/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120827.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 27, 2012, Vol. 13, No. 170 Headlines A R G E N T I N A BANCO HIPOTECARIO: S&P Affirms 'B' Issuer Credit Ratings CESP-COMPANHIA: S&P Raises Corporate Credit Rating to 'BB' COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Sept. 4 CRISTAL MED: Creditors' Proofs of Debt Due Oct. 1 ENLACES CONSULTORES: Creditors' Proofs of Debt Due Sept. 19 WOMINEN SA: Creditors' Proofs of Debt Due Sept. 12 * PROVINCE OF BUENOS AIRES: Moody's 'B3' Ratings Reflect Weakness B R A Z I L BANCO CRUZEIRO: Moody's Corrects August 16 Rating Release BANCO CRUZEIRO: S&P Revises Status on 'CC/C' Global Scale Ratings BANCO PINE: Moody's Affirms 'D' Bank Finc'l. Strength Rating C A Y M A N I S L A N D S CADMUS CAPITAL: Creditors' Proofs of Debt Due Sept. 3 CO-INVESTMENT XV: Commences Liquidation Proceedings COLUMBIA RESEARCH: Creditors' Proofs of Debt Due Sept. 13 ESSENTIAL CAPITAL: Creditors' Proofs of Debt Due Sept. 12 GSA GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 13 GSA GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 13 MAN ENVIRONMENTAL: Creditors' Proofs of Debt Due Sept. 3 MERRICKS CAPITAL FUND: Creditors' Proofs of Debt Due Sept. 13 MERRICKS CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13 SW CAYMAN: Commences Liquidation Proceedings C H I L E CHILE MINING: Incurs $1.2 Million Net Loss in June 30 Quarter J A M A I C A * JAMAICA: All JSE Indices Drops During April to June Quarter M E X I C O BANCO INTERACCIONES: Fitch Affirms 'BB' LT Issuer Default Rating URBI DESARROLLOS: Poor Capital Cues Fitch to Downgrade Ratings * MUNICIPALITY OF COACALCO: Moody's Cuts Issuer Ratings to 'B3' P U E R T O R I C O NUTRICION PUERTORRIQUENA: Case Summary & Creditors List SHADAI YIRE: SEC Charges Puerto Rico-Based Ponzi Scheme T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Looks Into Possible Addition of Panama Route X X X X X X X X * S&P 2012 Corporate Default Tally of 53 Matches Last Year's * BOND PRICING: For the Week Aug. 20 to Aug. 24, 2012 - - - - - ================= A R G E N T I N A ================= BANCO HIPOTECARIO: S&P Affirms 'B' Issuer Credit Ratings -------------------------------------------------------- In accordance with its criteria, S&P classified Banco Hipotecario as a government-related entity (GRE) with a low likelihood of extraordinary government support. S&P's assessment of Banco Hipotecario is based on these factors: -- Limited importance because of the banks's role as a profit- seeking enterprise in a competitive environment. Another privately owned bank or GRE could undertake its activity, if it ceased to exist. -- Limited link with the government of Argentina (B/Negative/B) because the government, though a majority holder of equity, is a minority in voting rights and doesn't interfere more than other minority shareholders in the bank's strategic decisions and operations. "The issuer credit rating on the bank is one notch lower than the SACP because Banco Hipotecario, in our view, doesn't meet the conditions specified under our revised bank criteria to be rated above the 'B' sovereign rating on Argentina," S&P said. CESP-COMPANHIA: S&P Raises Corporate Credit Rating to 'BB' ---------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its global scale corporate credit rating on CESP-Companhia Energetica de Sao Paulo to 'BB' from 'BB-' and the national scale corporate credit rating to 'brAA-' from 'brA-'. The outlook on both ratings is stable. Standard & Poor's said that it also raised the stand-alone credit profile (SACP) on CESP to 'bb' from 'bb-'. "The upgrades reflect CESP's financial profile improvement, as well as our expectation that the company will continue posting stronger credit metrics in the next two years," said Standard & Poor's credit analyst Candela Macchi. "The improvement would mainly reflect the usage of the stable cash flow generation to reduce leverage." "CESP has historically shown an ability to consistently generate electricity above the regulatory target level. In the past three years, CESP's electricity generation has been above its assured energy requirement, allowing it to sell surplus energy in the spot energy market. However, the prices in this market are volatile, since the hydrological cycle in Brazil (global scale rating BBB/Stable/A-2; national scale rating brAAA/Stable/--) determines them. We believe that the final decision on the concessions' renewal will also allow the company to sign new long-term contracts," S&P said. "Our SACP of 'bb' reflects our assessment of the 'low' likelihood that the State of Sao Paulo (global scale rating BBB-/Stable/--; national scale rating brAAA/Stable/--) would provide timely and sufficient support to CESP, a government-related entity, if needed. We believe that, with the final decision regarding the concession renewal, a privatization discussion could take place," S&P said. "The stable outlook reflects our view that CESP will continue to post strong cash flows, which would allow the company to reduce its debt levels in the next two years," said Ms. Macchi. "We could raise the ratings once the government decides whether to renew the expiring concessions and its final conditions. We could also raise the ratings if the company's business profile improves. Conversely, we could lower the ratings if the concessions are not renewed or if the conditions for the concessions' renewal are much worse than our base case scenario, resulting in the company's credit metrics deteriorating to a debt to EBITDA of more than 4.0x and FFO to debt of less than 20%." COMPANIA DE POLIPRODUCTOS: Creditors' Proofs of Debt Due Sept. 4 ---------------------------------------------------------------- Oscar Arias, the court-appointed trustee for Compania de Poliproductos Baigo SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 4, 2012. Mr. Arias will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, 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: Oscar Arias Carlos Pellegrini 1063 Argentina CRISTAL MED: Creditors' Proofs of Debt Due Oct. 1 ------------------------------------------------- Ana Maria Blujerman, the court-appointed trustee for Cristal Med SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Oct. 1, 2012. Ms. Blujerman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, 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. 30, 2013. The Trustee can be reached at: Ana Maria Blujerman Parana 774 Argentina ENLACES CONSULTORES: Creditors' Proofs of Debt Due Sept. 19 ----------------------------------------------------------- Sonia Luisa Scotti, the court-appointed trustee for Enlaces Consultores SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 19, 2012. Ms. Scotti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, 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: Sonia Luisa Scotti Bartolome Mitre 3419 Argentina WOMINEN SA: Creditors' Proofs of Debt Due Sept. 12 -------------------------------------------------- Norma Catalina Canturi, the court-appointed trustee for Wominen SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 12, 2012. Ms. Canturi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, 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: Norma Catalina Canturi Camarones 3165 Argentina * PROVINCE OF BUENOS AIRES: Moody's 'B3' Ratings Reflect Weakness ----------------------------------------------------------------- The dire liquidity pressures facing the Province of Buenos Aires are consistent with the B3/A3.ar assigned ratings and are typical of speculative-grade issuers subject to high credit risk, says Moody's Investors Service in a new report. "The predicament of the province was made especially clear by its delay in paying the mid-year installment of its annual bonus to public employees, due July 1," said Moody's Analyst Patricio Esnaola, author of the report, "Recent Developments Highlight the Province of Buenos Aires' Structural Weaknesses." The Province of Buenos Aires is a regular issuer in international markets, and has tapped the global bond market for an estimated $2.67 billion over the last six years. "As it seeks to maintain market access, the province continues to implement a series of policy measures to try to tackle its liquidity pressures that should provide it with enough room to meet its financial obligations in the immediate term," said Mr. Esnaola. "In order to fully address its structural challenges, however, it will also need to consider implementing structural reforms to its expenditure side." If solutions are not soon identified, he said, the province's ratings may come under negative pressure. =========== B R A Z I L =========== BANCO CRUZEIRO: Moody's Corrects August 16 Rating Release --------------------------------------------------------- Moody's Investors Service issued a correction to the August 16, 2012 rating release of Banco Cruzeiro do Sul S.A. Moody's Investors Service has downgraded the long-term global local and foreign currency deposit ratings of Banco Cruzeiro do Sul S.A. (BCSul) to Ca, from Caa1, and lowered the bank's foreign currency senior and subordinated debt ratings to Ca and C, respectively, from Caa1 and Caa2. At the same time Moody's lowered the bank's long-term Brazilian national scale deposit rating to Ca.br from Caa1.br. The outlook on these ratings remains negative. The E bank financial strength rating (BFSR) assigned to BCSul was affirmed with a stable outlook, however, the standalone baseline credit assessment (BCA) was lowered to ca from caa1. The rating actions follow the announcement of the tender offer by the bank's administrator, Fundo Garantidor de Credito (FGC, the Brazilian deposit insurance corporation) to purchase all of BCSul's outstanding debt securities totaling approximately BRL5.66 billion subject to discounts ranging from 39% to 74% of their nominal value depending on (i) the maturity of each series of outstanding debt, (ii) the size and relevance to the liabilities of BCSul, and (iii) their seniority. The following ratings were downgraded and remain with negative outlook: Long-term global local currency deposit rating: to Ca from Caa1 Long-term foreign currency deposit rating: to Ca from Caa1 Long-term foreign currency senior unsecured debt rating: to Ca from Caa1 Long-term foreign currency subordinated debt rating: to C from Caa2 Long-term foreign currency senior unsecured debt program rating: to (P)Ca from (P)Caa1 Long-term foreign currency subordinated debt program rating: to (P)C from (P)Caa2 Long-term Brazilian national scale deposit rating: to Ca.br from Caa1.br The following ratings remained unchanged: Bank Financial Strength Rating: E, with stable outlook Short-term global local currency deposit rating: Not Prime Short-term foreign currency deposit rating: Not Prime Short-term foreign currency debt program rating: (P)Not Prime Short-term Brazilian national scale deposit rating: BR-4 Rating Rationale Moody's notes that the downgrade of BCSul's global local currency deposit and senior debt ratings to Ca from Caa1 reflects the proposed discount on all the bank's uninsured deposits and unsecured debt obligations averaging 49.3% of their nominal value. The lowering of the standalone baseline credit assessment incorporates Moody's view of the bank's highly speculative standalone financial strength and negative equity, as well as uncertainties related to its recapitalization and potential liquidation should the tender offer not be successful. The downgrade to C from Caa2 of the bank's subordinated debt obligations reflect the higher discount assigned to those obligations relative to senior debt of up to 74% of their nominal value. The continuing negative outlook on the ratings reflects the uncertainty regarding the ultimate recovery value of the securities if the tender offer is not accepted by the required 90% of creditors and depositors by September 12 and/or if a qualified buyer of the bank is not identified. Since June 4, 2012, BCSul has been administered by the FGC under a Temporary Special Management Regime decreed by the Brazilian Central Bank which entailed the intervention and replacement of management because of accounting irregularities and regulatory violations. On August 15, 2012, the FGC published a Special Opening Balance Sheet as of June 4, 2012, which presents a negative equity position of BRL2.237 billion after adjustments of BRL3.11 billion largely related to non-existent assets, insufficient provisions for loan losses and contingencies, and the reversal of profits on repurchased loans. According to the Material Fact also published on August 15, once the bank's debts are restructured, the FGC expects to sell the bank to an eligible buyer contingent upon an initial capitalization that allows BCSul to meet Basel requirements. The last rating action on Banco Cruzeiro do Sul took place on June 5, 2012, when Moody's downgraded the bank financial strength rating to E from E+, both local and foreign currency deposit ratings to Caa1 from Ba3, as well as the foreign currency senior unsecured and subordinated debt ratings to Caa1 and Caa2, respectively. The long-term Brazilian national scale rating was also downgraded to Caa1.br. The outlook on the ratings remained negative. The principal methodology used in rating the bank was "Moody's Consolidated Global Bank Rating Methodology" published on June 29, 2012. Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil and had total unconsolidated assets of BRL9.48 billion (USD4.67 billion) and negative shareholders' equity of BRL2.24 billion (USD1.1 billion) as of June 4, 2012 per the Special Opening Balance Sheet published by FGC. BANCO CRUZEIRO: S&P Revises Status on 'CC/C' Global Scale Ratings ----------------------------------------------------------------- Standard & Poor's Ratings Services revised the CreditWatch implications to negative from developing on its 'CC/C' global scale and 'brCC/brC' Brazilian national scale ratings on Banco Cruzeiro do Sul S.A. "The CreditWatch revision reflects the high likelihood of the bank's distressed exchange or liquidation following the Fundo Garantidor de Creditos' (FGC) announcement. The FGC is a private institution that guarantees deposits of financial institutions in Brazil. Following the Central Bank's placement of Cruzeiro on a special regime of temporary administration under the FGC on June 5, 2012, we downgraded the bank and placed the ratings on CreditWatch developing. Following FGC's recent review the bank's financial statements, the bank's equity is now negative R$2.2 billion. This is because R$1.4 billion of its assets are unsubstantiated and its loan loss provisions were deficient," S&P said. "The FGC announced it intends to buy Banco Cruzeiro do Sul's debt at a discount of about 49% (on average) as it seeks buyers for the bank. We understand that for the transaction to be successful, 90% of creditors must agree on the terms and the Central Bank of Brazil to accept an eligible buyer. The potential acquirer must be a financial institution authorized to operate in Brazil, have shareholder's equity of at least R$2.5 billion, provide a guarantees for the minimum capital contribution in cash (R$800 million), have no credit risk due to funding transactions entered with the FGC that could compromise its future financial condition; and no pending issues with the Central Bank which could prevent an immediate approval. Both the creditors willing to sell their Cruzeiro debt at a discount and potential acquirers for the bank will have to turn in their proposals before Sept. 10, 2012," S&P said. "A negative CreditWatch listing implies a one-in-two likelihood that we may lower the rating within the next three months. We will lower the rating to 'D' upon completion of a distressed exchange offer or liquidation. If the distressed exchange occurs and another bank purchases Cruzeiro, we will subsequently review the rating based on the bank's new capital structure and ownership," S&P said. BANCO PINE: Moody's Affirms 'D' Bank Finc'l. Strength Rating ------------------------------------------------------------ Moody's Investors Service has affirmed Banco Pine (Pine)'s D bank financial strength rating (BFSR) and changed the outlook on the rating to positive, from stable. At the same time, Moody's has changed to positive, from stable, the outlook on Pine's Ba2 global local and foreign currency deposit ratings, as well as on the Ba2 and Ba3 global foreign currency senior and subordinated debt ratings. The outlook on the A1.br local currency deposit rating, on the Brazilian national scale, has also been changed to positive, from stable. The outlook of the following ratings were changed to positive, from stable: Bank financial strength rating of D Long term global local currency deposit rating of Ba2 Long term national scale local currency deposit rating of A1.br Long term global foreign currency deposit rating of Ba2 Long term global foreign currency senior debt rating of Ba2 Long term global foreign currency subordinated debt rating of Ba3 Ratings Rationale Moody's explained that the positive outlook on Pine's BFSR reflects its growing franchise and profitability through a well- executed strategy within the upper middle and low corporate segments in Brazil, and which has ensured earnings recurrence. The rating action also captures the bank's improved funding diversification, well managed asset quality metrics and its good liquidity and capital management, which has been recently boosted with the entrance of new shareholders, such as DEG and Proparco. Moody's noted that upward pressure on the unsupported BFSR would depend on the continued diversification and sustained increase in core earnings, while maintaining good asset quality ratios, in what is expected of be a more difficult and competitive credit environment in the country. In that regard, Moody's will monitor Pine's efforts to develop alternative lines of business and cross- selling activities, thus building a more robust and stable balance sheet, all of which may have positive implications for the ratings. Efficient operations are also key to enhance its performance and better align it with its wholesale banking profile. Moody's indicated that the principal risks to Pine's BFSR include the bank's limited balance sheet size along with the high level of concentration by borrowers and to the agribusiness sector relative to capital and earnings, factors that add potential volatility to the bank's asset quality and earnings. Increased loan granularity would therefore also provide positive momentum to Pine's standalone rating. Pine's Ba2 local currency deposit rating does not incorporate any lift from systemic support, given the bank's a niche position, with a very limited share of the national banking system's total deposits. The last rating action on Pine was on April 12, 2011, when Moody's assigned a (P)Ba2 and Ba2 foreign currency senior debt rating to the US$1 billion senior debt program and its first US$300 million issuance, respectively. Banco Pine S.A. is headquartered in Sao Paulo, Brazil and had total consolidated assets of BRL11.1 billion (approximately US$5.4 billion) and equity of BRL1.0 billion (US$488 million) as of June 30, 2012. =========================== C A Y M A N I S L A N D S =========================== CADMUS CAPITAL: Creditors' Proofs of Debt Due Sept. 3 ----------------------------------------------------- The creditors of Cadmus Capital Fund, Ltd. are required to file their proofs of debt by Sept. 3, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2012. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 949 9876 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CO-INVESTMENT XV: Commences Liquidation Proceedings --------------------------------------------------- On July 27, 2012, the members of Co-Investment XV (Oger Telecom) Limited resolved to voluntarily liquidate 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: Cititrust (Bahamas) Limited c/o Citigroup Fund Services (Cayman), Ltd. 27 Hospital Road Cayman Corporate Centre, Fifth Floor George Town Grand Cayman, KY1-1003 Cayman Islands c/o Schell Stubbs Telephone: (242) 302-8714 COLUMBIA RESEARCH: Creditors' Proofs of Debt Due Sept. 13 --------------------------------------------------------- The creditors of Columbia Research Market Neutral (Master), Ltd. are required to file their proofs of debt by Sept. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 27, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ESSENTIAL CAPITAL: Creditors' Proofs of Debt Due Sept. 12 --------------------------------------------------------- The creditors of Essential Capital Cayman Limited are required to file their proofs of debt by Sept. 12, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2012. The company's liquidator is: Stuart Sybersma c/o Marcin Czarnocki Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1(345) 814 2228 Facsimile: +1 (345) 949 8238 GSA GLOBAL FUND: Creditors' Proofs of Debt Due Sept. 13 ------------------------------------------------------- The creditors of GSA Global Equities Fund Limited are required to file their proofs of debt by Sept. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Stuart Sybersma c/o Grant Hiley Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1(345) 814 2353 Facsimile: +1 (345) 949 8258 GSA GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 13 --------------------------------------------------------- The creditors of GSA Global Equities Master Fund Limited are required to file their proofs of debt by Sept. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Stuart Sybersma c/o Grant Hiley Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1(345) 814 2353 Facsimile: +1 (345) 949 8258 MAN ENVIRONMENTAL: Creditors' Proofs of Debt Due Sept. 3 -------------------------------------------------------- The creditors of Man Environmental Opportunities (Master) Ltd 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 July 31, 2012. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MERRICKS CAPITAL FUND: Creditors' Proofs of Debt Due Sept. 13 ------------------------------------------------------------- The creditors of Merricks Capital Long/Short Equity Feeder Fund are required to file their proofs of debt by Sept. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 1, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MERRICKS CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13 --------------------------------------------------------------- The creditors of Merricks Capital Long/Short Equity Master Fund are required to file their proofs of debt by Sept. 13, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 1, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SW CAYMAN: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on July 27, 2012, the members of SW Cayman Corp. resolved to voluntarily liquidate 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: Ayham Gharaibeh c/o Avril G. Brophy Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands ========= C H I L E ========= CHILE MINING: Incurs $1.2 Million Net Loss in June 30 Quarter ------------------------------------------------------------- Chile Mining Technologies Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of US$1.21 million on US$34,829 of sales for the three months ended June 30, 2012, compared with a net loss of US$326,606 on US$63,209 of sales for the same period a year ago. The Company's balance sheet at June 30, 2012, showed US$7.64 million in total assets, US$9.11 million in total liabilities and a US$1.47 million stockholders' deficiency. A copy of the Form 10-Q is available for free at: http://is.gd/zDwR33 About Chile Mining Chile Mining Technologies Inc. is a mineral extraction company based in the Republic of Chile, with copper as its principal "pay metal." Its founders, Messrs. Jorge Osvaldo Orellana Orellana and Jorge Fernando Pizarro Arriagada, have refined the electrowin process in a way that permits the electrowin process to be used at a relatively small mine and/or tailings sites. Electrowinning is a process in which positive and negative electrodes are placed in an acidic solution containing copper ions, and an electric current passed through the solution causes the copper to be deposited on the negative electrodes so that it can be collected. Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada, expressed substantial doubt about Chile Mining's ability to continue as a going concern following the fiscal year ended March 31, 2012, annual report. The independent auditors noted that the continuance of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the production of copper. The Company reported a net loss of US$3.95 million on US$433,554 of sales in fiscal 2012, compared with a net loss of US$7.25 million on US$188,227 of sales in fiscal 2011. ============= J A M A I C A ============= * JAMAICA: All JSE Indices Drops During April to June Quarter ------------------------------------------------------------- RJR News reports that all the Jamaica Stock Exchange (JSE) indices recorded declines during the April to June quarter despite improved earnings results of some listed companies and continued low domestic interest rates. The Bank of Jamaica said that the declines were mainly influenced by uncertainty regarding the economic impact of the 2012/13 Budget and the timing of a new borrowing agreement between the Government and the International Monetary Fund (IMF), according to RJR News. The report relates that the JSE Main Index declined by 4.4 per cent. This compares to a fall of 4.1% and growth of 2.4% for the March 2012 and June 2011 quarters respectively, RJR News notes. RJR News says that the sharpest decline of 7.9% was reflected in the Select Index. The Junior Market Index fell by 1.1% which reflected a slower pace of decline relative to the March quarter this year, RJR News says. =========== M E X I C O =========== BANCO INTERACCIONES: Fitch Affirms 'BB' LT Issuer Default Rating ---------------------------------------------------------------- Fitch Ratings has affirmed the international and national-scale ratings of the Mexican bank Banco Interacciones (Interacciones), as well as the national scale ratings of its brokerage affiliate, Interacciones Casa de Bolsa (InteraccionesCB). Interacciones' ratings reflect the bank's capacity to sustain good profitability metrics and overall sound financial condition after challenging the distress and restructuring of its largest exposure last year, relatively low impairment charges and well contained non-interest costs. The ratings also factor in the bank's strong franchise in the public sector financial business, the large borrower concentrations that expose the bank to significant event risk, considerable maturity mismatches between its long term assets and short-term deposits together with ample opportunities to improve its funding structure. The Stable Outlook reflects Fitch's view that the bank was able to absorb the impact of its high exposure to a sub-national government whose ratings have been affected over the last 12 months, without materially affecting the bank's overall credit profile and appropriately containing loan impairment charges, although exhibiting capitalization levels challenged by rapid loan growth and a wholesale funding primarily. A potential upgrade of Interacciones' ratings will be driven by a significant decrease on the bank's risk concentration levels or an improvement on the main borrower's credit quality, which Fitch does not expect in the near future. Also, an enhanced funding structure and sustained achievements in the bank's liquidity profile could underpin a potential upgrade. On the other hand, a scenario of further negative credit events among its major borrowers, as well as further pressures on the bank's capitalization levels (Fitch Core Capital and/or tangible common equity ratios below 10% and 5%, respectively), or a higher non- performing loan ratio (above 3%) could trigger a downgrade of Interacciones' ratings. Interacciones is a niche bank focused on lending activities to government entities at the federal, state and municipal levels (2Q'12: 76% of total loans), as well as infrastructure projects, factoring and credit. Government lending has been gradually increasing since 2006 and at the same date, Interacciones market penetration is quite large given its relative size as a niche bank (10% of the total banking system subnational financing). The bank has managed to sustain good profitability metrics in recent years, underpinned by a consistent loan growth, relatively low impairment charges, and well contained non-interest costs. While competition from larger and smaller banks could intensify, Fitch considers the bank's franchise on public sector financing as a core contributor for sustained performance. Fitch expects that Interacciones' earnings could also be challenged by the relatively weak environment in its core business line, but overall profitability should remain roughly in line with recent metrics. Total impairments have been very low throughout different phases of the economic cycle, but large borrower concentrations remain an important source of event risk. However, the majority of total lending is secured by direct or indirect government guarantees. The loans granted to recently restructured sub-nationals remain performing, and Fitch does not expect this to change in the foreseeable future, allowing the bank to maintain a low impairment ratio (0.58% as of June 2012). Interacciones' funding profile has mostly a wholesale nature and does not benefit from a retail network-driven deposit base. However, cross selling with large government agencies and institutions, and strengthening relations with domestic development banks provide some comfort for funding stability. The restructurings of some of its largest exposures have exacerbated Interacciones' challenges regarding assets and liabilities maturities mismatches, although the bank has been actively addressing this risk by improving the diversity, tenor and availability of funding sources. The bank's capitalization levels have been historically challenged by rapid loan growth, but sustained profits have prevented material deterioration of capital adequacy. Regulatory capital ratios benefit from low risk weights assigned to public sector loans, but Fitch considers that its tangible common equity to tangible assets ratio is relatively tight (2Q12: 5.56%). Nevertheless, borrower concentration persists as a major risk factor on loss absorption capacity. Fitch expects the regulatory and core capital ratios to remain at roughly 15% and 10%, respectively. The ratings of Interacciones' local hybrid issues (plain-vanilla subordinated notes) are three notches below the bank's rating in the national scale, according to Fitch's criteria for rating these securities. This difference arises from the two notches associated to non-performance risk, plus one extra notch in recognition of loss severity. InteraccionesCB is perceived by Fitch as a core affiliate of Interacciones and fully integrated to its operations and franchise, its ratings factor in the legal support provided by its ultimate parent company, Grupo Financiero Interacciones, whose credit quality is regarded by Fitch as similar to that of its principal subsidiary (Interacciones). Therefore, the national scale ratings of the brokerage unit are aligned to the bank's ratings. Fitch affirms the following ratings: Banco Interacciones, SA: -- Long-term Issuer Default Rating (IDR) at 'BB'; -- Short-term IDR at 'B'; -- Long-term local currency IDR at 'BB'; -- Short-term local currency IDR at 'B'; -- Viability rating at 'bb'; -- Support rating at '5'; -- Support rating floor at 'NF'; -- Long-term national-scale rating at 'A(mex)'; -- Short-term national-scale rating at 'F1 (mex)'; -- Long-term national-scale rating for local senior unsecured debt issues at 'A(mex)'; -- Long-term national-scale rating for local subordinated debt issues at 'BBB(mex)'. Interacciones Casa de Bolsa, SA de CV: -- Long-term National-scale Rating at 'A(mex)'; -- Short-term National-scale Rating at 'F1(mex)'. The Rating Outlook is Stable. URBI DESARROLLOS: Poor Capital Cues Fitch to Downgrade Ratings -------------------------------------------------------------- Fitch Ratings has downgraded the ratings of Urbi Desarrollos Urbanos, S.A.B. de C.V.'s (Urbi) as follows: -- Foreign Currency Issuer Default Rating (IDR) to 'B' from 'BB-'; -- Local Currency IDR to 'B' from 'BB-'; -- National Long-term rating to 'BBB-(Mex)' from 'A-(Mex)'; -- US$150 million senior notes due 2016 to 'B/RR4' from 'BB-'; -- US$300 million senior notes due 2020 to 'B/RR4' from 'BB-'. -- US$500 million senior notes due 2022 to 'B/RR4' from 'BB-'. -- MXN600 million in CBs due in 2014 to 'BBB-(mex)' from 'A-(mex)'; -- National Short-term ratings to 'F3(mex)' from 'F2(mex)'; The Rating Outlook is Negative. The downgrade is due to a deterioration of Urbi's capital structure as a result of large investments in working capital that have resulted in a growth in the company's leverage to more than 4.0x. The Negative Outlook reflects concern about Urbi's ability to successfully reduce its cash burn rate during the next 12-month period. Continued negative FCF margin during the next six months could hinder the company's ability to obtain financing and would likely result in additional negative rating actions. As of June 30, 2012, Urbi had a cash position of MXN5.9 billion and faces debt payments of MXN3.5 billion, MXN1.5 million, and MXN620 million during 2012, 2013, and 2014, respectively. The 'B/RR4' ratings of the company's unsecured public debt reflect average recovery prospects in the event of default. The recovery prospects incorporate the subordination of the public unsecured debt held at the holding company with respect to secured debt being held at the operating companies. During the LTM ended June 30, 2012, Urbi had a negative free cash flow (FCF) of MXN5.8 billion. The negative FCF level was driven primarily by a MXN7 billion increase in working capital requirements. Inventory growth of approximately MXN 4.5 billion was related to Urbi's transition toward vertical housing, as well as investments required for new macro projects. Accounts receivable grew by MXN1.4 billion was due to delays in the collection process with the main government agencies (Infonavit and Fovissste), as well as an increase in Urbi's exposure to corporate clients. Despite these investments, Urbi's EBITDA increased by only MXN400 million to MXN 4.5 billion during the LTM ended June 30, 2012 from MXN4.1 billion in 2010. Urbi was forced to fund its cash flow shortfall with debt. As of June 30, 2012, Urbi had MXN19.4 billion of debt, an increase from MXN10.9 billion at the end of 2010. This has resulted in an increase in the company's total debt/EBITDA ratio to 4.4x as of June 30, 2012 from 2.7x as of Dec. 31, 2010, and an increase in its net leverage to 3.0x from 1.2x during this time period. In an attempt to reverse its negative cash flow trends, Urbi is implementing a revised financial strategy in which it reduces its revenue growth rate and focuses on improving its collection period. It will need to start showing neutral or positive cash flows in the near term to maintain the confidence of its creditors, as the company is highly reliant upon creditors. As of June 30, 2012, the company had MXN13.2 billion of capital market debt. The balance of Urbi's debt consists of MXN5 billion of secured bank loans and a net liability position of MXN1.2 billion resulting from financial hedging instruments. Rating Drivers: The ratings are expected to be driven by the company's FCF generation and the trend in its liquidity. A negative rating action could be triggered by a deterioration of the company's credit protection measures due to continued sizeable negative free cash flow. Continued negative FCF margin during the next quarters similar to the levels observed during LTM June 2012 will likely result in a downgrade. An upgrade is not likely until the company reverses its cash flow trends and lowers leverage. * MUNICIPALITY OF COACALCO: Moody's Cuts Issuer Ratings to 'B3' --------------------------------------------------------------- Moody's de Mexico downgraded the Municipality of Coacalco's issuer ratings to B3 (Global Scale, local currency) and B1.mx (Mexico National Scale) from B1 and Baa2.mx, respectively. At the same time the issuer ratings have been placed under review for possible downgrade. Ratings Rationale The downgrade reflects a significant deterioration in Coacalco's finances leading to substantial increases in short and long term debt and a deterioration of its already tight liquidity. Following the recording of roughly balanced consolidated fiscal results in prior years, Coacalco registered sizable cash financing requirements in 2010 and 2011, equivalent to 19.2% and 26.4% of total revenues respectively. These results, among the weakest of Moody's portfolio of rated municipalities, were driven mainly by operating spending pressures and a limited own-source revenue growth. These deficits led to significant increases in debt burden and the deterioration of liquidity. Net direct and indirect debt as a percentage of operating revenues increased from 25.1% in 2009 to 85.4% in 2011 (MXN 430 million), one of the highest levels among the Mexican municipalities rated by Moody's. Given the size of the adjustment that would be necessary in order to restore balance to Coacalco's fiscal accounts, Moody's believes that the deficits are likely to continue and its debt levels are likely to increase further in the coming years. Coacalco's liquidity is structurally weak as a result of its practice to finance a portion of its cash financing requirements by postponing payments to suppliers and using cash reserves. Liquidity levels, as measured by net working capital (current assets net of current liabilities), declined to -29.9% of total expenditures in 201 from -12.6% the year before. As of May 2012, MXN 55 million of short term loans were outstanding (11% of its 2011 operating revenues) which mature by September this year. The municipality plans to pay off these loans which will pose significant liquidity pressures in the next weeks. Given institutional constraints Coacalco may not be able to refinance this debt to longer maturities. Moody's rating action reflects the relatively high risk of mispayment on its short term debt stemming from the poor fiscal performance and its very limited financial flexibility. The ratings review will focus on Coacalco's capacity to respect all upcoming debt service obligations in a full and timely manner. Moody's expects to conclude the review within two months. Over this period Moody's will closely monitor Coacalco's progress in repaying its short-term debt. What Could Change The Ratings Up/Down While Moody's does not expect upward pressure on the ratings in the near term, the revision could conclude with the adjustment of the outlook back to stable, if Coacalco successfully repays or refinances its short term debt. Conversely, the revision could conclude with a downgrade of potentially various notches if Coacalco fails to timely and fully repay its debt obligations or refinances them to longer maturities, in order to reflect Moody's assessment of the lenders' expected loss. The last rating action was on June 20, 2011 when the outlook was revised to negative from stable, reflecting the weakening of financial results as evidenced by an increase of cash financing requirements, a significant increase in debt levels and a tight liquidity. Credit ratings incorporate Moody's macroeconomic outlook and its implications on key variables that may include but not be limited to interest rates, inflation, economic growth, unemployment, performance of counterparties, credit availability, sector level changes in competitive conditions, supply/demand and margins, and issuer specific changes in capital structure, competitive positioning, governance, risk profile, and liquidity. Unexpected changes in such variables may lead to changes in the credit rating level, potentially by several notches. Further information on the sensitivity of the rating to specific assumptions is included in this disclosure. ===================== P U E R T O R I C O ===================== NUTRICION PUERTORRIQUENA: Case Summary & Creditors List ------------------------------------------------------- Debtor: Nutricion Puertorriquena, Inc. dba La Fonda La Vaca Frita La Terraza Plaza Las Americas Local No. 309 Y 307 Hato Rey, PR 00918 Bankruptcy Case No.: 12-06573 Chapter 11 Petition Date: Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: notices@condelaw.com Estimated Assets: $50,001 to $100,000 Estimated Debts: $500,001 to $1,000,000 The Company's list of its 20 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-06573.pdf The petition was signed by Jose M. Serrano Mu�oz, president. SHADAI YIRE: SEC Charges Puerto Rico-Based Ponzi Scheme ------------------------------------------------------- The Securities and Exchange Commission on Aug. 21 charged a Puerto Rico resident and his company with conducting a Ponzi scheme that targeted evangelical Christians and factory workers in Puerto Rico. The SEC alleges that Ricardo Bonilla Rojas and his firm Shadai Yire raised at least $7 million from as many as 200 investors living primarily in Puerto Rico but also on the U.S. mainland in such states as Florida, New York, and North Carolina. Rojas actively solicited investors through personal discussions with individuals both over the phone and in person, and he also marketed the investment opportunity in presentations to evangelical Christian groups and factory workers who were often inexperienced investors. Rojas falsely assured investors that their principal contributions were "100% guaranteed" and promised returns up to 50%, telling them he'd be investing their money in commodities. But Rojas never actually invested any money in commodities and instead used new contributions to repay earlier investors in classic Ponzi scheme fashion. He stole $700,000 for himself. In a parallel action, the U.S. Attorney's Office for the District of Puerto Rico on Aug. 21 announced criminal charges against Rojas. "Rojas targeted novice investors who were often evangelical Christians, and he touted a long history of successful trading in commodities," said Eric I. Bustillo, Director of the SEC's Miami Regional Office. "In reality, he was fleecing the flock." According to the SEC's complaint filed in U.S. District Court for the District of Puerto Rico, Rojas and Shadai Yire conducted the scheme from at least August 2005 to February 2009. Rojas, who resides in Arecibo, Puerto Rico, and his company Shadai Yire have never been registered with the SEC to offer securities. The SEC alleges that Rojas hired some sales agents to help him solicit investors, and paid commissions based on a percentage of the investor funds they raised. Rojas and his sales agents pitched the investment opportunity to individuals as a risk-free way to earn high returns in a short period of time. Rojas also created phony account statements that were sent to investors to hide his misuse of investor money and lead them to believe their investments were growing. The SEC's complaint seeks disgorgement of ill-gotten gains, financial penalties, and injunctive relief against Rojas and Shadai Yire to enjoin them from future violations of the federal securities laws. The SEC's investigation was conducted in the Miami Regional Office by Senior Counsel Terence M. Tennant and Accountant Karaz S. Zaki under the supervision of Assistant Regional Director Elisha L. Frank. Amie Riggle Berlin will lead the SEC's litigation. The SEC acknowledges the assistance and cooperation of the U.S. Attorney's Office for the District of Puerto Rico, the Federal Bureau of Investigation's San Juan Division, and the U.S. Commodity Futures Trading Commission. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Looks Into Possible Addition of Panama Route ---------------------------------------------------------------- RJR News reports that Caribbean Airlines Limited is actively looking into the possibility of establishing a route to Panama. RJR News notes that Airline Chairman Rabindra Moonan said a feasibility study is being carried out. The route was first proposed in May by Panama's President Ricardo Martinelli while attending the Caribbean Investment Forum, according to RJR News. The report notes that Mr. Moonan said Caribbean Airlines is also conducting feasibility studies on Brazil and South America in general, but final decisions would depend on the outcome of the studies. Mr. Moonan said there is no timetable when a decision will be made, RJR News says. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. =============== X X X X X X X X =============== * S&P 2012 Corporate Default Tally of 53 Matches Last Year's ------------------------------------------------------------ Earlier last week, the 2012 global corporate default tally increased to 53 -- the same count as the full-year 2011 total -- after Standard & Poor's Ratings Services lowered its corporate credit rating on U.S. long-term acute care hospital operator LifeCare Holdings Inc. to 'D', said an article published Aug. 23 by Standard & Poor's Global Fixed Income Research, titled "The 2012 Global Corporate Default Count Now Matches the Year-End 2011 Total." The rating action followed the company's missed interest payment on its $119.3 million outstanding senior subordinated notes. By region, 29 of the 53 defaulters were based in the U.S., 14 in the emerging markets, seven in Europe, and three in the other developed region (Australia, Canada, Japan, and New Zealand). In comparison, the 2011 total (through Aug. 22) was 27, with 18 based in the U.S., two in the emerging markets, two in Europe, and five in the other developed region. So far this year, bankruptcy filings accounted for 15 defaults, missed payments for 15; distressed exchanges for 10, and eight were confidential. The remaining five entities defaulted for various other reasons. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings -- both of which were among the top reasons for defaults in 2010. Distressed exchanges -- another top reason for default in 2010 -- followed with 11 defaults in 2011. Of the remaining defaults, two issuers failed to finalize refinancing on bank loans, two were subject to regulatory action, one had its banking license revoked by its country's central bank, one was appointed a receiver, and two were confidential. * BOND PRICING: For the Week Aug. 20 to Aug. 24, 2012 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$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 * * *