/raid1/www/Hosts/bankrupt/TCRLA_Public/120710.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, July 10, 2012, Vol. 13, No. 136
Headlines
A R G E N T I N A
FIBRIA CELULOSE: S&P Alters Outlook to Positive; Keeps BB Ratings
JNC SA: Creditors' Proofs of Debt Due Sept. 21
MARINA BLANCA: Creditors' Proofs of Debt Due Aug. 10
ORANGE CUER: Creditors' Proofs of Debt Due July 30
ZAREH CHULOIAN: Creditors' Proofs of Debt Due Sept. 12
B R A Z I L
BROOKFIELD INC: Weak Credit Metrics Cue Fitch to Lower Rating
CELPA: Rede Energia Expects Equatorial Energia to Invest BRL650MM
CONCESSIONARIA RODOVIAS: Moody's Affirms '(P)Ba2' Issuer Ratings
CONCESSIONARIA RODOVIAS: Moody's Assigns 'Ba2' Issuer Ratings
MULTIBANK INC: S&P Raises LT Issuer Credit Rating to 'BB+/B'
C A Y M A N I S L A N D S
ARUNDEL MEZZANINE: Creditors' Proofs of Debt Due Sept. 3
GTF ASIAN: Commences Liquidation Proceedings
MAN EMERGING: Creditors' Proofs of Debt Due July 24
MAN ENERGY: Creditors' Proofs of Debt Due July 24
MOUNT AUSTIN ASIA: Creditors' Proofs of Debt Due Aug. 3
MOUNT AUSTIN CAPITAL: Creditors' Proofs of Debt Due Aug. 3
PROVIDENT HOLDINGS: Creditors' Proofs of Debt Due July 31
RMF-MGS ARBITRAGE: Creditors' Proofs of Debt Due July 24
RMF-MGS DIRECTIONAL: Creditors' Proofs of Debt Due July 24
SOUTHLAND MEZZ: Creditors' Proofs of Debt Due Sept. 3
E C U A D O R
* ECUADOR: Seeks Liquidity Loan As President Loses Oil Funding
G R E N A D A
* GRENADA: Facing Cash Flow Crisis
M E X I C O
CEMEX SAB: Fitch Rates Proposed $500MM Senior Notes at 'B+/RR3'
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
FIBRIA CELULOSE: S&P Alters Outlook to Positive; Keeps BB Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook of
Brazilian pulp producer Fibria Celulose S.A. to positive from
stable.
"At the same time, we affirmed the 'BB' ratings on the company,"
S&P said.
"The outlook revision follows our expectation that Fibria's plans
to continue debt reduction in the next quarters will
significantly improve its financial profile," said Standard &
Poor's credit analyst Diego Ocampo.
"This is particularly important for the company's credit quality,
as the pulp market is likely to continue experiencing volatility
amid global economic turmoil and speculative trading practices
from Chinese buyers."
"Although a weaker local currency improves Fibria's cost
structure and should provide Fibria with some incremental cash
flows, we project market conditions to remain somewhat
challenging, especially considering competition from new entrants
will increase in the next two years, putting further negative
pressure on prices," S&P said.
The positive outlook relies on our expectation that Fibria's
balance sheet will get stronger through debt reduction.
"We believe that Fibria will reduce debt through a combination of
stronger profitability and cash generation, and moderate capital
expenditures (with no significant investment in expansion
projects) leading to lower nominal debt levels and high cash
balances. We may raise the ratings by one notch if the company's
leverage shows consistent improvement toward our expectations of
debt to EBITDA below 4.0x in the next years, as we also obtain
more clarity on the company's investment and capital expenditure
funding plan for the next three years," S&P said.
"We believe a negative rating action is at this point unlikely,
but it could result from a significant reversal in market trends
to very harsh levels, causing Fibria to report significantly
weaker credit metrics and liquidity than current ones," S&P said.
JNC SA: Creditors' Proofs of Debt Due Sept. 21
----------------------------------------------
Maria Ines Palermo, the court-appointed trustee for JNC SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 21, 2012.
Ms. Palermo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Ines Palermo
Florida 336
Argentina
MARINA BLANCA: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
Jorge Tomas Byrne, the court-appointed trustee for Marina Blanca
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Aug. 10, 2012.
Mr. Byrne will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk No.
6, 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:
Jorge Tomas Byrne
Carlos Pellegrini 1055
Argentina
ORANGE CUER: Creditors' Proofs of Debt Due July 30
--------------------------------------------------
Marta Susana Serra, the court-appointed trustee for Orange Cuer
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 30, 2012.
Ms. Serra will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk No.
24, 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:
Marta Susana Serra
Av. Gaona 1488
Argentina
ZAREH CHULOIAN: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------------
Estudio Stulzing, the court-appointed trustee for Zareh Chuloian
SACIF's reorganization proceedings, will be verifying creditors'
proofs of claim until Sept. 12, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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 Aug. 8, 2013.
The Trustee can be reached at:
Estudio Stulzing, Linares y Asociados
Sarmiento 1574
Argentina
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B R A Z I L
===========
BROOKFIELD INC: Weak Credit Metrics Cue Fitch to Lower Rating
-------------------------------------------------------------
Fitch Ratings has downgraded Brookfield Incorporacoes S.A.
(Brookfield Incorporacoes) and Brookfield Sao Paulo
Empreendimentos Imobiliarios S.A. (Brookfield SP) ratings, and
related issuances, as follows:
Brookfield Incorporacoes
-- Long-term foreign currency Issuer Default Rating (IDR)to
'BB-' from 'BB';
-- Long-term local currency IDR to 'BB-', from 'BB';
-- Long-term National Scale rating to 'A+(bra)'from 'AA-(bra)';
-- BRL100 million first debenture issuance due 2013 to
'A+(bra)' from 'AA-(bra)';
-- BRL366 million second debenture issuance; first series of
BRL285 million due in 2014 and second series of BRL81
million due in 2016,to 'A+(bra)' from 'AA-(bra)';
-- BRL300 million third debenture issuance; first series of
BRL150 million due in 2015 and second series of BRL150
million due in 2016, to 'A+(bra)' from 'AA-bra)' ;
-- BRL300 million fourth debenture issuance due 2016 to 'A+
(bra)' from 'AA-(bra)'.
Brookfield SP
-- Long-term foreign currency IDR to 'BB-, from 'BB';
-- Long-term local currency IDR to 'BB-' from 'BB';
-- Long-term National Scale rating to 'A+(bra)' from
'AA-(bra)'.
The Rating Outlook for the corporate ratings is Stable.
The rating downgrades reflect Fitch's expectations of a
significant weakening of Brookfield Incorporacoes's credit
metrics in 2012, and well above Fitch's initial expectations of
more stable leverage. The company has reported an increase in
debt higher than expected and net leverage should substantially
increase to levels above 5 times by the end of 2012. Fitch
expects a gradual deleverage process in 2013; however, it should
not be strong enough to return credit metrics to the more
conservative levels reported by Brookfield Incorporacoes in
previous years.
The company's operating results were negatively affected by
project costs higher than initial budget, and cancellations of
sales contracts, net of the corresponding re-sales and cost
reversal, which together amounted to BRL39.1 million in the first
quarter of 2012 and a higher degree of new adjustments should
occur during the second quarter.
Brookfield Incorporacoes has the important challenge to ensure
adequate operating margins and reduce leverage to levels
historically reported, as well as to increase the participation
of lines from the Housing Financial System (SFH) in its debt
structure. The company's operating results should continue to be
affected by the lower margins of older projects, which should be
delivered over the next 18 months.
Fitch understands that in 2012 and 2013, Brookfield
Incorporacoes' business will remain exposed to the challenges of
astrong competitive environment, cost pressure, higher
cancellation of sales contracts, and slower approvals process of
projects. Since the middle of 2010, the company has implemented
a series of measures to enhance internal credit processes,
collection, transfer of homebuyers' receivables to financial
institutions, and client assistance, which together with the
expected higher operating cash inflows from the increased
delivery of projects, should contribute to the recovery of the
company's operating results in 2013.
Brookfield Incorporacoes' ratings remain supported by the
company's size as one of the five largest developers in Brazil,
conservative liquidity position, strong brand and experience in
the industry, as well as its integrated operational structure and
adequate debt amortization profile. The integration with and
support from the controlling shareholder, Brookfield Asset
Management Inc. (BAM; rated 'BBB' by Fitch) and adequate
corporate governance standards have also been considered in
Fitch's analysis.
The ratings of Brookfield SP reflect the ratings of its holding
company, Brookfield Incorporacoes, which are based on the
consolidated position of Brookfield Incorporacoes and its 100%
ownership of Brookfield SP, which operates as a regional unit,
fully integrated into Brookfield Incorporacoes.
Costs Overruns and Cancellation of Sales Contracts Impact Credit
Metrics
Brookfield Incorporacoes' operating results and credit metrics
were affected by costs above budget and an increased level of
cancellations of sales contracts. In the latest 12 months (LTM)
ended March 2012, the company reported EBITDA of BRL711 million
and EBITDA margin of 19.4%. These figures compare with BRL787
million and 21.1% in 2011, respectively. This reduction reflects
the recognition of project costs above initial forecast, in the
amount of BRL21.4 million, and cancellation of sales contracts,
net of re-sales and cost reversal, of BRL17.7 million, and higher
general and administrative expenses in the first quarter of 2012.
Additional cost adjustments on projects and new cancellations of
sales contracts should occur in the second quarter of 2012 and
Fitch expects EBITDA margin to fall to around 13% in 2012.
Brookfield Incorporacoes has the challenge to recover its
operating margins in 2013 to parameters in line with the
historical levels, once projects launched in 2007 and 2008(which
have lower margins), are delivered.
High Leverage Is a Concern
Brookfield Incorporacoes' leverage should substantially increase
in 2012. In the LTM ended March 2012, total debt/adjusted EBITDA
and net debt/adjusted EBITDA ratios increased to 5.3x and 3.6x,
from 4.1x and 2.9x, respectively, in 2011, and 2.7x and 1.6x in
2010. Higher debt levels, combined with weaker operating results,
should result in net leverage higher than 5.0x in 2012, well
above Fitch's initial expectations and weak for the current
rating category. Fitch expects a recovery of Brookfield
Incorporacoes' operating results and leverage reduction to more
adequate levels in 2013 and this was incorporated into the
ratings. It will be important that the company achieve these
expectations to avoid new ratings pressures.
The company's total debt increased to BRL3.7 billion at end March
2012, from BRL2 billion at end 2010, while net debt increased to
BRL2.6 billion from BRL1.2 billion over the same period. This
increase was a result of strong growth in project launches. The
company reported project launches of BRL3 billion of potential
sales value (PSV) in 2010, BRL3.9 billion in 2011 and, for 2012,
project launches should be between BRL4 billion and BRL4.2
billion.
Liquidity Remains Strong
Brookfield Incorporacoes has a conservative strategy to preserve
strong cash reserves. As of March 31, 2012, cash and marketable
securities was BRL1.142 billion. The company reported BRL540
million of debt maturing up to end-2012 and BRL1.152 billion in
2013, of which BRL1.016 billion is related to corporate debt. By
the end of 2014, corporate debt maturities amount to BRL1.416
billion. The company benefits from potential liquidity supported
by BRL755 million of receivables of units concluded and sold, not
linked to debt at end March 2012.
Cash Flow from Operations Should Remain Pressured in 2012
Brookfield Incorporacoes' operational cash generation remains
weak. In the LTM period ended March 2012, funds from operations
(FFO) were negative BRL39 million, while cash flow from
operations (CFFO) was negative BRL883 million. These figures
compare with positive FFO of BRL124 million and negative CFFO of
BRL925 million in 2011. Fitch expects CFFO to remain negative in
2012, but become positive in 2013 due to the higher scheduled
delivery of projects.
Still Low SFH Debt
Brookfield Incorporacoes' debt structure remains less
conservative due to the high participation of corporate debt in
the company's debt profile. As of March 31, 2012, corporate debt
accounted for 72% of total debt, as the company financed the
business expansion mainly with debentures and working capital
lines.
The still low participation of SFH financings, at 28% of total
debt, increases refinancing risk, as SFH financings are
guaranteed by specific receivables of the units sold and in
construction and liquidated through the transfer of these
receivables following delivery of the units. Fitch expects a
more intense utilization of SFH lines in 2012, following the
already approved and scheduled disbursements for residential
projects.
Solid History in the Brazilian Market
Brookfield Incorporacoes is among the five largest real estate
companies in Brazil, in project launches and revenues, and has
operated in the industry for over30 years in residential and
commercial projects. The company counts on an ample and
diversified land bank, by income segment and region, of BRL17
billion of PSV, which may cover around 4.3 years of project
launches.
Brookfield Incorporacoes has maintained a good sales rate on
project launches and inventories, even net of cancellations of
sales contracts. In 2011, the company launched BRL3.930 billion
of PSV of projects and BRL380 million in the first quarter of
2012. The sales over supply ratio, net of cancellation of sales
contracts, was 21% in the first quarter of 2012, compared to an
average of 26% by quarter in 2011, which is adequate for the
sector. The favorable sales oversupply ratio has contributed to
preserve adequate levels of inventories, of which, 7% of the
total inventory, or BRL216 million, was composed of concluded
units at the end of March 2012.
Key Rating Drivers
Brookfield Incorporacoes' ratings could be negatively affected in
the case of cost adjustments of projects above expectations,
reducing the company's operating margins and increasing leverage.
Negative rating actions could also result from a liquidity
reduction or a more unstable macroeconomic environment, which may
impact the company's and the homebuilding sector's fundamentals,
or by disappointments related to the expectation of gradual
deleverage in 2013.
Positive rating actions could be driven by a leverage reduction
to more conservative parameters, combined with a positive and
more robust cash flow from operations. Lower participation of
corporate debt, combined with a consistent improvement of the
company's capacity to generate free cash flow and preserve strong
liquidity position, could also contribute to positive rating
actions.
CELPA: Rede Energia Expects Equatorial Energia to Invest BRL650MM
-----------------------------------------------------------------
Mario Sergio Lima and Rodrigo Orihuela at Bloomberg News report
that Rede Energia SA, which controls bankrupt power distributor
Centrais Eletricas do Para SA, expects Equatorial Energia SA to
invest BRL650 million (US$319 million) in the utility after
acquiring it.
Rede Energia is also seeking to sell other units to Equatorial,
Rede Chairman and controlling shareholder Jorge Queiroz de Moraes
told, according to Bloomberg News.
Bloomberg News notes that Mr. Queiroz de Moraes expects the
Brazilian government to approve a 10% rate increase for Celpa
after more than four years of frozen prices.
Equatorial Energia, which is controlled by Rio de Janeiro-based
private equity fund Vinci Partners Investimentos Ltda., plans to
merge Celpa with Cia Energetica do Maranhao, two people familiar
with the deal told Bloomberg News last month.
Bloomberg News relays that Equatorial Energia said in a June 27
regulatory filing that Rede accepted a Celpa buyout bid, pending
due diligence and regulatory approval.
A Celpa creditors' meeting scheduled for July 9 will likely
be postponed until Aug. 9, Mr. Queiroz de Moraes said, Bloomberg
News discloses.
Bloomberg News notes that creditors of Celpa's BRL2.3 billion of
debt include: Societe Generale SA, Bank of America Corp. and
Banco Bradesco SA, according to Celpa regulatory filings.
Celpa bonds due in 2016 have lost more than 70% of their value
since it filed for bankruptcy, Bloomberg News adds.
About CELPA
Bloomberg News says Celpa's bankruptcy has led its parent, Rede
Energia SA, to seek to renegotiate dollar-bond terms after the
securities plunged and Fitch Ratings cut the company's credit
rating to one level above default.
CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.
* * *
As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).
CONCESSIONARIA RODOVIAS: Moody's Affirms '(P)Ba2' Issuer Ratings
----------------------------------------------------------------
Moody's America Latina Ltda assigned definitive issuer ratings of
Ba2 on the global scale and Aa3.br on the Brazilian national
scale to Concessionaria Rodovias do Tiete S.A. (Rodovias do
Tiete). At the same time, Moody's affirmed the provisional (P)
Ba2 and Aa3.br ratings assigned to the BRL650 million debentures
proposed by Rodovias do Tiete, but changed the outlook on all the
ratings to negative from stable.
Ratings Rationale
The postponement of the proposed BRL650 million debentures
issuance in conjunction with other changes including the slowing
Brazilian economy are the primary drivers behind the change in
outlook to negative. The concessionaire requires long-term
funding to support capital expenditure (capex) needs of more than
BRL1.3 billion during the life of the concession, including the
construction of 88 kilometers of second lanes on the roads SP-101
and SP-308 over the next four years.
Rodovias do Tiete decided to postpone the issuance of the
proposed debentures given unfavorable market conditions, which
have triggered certain adjustments in the proposed debt structure
in order to follow a broader distribution format under CVM's Rule
400. The company had been planning to use a significant portion
of the proceeds from the debentures to refinance an existing
syndicated debt of approximately BRL500 million that was coming
due on June 13, 2012 but was extended for another 60 days with
Banco BTG Pactual (Baa3, stable) as the counterparty.
In order to address its imminent liquidity risk, the company has
arranged for a new 360-day loan of BRL600 million with Banco BTG
Pactual, which will be issued next month once the regulatory
agency ARTESP approves the transferring of guarantees. The
effective issuance of approximately BRL650 million long-term
debentures by mid 2013 will take out this new short term loan.
Although the new financing strategy seems workable, it will
generate higher interest expenses for Rodovias do Tiete in the
short term, which will cause a moderate deterioration in the
project's coverage ratios and liquidity profile.
Additionally, as Brazil's economic growth slows, traffic volumes
may fall short of those originally anticipated, hurting operating
performance in 2012 and causing a further imbalance in the
project's planned capital allocation. As a result, the successful
issuance of BRL650 million debentures next year could be
insufficient to support the company's longer-term cash needs
while at the same time significantly improving its liquidity
profile.
Nevertheless, Moody's has assigned definitive issuer ratings to
Rodovias do Tiete at the same level as the provisional issuer
ratings assigned on April 04, 2012 predicated on the strong
fundamentals of this concession. The Ba2 and Aa3.br ratings
reflect the diversified role of the Rodovias do Tiete's road
system, which serves a relatively small but evolving service area
in the state of Sao Paulo with positive upside for traffic
volumes in the medium term. The ratings also consider the stable
regulatory environment prevailing in the state of Sao Paulo, the
continued support expected from the shareholders and that from
Banco BTG Pactual, currently the company's primary lender.
The provisional (P) Ba2 and Aa3.br ratings will remain in place
for the BRL650 million proposed debentures until the effective
debt issuance. Assignment of final ratings for this debt issue
remains predicated on the review of and verification of the final
debt documents and financing structure.
A rating upgrade is unlikely in the near term, but the outlook
could return to stable should the company successfully execute
its long term financing strategy to support the investment
requirements of this concession while also maintaining an
adequate liquidity profile.
The ratings could be downgraded if the company performs below
Moody's forecast so that FFO remains lower than 8% over debt and
interest coverage stays below 1.8x for an extended period.
Concessionaria Rodovias do Tiete S.A. (Rodovias do Tiete) holds a
30-year toll road concession to expand, operate and maintain five
roads in the interior of Sao Paulo, which the state regulatory
agency ARTESP granted under a single concession in April 2009.
The road system operated by Rodovias do Tiete consists of 415
kilometers and includes the following road sections: SP-300
(Corredor Marechal Rondon Leste), SP-308 (Rodovia do Acucar), SP-
101, SP-113 and SP-209. The service area includes 24
municipalities, where the largest cities are Bauru, Campinas, and
Piracicaba. Rodovias do Tiete reported Net Sales of BRL150
million (USD73 million) and EBITDA of BRL87 million (USD42
million) in the last twelve months ended in March 31 2012.
Rodovias do Tiete is currently owned by a joint venture of the
Atlantia-Bertin Participacoes (50%) and ASCENDI International
Holdings B.V. (50%).
CONCESSIONARIA RODOVIAS: Moody's Assigns 'Ba2' Issuer Ratings
-------------------------------------------------------------
Moody's America Latina Ltda assigned definitive issuer ratings of
Ba2 on the global scale and Aa3.br on the Brazilian national
scale to Concessionaria Rodovias do Tiete S.A. (Rodovias do
Tiete). At the same time, Moody's affirmed the provisional (P)
Ba2 and Aa3.br ratings assigned to the BRL650 million debentures
proposed by Rodovias do Tiete, but changed the outlook on all the
ratings to negative from stable.
Ratings Rationale
The postponement of the proposed BRL650 million debentures
issuance in conjunction with other changes including the slowing
Brazilian economy are the primary drivers behind the change in
outlook to negative. The concessionaire requires long-term
funding to support capital expenditure (capex) needs of more than
BRL1.3 billion during the life of the concession, including the
construction of 88 kilometers of second lanes on the roads SP-101
and SP-308 over the next four years.
Rodovias do Tiete decided to postpone the issuance of the
proposed debentures given unfavorable market conditions, which
have triggered certain adjustments in the proposed debt structure
in order to follow a broader distribution format under CVM's Rule
400. The company had been planning to use a significant portion
of the proceeds from the debentures to refinance an existing
syndicated debt of approximately BRL500 million that was coming
due on June 13, 2012 but was extended for another 60 days with
Banco BTG Pactual (Baa3, stable) as the counterparty.
In order to address its imminent liquidity risk, the company has
arranged for a new 360-day loan of BRL600 million with Banco BTG
Pactual, which will be issued next month once the regulatory
agency ARTESP approves the transferring of guarantees. The
effective issuance of approximately BRL650 million long-term
debentures by mid 2013 will take out this new short term loan.
Although the new financing strategy seems workable, it will
generate higher interest expenses for Rodovias do Tiete in the
short term, which will cause a moderate deterioration in the
project's coverage ratios and liquidity profile.
Additionally, as Brazil's economic growth slows, traffic volumes
may fall short of those originally anticipated, hurting operating
performance in 2012 and causing a further imbalance in the
project's planned capital allocation. As a result, the successful
issuance of BRL650 million debentures next year could be
insufficient to support the company's longer-term cash needs
while at the same time significantly improving its liquidity
profile.
Nevertheless, Moody's has assigned definitive issuer ratings to
Rodovias do Tiete at the same level as the provisional issuer
ratings assigned on April 04, 2012 predicated on the strong
fundamentals of this concession. The Ba2 and Aa3.br ratings
reflect the diversified role of the Rodovias do Tiete's road
system, which serves a relatively small but evolving service area
in the state of Sao Paulo with positive upside for traffic
volumes in the medium term. The ratings also consider the stable
regulatory environment prevailing in the state of Sao Paulo, the
continued support expected from the shareholders and that from
Banco BTG Pactual, currently the company's primary lender.
The provisional (P) Ba2 and Aa3.br ratings will remain in place
for the BRL650 million proposed debentures until the effective
debt issuance. Assignment of final ratings for this debt issue
remains predicated on the review of and verification of the final
debt documents and financing structure.
A rating upgrade is unlikely in the near term, but the outlook
could return to stable should the company successfully execute
its long term financing strategy to support the investment
requirements of this concession while also maintaining an
adequate liquidity profile.
The ratings could be downgraded if the company performs below
Moody's forecast so that FFO remains lower than 8% over debt and
interest coverage stays below 1.8x for an extended period.
Concessionaria Rodovias do Tiete S.A. (Rodovias do Tiete) holds a
30-year toll road concession to expand, operate and maintain five
roads in the interior of Sao Paulo, which the state regulatory
agency ARTESP granted under a single concession in April 2009.
The road system operated by Rodovias do Tiete consists of 415
kilometers and includes the following road sections: SP-300
(Corredor Marechal Rondon Leste), SP-308 (Rodovia do Acucar), SP-
101, SP-113 and SP-209. The service area includes 24
municipalities, where the largest cities are Bauru, Campinas, and
Piracicaba. Rodovias do Tiete reported Net Sales of BRL150
million (USD73 million) and EBITDA of BRL87 million
(USD42 million) in the last twelve months ended in March 31,
2012. Rodovias do Tiete is currently owned by a joint venture of
the Atlantia-Bertin Participacoes (50%) and ASCENDI International
Holdings B.V. (50%).
MULTIBANK INC: S&P Raises LT Issuer Credit Rating to 'BB+/B'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Multibank Inc. Y Subsidiarias to 'BB+' from
'BB'.
"At the same time, we affirmed our 'B' short-term issuer credit
rating on the bank. The outlook is stable. The upgrade follows
an improvement in our assessment of the bank's capital and
earnings based on expected capital injections from the
shareholders," S&P said.
The ratings on Multibank reflect its "moderate" business position
and business stability amid Panama's intensely competitive
banking system. The ratings also reflect an "adequate" capital
and earnings assessment due to shareholders' capital increases
and an "adequate" risk position thanks to good asset quality,
although this is partially offset by relatively high
concentrations in its portfolio and a relatively aggressive
growth strategy," S&P said.
"We view Multibank's funding as 'average' and liquidity as
'adequate,' as its ratios compare favorably with the banking
system's averages," S&P said.
===========================
C A Y M A N I S L A N D S
===========================
ARUNDEL MEZZANINE: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------------
The creditors of Arundel Mezzanine Funding Limited are required
to file their proofs of debt by Sept. 3, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on June 15, 2012.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
GTF ASIAN: Commences Liquidation Proceedings
--------------------------------------------
On June 18, 2012, the members of GTF Asian Star Fund passed a
resolution that voluntarily liquidates the company's business.
Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.
The company's liquidator is:
Ho Hsiu Mei
951 Bukit Timah Road
#04-02 The Nexus
Singapore 589650
MAN EMERGING: Creditors' Proofs of Debt Due July 24
---------------------------------------------------
The creditors of Man Emerging Market Opportunities (Master) Ltd
are required to file their proofs of debt by July 24, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MAN ENERGY: Creditors' Proofs of Debt Due July 24
---------------------------------------------------
The creditors of Man Energy Fund (Master) Ltd. are required to
file their proofs of debt by July 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MOUNT AUSTIN ASIA: Creditors' Proofs of Debt Due Aug. 3
-------------------------------------------------------
The creditors of Mount Austin Asia Fund are required to file
their proofs of debt by Aug. 3, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
MOUNT AUSTIN CAPITAL: Creditors' Proofs of Debt Due Aug. 3
----------------------------------------------------------
The creditors of Mount Austin Capital Management Limited are
required to file their proofs of debt by Aug. 3, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
PROVIDENT HOLDINGS: Creditors' Proofs of Debt Due July 31
---------------------------------------------------------
The creditors of Provident Holdings Limited are required to file
their proofs of debt by July 31, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 19, 2012.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170 George Town
Grand Cayman KY1-1102
Cayman Islands
RMF-MGS ARBITRAGE: Creditors' Proofs of Debt Due July 24
--------------------------------------------------------
The creditors of RMF-MGS Arbitrage (Master) Limited are required
to file their proofs of debt by July 24, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
RMF-MGS DIRECTIONAL: Creditors' Proofs of Debt Due July 24
----------------------------------------------------------
The creditors of RMF-MGS Directional (Master) Limited are
required to file their proofs of debt by July 24, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on June 14, 2012.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SOUTHLAND MEZZ: Creditors' Proofs of Debt Due Sept. 3
-----------------------------------------------------
The creditors of Southland Mezz Funding Limited are required to
file their proofs of debt by Sept. 3, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 15, 2012.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
=============
E C U A D O R
=============
* ECUADOR: Seeks Liquidity Loan As President Loses Oil Funding
--------------------------------------------------------------
Nathan Gill Bloomberg News reports that Ecuador is seeking a
US$515 million loan from the Latin American Reserve Fund to shore
up liquidity as falling oil prices leave President Rafael Correa
looking for new ways to fund spending.
FLAR, as the Bogota-based stability fund is known, approved the
loan equal to 13% of Ecuador's international reserves to allow
the government to finance its balance of payments, the Finance
Ministry said in a statement obtained by the news agency.
Bloomberg News relates that the three-year loan carries an
interest rate between 3.6 percentage points and 4 percentage
points over the three-month Libor rate. The ministry didn't say
when the funds would be disbursed, Bloomberg New relays.
Bloomberg New notes that Ecuador is trying to avoid a liquidity
crisis like the one that led to a banking crisis in the 1990s and
adoption of the U.S. dollar as its official currency in 2000.
President Correa defaulted on US$3.2 billion of global bonds in
2008 and 2009 that he considered part of an "illegitimate" and
"illegal" foreign debt, Bloomberg News recalls.
"It is disturbing that having such important quantities of funds
like those received from oil that we have to seek external loans.
. . . There's an excess of public spending," Luis Luna, an
economist and former Ecuadorean sub-secretary of trade, told
Bloomberg in a telephone interview from Quito.
Bloomberg News says that the US$515 million loan is the biggest
of three that Ecuador has sought since 2005 from the FLAR, which
was created to help regional governments overcome balance-of-
payment problems.
Bloomberg News discloses that Ecuador, dependent on oil exports
for about 41 percent of government revenue, forecast government
spending will jump 9% this year to US$26.1 billion, or about a
36% of gross domestic product, according to the nation's 2012
budget.
To fund a fiscal deficit that the government estimates will reach
US$4.23 billion this year, or 5.9% of GDP, the government may
seek help from China as it has done previously, London-based
Capital Economics Ltd. wrote in a report obtained by Bloomberg
News.
Ecuador's dollarized economy, and the lack of savings during
years of stronger economic growth, leave it with "little or no
legroom in an environment of falling oil prices," Capital
Economics said, Bloomberg News relays.
=============
G R E N A D A
=============
* GRENADA: Facing Cash Flow Crisis
----------------------------------
Jamaica Gleaner reports that the main opposition New National
Party outlined a series of economic measures it wants the Tillman
Thomas administration to consider in an effort to turn around a
struggling Grenadian economy.
The measures were suggested in response to a deepening cash flow
problem as government workers reported they had not been paid
their monthly salaries on the scheduled June 28 deadline,
according to Jamaica Gleaner.
The report notes that NNP, which was booted out of government in
2008 after 13 consecutive years in office, said that the four-
year-old National Democratic Congress (NDC) administration should
seek bilateral support from friendly countries and organisations
as well as call a round table conference of all potential local
and foreign investors.
"In essence what I am talking about here is the restoration of
confidence in the private sector to invest . . . . Medium- to
long-term survival will be based on how many private sector
projects we can get moving," the report quoted NNP Shadow
Minister for Finance Anthony Boatswain.
Jamaica Gleaner says that Mr. Boatswain, an economist and former
finance minister, is also suggesting that the government consider
approach the International Monetary Fund for a full blown
stabilization program as well as seeking cooperation of funding
agencies and fast track all major development projects in the
pipeline.
"Get in touch with those organisations and say we are in a bind,
we are in an economic crisis we want you to fast track ... help
us to get this project moving. . . . Once we get these projects
moving, money will be circulating," Mr. Boatswain said, the
report relays.
Jamaica Gleaner discloses that the late-payment of wages and
salaries has caused grumbling among public servants and Finance
Minister Nazim Burke said arrangements are being made for public
servants to be paid.
"The nature of the cash flow is the nature of the cash flow that
all governments are facing at this time. Revenues are depressed
because the economy is depressed," Mr. Burke said, the report
discloses.
Informed sources said the banks are refusing to extend credit to
the government because it has been operating at the limit of its
overdraft facility, Jamaica Gleaner adds.
Meanwhile, the report relates that a new round in the 'Debushing
Program' that was scheduled to begin had been postponed with
government sources saying this was due to the unavailability of
cash to meet wage demands at the end of the two-week period.
"We are in this predicament because this administration has run
out of fiscal and financial space in which to manoeuvre,"
Boatswain told reporters . . . . The government is in a
financial bind while the country is caught in a recessionary
trap. In essence, you have what we call double jeopardy in
economic terms," said Mr. Boatswain, the report notes.
Jamaica Gleaner notes that an IMF team, which visited Grenada
reported signs that a "fragile recovery" may be under way after
two years of consecutive decline.
But it also pointed at a rapidly deteriorating fiscal situation
from revenue shortfalls including various temporary tax
exemptions to sectors such as manufacturing and tourism, the
report adds.
===========
M E X I C O
===========
CEMEX SAB: Fitch Rates Proposed $500MM Senior Notes at 'B+/RR3'
---------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR3' rating to CEMEX, S.A.B. de
C.V.'s proposed senior secured high yield note issuance. These
notes will be issued in an amount up to $500 million. These
exchange notes are being offered to holders of the company's
Financing Agreement debt in a cashless transaction and will have
a maturity date of June 2018.
The notes will be unconditionally guaranteed by CEMEX Mexico,
S.A. de C.V., CEMEX Corp., CEMEX Concretos, S.A. de C.V.,
Empresas Tolteca de Mexico, S.A. de C.V., New Sunward Holding
B.V., and CEMEX Espana, S.A. Additional guarantees will also be
provided by the following sub-holding companies of CEMEX Espana
-- CEMEX Research Group AG, CEMEX Shipping B.V., CEMEX Asia B.V.,
Cemex France Gestion, CEMEX UK and CEMEX Egyptian Investments
B.V.
The notes will be secured with a first priority interest over a
collateral package consisting of substantially all of the shares
of CEMEX Mexico, S.A. de C.V., Centro Distribuidor de Cemento,
S.A. de C.V., Mexcement Holdings, S.A. de C.V., Corporacion
Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd., New Sunward
Holding B.V. and CEMEX Espana, S.A.
Fitch currently rates CEMEX as follows:
-- Foreign and local currency Issuer Default Rating 'B';
-- Senior unsecured notes 'B+/RR3';
-- National scale long-term rating 'BB-(mex)';
-- National scale short-term rating 'B (mex)'.
The Rating Outlook is Stable.
The 'B' ratings of CEMEX and its subsidiaries reflect the
company's high leverage and the weak, near-term cash flow
prospects for two of the company's three key markets -- the
United States and Spain. Additional risks include high
refinancing risk, the potential for weaker performance of the
company's Mediterranean division - consisting primarily of Egypt
and Spain - and negative economic growth in the Euro region,
which could impact its profitable Northern European division.
The 'RR3' Recovery Rating (RR) on the company's unsecured debt
indicates above average recovery prospects for holders of the
proposed notes in the event of default. The collateral package
for the proposed notes is similar to that for the debt associated
with the Aug. 14, 2009 Financing Agreement, as well as most of
the company's capital markets debt.
On June 25, 2012, CEMEX announced its intent to refinance $7.2
billion of debt associated with its Financing Agreement.
Approximately $500 million of this debt falls due during 2013 and
$6.7 billion matures in 2014. As part of the refinancing
proposal, CEMEX is attempting to loosen the financial covenants
and to extend the maturity of the debt through 2017. The proposed
senior secured exchange notes are part of this refinancing
proposal.
CEMEX had $18.2 billion of total debt and $1 billion of cash and
marketable securities as of March 31, 2012. Debt amortizations
during the second half of 2012 total $39 million. Debt
amortizations during 2013 and 2014 are $638 million and $7.5
billion, respectively.
The company generated $2.3 billion of EBITDA during 2011, a level
similar to the amount generated in 2010. Mexico is the company's
most important market, representing $1.2 billion of EBITDA. The
company's next most important markets during 2011 were the
Central and South American region ($513 million of EBITDA in
2011), the Mediterranean ($439 million) and Northern Europe ($416
million). During the first quarter of 2012, the company had
relatively strong performances from its Mexican and Central and
South American division, while there was deterioration in its
Mediterranean and Northern European divisions.
A marked deterioration of the economic environment in the
Northern European division - consisting mainly of France,
Germany, the U.K. and Poland - could lead to a negative rating
action. Weakness in the Mexican market could also lead to a
negative rating action, as could an unsuccessful attempt at the
restructuring of the Financing Agreement debt.
A positive rating action is unlikely until there is an
improvement in the anemic U.S. economy. On a pro forma basis (as
though Rinker was consolidated), Fitch estimates that CEMEX
generated $2.3 billion of EBITDA in the U.S. during 2006. This
compares with a negative EBITDA of $100 million in 2011.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
SOC COMERCIAL PL CADN SW 231024530.5 -308335991
SOC COMERCIAL PL COME AR 231024530.5 -308335991
SOC COMERCIAL PL CVVIF US 231024530.5 -308335991
SOC COMERCIAL PL COMED AR 231024530.5 -308335991
SOC COMERCIAL PL CADN EU 231024530.5 -308335991
SOC COMERCIAL PL CAD IX 231024530.5 -308335991
COMERCIAL PLA-BL COMEB AR 231024530.5 -308335991
SOC COMERCIAL PL SCDPF US 231024530.5 -308335991
SOC COMERCIAL PL COMEC AR 231024530.5 -308335991
COMERCIAL PL-ADR SCPDS LI 231024530.5 -308335991
SOC COMERCIAL PL CADN EO 231024530.5 -308335991
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
SNIAFA SA SNIA AR 11229696.22 -2670544.88
BRAZIL
CELGPAR GPAR3 BZ 2639764737 -675967203
PORTX OPERA-GDR PXTPY US 1025101052 -3076374.61
PORTX OPERACOES PRTX3 BZ 1025101052 -3076374.61
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA VAGV3 BZ 966298048 -4695211008
LUPATECH SA-RT LUPA11 BZ 815799477.6 -65082852.9
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LUPATECH SA LUPAF US 815799477.6 -65082852.9
LUPATECH SA -RCT LUPA9 BZ 815799477.6 -65082852.9
LUPATECH SA-RTS LUPA1 BZ 815799477.6 -65082852.9
LUPATECH SA LUPA3 BZ 815799477.6 -65082852.9
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
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BOMBRIL CIRIO-PF BOBRPN BZ 381113282.6 -25127292.3
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CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
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CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
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TEKA TKTQF US 332104715.8 -455378043
TEKA TEKAON BZ 332104715.8 -455378043
TEKA-ADR TEKAY US 332104715.8 -455378043
TEKA-PREF TEKA4 BZ 332104715.8 -455378043
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TEKA-RCT TEKA10 BZ 332104715.8 -455378043
TEKA-PREF TKTPF US 332104715.8 -455378043
PET MANG-RECEIPT 0229296Q BZ 323293708.4 -112268877
PETRO MANGUINHOS MANGON BZ 323293708.4 -112268877
PET MANG-RT RPMG1 BZ 323293708.4 -112268877
PET MANG-RECEIPT RPMG10 BZ 323293708.4 -112268877
PET MANG-RIGHTS 3678565Q BZ 323293708.4 -112268877
PET MANG-RECEIPT RPMG9 BZ 323293708.4 -112268877
PETRO MANGUIN-PF MANGPN BZ 323293708.4 -112268877
PET MANG-RT 4115360Q BZ 323293708.4 -112268877
PET MANG-RECEIPT 0229292Q BZ 323293708.4 -112268877
PET MANG-RT 0229268Q BZ 323293708.4 -112268877
PET MANG-RT 4115364Q BZ 323293708.4 -112268877
PET MANG-RT RPMG2 BZ 323293708.4 -112268877
PET MANG-RT 0229249Q BZ 323293708.4 -112268877
PET MANG-RIGHTS 3678569Q BZ 323293708.4 -112268877
PET MANGUINH-PRF RPMG4 BZ 323293708.4 -112268877
PETRO MANGUINHOS RPMG3 BZ 323293708.4 -112268877
BATTISTELLA BTTL3 BZ 291826534.8 -29594537.2
BATTISTELLA-RECP BTTL10 BZ 291826534.8 -29594537.2
BATTISTELLA-RECE BTTL9 BZ 291826534.8 -29594537.2
BATTISTELLA-RI P BTTL2 BZ 291826534.8 -29594537.2
BATTISTELLA-RIGH BTTL1 BZ 291826534.8 -29594537.2
BATTISTELLA-PREF BTTL4 BZ 291826534.8 -29594537.2
HOTEIS OTHON SA HOTHON BZ 288171869.8 -77685728.7
HOTEIS OTHON-PRF HOOT4 BZ 288171869.8 -77685728.7
HOTEIS OTHON-PRF HOTHPN BZ 288171869.8 -77685728.7
HOTEIS OTHON SA HOOT3 BZ 288171869.8 -77685728.7
DOCAS SA-PREF DOCAPN BZ 272567786.7 -202595760
DOCA INVESTIMENT DOCA3 BZ 272567786.7 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567786.7 -202595760
DOCAS SA DOCAON BZ 272567786.7 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567786.7 -202595760
SANSUY-PREF B SNSY6 BZ 190512467 -137678051
SANSUY SA-PREF A SNSYAN BZ 190512467 -137678051
SANSUY-PREF A SNSY5 BZ 190512467 -137678051
SANSUY SA SNSYON BZ 190512467 -137678051
SANSUY SNSY3 BZ 190512467 -137678051
SANSUY SA-PREF B SNSYBN BZ 190512467 -137678051
CAFE BRASILIA-PR CSBRPN BZ 160938139.9 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938139.9 -149281089
CAF BRASILIA CAFE3 BZ 160938139.9 -149281089
CAFE BRASILIA SA CSBRON BZ 160938139.9 -149281089
BALADARE BLDR3 BZ 159454015.9 -52992212.8
DHB IND E COM-PR DHBPN BZ 151002419.5 -118054988
D H B-PREF DHBI4 BZ 151002419.5 -118054988
D H B DHBI3 BZ 151002419.5 -118054988
DHB IND E COM DHBON BZ 151002419.5 -118054988
TEXTEIS RENA-RCT TXRX9 BZ 136405144.3 -72823992.4
TEXTEIS RENAUX RENXON BZ 136405144.3 -72823992.4
RENAUXVIEW SA-PF TXRX4 BZ 136405144.3 -72823992.4
TEXTEIS RENAU-RT TXRX1 BZ 136405144.3 -72823992.4
TEXTEIS RENAUX RENXPN BZ 136405144.3 -72823992.4
TEXTEIS RENA-RCT TXRX10 BZ 136405144.3 -72823992.4
TEXTEIS RENAU-RT TXRX2 BZ 136405144.3 -72823992.4
RENAUXVIEW SA TXRX3 BZ 136405144.3 -72823992.4
BUETTNER SA-PRF BUETPN BZ 114336116.2 -25308352.3
BUETTNER SA-RTS BUET1 BZ 114336116.2 -25308352.3
BUETTNER BUET3 BZ 114336116.2 -25308352.3
BUETTNER SA BUETON BZ 114336116.2 -25308352.3
BUETTNER-PREF BUET4 BZ 114336116.2 -25308352.3
BUETTNER SA-RT P BUET2 BZ 114336116.2 -25308352.3
RIMET-PREF REEM4 BZ 112551851.9 -196235615
RIMET-PREF REEMPN BZ 112551851.9 -196235615
RIMET REEMON BZ 112551851.9 -196235615
RIMET REEM3 BZ 112551851.9 -196235615
WETZEL SA MWET3 BZ 105473506.2 -3423680.68
WETZEL SA-PREF MWET4 BZ 105473506.2 -3423680.68
WETZEL SA-PREF MWELPN BZ 105473506.2 -3423680.68
WETZEL SA MWELON BZ 105473506.2 -3423680.68
COBRASMA SA COBRON BZ 94105674.9 -2240770420
COBRASMA-PREF CBMA4 BZ 94105674.9 -2240770420
COBRASMA CBMA3 BZ 94105674.9 -2240770420
COBRASMA SA-PREF COBRPN BZ 94105674.9 -2240770420
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721700
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FABRICA RENAUX-P FRNXPN BZ 78479539.9 -67506773.4
FABRICA RENAUX FTRX3 BZ 78479539.9 -67506773.4
FABRICA TECID-RT FTRX1 BZ 78479539.9 -67506773.4
FABRICA RENAUX-P FTRX4 BZ 78479539.9 -67506773.4
FABRICA RENAUX FRNXON BZ 78479539.9 -67506773.4
ESTRELA SA-PREF ESTRPN BZ 77832771.4 -110076267
ESTRELA SA-PREF ESTR4 BZ 77832771.4 -110076267
ESTRELA SA ESTR3 BZ 77832771.4 -110076267
ESTRELA SA ESTRON BZ 77832771.4 -110076267
GRADIENTE ELETR IGBON BZ 69132281.21 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281.21 -253174445
GRADIENTE-PREF A IGBR5 BZ 69132281.21 -253174445
IGB ELETRONICA IGBR3 BZ 69132281.21 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281.21 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281.21 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281.21 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281.21 -253174445
SCHLOSSER SA SCHON BZ 63039069.14 -50573360
SCHLOSSER SCLO3 BZ 63039069.14 -50573360
SCHLOSSER SA-PRF SCHPN BZ 63039069.14 -50573360
SCHLOSSER-PREF SCLO4 BZ 63039069.14 -50573360
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
RECRUSUL - RT 0163579D BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529781Q BZ 43284321.9 -27789423.5
RECRUSUL RCSL3 BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529785Q BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL12 BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163582D BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL1 BZ 43284321.9 -27789423.5
RECRUSUL SA RESLON BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL10 BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL9 BZ 43284321.9 -27789423.5
RECRUSUL-PREF RCSL4 BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL11 BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL2 BZ 43284321.9 -27789423.5
RECRUSUL SA-PREF RESLPN BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163583D BZ 43284321.9 -27789423.5
RECRUSUL - RT 0163580D BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529793Q BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529789Q BZ 43284321.9 -27789423.5
WIEST SA WISAON BZ 34108201.43 -126997429
WIEST-PREF WISA4 BZ 34108201.43 -126997429
WIEST WISA3 BZ 34108201.43 -126997429
WIEST SA-PREF WISAPN BZ 34108201.43 -126997429
SANESALTO SNST3 BZ 31802628.1 -2924062.87
CONST BETER SA 1COBON BZ 31374373.74 -1555470.16
CONST BETER SA 1007Q BZ 31374373.74 -1555470.16
CONST BETER-PF B COBE6 BZ 31374373.74 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.74 -1555470.16
CONST BETER SA COBE3B BZ 31374373.74 -1555470.16
CONST BETER SA COBEON BZ 31374373.74 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.74 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.74 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.74 -1555470.16
CONST BETER-PFA COBE5B BZ 31374373.74 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.74 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.74 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374373.74 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374373.74 -1555470.16
CONST BETER SA COBE3 BZ 31374373.74 -1555470.16
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
STAROUP SA STARON BZ 27663604.95 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
STEEL - RCT ORD STLB9 BZ 27168332.71 -942060.853
ALL ORE MINERACA STLB3 BZ 27168332.71 -942060.853
ALL ORE MINERACA AORE3 BZ 27168332.71 -942060.853
STEEL - RT STLB1 BZ 27168332.71 -942060.853
NUTRIPLANT NUTR3M BZ 24748712.23 -500384.099
SAUIPE-PREF PSEG4 BZ 24470538.18 -213980.042
SAUIPE SA PSEGON BZ 24470538.18 -213980.042
SAUIPE SA-PREF PSEGPN BZ 24470538.18 -213980.042
SAUIPE PSEG3 BZ 24470538.18 -213980.042
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
BOMBRIL HOLDING FPXE3 BZ 19416015.78 -489914902
BOMBRIL FPXE4 BZ 19416015.78 -489914902
FERRAGENS HAGA HAGAON BZ 19097885.26 -54511171.5
FER HAGA-PREF HAGA4 BZ 19097885.26 -54511171.5
HAGA HAGA3 BZ 19097885.26 -54511171.5
FERRAGENS HAGA-P HAGAPN BZ 19097885.26 -54511171.5
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
REII INC REIC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
NORDON METAL NORDON BZ 13825854.07 -32802043.2
NORDON MET-RTS NORD1 BZ 13825854.07 -32802043.2
NORDON MET NORD3 BZ 13825854.07 -32802043.2
CONST A LINDEN LINDON BZ 13567432.02 -4206628.17
CONST LINDEN RCT CALI10 BZ 13567432.02 -4206628.17
CONST A LIND-PRF LINDPN BZ 13567432.02 -4206628.17
CONST LINDEN RT CALI2 BZ 13567432.02 -4206628.17
CONST A LINDEN CALI3 BZ 13567432.02 -4206628.17
CONST A LIND-PRF CALI4 BZ 13567432.02 -4206628.17
CONST LINDEN RT CALI1 BZ 13567432.02 -4206628.17
CONST LINDEN RCT CALI9 BZ 13567432.02 -4206628.17
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
CHIARELLI SA CCHON BZ 11281940.72 -81454622.1
CHIARELLI SA-PRF CCHPN BZ 11281940.72 -81454622.1
CHIARELLI SA CCHI3 BZ 11281940.72 -81454622.1
CHIARELLI SA-PRF CCHI4 BZ 11281940.72 -81454622.1
TECEL S JOSE-PRF SJOS4 BZ 11174696.21 -61473722.8
TECEL S JOSE-PRF FTSJPN BZ 11174696.21 -61473722.8
TECEL S JOSE FTSJON BZ 11174696.21 -61473722.8
TECEL S JOSE SJOS3 BZ 11174696.21 -61473722.8
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
LARK MAQUINAS LARON BZ 6280039.909 -13860968.7
LARK SA MAQU-RTS LARK1 BZ 6280039.909 -13860968.7
LARK MAQS LARK3 BZ 6280039.909 -13860968.7
LARK SA MAQU-RTS LARK2 BZ 6280039.909 -13860968.7
LARK MAQUINAS-PR LARPN BZ 6280039.909 -13860968.7
LARK MAQS-PREF LARK4 BZ 6280039.909 -13860968.7
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599186 -50416405.6
LA POLAR-RT LAPOLARO CI 626658111.9 -537455813
LA POLAR SA LAPOLAR CI 626658111.9 -537455813
PUYEHUE PUYEH CI 25568725.55 -2547071.2
PUYEHUE RIGHT PUYEHUOS CI 25568725.55 -2547071.2
***********
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 * * *