/raid1/www/Hosts/bankrupt/TCRLA_Public/120807.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, August 7, 2012, Vol. 13, No. 156
Headlines
A R G E N T I N A
BANCO CETELEM: Moody's Reviews Ba3 Sr. Debt Rating for Downgrade
CORPORACION AVICOLA: Applies for Bankruptcy Protection
EMIEN EVENTOS: Creditors' Proofs of Debt Due Sept. 28
GASBI SRL: Creditors' Proofs of Debt Due Sept. 27
SUPERVIELLE CREDITOS: Moody's Rates Class C Debt Secs. 'Ba3'
YPF SA: Repsol SA to Meet With Venezuela on Firm Seizure
C A Y M A N I S L A N D S
AL-SHARQ LTD: Creditors' Proofs of Debt Due Aug. 30
BELMONT LATIN MAERICA: Creditors' Proofs of Debt Due Sept. 10
CANTHARUS INC: Creditors' Proofs of Debt Due Aug. 10
DEPOSITUM 7: Creditors' Proofs of Debt Due Aug. 28
DNTK HOLDINGS: Members' Final Meeting Set for Aug. 17
ERC IRELAND FINANCE: Court Enters Wind-Up Order
ERC IRELAND HOLDINGS: Court Enters Wind-Up Order
ERC IRELAND PREFERRED: Court Enters Wind-Up Order
NEWARK ENTERPRISES: Creditors' First Meeting Set for Aug. 20
NEXUS GEMINI: Creditors' Proofs of Debt Due Aug. 21
B R A Z I L
CESP: Aging-Asset Costs Rise on Brazilian Government Rule
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BANCO CETELEM: Moody's Reviews Ba3 Sr. Debt Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Banco Cetelem Argentina's deposits and debt ratings following the
announcement of its acquisition by the Group ST (unrated), from
BNP Paribas Personal Finance and COFICA BAIL S.A., which
respectively hold 95% and 5% of total stake of Cetelem Argentina.
The ratings under review include the bank's Ba3 local currency
deposit and debt ratings, and the (P)Ba3 and (P)B2 local and
foreign currency debt rating of the MTN program. At the same time,
Moody's Latin America placed under review the Aaa.ar local
currency deposit and debt ratings in the Argentinean national
scale, and the Aa3.ar national scale foreign currency debt rating.
The following ratings were placed on review for possible
downgrade:
Long-term global local currency deposit rating at Ba3, placed
under review for possible downgrade
Long-term national scale local currency deposit rating at Aaa.ar,
placed under review for possible downgrade
Global local currency senior debt rating of the MTN Program at
(P)Ba3, placed under review for possible downgrade
Global foreign currency senior debt rating of the MTN at (P)B2 ,
placed under review for possible downgrade
Global local currency senior debt rating at Ba3, placed under
review for possible downgrade
National scale local currency senior debt rating at Aaa.ar,
placed under review for possible downgrade
National scale foreign currency senior debt rating at Aa3.ar ,
placed under review for possible downgrade
Ratings Rationale
The Ba3 deposits rating of Cetelem Argentina currently
incorporates the bank's Baseline Credit Assessment (BCA) of b3, as
well as Moody's assessment of a high probability of parental
support to be provided by its parent, BNP Paribas, rated A2, in an
event of stress. Because BNP Paribas explicitly guarantees all
Cetelem Argentina's liabilities, the subsidiary deposits rating
benefits from three notches of uplift from its BCA.
The review for possible downgrade of Cetelem's ratings, therefore,
is based on the announced change in its ownership and control,
because guarantees provided by BNP Paribas will likely no longer
be available to Cetelem upon conclusion of the deal. Completion of
the transaction is subject to regulatory approval by the
Argentinean Central Bank.
The ST Group, unrated, is the controlling shareholder of Banco de
Servicios y Transacciones (BST), rated by Moody's at B3 for
deposits, which is a consumer finance bank targeting a similar
client segment as Cetelem Argentina.
Banco Cetelem Argentina S.A. is headquartered in Buenos Aires,
with assets of Ar$1,2 billion and equity of Ar$127 million as of
March 2012.
CORPORACION AVICOLA: Applies for Bankruptcy Protection
------------------------------------------------------
Corporacion Avicola SA applied for bankruptcy protection. The
company defaulted its payments last Dec. 2011.
EMIEN EVENTOS: Creditors' Proofs of Debt Due Sept. 28
-----------------------------------------------------
Ruben Daniel Sarafian, the court-appointed trustee for Emien
Eventos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Sept. 28, 2012.
Mr. Sarafian 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:
Ruben Daniel Sarafian
Tucuman 1545
Argentina
GASBI SRL: Creditors' Proofs of Debt Due Sept. 27
-------------------------------------------------
Estudio Herrero y Asociados, the court-appointed trustee for Gasbi
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until Sept. 27, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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. 5, 2013.
The Trustee can be reached at:
Estudio Herrero y Asociados
Viamonte 1454
Argentina
SUPERVIELLE CREDITOS: Moody's Rates Class C Debt Secs. 'Ba3'
------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 63, which is
a transaction that will be issued by Deutsche Bank S.A. - acting
solely in its capacity as Issuer and Trustee.
As of Aug. 3, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.
- ARS38,400,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 63", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS67,200,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 63", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS7,200,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 63", rated A1.ar
(sf) (Argentine National Scale) and B2 (sf) (Global Scale,
Local Currency)
- ARS7,200,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 63", rated A2.ar (sf) (Argentine National
Scale) and B2 (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 19,930 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,014,628.46.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of subordination: 68% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 6% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 5%, a minimum of 2.5% and a
maximum of 15%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are derived
from the historical performance to date of the Supervielle's
pools. Servicer default was modeled by simulating the default of
the Banco Supervielle as the servicer consistent with its current
rating of B2/Aa3.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.47% for Class B Floating Rate Debt
Securities, 7.25% expected loss for Class C Fixed Rate Debt
Securities and 7.25% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 4% from
the base case scenario for the pool (i.e., most likely scenario of
9%, a minimum of 6.5% and a maximum of 19%), the ratings of the
Classes A, Class B and Class C Fixed Rate debt securities would
remain the same. The ratings for and Certificates would be likely
downgraded to B3 (sf).
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
YPF SA: Repsol SA to Meet With Venezuela on Firm Seizure
--------------------------------------------------------
Randall Woods at Bloomberg News says that newspaper Pagina 12
reported that Oil Minister Rafael Ramirez said Repsol SA will meet
with Venezuelan officials on Aug. 9, 2012, to discuss the Spanish
oil company's dispute over Argentina's seizure of its majority
stake in YPF SA.
Venezuelan authorities, who last month promised to invest in
Argentina to boost oil production, are calling for a friendly
solution to Repsol's conflict with the Argentine government and
view the company's threats to take legal action as a colonialist
attitude, the paper quoted Mr. Ramirez as saying, according to
Bloomberg News.
About YPF SA
Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream). The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares. Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.
As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.
===========================
C A Y M A N I S L A N D S
===========================
AL-SHARQ LTD: Creditors' Proofs of Debt Due Aug. 30
---------------------------------------------------
The creditors of Al-Sharq, Ltd. are required to file their proofs
of debt by Aug. 30, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on July 8, 2012.
The company's liquidator is:
Shaikh Abdul Rahiman
Gulf Investment House K.S.C.
Dar Al-Awadi Towers, 27th to 30th Floors
Ahmad Al-Jaber Street, Sharq
PO Box 28808, Safat 13149
Kuwait
Telephone: (+965) 1844488 Ext-1402
BELMONT LATIN MAERICA: Creditors' Proofs of Debt Due Sept. 10
-------------------------------------------------------------
The creditors of Belmont Latin Maerica Ltd. are required to file
their proofs of debt by Sept. 10, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 6, 2012.
Alternative Investment Solutions Ltd is the company's liquidator.
CANTHARUS INC: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
The creditors of Cantharus Inc. are required to file their proofs
of debt by Aug. 10, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 25, 2012.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
DEPOSITUM 7: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------
The creditors of Depositum 7 Inc. are required to file their
proofs of debt by Aug. 28, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 28, 2012.
The company's liquidator is:
UBS Nominees Ltd.
c/o Stephen R. Nelson
Telephone: 949-4544
Facsimile: 949-7073
Charles Adams Ritchie & Duckworth
Zephyr House, 122 Mary Street
P.O. Box 709 Grand Cayman KY1-1107
Cayman Islands
DNTK HOLDINGS: Members' Final Meeting Set for Aug. 17
-----------------------------------------------------
The members of DNTK Holdings Inc will hold their final meeting on
Aug. 17, 2012, at 1:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Annie Chapman
69 Dr. Roy's Drive
PO Box 1043, George Town
Grand Cayman KY1-1102
Cayman Islands
ERC IRELAND FINANCE: Court Enters Wind-Up Order
-----------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Finance Limited.
The company's liquidator is:
Tammy Fu
Zolfo Cooper (Cayman) Limited
38 Market Street, 2nd Floor
Canella Court, Camana Bay
Grand Cayman KY1-9006
ERC IRELAND HOLDINGS: Court Enters Wind-Up Order
------------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Holdings Limited.
The company's liquidator is:
Tammy Fu
Zolfo Cooper (Cayman) Limited
38 Market Street, 2nd Floor
Canella Court, Camana Bay
Grand Cayman KY1-9006
ERC IRELAND PREFERRED: Court Enters Wind-Up Order
-------------------------------------------------
On July 6, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of ERC Ireland Preferred Equity
Limited.
The company's liquidator is:
Tammy Fu
Zolfo Cooper (Cayman) Limited
38 Market Street, 2nd Floor
Canella Court, Camana Bay
Grand Cayman KY1-9006
NEWARK ENTERPRISES: Creditors' First Meeting Set for Aug. 20
------------------------------------------------------------
The creditors of Newark Enterprises Limited will hold their first
meeting on Aug. 20, 2012, at 10:00 a.m.
The company's liquidator is:
Hugh Dickson
c/o John Royle
Telephone: +1 (345) 769 7206
Facsimile: +1 (345) 949 7120
c/o Grant Thornton Specialist Services (Cayman) Limited
10 Market Street, Box # 765 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
NEXUS GEMINI: Creditors' Proofs of Debt Due Aug. 21
---------------------------------------------------
The creditors of Nexus Gemini Ltd. are required to file their
proofs of debt by Aug. 21, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 29, 2012.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: (345) 815-1793
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
===========
B R A Z I L
===========
CESP: Aging-Asset Costs Rise on Brazilian Government Rule
---------------------------------------------------------
Rodrigo Orihuela and Mario Sergio at Bloomberg News report that
Cia. Energetica de Sao Paulo is letting its assets age faster than
any other company in Brazil as it awaits a government decision on
whether power-generation contracts will be renewed.
Depreciation costs at Cesp topped capital expenditures by BRL635
million (US$313 million) last year, signaling the utility isn't
investing to maintain and expand its hydroelectric plants and
distribution networks, data compiled by Bloomberg show.
Bloomberg News notes that Sao Paulo state, which controls Cesp
with 94% of ordinary shares, has postponed plans to sell a stake
in the utility at least three times as the federal government
decides whether to renew operating concessions or hold new
auctions to drive down electricity prices in Brazil. Bloomberg
News relates that two-thirds of Cesp's operating licenses are set
to expire in 2015, accounting for 90% of its revenue.
"They don't know what's going to happen after 2015," Eduardo
Gomide, an analyst at HSBC Holdings Plc, which rates the stock
neutral, told Bloomberg in a telephone interview from Sao Paulo.
"For Cesp, it makes sense. It's a cautious move. There's a
reason behind this conservative management," Mr. Gomide added.
Cesp shares are outperforming peers on speculation that the
renewal will be announced soon, Ricardo Correa, an analyst at
Ativa SA, said in a telephone interview with Bloomberg News.
Bloomberg News recounts that Sao Paulo's state government
unsuccessfully tried to sell its stake in Cesp three times since
2000. The last attempt was in 2008, the report relates, when it
canceled an auction after failing to attract bidders because the
federal government hadn't said if it would renew licenses.
Chief Executive Officer Mauro Arce said in January that Cesp was
awaiting the renewals before deciding on whether to sell its
stake, Bloomberg News notes.
Bloomberg News says that Brazilian President Dilma Rousseff has
said she wants to lower electricity rates as part of efforts to
spur the economy. Her government has enacted a series of measures
in recent months, including lowering borrowing costs, cutting
taxes and auctioning concessions for public infrastructure such as
airports, Bloomberg News adds.
About CESP
Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil. The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.
* * *
As of March 13, 2012, the company continues to carry Moody's
"Ba1" long-term corporate family rating and senior unsecured debt
rating.
===============
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
LUPATECH SA-ADR LUPAY US 815799477.6 -65082852.9
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
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
BOMBRIL CIRIO-PF BOBRPN BZ 381113282.6 -25127292.3
BOMBRIL SA-ADR BMBBY US 381113282.6 -25127292.3
BOMBRIL-RIGHTS BOBR1 BZ 381113282.6 -25127292.3
BOMBRIL CIRIO SA BOBRON BZ 381113282.6 -25127292.3
BOMBRIL SA-ADR BMBPY US 381113282.6 -25127292.3
BOMBRIL BMBBF US 381113282.6 -25127292.3
BOMBRIL-PREF BOBR4 BZ 381113282.6 -25127292.3
BOMBRIL-RGTS PRE BOBR2 BZ 381113282.6 -25127292.3
BOMBRIL BOBR3 BZ 381113282.6 -25127292.3
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
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
TEKA-RCT TEKA9 BZ 332104715.8 -455378043
TEKA-PREF TEKAPN BZ 332104715.8 -455378043
TEKA-RTS TEKA2 BZ 332104715.8 -455378043
TEKA-ADR TKTQY US 332104715.8 -455378043
TEKA-RTS TEKA1 BZ 332104715.8 -455378043
TEKA-ADR TKTPY US 332104715.8 -455378043
TEKA TEKA3 BZ 332104715.8 -455378043
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
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721700
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 * * *