/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120813.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, August 13, 2012, Vol. 13, No. 160 Headlines B R A Z I L BANCO CRUZEIRO: To Need BRL800 Million in Capital BANCO PANAMERICANO: Not Yet Close to Break Even, BTG CEO Says BIO-PAPPEL SAB: Fitch Affirms 'B' Rating on $250MM Senior Notes C A Y M A N I S L A N D S BT INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20 DRAFNA LTD: Creditors' Proofs of Debt Due Aug. 29 FOUR CORNERS: Moody's Upgrades Rating on Class E Notes to 'Ba3' IGEA LTD: Creditors' Proofs of Debt Due Aug. 29 IVY LANE: Creditors' Proofs of Debt Due Aug. 29 MEDIA GLORY: Creditors' Proofs of Debt Due Aug. 29 METAGE SPECIAL: Creditors' Proofs of Debt Due Aug. 29 NEW LAKE 17: Creditors' Proofs of Debt Due Aug. 29 PI MULTI-STRATEGY: Creditors' Proofs of Debt Due Aug. 20 S1 NOTES: Creditors' Proofs of Debt Due Aug. 20 SKYLGE LTD: Creditors' Proofs of Debt Due Aug. 29 M E X I C O MEXICANA AIRLINE: Bankruptcy Judge Case Removed P U E R T O R I C O GULFCOAST IRREVOCABLE TRUST: Files for Ch. 11 in Puerto Rico X X X X X X X X * BOND PRICING: For the Week Aug. 6 to Aug. 10, 2012 - - - - - =========== B R A Z I L =========== BANCO CRUZEIRO: To Need BRL800 Million in Capital ------------------------------------------------- Cristiane Lucches at Bloomberg News reports that an unnamed source said Banco Cruzeiro do Sul SA needs BRL800 million (US$397 million) in capital from a possible buyer. The source said that an audit of the bank's books shows it may take writedowns of about BRL2.5 billion, according to Bloomberg News. Bloomberg News recalls that Banco Cruzeiro was placed under the administration of the privately owned deposit-insurance fund known as FGC on June 4 amid an investigation into possible accounting fraud. The fund requested the audit and announced that it would seek a buyer for the Sao Paulo-based company, Bloomberg News relates. Bloomberg News notes that negotiations with potential acquirers will begin only after the fund releases audit results on Aug. 14, the person said. The FGC would consider providing liquidity to the acquiring bank once the transaction is complete, and won't provide capital, the source said, Bloomberg News relates. Bloomberg News discloses that the source said that the FGC audit found assets listed on Cruzeiro's balance sheet, valued at about BRL1.3 billion, that didn't exist and improperly priced assets and the lack of a provision for loan losses. Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total unconsolidated assets of R$11.5 billion (US$6.2 billion) and equity of R$1.2 billion (US$644.5 million) as of December 31, 2011. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2012, Standard & Poor's Ratings Services lowered our long-and short-term ratings on Banco Cruzeiro do Sul to 'CC/C' from 'B+/B' and its national scale long- and short-term ratings to 'brCC/brC' from 'brBBB/brA-3'. "We have also placed the ratings on CreditWatch with developing implications," S&P said. BANCO PANAMERICANO: Not Yet Close to Break Even, BTG CEO Says ------------------------------------------------------------- Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal report that Banco Panamericano is not yet close to break even, said Andre Esteves, chief executive of investment bank Banco BTG Pactual SA, which controls Banco Panamericano. "We have to be patient. What can happen is that Panamericano grows without quality. We are not close to break even, but we are not far either," Mr. Esteves said during a conference call with analysts, according to The Wall Street Journal. The report notes that Banco Panamericano reported earlier a second-quarter loss of BRL262.5 million (US$130 million), compared with a loss of BRL25.5 million in the year-ago period. BTG's stake in Banco Panamericano recorded a loss of BRL98 million in the quarter, the report notes. The report says that the larger part of Banco Panamericano's credit portfolio is composed of auto financing. The Wall Street Journal discloses that with nonperforming loans increasing in this area, the bank, along with its local peers, increased provisions. "There was no surprise in Panamericano. The business environment in the sector in which Panamericano operates has deteriorated, and it's now stabilizing," the report quoted Mr. Esteves as saying. In January 2011, the report recalls that BTG Pactual bought a 51% stake from Panamericano's previous owner, entertainment mogul Silvio Santos, for BRL450 million. Brazilian government-run mortgage bank Caixa Economica Federal holds the remaining 49% stake in Panamericano. About Banco Panamericano Banco Panamericano SA offers loans, personal credit, investments, credit cards, and lease financing. Banco Panamericano operates throughout Brazil. * * * As reported in the Troubled Company Reporter-Latin America on November 12, 2010, Bloomberg News said that Banco PanAmericano SA could have been liquidated or subjected to a central bank intervention to sell its assets if its controller had not tapped BRL2.5 billion from Brazil's deposit insurance fund to rescue the bank. According to the report, Mr. Ferreira said that talks to rescue PanAmericano started Oct. 11 and were conducted by Brazilian media mogul Silvio Santos, who controls the bank. As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2' long-term supported global local currency deposit rating, long- term foreign currency deposit and senior unsecured debt ratings. It also carries Moody's 'Ba3' bank's foreign currency subordinated debt rating. BIO-PAPPEL SAB: Fitch Affirms 'B' Rating on $250MM Senior Notes --------------------------------------------------------------- Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of Bio-PAPPEL, S.A.B. de C.V. at 'B'. Fitch has also affirmed Bio-Pappel's USD $250 million senior notes due 2016 at 'B/RR4'. The Rating Outlook is Stable. Bio-Pappel's ratings reflect its leading market position in the pulp and paper sector in Mexico, cost structure related to its strategy of only using recycled fibers, geographical diversification of revenues, low level of environmental/political risks, as well as the relatively stable EBITDA generation of the past three-years, due to a somewhat favorable operating environment. This environment has translated in a stable performance of its packaging division and a rebound in the performance of its paper division. The ratings reflect Bio-Pappel's leverage relative to the stress upon its cash flow when raw material and energy costs rise, small scale when compared to international players, tough competitive environment, and weak debt repayment record. The 'RR/4' Recovery Rating reflects an average recovery prospects given default. 'RR4' rated securities have characteristics consistent with securities historically recovering 31% - 50% of current principal and related interest. The company's performance over the last year is a result of a tightened spread between its average sales price and the cost of its main inputs, namely recycled paper products such as old corrugated containers (OCC) and old newspaper (ONP), as well as energy. This spread has averaged USD $73 per ton for the Last 12 Months (LTM) ended in 2Q'12, generating about USD $69 million of EBITDA, also in LTM terms, results that are below those of the same period in 2011, when the spread averaged USD $82 per ton and EBITDA was about USD $82 million. The firm has and will continue making efforts to contain these costs by increasing its self sourcing of recycled fibers, by operational efficiencies, and by entering into financial hedges. Volatility in Bio-Pappel's operational performance over the past 10 years reflects the company's limited ability to pass through cost increases. Prices for OCC and ONP have increased in Mexico and the United States, due to purchases by Chinese manufacturers. Energy is Bio-Pappel's second most important production cost after recycled fiber, and management has undertaken several initiatives seeking to mitigate its exposure to it, including investments in cogeneration and derivatives contracts. The ratings factor in this continued vulnerability to rising raw material and energy costs. Reported total debt to EBITDA, as of 2Q'12 LTM, was 3.6 times (x) and EBITDA to interest expense was 3.3x; compared to full year 2011, which came about 5.1x and 2.9x, respectively. Currently, debt to EBITDA benefits from the adoption of IFRS, which allows for fair value accounting of debt. On nominal terms the ratio was 4.1x for 2Q'12 LTM (2.9x, on a net debt basis). Going forward, Fitch expects that these ratios could slightly strengthen due to somewhat higher EBITDA generation. Fitch does not envision Bio-Pappel undertaking new debt issuances in the short term, so its debt maturity profile should remain stable, with most of its debt coming due in 2016. Near-term liquidity risk is minimal as the company pays only 7% of interest on the 2016 notes (about $17.5 million USD per year) until the end of 2013, when the rate steps up to 10%. Should the market make an unfavorable turn, the company has a partial PIK option for 2010 up to 2012. Currently, the company holds about USD $80 million in cash and marketable securities. Key Rating Drivers Positive factors to credit quality would include the company improving and sustaining EBITDA margins due to operational efficiencies, successfully widening and stabilizing the spread between price and cost per ton, which in turn could result in more constant EBITDA generation, or a reduction in the company's indebtedness, which could reduce leverage's levels and variability. A persistent weakening of the spread between price and cost per ton, resulting in lower cash generation, could be a negative factor for the ratings. =========================== C A Y M A N I S L A N D S =========================== BT INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20 ------------------------------------------------------- The creditors of BT International Fund, Ltd. are required to file their proofs of debt by Aug. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2012. The company's liquidator is: Titan Advisors LLC 2 International Drive Suite 200 Rye Brook, NY 10573 USA DRAFNA LTD: Creditors' Proofs of Debt Due Aug. 29 ------------------------------------------------- The creditors of Drafna Ltd. are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 FOUR CORNERS: Moody's Upgrades Rating on Class E Notes to 'Ba3' --------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of the following notes issued by Four Corners CLO III, Ltd.: U.S.$9,000,000 Class B Floating Rate Notes Due 2020, Upgraded to Aa1 (sf); previously on August 05, 2011 Upgraded to Aa3 (sf). U.S.$18,000,000 Class C Deferrable Floating Rate Notes Due 2020, Upgraded to A3 (sf); previously on August 05, 2011 Upgraded to Baa1; U.S.$9,000,000 Class D Deferrable Floating Rate Notes Due 2020, Upgraded to Ba1 (sf); previously on August 05, 2011 Upgraded to Ba2; and U.S.$9,600,000 Class E Deferrable Floating Rate Notes Due 2020, Upgraded to Ba3 (sf); previously on August 05, 2011 Upgraded to B1. Ratings Rationale According to Moody's, the rating actions taken on the notes reflect the benefit of the short period of time remaining before the end of the deal's reinvestment period in October 2012. In consideration of the reinvestment restrictions applicable during the amortization period, and therefore limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics will continue to maintain a positive "cushion" relative to certain covenant requirements. In particular, the deal is assumed to benefit from higher spread levels compared to the levels assumed at the last rating action in August 2011. Moody's modeled a WAS of 3.35% compared to 2.75% at the time of the last rating action. Moody's also notes that the transaction's reported overcollateralization ratio are stable since the last rating action. In addition, Moody's notes that the credit quality of the underlying portfolio has deteriorated since the last rating action. Based on the July 2012 trustee report, the weighted average rating factor is currently 2425 compared to 2251 in July 2011. Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, diversity score, and weighted average recovery rate, may be different from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool to have a performing par and principal proceeds balance of $242 million, zero defaulted par, a weighted average default probability of 17.40% (implying a WARF of 2568), a weighted average recovery rate upon default of 50.73%, and a diversity score of 49. The default and recovery properties of the collateral pool are incorporated in cash flow model analysis where they are subject to stresses as a function of the target rating of each CLO liability being reviewed. The default probability is derived from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance trends and collateral manager latitude for trading the collateral are also factors. Four Corners CLO III, Ltd., issued in September 2006, is a collateralized loan obligation backed primarily by a portfolio of senior secured loans. The principal methodology used in this rating was "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Approach to Rating Collateralized Loan Obligations" rating methodology published in June 2011. In addition to the base case analysis described above, Moody's also performed sensitivity analyses to test the impact on all rated notes of various default probabilities. Below is a summary of the impact of different default probabilities (expressed in terms of WARF levels) on all rated notes (shown in terms of the number of notches' difference versus the current model output, where a positive difference corresponds to lower expected loss), assuming that all other factors are held equal: Moody's Adjusted WARF -- 20% (2054) Class A: 0 Class B: 0 Class C: +2 Class D: +2 Class E: +1 Moody's Adjusted WARF + 20% (3082) Class A: 0 Class B: -1 Class C: -1 Class D: -1 Class E: -1 Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) the large concentration of speculative-grade debt maturing between 2014 and 2016 which may create challenges for issuers to refinance. CLO notes' performance may also be impacted by 1) the manager's investment strategy and behavior and 2) divergence in legal interpretation of CLO documentation by different transactional parties due to embedded ambiguities. Sources of additional performance uncertainties are described below: Deleveraging: The main source of uncertainty in this transaction is whether deleveraging from unscheduled principal proceeds will commence and at what pace. Deleveraging may accelerate due to high prepayment levels in the loan market and/or collateral sales by the manager, which may have significant impact on the notes' ratings. IGEA LTD: Creditors' Proofs of Debt Due Aug. 29 ----------------------------------------------- The creditors of Igea Ltd. are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 IVY LANE: Creditors' Proofs of Debt Due Aug. 29 ----------------------------------------------- The creditors of Ivy Lane CDO, Ltd. are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MEDIA GLORY: Creditors' Proofs of Debt Due Aug. 29 -------------------------------------------------- The creditors of Media Glory International Limited are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 19, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 METAGE SPECIAL: Creditors' Proofs of Debt Due Aug. 29 ----------------------------------------------------- The creditors of Metage Special Emerging Markets Fund Limited are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 19, 2012. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands NEW LAKE 17: Creditors' Proofs of Debt Due Aug. 29 -------------------------------------------------- The creditors of New Lake 17 Ltd. are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PI MULTI-STRATEGY: Creditors' Proofs of Debt Due Aug. 20 -------------------------------------------------------- The creditors of PI Multi-Strategy Fund II LDC are required to file their proofs of debt by Aug. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 19, 2012. The company's liquidator is: Titan Advisors LLC 2 International Drive Suite 200 Rye Brook, NY 10573 USA S1 NOTES: Creditors' Proofs of Debt Due Aug. 20 ----------------------------------------------- The creditors of S1 Notes Limited are required to file their proofs of debt by Aug. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SKYLGE LTD: Creditors' Proofs of Debt Due Aug. 29 ------------------------------------------------- The creditors of Skylge Ltd. are required to file their proofs of debt by Aug. 29, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 16, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 =========== M E X I C O =========== MEXICANA AIRLINE: Bankruptcy Judge Case Removed ----------------------------------------------- Fox News Latino reports that the bankruptcy judge handling the restructuring of Compania Mexicana de Aviacion or Mexicana Airlines has been temporarily removed due to potential irregularities in the case, the Federal Judiciary Council (CJF) said. The CJF's administrative and disciplinary organ opted to remove him from the proceedings "to preserve guarantees of impartiality amid recent public declarations," although it maintained the move should not be construed as a "judgment" on Soto's conduct from the bench, according to Fox News Latino. The report notes that the Communications and Transportation Secretariat suggested Jose Luis Stein-Velasco, who has held various government posts and is director of a legal and financial consulting firm, as a potential replacement. As reported in the Troubled Company Reporter on Aug. 6, 2012, Fox News Latino related that Mexican state-owned bank Bancomext, one of the main creditors of Mexicana Airlines, said it is seeking the removal of the judge handling the company's debt-restructuring process. Bancomext relayed in a statement that it made the request "due to the harm the delay in the airline's bankruptcy proceedings represents for Mexicana de Aviacion's creditors and workers," according to Fox News Latino. Fox News Latino noted that the complaint also was signed by three other Mexicana creditors: Aeropuertos y Servicios Auxiliaries, the state-owned corporation that manages Mexico's airports; Mexico City's international airport; and Mexico's Federal Consumer Protection Agency. Fox News Latino disclosed that Bancomext lamented that "the company's assets continue to deteriorate to the detriment of its creditors and workers" due to uncertainties stemming from the delays. The bank also termed "unacceptable" the lack of results in terms of "serious and viable financial alternatives to prevent the liquidation of Mexicana de Aviacion and make possible the resumption of operations," Fox News Latino related. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on Aug. 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. ===================== P U E R T O R I C O ===================== GULFCOAST IRREVOCABLE TRUST: Files for Ch. 11 in Puerto Rico ------------------------------------------------------------ Three business trusts owned by Michael J. Scarfia filed for Chapter 11 protection in Old San Juan, Puerto, Rico on Aug. 10, 2012. One of the filers, Gulfcoast Irrevocable Trust, estimated under $10 million in assets but more than $100 million in debts in its bare-bones Chapter 11 petition (Bankr. D.P.R. Case No. 12-06338). An affiliate, Sabana Del Palmar, Inc., which owns Mirabella Village & Club, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-06177) on Aug. 5, 2012. =============== X X X X X X X X =============== * BOND PRICING: For the Week Aug. 6 to Aug. 10, 2012 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 58.99 ARGENT-$DIS 8.28 12/31/2033 USD 64 ARGENT-$DIS 8.28 12/31/2033 USD 66 ARGENT-PAR 1.18 12/31/2038 ARS 39.22 ARGENT- DIS 7.82 12/31/2033 EUR 53.25 ARGENT- DIS 7.82 12/31/2033 EUR 53 ARGENT- DIS 7.82 12/31/2033 EUR 52.5 ARGENT- DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 63.5 BANCO MACRO SA 9.75 12/18/2036 USD 69 BANCO MACRO SA 9.75 12/18/2036 USD 68.75 BANCO MACRO SA 9.75 12/18/2036 USD 60 BONAR X 7 4/17/2017 USD 74.5 CAPEX SA 10 3/10/2018 USD 61.2 CAPEX SA 10 3/10/2018 USD 59.38 CHUBUT RGLS HIDR 7.75 7/1/2020 USD 74.05 EMP DISTRIB NORT 9.75 10/25/2022 USD 35 EMP DISTRIB NORT 9.75 10/25/2022 USD 34.75 EMP DISTRIB NORT 10.5 10/9/2017 USD 42.54 PROV BUENOS AIRE 9.625 4/18/2028 USD 52.15 PROV BUENOS AIRE 9.625 4/18/2028 USD 52.25 PROV BUENOS AIRE 9.375 9/14/2018 USD 57.42 PROV BUENOS AIRE 10.875 1/26/2021 USD 58.59 PROV BUENOS AIRE 9.375 9/14/2018 USD 56.88 PROV BUENOS AIRE 10.875 1/26/2021 USD 58.07 PROV BUENOS AIRE 11.75 10/5/2015 USD 73.75 PROV BUENOS AIRE 9.25 4/15/2017 USD 75.45 PROV BUENOS AIRE 11.75 10/5/2015 USD 74.45 PROV BUENOS AIRE 9.25 4/15/2017 USD 74.5 PROV DE CORDOBA 12.375 8/17/2017 USD 66.02 PROV DE CORDOBA 12.375 8/17/2017 USD 65.83 PROV DE FORMOSA 5 2/27/2022 USD 60.38 PROV DE MENDOZA 5.5 9/4/2018 USD 70.51 PROV DE MENDOZA 5.5 9/4/2018 USD 71.88 PROV DEL CHACO 4 12/4/2026 USD 27 PROV DEL CHACO 4 11/4/2023 USD 53 RAGHSA CONSTRUCC 8.5 2/16/2017 USD 80 TRANSENER 9.75 8/15/2021 USD 45 TRANSENER 9.75 8/15/2021 USD 35.88 TRANSPORT DE GAS 7.875 5/14/2017 USD 73.5 BRAZIL ------ BANCO BONSUCESSO 9.25 11/3/2020 USD 67.5 BANCO BONSUCESSO 9.25 11/3/2020 USD 65.25 BANCO CRUZEIRO 8.875 9/22/2020 USD 39.75 BANCO CRUZEIRO 8.875 9/22/2020 USD 39.63 BANCO CRUZEIRO 8.5 2/20/2015 USD 56.5 BANCO CRUZEIRO 7.625 4/21/2014 USD 58 BANCO CRUZEIRO 7 7/8/2013 USD 56.5 BANCO CRUZEIRO 8.25 1/20/2016 USD 58 BANCO CRUZEIRO 8.5 2/20/2015 USD 56.5 BANCO CRUZEIRO 8.25 1/20/2016 USD 58 BANCO CRUZEIRO 8 9/17/2012 USD 69.62 CESP 9.75 1/15/2015 BRL 72.27 REDE EMPRESAS 11.125 USD 47.5 REDE EMPRESAS 11.125 USD 47 REDE EMPRESAS 11.125 USD 47 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 57.63 BCP FINANCE BANK 5.01 3/31/2024 EUR 54.75 BCP FINANCE BANK 5.31 12/10/2023 EUR 57.38 BCP FINANCE CO 5.543 EUR 25.02 BCP FINANCE CO 4.239 EUR 25.02 BES FINANCE LTD 5.58 EUR 38.67 BES FINANCE LTD 4.5 EUR 50.17 CAM GLOBAL FIN 6.08 12/22/2030 EUR 55.5 CHINA FORESTRY 10.25 11/17/2015 USD 58.38 CHINA FORESTRY 10.25 11/17/2015 USD 58.2 CHINA SUNERGY 4.75 6/15/2013 USD 74 EFG HELLAS CAYMA 9 6/8/2019 EUR 52.38 EFG ORA FUNDING 1.7 10/29/2014 EUR 51.1 ESFG INTERNATION 5.753 EUR 33.13 GOL FINANCE 8.75 USD 72.75 GOL FINANCE 8.75 USD 71.38 JINKOSOLAR HOLD 4 5/15/2016 USD 42.81 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.5 LDK SOLAR CO LTD 4.75 4/15/2013 USD 65.1 LUPATECH FINANCE 9.875 USD 63.5 LUPATECH FINANCE 9.875 USD 66.5 MARFRIG OVERSEAS 9.5 5/4/2020 USD 77 RENHE COMMERCIAL 13 3/10/2016 USD 59.5 RENHE COMMERCIAL 13 3/10/2016 USD 50.88 RENHE COMMERCIAL 11.75 5/18/2015 USD 52.99 RENHE COMMERCIAL 11.75 5/18/2015 USD 52.75 SHINSEI FIN CAYM 6.418 USD 73.75 SHINSEI FIN CAYM 6.418 USD 73.75 SHINSEI FINANCE 7.16 USD 73.75 SHINSEI FINANCE 7.16 USD 73.75 SOLARFUN POWER H 3.5 1/15/2018 USD 72.25 SOLARFUN POWER H 3.5 1/15/2018 USD 72.12 SUNTECH POWER 3 3/15/2013 USD 69.44 SUNTECH POWER 3 3/15/2013 USD 69 CHILE ----- CGE DISTRIBUCION 3.25 12/1/2012 CLP 9.984 COLBUN SA 3.2 5/1/2013 CLP 49.73 QUINENCO SA 3.5 7/21/2013 CLP 12.41 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 63 PUERTO RICO CONS 6.5 4/1/2016 USD 65.63 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 71.75 PETROLEOS DE VEN 5.5 4/12/2037 USD 57.15 PETROLEOS DE VEN 5.375 4/12/2027 USD 58.1 PETROLEOS DE VEN 9.75 5/17/2035 USD 70.54 PETROLEOS DE VEN 5.25 4/12/2017 USD 72.26 PETROLEOS DE VEN 5.125 10/28/2016 USD 73.93 PETROLEOS DE VEN 9 11/17/2021 USD 76.25 VENEZUELA 7 3/31/2038 USD 64.27 VENEZUELA 7 3/31/2038 USD 66.5 VENEZUELA 6 12/9/2020 USD 68.25 VENEZUELA 7.65 4/21/2025 USD 70.5 VENEZUELA 8.25 10/13/2024 USD 74.5 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. * * * End of Transmission * * *