/raid1/www/Hosts/bankrupt/TCRLA_Public/120605.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, June 5, 2012, Vol. 13, No. 111
Headlines
A R G E N T I N A
BUROMAHTIK SA: Creditors' Proofs of Debt Due August 10
FRIGORIFICO GENERAL: Creditors' Proofs of Debt Due July 10
GLOBALGLASS SA: Creditors' Proofs of Debt Due July 2
MARKET PULL: Creditors' Proofs of Debt Due July 6
RAUL MATAN: Creditors' Proofs of Debt Due Aug. 31
B R A Z I L
BANCO CRUZEIRO: Central Bank to Order Intervention, Estado Says
B E L I Z E
* BELIZE: Moody's Cuts Foreign Currency Gov't Bond Rating to Ca
B E R M U D A
BLUE SKY: Creditors' Proofs of Debt Due June 8
BLUE SKY: Members' Final Meeting Set for June 26
GEROVA FINANCIAL: Court to Hear Wind-Up Petition on June 21
MUTUAL INDEMNITY: Court to Hear Wind-Up Petition on June 15
B R A Z I L
MINERVA SA: Fitch Affirms Issuer Default Ratings at Low-B
J A M A I C A
CLARENDON ALUMINA: Call for Update on Sale
M E X I C O
ALESTRA S DE RL: Moody's Affirms 'B1' CFR; Outlook Stable
T R I N I D A D & T O B A G O
CARIBBEAN AIRLINES: EZjet to Service Georgetown to Toronto Route
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BUROMAHTIK SA: Creditors' Proofs of Debt Due August 10
------------------------------------------------------
Braian Leicerow, the court-appointed trustee for Buromahtik SA's
reorganization proceedings, will be verifying creditors' proofs
of claim until August 10, 2012.
Mr. Leicerow will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 13, 2013.
The Trustee can be reached at:
Braian Leicerow
Lavalle 1290
Argentina
FRIGORIFICO GENERAL: Creditors' Proofs of Debt Due July 10
----------------------------------------------------------
Estudio Bertelot, the court-appointed trustee for Frigorifico
General Belgrano SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 10, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on May 2, 2013.
The Trustee can be reached at:
Estudio Bertelot
De Gennaro Contadores Publicos
Uruguay 775
GLOBALGLASS SA: Creditors' Proofs of Debt Due July 2
----------------------------------------------------
Eva Maria Bogado, the court-appointed trustee for Globalglass
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 2, 2012.
Ms. Bogado will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Eva Maria Bogado
Paraguay 1465
MARKET PULL: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
Daniel Ernesto Altman, the court-appointed trustee for Market
Pull SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 6, 2012.
Mr. Altman will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Daniel Ernesto Altman
Parana 774
Argentina
RAUL MATAN: Creditors' Proofs of Debt Due Aug. 31
-------------------------------------------------
Carlos Alberto Montero, the court-appointed trustee for Raul
Matan SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Aug. 31, 2012.
Mr. Montero will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Carlos Alberto Montero
Sarmiento 517
Argentina
===========
B R A Z I L
===========
BANCO CRUZEIRO: Central Bank to Order Intervention, Estado Says
---------------------------------------------------------------
Telma Marotto at Bloomberg News reports O Estado de S. Paulo
published that Brazil's central bank plans to order the
intervention in Banco Cruzeiro do Sul SA, removing the bank's
current management.
The deposit insurance fund, known as FGC, is likely to take
control of the bank, the newspaper said, according to Bloomberg
News. The Brazilian authority identified BRL1.3 billion (US$637
million) in losses in possible frauds similar to those found at
Banco Panamericano SA, the newspaper said, Bloomberg News notes.
Bloomberg News discloses that the talks between Cruzeiro do Sul
and Grupo BTG Pactual, which made an offer to acquire the smaller
rival, ended on June 2 without an agreement.
Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total
unconsolidated assets of R$11.5 billion (US$6.2 billion) and
equity of R$1.2 billion (US$644.5 million) as of December 31,
2011.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 2, 2012, Moody's Investors Service downgraded all ratings
assigned to Banco Cruzeiro do Sul S.A. (BCSul), including the
bank financial strength rating (BFSR) to E+, from D-, the long-
term global local and foreign currency deposit ratings to B2,
from Ba3, as well as the long and short-term Brazilian national
scale deposit ratings to Ba2.br/BR-4, from A3.br/BR-2.
===========
B E L I Z E
===========
* BELIZE: Moody's Cuts Foreign Currency Gov't Bond Rating to Ca
---------------------------------------------------------------
Moody's Investors Service has downgraded Belize's foreign
currency government bond rating to Ca from Caa1 and the
government's local currency bond rating to Caa3 from Caa1. Both
ratings have a developing outlook.
The downgrade reflects the government's deteriorating capacity
and willingness to service its external debt as well as Moody's
assessment of investor losses in the event of a debt
restructuring. Belize faces weak short- to medium-term growth
prospects, accumulating contingent fiscal liabilities and a
questionable outlook for debt sustainability.
Ratings Rationale
In February 2012, Moody's downgraded Belize to Caa1 from B3
citing concerns about a possible debt restructuring and weak
economic growth. Since then, the government has formed a debt
review committee to undertake a comprehensive assessment of
sovereign debt and contingent liabilities. The authorities have
initiated a process to identify bondholders in advance of
restructuring negotiations.
Moody's expects that the government will proceed with a pre-
emptive debt restructuring this year. The restructuring will be
focused on the US$547 million Superbond which accounts for about
half of the government's debt and is itself the result of a
distressed debt exchange completed in 2007.
The decision to contemplate a sovereign debt restructuring was
motivated by an escalation of debt service costs as the Superbond
step-up coupon rose to 8.5% in February from 6% in 2011. The
government's capacity to service its debt is set to weaken due to
declining oil-related revenues and mounting fiscal liabilities
stemming from the nationalizations of Belize Electricity Ltd
(electricity distribution) and Belize Telecommunications Ltd
(telecommunications).
Recent improvements in the fiscal numbers and declining debt
ratios are viewed as transient. Fiscal space remains limited and
public debt is set to report an unsustainable trajectory in
coming years as a result of rising debt service costs and limited
growth prospects.
Moody's analysis indicates that projected net present value (NPV)
losses stemming from the anticipated debt restructuring are
consistent with a Ca rating.
The downgrade of the government bond ratings considered Moody's
"Sovereign Methodology Update: Narrowing the Gap -- a
Clarification of Moody's Approach to Local Vs. Foreign Currency
Bond Ratings." While our analysis of sovereign defaults over the
past two decades indicates that governments are in general
equally likely to default on their domestic and foreign currency
obligations, the methodology update states that distinctions
between foreign and local currency government bond ratings may be
maintained when there is evidence of bias in a government's
ability and/or willingness to service debt in a particular
currency. In the case of Belize, Moody's views the likelihood of
default on external debt as higher than a default on domestic
debt, which accounts for less than 20% of total government debt.
The developing outlook is contingent on the government's
disclosure of the terms of the debt restructuring.
Belize's country ceilings on bonds and deposits were also
adjusted as part of this rating action. The foreign currency bond
ceiling was lowered to Caa2 from B2; the foreign currency deposit
ceiling remains unchanged at Caa2. Belize's local currency bond
and deposit ceilings were lowered to B1 from Ba2.
=============
B E R M U D A
=============
BLUE SKY: Creditors' Proofs of Debt Due June 8
----------------------------------------------
The creditors of Blue Sky Limited are required to file their
proofs of debt by June 8, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 22, 2012.
The company's liquidator is:
Abdullah Y. Al-Saloomi
Almas Tower-Office 702
King Fahad Road, Riyadh
Kingdom of Saudi Arabia
BLUE SKY: Members' Final Meeting Set for June 26
------------------------------------------------
The members of Blue Sky Limited will hold their final meeting on
June 26, 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 May 22, 2012.
The company's liquidator is:
Abdullah Y. Al-Saloomi
Almas Tower-Office 702
King Fahad Road, Riyadh
Kingdom of Saudi Arabia
GEROVA FINANCIAL: Court to Hear Wind-Up Petition on June 21
-----------------------------------------------------------
A petition to wind up the operations of Gerova Financial Group,
Ltd will be heard before the Supreme Court of Bermuda on June 21,
2012, at 11:00 a.m.
Eric V. Seal filed the petition against the company on Oct. 7,
2011.
MUTUAL INDEMNITY: Court to Hear Wind-Up Petition on June 15
-----------------------------------------------------------
A petition to wind up the operations of Mutual Indemnity (US)
Ltd. will be heard before the Supreme Court of Bermuda on June
15, 2012, at 9:30 a.m.
===========
B R A Z I L
===========
MINERVA SA: Fitch Affirms Issuer Default Ratings at Low-B
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Minerva S.A. (Minerva)
and Minerva Luxembourg S.A. (Minerva Luxembourg), a wholly owned
subsidiary of Minerva incorporated in Luxembourg, as follows:
Minerva:
-- Local currency Issuer Default Rating (IDR) at 'B+';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'BBB(bra)';
-- BRL200 million outstanding debentures due 2015 at
'BBB(bra)'.
Minerva Luxembourg:
-- Local currency IDR at 'B+';
-- Foreign currency IDR at 'B+';
-- Senior unsecured notes due in 2017, 2019 and 2022 at
'B+/RR4'.
The Rating Outlook is Stable.
Minerva's ratings reflect its high leverage, weak debt service
coverage ratios and small size in comparison to its peers. The
ratings also reflect the company's product concentration in beef
protein, which accounts for 80% of its revenue, and the commodity
nature of its business.
Similar to other Brazilian protein processors, Minerva is exposed
to the risks of unfavorable currency fluctuations and potential
disease outbreaks. The company is more susceptible to these
risks than other leading competitors in the Brazilian industry,
however, as exports account for a higher percentage of its
revenue. Production concentration in Brazil also limits the
company's flexibility to respond to regional bans on exports.
Minerva's ratings are supported by the company's business
position as the third-largest Brazilian exporter of fresh beef
and its strong liquidity. Fitch acknowledges recent credit-
friendly measures taken by the company through its decision to
issue equity to support its expansion during the challenging
operating environment during the past few years. Recently, the
company improved its liquidity position through the issuance of
$450 million notes due in 2022.
Improved Operations Yet FCF Still Negative; Leverage Remains
High:
Minerva's net debt was relatively unchanged during the last 12
months (LTM) ended March 31, 2012 despite its weak cash flow
generation due to its issuance of mandatory convertible
debentures in mid-2011 (100% equity credit by Fitch). As a
result, the company's net adjusted debt to EBITDA ratio was 4.0
times (x), a modest decrease from 4.1x at the end of 2010 but
well below Fitch's expectation.
For the LTM ending March 31, 2012, Minerva's EBITDA increased by
13.5% to BRL372 million from BRL246 million during 2010. During
the same period, EBITDA margins increased to 9.2% from 8.2% in
2010. These improvements did not feed through to the company's
cash flows, however. Minerva's cash flow from operations (CFFO)
was negative BRL11 million in 2011 due to high interest expenses
and working capital requirements. Free cash flow (FCF)was
negative BRL183 million due to BRL161 million of capex and BRL12
million of dividends during the year. This is the seventh
straight year of negative FCF.
Positive FCF Expected in 2012:
Fitch expects Minerva's operations to improve in 2012, helped by
moderate volume growth in all of its markets. Operating margins
should strengthen further, reflecting the positive cattle cycle
in Brazil, in combination with continued strong beef prices
domestically and abroad. With 65.6% of the company's revenue
coming from exports in the first quarter of 2012, the company is
well positioned to benefit from the weaker Brazilian Real, which
makes its production more price competitive abroad.
Stronger CFFO coupled with reduced capital spending should result
in weak, but positive, FCF generation in 2012. The company has
invested close to BRL1 billion over the past five years, mainly
to expand production capacity. Capex is expected to decrease to
BRL100 million, from BRL161 million in 2011. The company's cash
flow should also benefit from the realization of tax credits
during the next few years.
Leverage Ratios to Improve:
Minerva's net leverage is expected to decrease to around 3.0x by
the end of 2012, due to improvements in its operating performance
and positive FCF generation. This leverage ratio is considered
appropriate for the rating category during a positive cycle.
Fitch believes that Minerva's cash flow generation will be too
weak to allow the company to reduce debt in a more sustainable
and permanent fashion.
Fitch notes that further weakening of the Brazilian Real may lead
to a temporary increase in Minerva's leverage ratios, as 76.3% of
its total debt of BRL2.3 billion as of March 31, 2012 was
denominated in USD. The scenario of a depreciating local
currency results in an instantaneous increase of total debt when
expressed in Brazilian Reals, while EBITDA benefits would
accumulate over a longer period. Positively, the company employs
currency hedging which should smooth out spikes in debt levels as
a result of currency fluctuations.
Liquidity and Debt Maturity Profile Manageable:
Minerva's liquidity position for the first quarter of 2012 is
strong. The company primarily relies on its cash on hand, which
was BRL846 million at the end of the first quarter of 2012, to
service short-term debt which stood at only BRL282 million for
the period. Short-term debt represented about 12% of the
company's total debt at March 31, 2012.
During the first quarter of 2012, the company successfully issued
$450 million 10 year notes and repaid short-term debt maturities
with the proceeds. Debt maturities as of March 31, 2012 are
manageable for the rest of 2012 and 2013 at BRL252.1 million and
BRL189.2 million, respectively.
Stable Outlook:
The ratings are likely to remain stable unless cash flow
generation and leverage ratios trend different than Fitch's
expectations. A negative rating action could occur if Fitch's
expectations for positive cash flow generation fail to
materialize or net leverage does not decline below 4.0x on a
normalized basis. This could be as a result of either a large
debt financed acquisition or asset purchases, or as a result of
operational deterioration. A positive rating action could be
triggered by a significant leverage decrease from current levels
but is unlikely to be achieved solely by improving operations in
the short-to-medium term.
=============
J A M A I C A
=============
CLARENDON ALUMINA: Call for Update on Sale
------------------------------------------
RJR News reports that the Jamaican Parliamentary Opposition is
seeking answers from the government regarding its efforts to
divest Clarendon Alumina Production.
The divestment of CAP is one of the conditions for Jamaica
sealing a new agreement with the International Monetary Fund,
according to RJR News.
RJR News notes that Opposition Leader Andrew Holness said the
previous administration tried without success to divest the loss-
making entity. The report relates that Mr. Holness is
questioning whether the sale is still on track.
As reported in the Troubled Company Reporter-Latin America on
May 4, 2012, the government is hoping to wrap up negotiations for
the divesment of Clarendon Alumina Partners in five months.
Managing Director of CAP, Winston Hayden who appeared before
Parliament's Public Administration and Appropriations Committee,
PAAC this morning, said September has been set for the completion
of the negotiations. He cautioned that the time line is
tentative as a number of procedures must be completed before the
company can be privatized.
===========
M E X I C O
===========
ALESTRA S DE RL: Moody's Affirms 'B1' CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed Alestra, S. de R.L. de C.V.'s
B1 corporate family and senior unsecured debt ratings and changed
the outlook to stable from negative.
The following ratings were affirmed:
- Corporate Family Rating: B1
- US$200 million in senior unsecured notes due 2014: B1
The ratings outlook is stable.
The change in the outlook to stable was prompted by Moody's
expectation that any possible impact on Alestra's operating and
financial performance from the exit of AT&T as a shareholder will
be gradual, most likely over a 3 to 5 year period. Because of the
historical strategic and commercial dependence of Alestra on
AT&T, Moody's had originally estimated that Alestra's revenue and
EBITDA would decline considerably in 2012. However, high barriers
to switch telecom service providers should help Alestra sustain
revenues and EBITDA generation for some time. Alestra was AT&T's
service provider of choice in Mexico since its inception in 1996.
In 2010, about 20% of Alestra's total revenues came from AT&T's
multinational customers with operations in Mexico. In April 2011,
the then 51% owner of Alestra, Grupo Alfa, agreed to acquire
AT&T's stake in the company.
In addition, there has been limited impact so far from the
partnership between America Movil (A2 stable) and AT&T (A2
stable) to provide business telecommunications services to
multinational companies in Latin America and to Latin American
companies worldwide, as announced in November 2011. The fact that
the majority of Alestra's customers enter into long term service
contracts for periods of 12 to 36 months should help the company
maintain revenues for at least a few more quarters while it
continues to focus on acquiring new customers and adapt to a
stronger competitive environment.
Ratings Rationale
During the last twelve months ended March 31, 2012, Alestra's top
line increased by 1.9% mostly due to higher revenue from data and
information technology services, which increased by 7% in the
period. Lower operating costs, mostly comprised of fees for
leased lines, interconnection costs, and international settlement
payments to international telecom carriers, helped the company
post adjusted EBITDA margin of over 39% during the last twelve
months, up from 36% in 2011 and 35% in 2010. In this period,
Alestra's interest coverage metrics improved as well: adjusted
EBITDA to interest expenses stood at 4.8 times in 2011 from 4.3
times in 2011 and 3.9 times in 2010.
Higher EBITDA and unchanged level of debt allowed Alestra's
adjusted debt/EBITDA to decline to 1.8 times in the last twelve
months ended in March 2012 from 2.1 times in 2011 and 2.3 times
in 2010. Interest coverage as measured by EBITDA minus capex to
interest expenses improved to 2.3 times during the period from
1.9 times in 2011.
However, better operating results than expected should motivate
Alestra to increase capex in 2012, negatively impacting free cash
flow. Favorable operating results and financial flexibility
supports increase in capex.
Alestra's B1 ratings are supported by the company's solid
operating margins as well as its strong customer base, focused on
the enterprise segment; the long-term nature of its sales
contracts; and relatively inelastic business enterprise demand
for telecom services, although Alestra may be forced to lower
prices in some cases. Constraining Alestra's ratings are its
small revenue size and a strong competitive operating environment
in Mexico.
Alestra's liquidity is adequate. Going forward to late 2013,
Alestra should be able to use cash on hand and EBITDA to fund
capex and fulfill cash obligations such as interest payments,
working capital and taxes. Alestra has paid only a modest amount
of dividends in the last several years and has no stated dividend
policy. In its assessment of Alestra's liquidity, Moody's assumes
that even if shareholders decide to institute dividend payments,
these would not endanger the company's capex plans or liquidity
profile, as has been the case for the last 12 months. It is
positive that Alestra maintains a US$20 million committed
revolving credit facility, which as of June 1 is unused and
expires in December 2014.
The stable outlook on Alestra's ratings is based on Moody's
expectations that the company's revenues and operating profit
will at least remain stable, supported by increasing demand from
the company's enterprise customer base but tempered by downward
pressure on prices from lower interconnection costs and intense
competitive activity.
Should the company not be able to compete and post positive
revenue growth and its EBITDA margins fall below 32% as reported
or if lower operating revenues cause adjusted debt to EBITDA to
increase to above 3 times on a sustained basis, its ratings could
be downgraded. Any weakness in the company's liquidity situation
could trigger a ratings downgrade as well.
Alestra's ratings could be upgraded if the company shows solid
revenue growth and stable margins, such that adjusted debt to
EBITDA remains below 2 times and free cash flow generation vis-…-
vis debt burden reaches 10% , both on a sustained basis.
The principal methodology used in this rating was that of the
Global Communications Infrastructure Industry published in June
2011.
Alestra, which started operations in 1996, is a local Mexican
telecommunications company providing bundled products including
voice, data, Internet and information technology services mainly
to enterprises. The company is owned by Alfa, S.A.B. de C.V.
(unrated), a large Mexican conglomerate. During the last twelve
months ending on March 31, 2012, Alestra's revenues and adjusted
EBITDA amounted to US$373 million and US$147 million,
respectively.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIRLINES: EZjet to Service Georgetown to Toronto Route
----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is facing
competition on one of its routes in the region.
The Guyanese Cabinet Secretary Dr. Roger Luncheon said that
Guyana approved a request from EZjet GT Incorporated to service
the Georgetown to Toronto route this month, according to RJR
News.
RJR News notes that CAL is currently the lone carrier plying the
route and Dr. Luncheon says the approval introduces an element of
competition.
EZJet GT will operate two weekly flights from June 15 to June 14,
2013, RJR News notes.
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$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPTD AR IMPSAT FIBER-$US 535007008 -17164978
IMPT AR IMPSAT FIBER-CED 535007008 -17164978
330902Q GR IMPSAT FIBER NET 535007008 -17164978
XIMPT SM IMPSAT FIBER NET 535007008 -17164978
IMPTQ US IMPSAT FIBER NET 535007008 -17164978
IMPTB AR IMPSAT FIBER-BLK 535007008 -17164978
IMPTC AR IMPSAT FIBER-C/E 535007008 -17164978
COME AR SOC COMERCIAL PL 196722660 -320946053
CVVIF US SOC COMERCIAL PL 196722660 -320946053
COMED AR SOC COMERCIAL PL 196722660 -320946053
SCPDS LI COMERCIAL PL-ADR 196722660 -320946053
CADN EO SOC COMERCIAL PL 196722660 -320946053
CADN SW SOC COMERCIAL PL 196722660 -320946053
CADN EU SOC COMERCIAL PL 196722660 -320946053
COMEB AR COMERCIAL PLA-BL 196722660 -320946053
CAD IX SOC COMERCIAL PL 196722660 -320946053
SCDPF US SOC COMERCIAL PL 196722660 -320946053
COMEC AR SOC COMERCIAL PL 196722660 -320946053
SDAGF US SNIAFA SA-B 11229696.2 -2670544.88
SNIA5 AR SNIAFA SA-B 11229696.2 -2670544.88
SNIA AR SNIAFA SA 11229696.2 -2670544.88
BRAZIL
GPAR3 BZ CELGPAR 3588586696 -552807022
VAGV3 BZ VARIG SA 966298026 -4695211316
VARGPN BZ VARIG SA-PREF 966298026 -4695211316
VARGON BZ VARIG SA 966298026 -4695211316
VAGV4 BZ VARIG SA-PREF 966298026 -4695211316
PRTX3 BZ PORTX OPERACOES 823193337 -19565275
PXTPY US PORTX OPERA-GDR 823193337 -19565275
LUPA9 BZ LUPATECH SA -RCT 806772516 -23471889.7
LUPAY US LUPATECH SA-ADR 806772516 -23471889.7
LUPA3 BZ LUPATECH SA 806772516 -23471889.7
LUPA11 BZ LUPATECH SA-RT 806772516 -23471889.7
LUPAF US LUPATECH SA 806772516 -23471889.7
LUPA1 BZ LUPATECH SA-RTS 806772516 -23471889.7
AGEN11 BZ AGRENCO LTD-BDR 637647275 -312199404
AGRE LX AGRENCO LTD 637647275 -312199404
MRLM3 BZ CIA PETROLIFERA 377602195 -3014291.72
MRLM4B BZ CIA PETROLIF-PRF 377602195 -3014291.72
1CPMON BZ CIA PETROLIFERA 377602195 -3014291.72
MRLM4 BZ CIA PETROLIF-PRF 377602195 -3014291.72
MRLM3B BZ CIA PETROLIFERA 377602195 -3014291.72
1CPMPN BZ CIA PETROLIF-PRF 377602195 -3014291.72
BOBR4 BZ BOMBRIL-PREF 367760079 -20156714.7
BOBR1 BZ BOMBRIL-RIGHTS 367760079 -20156714.7
BMBBY US BOMBRIL SA-ADR 367760079 -20156714.7
BOBRPN BZ BOMBRIL CIRIO-PF 367760079 -20156714.7
BMBBF US BOMBRIL 367760079 -20156714.7
BOBR2 BZ BOMBRIL-RGTS PRE 367760079 -20156714.7
BOBR3 BZ BOMBRIL 367760079 -20156714.7
BOBRON BZ BOMBRIL CIRIO SA 367760079 -20156714.7
BMBPY US BOMBRIL SA-ADR 367760079 -20156714.7
TEKA9 BZ TEKA-RCT 332104716 -455378043
TEKA1 BZ TEKA-RTS 332104716 -455378043
TEKAON BZ TEKA 332104716 -455378043
TKTQY US TEKA-ADR 332104716 -455378043
TEKAPN BZ TEKA-PREF 332104716 -455378043
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FGUION BZ FERREIRA GUIMARA 11016542.1 -151840377
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CHILE
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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 * * *