. The
president and Treasurer A. Berti Foti received compensation of
US$388,000 in 2011.
A copy of the schedules and statement attached to the petition is
available for free at http://bankrupt.com/misc/prb12-02997.pdf
INTERNATIONAL HOME: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: International Home Products, Inc.
Bda. Buena Vista
167 Quisqueya
Hato Rey, PR 00917
Bankruptcy Case No.: 12-02997
Chapter 11 Petition Date: April 19, 2012
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Carmen D. Conde Torres, Esq.
254 San Jose Street, 5th Floor
SAN JUAN, PR 00901-1523
Tel: (787) 729-2900
Fax: (787) 729-2203
E-mail: notices@condelaw.com
Scheduled Assets: US$66,155,798
Scheduled Liabilities: US$43,350,031
The petition was signed by Andrew Bert Foti, president.
Debtor's List of Its 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
First Bank -- US$23,190,450
P.O. Box 9146
San Juan, PR 00908-0146
Regalware, Inc. -- $932,354
P.O. Box 395
Kewaskum, WI 53040-0395
Arteaga Arteaga -- $249,285
P.O. Box 70336
San Juan, PR 00936-8336
IPFS Corporation -- $57,588
Rivera Tulla & Ferrer -- $52,648
AEE -- $39,418
Triple-S Salud -- $30,000
Encore 1994, LLC -- $26,000
Securitas Security Services -- $13,913
Of PR, Inc.
ADP Covina -- $10,914
Transworld Systems, Inc. -- $10,621
De Lage Landen -- $9,410
AT&T Mobility -- $7,703
Islandwide Logistics -- $6,950
Imex Zone Logistics, Inc. -- $6,350
Postal Center Caribbean, Inc. -- $6,207
Axesa Servicios de Informacion -- $5,426
Aquino, de Cordova Alfaro & Co. -- $4,952
Nutri-Stahl, USA Inc. -- $4,812
Manuel Porro-Vizcarra -- $4,410
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIRLINES: Offers Jobs to Air Jamaica Pilots
-----------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited said it
will offer new contracts to the Jamaican pilots that were recently
made redundant following the closure of Caribal Ltd, the
subsidiary of CAL which was the employment company for the pilots
in Jamaica. Caribal was responsible for the recruitment processes
of the airline in Jamaica.
CAL said it informed the Jamaican Airline Pilots Association and
the pilot body of its intention to offer contracts of employment
with CAL, according to Trinidad Express.
"The employment of the pilots to CAL will see the company using a
transparent process to ensure a smooth and seamless transition.
All benefits remain unchanged," the report quoted CAL as saying.
Meanwhile, Trinidad Express says that Transport Ministry in Port
of Spain, Transport Minister Devant Maharaj dismissed as
"erroneous" a report in the Jamaican press that the 75 Air Jamaica
pilots would be dismissed. The report relates that CAL acting
Chief Executive Robert Corbie said the pilots will be offered
contracts under CAL, but it was too early to tell if all 75 would
apply for the jobs.
As reported in the Troubled Company Reporter-Latin America on
April 23, 2012, Caribbean360.com said that Caribbean Airlines said
that all positions of pilots represented by the Jamaican Airline
Pilots' Association will be made redundant next month. Reports
published 64 of the 75 JAPLPA members are employed by CAL which
also operates Air Jamaica, according to Caribbean360.com.
Kingston-based pilots were advised of the decision by CAL
representatives and those from the subsidiary CARIBAL Limited
that their positions will be made redundant from May, CAL said in
a statement obtained by the Caribbean360.com.
About Caribbean Airlines
Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services. It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.
* * *
As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.
===============
X X X X X X X X
===============
* S&P Global Default Tally at 28 as of April 19
-----------------------------------------------
Two rating actions pushed Standard & Poor's 2012 global corporate
default tally to 28 issuers, said an article published April 19 by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (April 12 - 18, 2012)."
On April 12, 2012, Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Reddy Ice Holdings Inc. to 'D', after the
company announced that it has voluntarily filed for relief under
Chapter 11 of the U.S. Bankruptcy Code and has secured commitments
for US$70 million in debtor-in-possession financing from Macquarie
Bank Ltd.
On April 18, 2012, Standard & Poor's lowered its long- and short-
term issuer credit ratings on Residential Capital LLC (ResCap) to
'SD' (selective default). ResCap, the troubled mortgage
subsidiary of Ally Financial Inc., failed to make a scheduled
interest payment on its senior unsecured notes, which will mature
in April 2013, opting instead to use the 30-day grace period that
the debt's indenture allows.
Of the total defaulters this year, 18 were based in the U.S., five
in the emerging markets, three in Europe, and two in the other
developed region (Australia, Canada, Japan, and New Zealand). In
comparison, last year, only 11 issuers--six based in the U.S., two
in New Zealand, one in Europe, one in Canada, and one in the
emerging markets -- defaulted during the same period (through
April 18).
"So far this year, missed payments accounted for 11 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research.
"Of the remaining defaults, one was the result of a notice of
acceleration by the issuer's lender, one was due to the
company's placement under regulatory supervision, and the last was
due to a judicial organization filing."
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPTC AR IMPSAT FIBER-C/E 535007008 -17164978
IMPTD AR IMPSAT FIBER-$US 535007008 -17164978
XIMPT SM IMPSAT FIBER NET 535007008 -17164978
IMPTQ US IMPSAT FIBER NET 535007008 -17164978
IMPTB AR IMPSAT FIBER-BLK 535007008 -17164978
IMPT AR IMPSAT FIBER-CED 535007008 -17164978
330902Q GR IMPSAT FIBER NET 535007008 -17164978
CADN EO SOC COMERCIAL PL 196722660 -320946053
CAD IX SOC COMERCIAL PL 196722660 -320946053
COME AR SOC COMERCIAL PL 196722660 -320946053
SCPDS LI COMERCIAL PL-ADR 196722660 -320946053
COMEC AR SOC COMERCIAL PL 196722660 -320946053
CVVIF US SOC COMERCIAL PL 196722660 -320946053
CADN EU SOC COMERCIAL PL 196722660 -320946053
SCDPF US SOC COMERCIAL PL 196722660 -320946053
COMEB AR COMERCIAL PLA-BL 196722660 -320946053
CADN SW SOC COMERCIAL PL 196722660 -320946053
COMED AR SOC COMERCIAL PL 196722660 -320946053
SDAGF US SNIAFA SA-B 11229696.2 -2670544.88
SNIA AR SNIAFA SA 11229696.2 -2670544.88
SNIA5 AR SNIAFA SA-B 11229696.2 -2670544.88
BRAZIL
GPAR3 BZ CELGPAR 3588586696 -552807022
VARGON BZ VARIG SA 966298026 -4695211316
VARGPN BZ VARIG SA-PREF 966298026 -4695211316
VAGV4 BZ VARIG SA-PREF 966298026 -4695211316
VAGV3 BZ VARIG SA 966298026 -4695211316
PRTX3 BZ PORTX OPERACOES 823193337 -19565275
PXTPY US PORTX OPERA-GDR 823193337 -19565275
LUPAY US LUPATECH SA-ADR 806772516 -23471889.7
LUPA11 BZ LUPATECH SA-RT 806772516 -23471889.7
LUPAF US LUPATECH SA 806772516 -23471889.7
LUPA3 BZ LUPATECH SA 806772516 -23471889.7
AGRE LX AGRENCO LTD 637647275 -312199404
AGEN11 BZ AGRENCO LTD-BDR 637647275 -312199404
MRLM4 BZ CIA PETROLIF-PRF 377602195 -3014291.72
MRLM4B BZ CIA PETROLIF-PRF 377602195 -3014291.72
MRLM3 BZ CIA PETROLIFERA 377602195 -3014291.72
1CPMPN BZ CIA PETROLIF-PRF 377602195 -3014291.72
MRLM3B BZ CIA PETROLIFERA 377602195 -3014291.72
1CPMON BZ CIA PETROLIFERA 377602195 -3014291.72
BOBR2 BZ BOMBRIL-RGTS PRE 367760079 -20156714.7
BMBPY US BOMBRIL SA-ADR 367760079 -20156714.7
BOBR4 BZ BOMBRIL-PREF 367760079 -20156714.7
BMBBY US BOMBRIL SA-ADR 367760079 -20156714.7
BOBRPN BZ BOMBRIL CIRIO-PF 367760079 -20156714.7
BOBR1 BZ BOMBRIL-RIGHTS 367760079 -20156714.7
BMBBF US BOMBRIL 367760079 -20156714.7
BOBRON BZ BOMBRIL CIRIO SA 367760079 -20156714.7
BOBR3 BZ BOMBRIL 367760079 -20156714.7
3678565Q BZ PET MANG-RIGHTS 323293708 -112268877
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4115360Q BZ PET MANG-RT 323293708 -112268877
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RPMG9 BZ PET MANG-RECEIPT 323293708 -112268877
MANGON BZ PETRO MANGUINHOS 323293708 -112268877
3678569Q BZ PET MANG-RIGHTS 323293708 -112268877
RPMG10 BZ PET MANG-RECEIPT 323293708 -112268877
0229249Q BZ PET MANG-RT 323293708 -112268877
0229268Q BZ PET MANG-RT 323293708 -112268877
0229292Q BZ PET MANG-RECEIPT 323293708 -112268877
4115364Q BZ PET MANG-RT 323293708 -112268877
MANGPN BZ PETRO MANGUIN-PF 323293708 -112268877
RPMG2 BZ PET MANG-RT 323293708 -112268877
BTTL10 BZ BATTISTELLA-RECP 303229842 -16386957.7
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BTTL4 BZ BATTISTELLA-PREF 303229842 -16386957.7
BTTL1 BZ BATTISTELLA-RIGH 303229842 -16386957.7
BTTL2 BZ BATTISTELLA-RI P 303229842 -16386957.7
BTTL3 BZ BATTISTELLA 303229842 -16386957.7
HOOT3 BZ HOTEIS OTHON SA 279263634 -71631286.8
HOTHPN BZ HOTEIS OTHON-PRF 279263634 -71631286.8
HOOT4 BZ HOTEIS OTHON-PRF 279263634 -71631286.8
HOTHON BZ HOTEIS OTHON SA 279263634 -71631286.8
TEKA2 BZ TEKA-RTS 278124701 -447124084
TKTQY US TEKA-ADR 278124701 -447124084
TEKAON BZ TEKA 278124701 -447124084
TEKA3 BZ TEKA 278124701 -447124084
TEKA9 BZ TEKA-RCT 278124701 -447124084
TEKAY US TEKA-ADR 278124701 -447124084
TKTPF US TEKA-PREF 278124701 -447124084
TKTPY US TEKA-ADR 278124701 -447124084
TKTQF US TEKA 278124701 -447124084
TEKA1 BZ TEKA-RTS 278124701 -447124084
TEKAPN BZ TEKA-PREF 278124701 -447124084
TEKA10 BZ TEKA-RCT 278124701 -447124084
TEKA4 BZ TEKA-PREF 278124701 -447124084
DOCA3 BZ DOCA INVESTIMENT 268123426 -196630079
DOCA4 BZ DOCA INVESTI-PFD 268123426 -196630079
DOCA2 BZ DOCAS SA-RTS PRF 268123426 -196630079
DOCAPN BZ DOCAS SA-PREF 268123426 -196630079
DOCAON BZ DOCAS SA 268123426 -196630079
SNSYBN BZ SANSUY SA-PREF B 184395011 -123295854
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SNSY6 BZ SANSUY-PREF B 184395011 -123295854
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SNSY5 BZ SANSUY-PREF A 184395011 -123295854
SNSYON BZ SANSUY SA 184395011 -123295854
DHBPN BZ DHB IND E COM-PR 145490397 -98414057.9
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DHBI3 BZ D H B 145490397 -98414057.9
TXRX2 BZ TEXTEIS RENAU-RT 135518574 -64690189.5
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BUET3 BZ BUETTNER 97195113.5 -13140028.8
BUETPN BZ BUETTNER SA-PRF 97195113.5 -13140028.8
BUET1 BZ BUETTNER SA-RTS 97195113.5 -13140028.8
BUETON BZ BUETTNER SA 97195113.5 -13140028.8
BUET2 BZ BUETTNER SA-RT P 97195113.5 -13140028.8
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COBRON BZ COBRASMA SA 93053412.6 -2050908520
CBMA4 BZ COBRASMA-PREF 93053412.6 -2050908520
COBRPN BZ COBRASMA SA-PREF 93053412.6 -2050908520
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SNST3 BZ SANESALTO 31802628.1 -2924062.87
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BDFC US B&D FOOD CORP 14423532 -3506007
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ARLA10 BZ ARTHUR LANG-RC P 11642255.9 -17154461.9
ARLA12 BZ ARTHUR LAN-DVD P 11642255.9 -17154461.9
ALICPN BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9
ARLA9 BZ ARTHUR LANG-RC C 11642255.9 -17154461.9
FTSJON BZ TECEL S JOSE 11373137.9 -58818728.6
FTSJPN BZ TECEL S JOSE-PRF 11373137.9 -58818728.6
SJOS3 BZ TECEL S JOSE 11373137.9 -58818728.6
SJOS4 BZ TECEL S JOSE-PRF 11373137.9 -58818728.6
CCHI3 BZ CHIARELLI SA 11281940.7 -81454622.1
CCHI4 BZ CHIARELLI SA-PRF 11281940.7 -81454622.1
CCHON BZ CHIARELLI SA 11281940.7 -81454622.1
CCHPN BZ CHIARELLI SA-PRF 11281940.7 -81454622.1
FGUIPN BZ FERREIRA GUIM-PR 11016542.1 -151840377
FGUION BZ FERREIRA GUIMARA 11016542.1 -151840377
FGUI3 BZ F GUIMARAES 11016542.1 -151840377
FGUI4 BZ F GUIMARAES-PREF 11016542.1 -151840377
COLOMBIA
2940894Z CI EMPRESA DE LOS F 1933599104 -50416404
TELEX CI CHILESAT CORP SA 1156945109 -122555290
CHILESAT CI CLARO COM SA 1156945109 -122555290
CSAOY US TELMEX CORP-ADR 1156945109 -122555290
TL US CHILESAT CO-ADR 1156945109 -122555290
TELEXA CI TELEX-A 1156945109 -122555290
CHISATOS CI CHILESAT CO-RTS 1156945109 -122555290
TELEXO CI TELEX-RTS 1156945109 -122555290
PUYEHUOS CI PUYEHUE RIGHT 24447502.1 -1250905.47
PUYEH CI PUYEHUE 24447502.1 -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 * * *