/raid1/www/Hosts/bankrupt/TCRLA_Public/120828.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 28, 2012, Vol. 13, No. 171
Headlines
A R G E N T I N A
IMPEX AGROINDUSTRIAL: Creditors' Proofs of Debt Due Sept. 21
NEUMATICOS GOBETTI: Creditors' Proofs of Debt Due Sept. 18
PRONTA ENTREGA: Creditors' Proofs of Debt Due Sept. 24
PVCRED SERIE XIII: Moody's Affirms 'C' Rating CP Certificates
B E R M U D A
GEROVA FINANCIAL: Seeks U.S. Recognition of Bermuda Case
B R A Z I L
BANCO SCHAHIN: Under Investigation for Fraud, Estado Says
ELETROPAULO METROPOLITANA: Moody's Affirms 'Ba1' Debenture Rating
C A Y M A N I S L A N D S
ARGO CAPITAL: Creditors' Proofs of Debt Due Sept. 24
GSA CAPITAL: Creditors' Proofs of Debt Due Sept. 13
GSA CAPITAL FUTURES: Creditors' Proofs of Debt Due Sept. 13
GSA CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13
GSA COMPOSITE: Creditors' Proofs of Debt Due Sept. 13
GSA SF1: Creditors' Proofs of Debt Due Sept. 13
ISM HOLDINGS: Creditors' Proofs of Debt Due Sept. 13
NORTH WALL: Creditors' Proofs of Debt Due Sept. 24
SAC MULTI-STRATEGY: Creditors' Proofs of Debt Due Sept. 24
XANTHUS ASSET: Creditors' Proofs of Debt Due Sept. 24
M E X I C O
AXTEL SAB: Weak Operating Performance Cues Fitch to Lower Ratings
BANK OF NEW YORK: Moody's Withdraws 'Caa2' Rating on Cl. B RMBS
HSBC MEXICO: Moody's Lowers Ratings on 4 Cert. Classes to 'C'
MBIA MEXICO: Moody's Reviews 'B3' IFSR for Possible Downgrade
PATRIMONIO SA DE CV: Moody's Cuts Rating on Cl. B Certs. to 'C'
P E R U
DOE RUN PERU: Creditors Reject Restructuring Plans
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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IMPEX AGROINDUSTRIAL: Creditors' Proofs of Debt Due Sept. 21
------------------------------------------------------------
Ricardo Jose Roussy, the court-appointed trustee for Impex
Agroindustrial SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 21, 2012.
Mr. Roussy will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:
Ricardo Jose Roussy
Florida 253
NEUMATICOS GOBETTI: Creditors' Proofs of Debt Due Sept. 18
----------------------------------------------------------
Liliana Maria Montoro, the court-appointed trustee for Neumaticos
Gobetti SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Sept. 18, 2012.
Ms. Montoro 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. 40, 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:
Liliana Maria Montoro
Piedras 1170
Argentina
PRONTA ENTREGA: Creditors' Proofs of Debt Due Sept. 24
------------------------------------------------------
Martha Magdalena Comba, the court-appointed trustee for Pronta
Entrega SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Sept. 24, 2012.
Ms. Comba will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 16
in Buenos Aires, with the assistance of Clerk No. 31, 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:
Martha Magdalena Comba
Ortega y Gasset 1739
Argentina
PVCRED SERIE XIII: Moody's Affirms 'C' Rating CP Certificates
-------------------------------------------------------------
Moody's Latin America has affirmed the ratings of the debt
securities and certificates of Fideicomiso Financiero Pvcred Serie
XIII to be issued by Equity Trust Company (Argentina) S.A.- acting
solely in its capacity as issuer and trustee.
Moody's has affirmed the ratings after receiving an updated pool
cut and bond structure for the transaction, as described below.
Moody's notes that as of Aug. 24, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.
- ARS21,494,000 in Class A Fixed Rate Debt Securities (VRDA TF)
of "Fideicomiso Financiero Pvcred Serie XIII", affirmed at Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency); previously on Aug 8, 2012 Assigned Aaa.ar (sf) and Ba3
(sf)
- ARS49,258,000 in Class A Floating Rate Debt Securities (VRDA
TV) of "Fideicomiso Financiero Pvcred Serie XIII", affirmed at
Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency); previously on Aug 8, 2012 Assigned Aaa.ar (sf)
and Ba3 (sf)
- ARS16,121,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Pvcred Serie XIII", affirmed at Ca.ar (sf) (Argentine
National Scale) and Ca (sf) (Global Scale, Local Currency);
previously on Aug 8, 2012 Assigned Ca.ar (sf) and Ca (sf)
- ARS2,687,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XIII", affirmed at C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale, Local Currency); previously on
Aug 8, 2012 Assigned C.ar (sf) and C (sf)
Ratings Rationale
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,016 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.
The VRDA TF will bear a fixed interest rate of 13%. The VRDA TV
will bear a floating interest rate (BADLAR plus 400bps). The VRDA
TV's interest rate will never be higher than 24% or lower than
14%. The VRDB will bear a fixed interest rate of 23%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 73.84% and
13,89% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance. The subordination levels will
increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 33.05% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 24% for Class A floating rate securities.
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 Pvcred
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 analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a triangular distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a most likely scenario of 20%, with
a minimum of 10% and a maximum of 30%; (b) for the "Cuota Ya"
loans, a most likely scenario of 30%, with a minimum of 20% a
maximum of 40%; (c) for "Refinanced" loans, a most likely scenario
of 50%, with a minimum of 40% and a maximum of 60%, and (d) for
loans with a discounted installment, a most likely scenario of
18%, with a maximum of 28% and a minimum of 8%. Also, Moody's
assumed a triangular distribution for prepayments centered around
a most likely scenario of 40%, with a minimum of 30% and a maximum
of 50%.
Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.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 and a 0.79% for the Floating Rate Debt
Securities, 49.33% expected loss for Class B Fixed Rate Debt
Securities and 99.66% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 15% from
the base case scenario, the ratings of the Class A Fixed Rate
would be unchanged. The ratings of the Class A Floating Rate be
likely downgraded to B2 (sf) and the ratings of the Class B be
likely downgraded to C (sf). The ratings of Class A Fixed Rate,
and the CP would remain unchanged.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.
The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
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B E R M U D A
=============
GEROVA FINANCIAL: Seeks U.S. Recognition of Bermuda Case
--------------------------------------------------------
Gerova Financial Group Ltd., a Bermuda-based financial-services
company, sought U.S. bankruptcy court protection under Chapter 15
of the Bankruptcy Code (Banrk. S.D.N.Y. Case No. 12-13641) on
Aug. 24.
The liquidators of Gerova -- Michael Morrison and Charles Thresh,
both of KPMG Advisory Limited, and John McKenna of Finance and
Risk Service Ltd, Bermud -- submitted GFG's Chapter 15 petition,
which estimated up to $100 million in assets and as much as $500
million in liabilities. A Chapter 15 petition was also filed for
Gerova Holdings Ltd. (Case No. 12-13642), which is estimated to
have under $100,000 in assets and liabilities.
Hamilton-based Gerova Financial, formerly known as Asia Special
Situations Acquisition Corp., was primarily involved, from 2010
on, in the business of investing in and managing certain types of
illiquid financial assets. Gerova planned to then use such assets
as regulatory capital for insurance companies, though this
strategy was not fully implemented.
After lengthy proceedings and over the objections of Gerova's
then-current management, on July 20, 2012, the Bermuda Court
entered an order appointing Morrison, et al., as joint provisional
liquidators of GFG. Morrison, et al., were also appointed
provisional liquidators of GHL on Aug. 20.
Road to Bankruptcy
According to court filings by the liquidators, Gerova was
capitalized by its sponsors with $5.72 million and in January
2008, it raised $105 million from an initial public offering. It
was established in the Cayman Islands March 2007 as a company
formed for the purpose of making acquisition of business
interests. In 2009, it developed a new business plan, involving
the acquisition of distressed hedge fund assets in exchange for
its (listed) shares. As part of the strategy, the company was
re-domesticated into Bermuda, and in September 2010, it
transferred listing to the New York Stock Exchange (symbol "GFC").
The required 65% of investors consenting to the change in strategy
was achieved through Company funding the purchase of its own
shares. This led Gerova to erode almost 98% of its trust assets
arising from the IPO, leaving only $2.6 million in its accounts.
One of Gerova's actions to implement its new strategy was the
acquisition of 81.5% of the outstanding shares of Amalphis Group,
Inc., a British Virgin Islands (BVI) Business Company, which is
the holding company of Allied Provident, Inc., an insurance and
reinsurance provider licensed to operate in Barbados. API's major
customer is a US insurance carrier that offers automotive
insurance to high risk customers.
Gerova identified a potential source of capital in the form of two
groups of funds managed, respectively, by (a) Stillwater Capital
Partners, Inc. and Stillwater Capital Partners, LLC on the one
hand and (b) Weston Capital Management, LLC, on the other, each of
which held apparently valuable but illiquid assets. Gerova
offered Stillwater and Wimbledon Funds investors restricted shares
in GFG in exchange for underlying assets held through the
Stillwater and Wimbledon Funds.
But a wave of litigation against Stillwater and/or Gerova, and
various directors and officers of these entities ensued. The
restricted shares could not be converted to ordinary tradable
shares, as the registration of the shares was dependent upon a
clean audit opinion concerning the final net asset values. The
audit opinion could not be obtained because Stillwater's
financials were internally inconsistent.
Between January 2011 and late February, shares in Gerova tumbled
from $30 per share to less than $6. This decline was in whole or
part likely precipitated by the issuance, on Jan. 10, 2011, of a
report by analyst Dalrymple Finance LLC entitled "Gerova Financial
Group (GFC): An NYSE-listed Shell Game". The Dalrymple Report
alleged, amongst other things, that Gerova: (i) had a complete
lack of financial disclosure, (ii) had impaired and overvalued
assets, (iii) entered into undisclosed related-party transactions
and affiliations indicative of self-dealing, and (iv) that certain
members of management had reputations for financial malfeasance.
It concluded by stating that Gerova was "likely fraudulent" and
"has many hallmarks of a classic fraud."
Gary Hirst, the president; Keith Laslop, chief operating officer
and a director; and Joseph Bianco, the CEO, resigned from their
posts on Feb. 10, 2011. On Feb. 24, 2011, the NYSE moved to
suspend trading in GFG's shares.
In April 2010, Maxim Group LLC, owed $2.25 million pursuant to a
February 2010 note, filed a winding-up petition for CFG in Bermuda
Court. The Bermuda Court issued a winding-up order in July after
CFG failed to pay the amount due under the note.
Pursuant to an internally-generated, unaudited balance sheet filed
by the Company in the Bermuda proceedings, as of May 29, 2012,
Gerova had a reduction in assets of $714.5 million from eight
months prior.
U.S. Lawsuits
There are about 10 pending lawsuits against Gerova in the U.S. In
one of the suits, In re Stillwater Capital Partners Inc.
Litigation, No. 11-cv- 2737 (S.D.N.Y.), the plaintiffs brought a
putative class action alleging violations of common and state
statutory law to recover damages on behalf of all investors in
certain Stillwater funds whose interests in the Stillwater funds
were transferred in the transactions between Stillwater and GFG
consummated on Jan. 20, 2010, and who either submitted a request
for redemption and allegedly have not been paid in full or who
received GFG Series A Preferred Stock which allegedly was
converted into restricted, unregistered, shares in GFG. The
Plaintiffs assert claims for breach of fiduciary duties; aiding
and abetting the breach of fiduciary duties; and breach of
contract.
Peter A. Ivanickm, Esq., at Hogan Lovells US LLP, attorney of the
Petitioners, relates that the liquidators now seek recognition of
the Bermuda Proceedings under Chapter 15 for the purpose of
obtaining the assistance of Manhattan Court to:
(a) restrict and enjoin Gerova's principals, officers,
directors, creditors and any other parties from taking
actions in the United States that may jeopardize the value
of its assets,
(b) provide the Petitioners with access to any information
and/or records maintained in the United States which is
necessary to identify, evaluate, maximize and preserve the
value of Gerova's assets,
(c) provide the Petitioners with the right to appear on behalf
of Gerova and, where appropriate, either pursue or defend
claims pending in current litigation in the United States
that Gerova is or may be a party to, and
(d) assist the Petitioners in assembling and efficiently
administering Gerova's assets in one proceeding so as to
prevent a piecemeal disposition or degradation of assets
that would undermine the Bermuda Proceedings and harm Gerova
and its creditors.
===========
B R A Z I L
===========
BANCO SCHAHIN: Under Investigation for Fraud, Estado Says
---------------------------------------------------------
Carlos Caminada at Bloomberg News reports that former shareholders
of Brazi lender Banco Schahin SA are being investigated by the
centra bank for alleged accounting fraud before the financial
institution was bought by Banco BMG SA last year, O Estado d
Paulo reported, citing documents it had access to.
Banco Schahin misreported net equity of BRL229 million
(US$1 million) at the end of the first quarter of 2011, before the
acquisition, while BMG said the unit had net liabilities of
billion reais three months later, the newspaper said, citing
central bank documents, according to Bloomberg News.
Bloomberg News notes that Grupo Schahin, the Schahin family's
holding company that sold the bank to BMG, said it disagrees with
the central ban assessment, according to Estado.
Banco Schahin was bailed out by BMG with funding from the
country's privately owned FGC deposit-insurance fund in Apri
2011, Bloomberg New recalls.
ELETROPAULO METROPOLITANA: Moody's Affirms 'Ba1' Debenture Rating
-----------------------------------------------------------------
On August 22, 2012, Moody's America Latina assigned Baa3 rating on
the global scale, and Aa1.br on the national scale rating (NSR) to
Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A.'s 6-
year, BRL750 million, senior, unsecured debentures. At the same
time, Moody's affirmed ELETROPAULO's issuer ratings of Baa3 on the
global scale, and Aa1.br on the NSR as well as the ratings of the
Company's 4-year, BRL400 million subordinated, unsecured
debentures (Ba1/Aa2.br). The subordinated debentures' rating is
one notch lower than ELETROPAULO's issuer ratings because it
reflects the subordination of the debentures to other outstanding
debt issued by the Company. The proceeds of the BRL750 million
senior unsecured debentures will be used to prepay the 10th and
12th debentures' issuances, as well as an outstanding bank loan.
The outlook remains stable for all ratings.
Ratings Rationale
The Baa3 issuer rating results from the generation of stable cash
flows from its long-term electricity distribution concession in
Brazil's wealthiest municipality as well as the Company's track
record of successfully accessing the local banking and capital
markets. The stable outlook reflects Moody's cautious expectation
that the Company will continue to maintain its metrics in line
with the Baa3 rating category by prudently managing dividend
distributions and operating costs given Moody's expectation of
significant margin reductions resulting from Third Cycle Tariff
Review, which occurred on July 4, 2012, retroactive to July 4,
2011. Moody's will also monitor the outcome of the administrative
appeal that the Company filed with the regulator regarding the
treatment of certain regulatory assets and liabilities as part of
the Third Cycle Tariff Review process.
Despite the inherent relative stable and predictable cash flows of
the electricity distribution business, ELETROPAULO's credit
metrics deteriorated from 2009 to the end of the second quarter of
2012 (June 30). During this period, the Cash Flow from Operations
(CFO) pre-Working Capital (WC) minus Dividends-to-Debt ratio fell
to 5.1% from 17.0%; (CFO pre-WC + Interest)/ Interest (or CFO pre-
WC Interest Coverage) fell to 3.9x from 5.9x; and CFO pre-WC-to-
Debt fell to 26.4% from 40.8%.
Cash from operations (CFO) remained relatively strong in the
twelve months ended on June 30, 2012, albeit at a lower level
since the Company was not be able to benefit from income derived
from extraordinary items as it did in previous years, and because
of the impact of the tariff freeze determined by ANEEL as result
of postponing the Third Cycle Tariff Review, which was originally
scheduled to take place in July 2011 but was moved to July 2012,
while parcel A costs increased relative to tariff revenues.
Moody's foresees that lower electricity tariffs stemming from the
third tariff review will have a negative impact on both CFO and,
in general, on ELETROPAULO'S credit metrics. The magnitude of this
impact will depend largely on how the Company will manage capital
expenditures, operating costs, and, mainly, the distribution of
dividends. Despite the expected EBITDA reduction of around 35%,
ELETROPAULO's credit metrics should still map to the Baa3 rating
category, but the positioning within the rating category will be
strongly dependent on the dividend policy to be carried out by the
Company in the next couple of years.
In December 1988 (prior to ELETROPAULO's privatization),
ELETROBRAS, the Brazilian electricity sector holding company,
initiated a judicial dispute with ELETROPAULO related to
previously-provided financing from ELETROBRAS. This represents a
contingent liability of approximately BRL1.23 billion (as of June
30, 2012). Notwithstanding, based on current Brazilian accounting
standards and the Company's legal advisors (who contend that the
Company's position will prevail), ELETROPAULO is not required to
make any provisions at this time for the amount being disputed in
the lawsuit, which currently does not have a definitive resolution
date.
An upgrade action in the short or medium term is highly unlikely
given the impact of the Third Cycle Tariff Review. Moody's could
consider a rating upgrade in case the final ruling on the
ELETROBRAS lawsuit is favorable to the Company, combined with an
improvement in its credit metrics so that the ratio (CFO pre-WC
minus dividends)-to-Debt remains above 20%, and CFO Pre-WC
Interest Coverage is higher than 5.5 times, on a sustainable
basis.
A downgrade action could be prompted by a material deterioration
in liquidity, an unfavorable ruling on the ELETROBRAS lawsuit,
and/or a significant decline in the credit metrics. Moody's
projections indicate that in the context of new lower margins
resulting from the 3rd Cycle Tariff Review, the main variable that
will impact ELETROPAULO's credit metrics is the amount of the
dividend paid. Therefore, should the dividend pay-out ratio as
well as any other factor be such that (CFO pre-WC minus
dividends)-to-Debt ratio falls below 12%, and CFO Pre-WC Interest
Coverage drops below 3.5 times for an extended period of time, a
downgrade action could be triggered. Also, any change in the
perceived level of supportiveness of the regulatory framework
could also trigger a downward rating action.
Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. is a
regulated electricity distribution utility, listed on the
BM&FBOVESPA stock exchange. ELETROPAULO is controlled by its
holding company Brasiliana, which in turn is owned by The AES
Corporation (50% plus one share of the voting capital), and the
Brazilian Federal Development Bank -- BNDES (50% less one share of
the voting capital of Brasiliana). ELETROPAULO distributes
electricity to 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, serving 6.35 million
consumers, with an estimated market share of 10% in Brazil. The
Company has a 30-year concession contract that was granted by
ANEEL, the Brazilian electricity sector regulator, in 1998.
In 2011, ELETROPAULO posted net sales (excluding BRL739 million
construction revenues) of BRL9,097 million (USD5,431 million),
EBITDA of BRL2,392 million (USD1,428 million), and net profit of
BRL 1,495 million (USD892.5 million), an increase of 1.2%, 16.5%
and 16.6%, respectively, over the previous year (2010). In the
last twelve months ended on June 30, 2012 (LTM 06/12), the Company
had net sales (excluding BRL767 million construction revenues) of
BRL9,178 million (USD5,127 million), an increase of 0.9% over
2011; EBITDA of BRL 1,872 million (USD1,046 million), a decrease
of 21.7% over 2011; and net income of BRL1,202 million (USD672
million), a decrease of 19.6% over 2011. The EBITDA was calculated
according to Moody's standard adjustments, and does not include
BRL707 million non-operational income, mostly from the sale of the
subsidiary AES Telecom, however it includes financial income from
cash and cash equivalents.
===========================
C A Y M A N I S L A N D S
===========================
ARGO CAPITAL: Creditors' Proofs of Debt Due Sept. 24
----------------------------------------------------
The creditors of Argo Capital Investors Fund SPC are required to
file their proofs of debt by Sept. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 27, 2012.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
GSA CAPITAL: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------
The creditors of GSA Capital Alpha 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 CAPITAL FUTURES: Creditors' Proofs of Debt Due Sept. 13
-----------------------------------------------------------
The creditors of GSA Capital Futures 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 CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 13
----------------------------------------------------------
The creditors of GSA Capital Futures 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
GSA COMPOSITE: Creditors' Proofs of Debt Due Sept. 13
-----------------------------------------------------
The creditors of GSA Composite Alpha 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
GSA SF1: Creditors' Proofs of Debt Due Sept. 13
-----------------------------------------------
The creditors of GSA SF1 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
ISM HOLDINGS: Creditors' Proofs of Debt Due Sept. 13
----------------------------------------------------
The creditors of ISM Holdings 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 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
NORTH WALL: Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------
The creditors of North Wall Entertainment Holdings Limited are
required to file their proofs of debt by Sept. 24, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 27, 2012.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
SAC MULTI-STRATEGY: Creditors' Proofs of Debt Due Sept. 24
----------------------------------------------------------
The creditors of S.A.C. Multi-Strategy Fund, Ltd. are required to
file their proofs of debt by Sept. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 2, 2012.
The company's liquidator is:
S.A.C. Capital Advisors, L.P.
c/o Logan Snow
72 Cummings Point Road
Stamford, CT 06902
U.S.A.
Telephone: (203) 890-2838
XANTHUS ASSET: Creditors' Proofs of Debt Due Sept. 24
-----------------------------------------------------
The creditors of Xanthus Asset Management Limited are required to
file their proofs of debt by Sept. 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 27, 2012.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
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M E X I C O
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AXTEL SAB: Weak Operating Performance Cues Fitch to Lower Ratings
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Fitch Ratings has downgraded Axtel, S.A.B. de C.V.'s (Axtel)
ratings as follows:
-- Local currency Issuer Default Rating (IDR) to 'B-' from 'B';
-- Foreign currency IDR to 'B-' from 'B';
-- US$490 million Senior Notes due 2019 to 'B-/RR4' from
'B/RR4';
-- Long-Term National Scale rating to 'BB-(mex)' from 'BB+
(mex)'.
Fitch has removed the Negative Outlook on the ratings and placed
them on Rating Watch Negative.
The downgrade of Axtel's ratings reflects the pressure over the
company's leverage due to weak operating performance in the first
half of 2012 which resulted in leverage increasing above the
previous expectation of 3.5x. The Negative Watch will be resolved
pending the result of the divestment of non-core assets including
the sale and leaseback of the tower. If successful the proceeds
will be used primarily for payment of on-balance-sheet debt and to
a lesser extent for capital expenditures. While this transaction
is not expected to materially change off-balance-sheet leverage
ratios, it should improve the liquidity position of the company.
This should help the company reduce its debt service as well as
improve the on-balance-sheet debt maturity profile.
The inability to improve its liquidity position or stabilize
operating performance, or a MXN devaluation that results in total
debt to EBITDA approaching 4.5x should result in further negative
rating actions. 'RR4' rated securities have characteristics
consistent with securities historically recovering 31%-50% of
current principal and related interest, which indicates average
recovery prospects given default.
Underperforming Long Distance Continues
The decrease in international long distance (ILD) services prices
and volume continues to affect revenue and EBITDA generation.
Considering actual operational results and the company's
indebtedness, mainly denominated in USD, Fitch expects a total
debt to EBITDA ratio around 4.0x by year-end. While ILD services
are expected to remain under pressure, the company continues
making efforts to mitigate the impact to EBITDA generation by
adjusting capex requirements. Capex should be close to US$150
million by 2012, down from previous guidance of US$190 million.
In addition, the company is exploring options to support its cash
position and reduce indebtedness.
Syndicated Loan Covenant Renegotiated
Axtel has made an amendment to the syndicated loan covenant. The
limit in the total debt to EBITDA ratio has been lifted
temporarily to 4.25x from 3.5 until mid-2013 and then should
gradually trend down to 3.5x by 2014. For this covenant, total
debt is calculated by adding hedge gains or losses (most of Axtel
currency hedges are interest-only, leaving the principal exposed
to the USD) and using thr quarterly average rate of the MXN.
Axtel has US$20 million of the backstop facility available to
support liquidity, which should be depleted due to the payment of
the coupon of the 2017 notes in Aug.1, 2012 and the coupon of the
2019 notes during the third quarter of 2012, totaling
approximately US$32.5 million (or about MXN442 million).
Liquidity has weakened but is partially offset by a manageable
debt maturity profile. As of June 30, 2012, the company
registered a cash balance of MXN693 million, down from MNX1,425
million at year-end 2011, compared to short-term maturities of
MXN355 million and latest 12-month funds from operations of
MXN2,750 million. Total debt of MXN11,923 million is composed of
MXN3,758 million in senior notes due 2017 (US$275 million),
MXN6,696 in senior notes due 2019 (US$490 million) and MXN1,469
million in the syndicated loan and other financial obligations.
If the company manages to reduce debt, cash flow that was used for
debt service and payments can be used for capex.
BANK OF NEW YORK: Moody's Withdraws 'Caa2' Rating on Cl. B RMBS
---------------------------------------------------------------
Moody's de Mexico has withdrawn the following ratings of two
certificates from a Mexican residential mortgage-backed
securitization.
The complete rating action is as follows:
Originator: Hipotecaria Su Casita, S.A. de C.V. Sociedad
Financiera de Objeto M£ltiple E.N.R.
Issuer: The Bank of New York Mellon, S.A. Instituci¢n de Banca
M£ltiple, acting solely as trustee.
- Class A BRHSCCB 06-3U, ratings of Aa2.mx (sf) (National Scale)
and Baa3 (sf) (Global Scale, Local Currency) withdrawn.
- Class B BRHSCCB 06-4U, ratings of Caa2.mx (sf) (National Scale)
and Caa2 (sf) (Global Scale, Local Currency) withdrawn.
Rating Rationale
Moody's has withdrawn the rating for its own business reasons.
In issuing and monitoring these ratings, Moody's de Mexico S.A. de
C.V. considered the existence and extent of arrangements and
mechanism, if any, to align the incentives of the originator,
servicer and guarantor of the securities with those of its
potential acquirers.
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.
With respect to the mortgage cash flow analysis, quantitative
models and measurements, Moody's considered that Class A has
adequate credit enhancement of 37% primarily in the form of
subordination and overcollateralization to cover Moody's
projection of lifetime losses of 26% of the current pool,
resulting in approximately 1.4 times coverage against future pool
losses. Moody's considered that Class B has credit enhancement of
22% primarily in the form of subordination and
overcollateralization to cover Moody's projection of lifetime
losses of 26% of the current pool, resulting in less than one
times coverage against future pool losses.
Given that the rating action is monitoring-related, a review of
origination practices did not apply. Moody's considered the
servicer's practices following the servicing transfer to
Hipotecaria ING and considers them adequate.
With respect to the sensitivity of the ratings, if Moody's had
projected that lifetime losses be approximately 10% higher at
28.5% instead of 26%, Class A's ratings would have been consistent
with ratings of Ba1 (sf) and Aa3.mx (sf) instead of Baa3 (sf) and
Aa2.mx (sf). In this same scenario, Class B's ratings would have
been consistent with ratings of Ca (sf) and Ca.mx (sf) instead of
ratings of Caa2 (sf) and Caa2.mx (sf).
The methodology used in this rating was "Moody's Approach to
Monitoring Residential Mortgage-Backed Securitizations in Mexico",
published August 2009.
The date of the last Credit Rating Action on these certificates
was 09 October 2009 in the case of Class A and Jan. 11, 2011 in
the case of Class B.
Data considered for this rating action is dated as of July 31,
2012.
HSBC MEXICO: Moody's Lowers Ratings on 4 Cert. Classes to 'C'
-------------------------------------------------------------
Moody's de Mexico has downgraded eight certificates from Mexican
RMBS sponsored by Proyectos Adamantine, S.A. de C.V., SOFOM,
E.N.R. (Proyectos Adamantine). The underlying collateral consists
of first-lien, fixed-rate mortgage loans denominated in UDIS and
granted primarily to low-income borrowers in Mexico.
Master Servicer: Proyectos Adamantine, S.A. de C.V., SOFOM,
E.N.R..
Issuer: HSBC Mexico, S.A., Instituci¢n de Banca M£ltiple, Grupo
Financiero HSBC, Divisi¢n Fiduciaria, acting solely as trustee.
-- MXMACFW 06U Class A, ratings downgraded to Ca.mx (sf) from
Caa3.mx (sf) (Mexican National Scale) and to Ca (sf) from Caa3
(sf) (Global Scale, Local Currency).
-- MXMACFW 06-2U Class B, ratings downgraded to C.mx (sf) from
Ca.mx (sf) (Mexican National Scale) and to C (sf) from Ca (sf)
(Global Scale, Local Currency).
-- MXMACFW 07U Class A, ratings downgraded to Caa2.mx (sf) from
Ba2.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B2
(sf) (Global Scale, Local Currency).
-- MXMACFW 07-2U Class B, ratings downgraded to C.mx (sf) from
Ca.mx (sf) (Mexican National Scale) and to C (sf) from Ca (sf)
(Global Scale, Local Currency).
-- MXMACFW 07-3U Class A, underlying ratings (reflecting the
intrinsic credit quality of securities absent the financial
guarantee that MBIA Insurance Corporation provides)
downgraded to Caa3.mx (sf) from Caa1.mx (sf) (Mexican National
Scale) and to Caa3 (sf) from Caa1 (sf) (Global Scale, Local
Currency).
-- MXMACFW 07-4U Class B, ratings downgraded to C.mx (sf) from
Ca.mx (sf) (Mexican National Scale) and to C (sf) from Ca (sf)
(Global Scale, Local Currency).
-- MXMACFW 07-5U Class A, underlying ratings (reflecting the
intrinsic credit quality of securities absent the financial
guarantee that MBIA Mexico, S.A. de C.V. provides) downgraded
to Ca.mx (sf) from Caa3.mx (sf) (Mexican National Scale) and
to Ca (sf) from Caa3 (sf) (Global Scale, Local Currency).
-- MXMACFW 07-6U Class B, ratings downgraded to C.mx (sf) from
Ca.mx (sf) (Mexican National Scale) and to C (sf) from Ca (sf)
(Global Scale, Local Currency).
Ratings Rationale
The proposed downgrades are primarily based on the continued weak
performance of the underlying mortgage portfolios and Moody's
projections of lifetime cumulative gross defaults and expected
losses on the pools. The pools continue to display a rapid
increase of delinquencies greater than 90 days despite an
improvement in macroeconomic conditions in Mexico, largely due to
the fact that the portfolios are comprised of low credit quality
originations of various SOFOLEs that have either liquidated or
experienced financial distress.
The deterioration in performance has been considerable over the
past year, with delinquencies greater than 90 days (including
REOs) increasing in all the underlying pools. Further, all of the
transactions have relatively high outstanding pool balances
(including REOs) ranging from 63% to 72% of the original balance
(pool factors). Given the weak performance trends to date and the
high pool factors for each of the transactions, Moody's expects
higher lifetime cumulative gross defaults as a percentage of the
original pool as compared to the level of gross defaults observed
to date.
With respect to the mortgage cash flow analysis, quantitative
models and measurements, Moody's considered the aspects described
below.
As of June 2012, delinquencies greater than 90 days, including
outstanding real estate owned (REO), as a percent of the original
pool balance for each of the underlying pools were as follows:
-- MXMACFW 06U & MXMACFW 06-2U: 45% after 70 months since
closing, versus 40% as of 12 months ago
-- MXMACFW 07U & MXMACFW 07-2U: 36% after 65 months since
closing, versus 31% as of 12 months ago
-- MXMACFW 07-3U & MXMACFW 07-4U: 39% after 61 months since
closing, versus 34 % as of 12 months ago
-- MXMACFW 07-5U & MXMACFW 07-6U: 43% after 59 months since
closing, versus 39% as of 12 months ago
Moody's projected lifetime cumulative gross defaults in each
transaction is as follows:
-- MXMACFW 06U & MXMACFW 06-2U: 47% of original balance, or 74%
of current balance
-- MXMACFW 07U & MXMACFW 07-2U: 44% of original balance, or 63%
of current balance
-- MXMACFW 07-3U & MXMACFW 07-4U: 45% of original balance, or
64% of current balance
-- MXMACFW 07-5U & MXMACFW 07-6U: 49% of original balance, or
68% of current balance
After estimating projected lifetime gross default rates as a
percent of the current pool balances including REOs, Moody's
determined the pool expected losses by applying a severity of loss
assumption on the projected defaulted loan balance (assumed
severities range between 67-69% across the four transactions).
Moody's updated expected net loss projections are as follows:
-- MXMACFW 06U & MXMACFW 06-2U: 49% of current balance
-- MXMACFW 07U & MXMACFW 07-2U: 43% of current balance
-- MXMACFW 07-3U & MXMACFW 07-4U: 43% of current balance
-- MXMACFW 07-5U & MXMACFW 07-6U: 47% of current balance
Moody's then compared these net loss projections with the
estimated lifetime available credit enhancement by certificate
(including any subordination, overcollateralization, and any
remaining excess spread, as a percent of the outstanding pool
balance), which is as follows:
-- MXMACFW 06U Class A: 8% of current balance
-- MXMACFW 07U Class A: 29% of current balance
-- MXMACFW 07-3U Class A: 22% of current balance
-- MXMACFW 07-5U Class A: 8.7% of current balance
-- MXMACFW 06-2U Class B: less than 0% of current balance, after
considering that the negative excess spread in the trust will
continue to erode its credit enhancement since principal is
being used to cover trust expenses
-- MXMACFW 07-2U Class B: 21% of current balance
-- MXMACFW 07-4U Class B: 15% of current balance
-- MXMACFW 07-6U Class B: less than 0% of current balance, after
considering that the negative excess spread in the trust will
continue to erode its credit enhancement since principal is
being used to cover trust expenses
In issuing and monitoring these ratings, Moody's de Mexico S.A. de
C.V. considered the existence and extent of arrangements and
mechanism, if any, to align the incentives of the originator,
servicer and guarantor of the securities with those of its
potential acquirers.
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.
Given that the rating action is monitoring-related, a review of
origination practices did not apply. Moody's considered the
servicer's practices and considers them adequate.
With respect to the sensitivity of the ratings, if Moody's were to
instead assume the following cumulative gross defaults as a
percent of the current pool balance, the certificates experience a
one-notch downgrade or upgrade as follows:
-- MXMACFW 06U Class A: 58%, (instead of 47%), downgrade to C.mx
(sf) / C (sf) from Ca.mx (sf) / Ca (sf)
-- MXMACFW 06-2U Class B: 3% (instead of 47%), upgrade to Ca.mx
(sf) / Ca (sf) from C.mx (sf) / C (sf)
-- MXMACFW 07U Class A: 45% (instead of 44%), downgrade to
Caa3.mx (sf) / Caa3 (sf) from Caa2.mx (sf) / Caa2 (sf)
-- MXMACFW 07-2U Class B: 26% (instead of 44%), upgrade to Ca.mx
(sf) / Ca (sf) from C.mx (sf) / C (sf)
-- MXMACFW 07-3U Class A: 51% (instead of 45%), downgrade to
Ca.mx (sf)/ Ca (sf) from Caa3.mx (sf)/ Caa3 (sf)
-- MXMACFW 07-4U Class B: 20% (instead of 45%), upgrade to Ca.mx
(sf) / Ca (sf) from C.mx (sf) / C (sf)
-- MXMACFW 07-5U Class A: 64% (instead of 49%), downgrade to
C.mx (sf) / C (sf) from Ca.mx (sf) / Ca (sf)
-- MXMACFW 07-6U Class B: 4% (instead of 49%), upgrade to Ca.mx
(sf) / Ca (sf) from C.mx (sf) / C (sf)
The principal methodology used in these ratings was "Moody's
Approach to Monitoring Residential Mortgage-Backed Securitizations
in Mexico", published August 2009. Moody's also considered the
rating implementation guidance "Moody's Approach to Rating
Structured Finance Securities in Default," published in November
2009, in its decision to downgrade the certificates.
The date of the last Credit Rating Action on these certificates
was:
- MXMACFW 06U & MXMACFW 06-2U Class A January 12, 2011
- MXMACFW 06U & MXMACFW 06-2U Class B April 1, 2009
- MXMACFW 07U & MXMACFW 07-2U Class A January 12, 2011
- MXMACFW 07U & MXMACFW 07-2U Class B September 21, 2010
- MXMACFW 07-3U & MXMACFW 07-4U Class A January 12, 2011
- MXMACFW 07-3U & MXMACFW 07-4U Class B September 21, 2010
- MXMACFW 07-5U & MXMACFW 07-6U Class A January 12, 2011
- MXMACFW 07-5U & MXMACFW 07-6U Class B September 21, 2010
Data considered for this rating action is dated as of 31 July
2012.
MBIA MEXICO: Moody's Reviews 'B3' IFSR for Possible Downgrade
-------------------------------------------------------------
Moody's de Mexico commented on the rising liquidity pressure that
BRHCCB 07U Class A1, a Mexican RMBS rated Aaa.mx (sf) (Mexican
National Scale) and Baa1 (sf) (Global Scale, Local Currency), is
facing. Moody's noted that despite the fact that MBIA Mexico
covered part of the interest payment due in July 2012 for the
Class A1 certificates (BRHCCB 07U), the ratings are not affected.
Moody's expects that any future interest shortfall should be
covered by MBIA and, to the extent MBIA fails to do so, any
shortfall should be temporary and quickly resolved.
Servicer: Patrimonio, S.A. de C.V. Sociedad Financiera de Objeto
Limitado, SOFOL.
Issuer: HSBC Mexico, S.A., Institucion de Banca M£ltiple, Grupo
Financiero HSBC, Divisi¢n Fiduciaria, acting solely as trustee.
In July 2012, interest collections for this transaction were not
sufficient to make the interest payment on the BRHCCB 07U Class A1
certificates. MBIA Mexico, S.A. de. C.V. (MBIA Mexico), as
financial guarantor of the certificates, covered the shortfall
(which was approximately equivalent to 10% of Class A's interest
due). If another shortfall occurs in the future, MBIA Mexico will
be obligated to cover it. Moody's rates MBIA B3, on review for
possible downgrade, for insurance financial strength.
Moody's believes that even if the financial guarantor failed to
cover any future interest shortfalls, these shortfalls should be
temporary and resolution should take place quickly. This opinion
takes into account Class A1's expected remaining life of less than
one year, its strong credit enhancement and the recent trend in
Class A1's interest coverage ratio, where the ratio recovers
considerably in the month following a month with a low ratio, as
described below. Moody's considered the rating implementation
guidance "Moody's Approach to Rating Structured Finance Securities
in Default," published in November 2009, in evaluating this
situation.
In the six months prior to the April 2012 distribution, Class A1's
interest coverage ratio averaged 1.8 times and ranged between 1.4
and 2.6 times. In the following five months (April to August
2012), Class A1's interest coverage ratio was 1.1, 2.8, 1.8, <1.0
and 1.4 times. As mentioned, in July 2012, when the interest
coverage ratio was <1, Class A1 would have suffered a partial
interest payment default on approximately 10% of its interest due
had MBIA Mexico not covered the shortfall. An interest coverage
ratio of 1.0 times indicates that amounts available to distribute
under the interest waterfall after covering senior trust expenses
are just enough to cover Class A interest, without any cushion.
According to Patrimonio, the servicer of the mortgage pool backing
the certificates, the amounts available for distribution under the
interest waterfall decline considerably in the months when the
borrowers' due date falls on a non-business day (which is the cut-
off date for the monthly collections that Patrimonio must remit to
the trust). This causes some volatility in the monthly interest
coverage ratios as a considerable portion of that month's
collections are not recognized until the following month. The high
level of pool delinquencies (44% of the original pool balance is
90 or more days past due) is another contributing factor for the
downward trend in Class A1's interest coverage ratio.
Although these factors create liquidity risk for the Class A1
certificates, Moody's notes that they benefit from a strong level
of credit enhancement of 94% in the form of over-collateralization
and subordination from the Class A2 and B certificates, neither of
which receive payments until the Class A1 pays down in full. As a
result of this feature, 89% of the original Class A1 balance has
paid down to date and the certificates should pay in full within
the next year.
Moody's will continue to closely monitor the extent and duration
of any Class A1 interest payment defaults over the certificates'
remaining life. Moody's expects that any future interest shortfall
should be covered by MBIA and, to the extent MBIA fails to do so,
any shortfall should be temporary and quickly resolved.
PATRIMONIO SA DE CV: Moody's Cuts Rating on Cl. B Certs. to 'C'
---------------------------------------------------------------
Moody's de Mexico has taken rating actions on three certificates
from Mexican RMBS sponsored by Hipotecaria Su Casita. The
underlying collateral consists of first-lien, fixed-rate mortgage
loans denominated in UDIs and granted primarily to low-income
borrowers in Mexico.
The complete rating action is as follows:
BRHCCB08-2U/BRHCCB08-3U
Servicer: Patrimonio, S.A. de C.V. Sociedad Financiera de Objeto
Limitado, SOFOL.
Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Divisi¢n Fiduciaria, acting solely as trustee.
-- BRHCCB08-2U Class A-2, ratings downgraded to Caa1.mx (sf)
from Ba2.mx (sf) (Mexican National Scale) and to Caa1 (sf)
from B2 (sf) (Global Scale, Local Currency).
-- BRHCCB08-3U Class B, ratings downgraded to C.mx (sf) from
Ca.mx (sf) (Mexican National Scale) and to C (sf) from Ca
(sf) (Global Scale, Local Currency).
BRHCGCB 03U
Servicer: Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera
de Objeto Multiple E.N.R.
Issuer: The Bank of New York Mellon, S.A., Institucion de Banca
M£ltiple, acting solely as trustee.
-- BRHCGCB 03U Class A, ratings of Aaa.mx (sf) (Mexican National
Scale) and Baa1 (sf) (Global Scale, Local Currency) placed on
review for possible downgrade.
Ratings Rationale
BRHCCB08-2U Class A-2 / BRHCCB08-3U Class B
The BRHCCB08-2U Class A-2 and BRHCCB08-3U Class B downgrades are
primarily based on the weak performance of the underlying mortgage
portfolio and Moody's projections of lifetime cumulative gross
defaults and expected losses on the pool.
The deterioration in performance has been considerable over the
past year, with a continued increase in delinquencies greater than
90 days (including real estate owned, or REOs). Further, the
transaction has a relatively high outstanding pool balance
(including REOs) of 77% of the original balance (pool factor).
Given the weak performance to date and the high pool factor,
Moody's expects higher lifetime cumulative gross defaults as a
percentage of the original pool as compared to the level of gross
defaults observed to date.
With respect to the mortgage cash flow analysis, quantitative
models and measurements, Moody's considered the aspects described
below, with information as of June 2012:
-- Delinquencies greater than 90 days, including REOs, as a
percent of the original pool balance: 34% (compared to 25% a
year ago)
-- Moody's projection of lifetime cumulative gross defaults: 47%
of original pool balance (or 61% of current pool balance)
-- Moody's projection of expected pool losses: 26% of current
balance (assumed severity of 42%)
Moody's then compared this net loss projection of 26% with the
estimated lifetime available credit enhancement by certificate
(including any subordination, overcollateralization, and any
remaining excess spread, as a percent of the outstanding pool
balance), which is as follows:
-- BRHCCB08-2U Class A-2: 22% of current balance (less than one
times coverage against projected pool losses)
-- BRHCCB08-3U Class B: 11% of current balance (less than one
times coverage against projected pool losses)
With respect to the sensitivity of the ratings, if Moody's were to
instead assume the following cumulative gross defaults as a
percent of the current pool balance, the certificates would
experience a one-notch downgrade or upgrade as follows:
-- BRHCCB08-2U Class A-2: 52% (instead of 47%), downgrade to
Caa2.mx (sf)/Caa2 (sf) from Caa1.mx (sf)/Caa1 (sf)
-- BRHCCB08-3U Class B: 33% (instead of 47%), upgrade to Ca.mx
(sf) / Ca (sf) from C.mx (sf) / C (sf)
BRHCGCB 03U Class A
The decision to place the Aaa.mx (sf) and Baa1 (sf) ratings of the
BRHCGCB 03U Class A on review for downgrade follows the trustee's
recent announcement that there has been an interruption in the
transfer to the securitization trust accounts of mortgage
collections that Su Casita first receives in its own bank
accounts.
According to the trustee's recent announcement, as a consequence
of various lawsuits that creditors have filed against Su Casita,
Su Casita's assets have been attached, a move that included a
freeze on the bank account that the company uses to receive the
securitized mortgage collections prior to remitting them to the
trust account. As a result of this disruption, Su Casita remitted
to the trust account just under half of the total July mortgage
collections that it had received.
Although these amounts were sufficient to cover trust expenses and
Class A interest, the trustee had to request, for the first time,
a draw under the Partial Credit Guarantee (PCG) that Nederlandse
Financierings-Maatschappij voor Ontwikkelingslanden N.V.(FMO)
provides for the benefit of Class A in order to cover Class A's
minimum principal payment (equal to the greater of i. the total
mortgage principal collections in the period and ii. the
amortization amount required in order to reach the target
overcollateralization). As of Aug. 24, Class A has 9,097,298 UDIs
available under the PCG line, an amount equal to 59% of Class A's
balance. This amount should cover approximately 13 monthly
payments of Class A interest and minimum principal payments.
Moody's notes, however, that Class A has strong credit enhancement
of 93% (as a percent of the pool balance) primarily in the form of
overcollateralization and available PCG funds that it may request
to cover any Class A interest and target principal payments not
fully covered by the mortgage collections. Further, Moody's was
recently informed that PENDULUM, S. de R.L. de C.V. was
contractually appointed as substitute servicer on August 14, 2012
and that the servicing transfer away from Su Casita is expected to
occur over a 90 day period. PENDULUM is currently in the process
of informing borrowers of the change in servicer and payment
instructions. Going forward, borrowers will be instructed to
deposit their payments directly in certain commercial bank
accounts opened in the name of the trust. Moody's views this as a
key mitigant since mortgage collections will no longer be
commingled with the servicer prior to reaching the trust accounts
and this is especially beneficial given the interruption to Su
Casita's bank accounts.
Moody's will continue to closely monitor the situation during the
review period, focusing on how long this disruption will last,
whether it has the long-term potential to lead to Class A interest
payment defaults or a significant deterioration in asset quality,
and the completion of the servicer transfer process to PENDULUM.
With respect to the mortgage cash flow analysis, quantitative
models and measurements, Class A1 benefits from strong credit
enhancement of 93% primarily in the form of overcollateralization
and the PCG to protect it against projected lifetime pool losses
of 25%.
With respect to the sensitivity of the ratings, Moody's will
closely monitor the situation to determine if interest payment
defaults are likely. If this is the case, Moody's could downgrade
Class A by up to three notches on the global scale to Ba1 (sf), or
to A1.mx (sf), despite its strong credit enhancement.
In issuing and monitoring these ratings, Moody's de Mexico S.A. de
C.V. considered the existence and extent of arrangements and
mechanism, if any, to align the incentives of the originator,
servicer administrator and guarantor of the securities with those
of its potential acquirers.
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.
Given that the rating action is monitoring-related, a review of
origination practices did not apply. Moody's considered the
servicers' practices and considers them adequate.
The principal methodology used in these ratings was "Moody's
Approach to Monitoring Residential Mortgage-Backed Securitizations
in Mexico", published in August 2009.
Moody's also considered the rating implementation guidance
"Moody's Approach to Rating Structured Finance Securities in
Default," published in November 2009, in its decision to downgrade
the certificates.Other methodologies and factors that may have
been considered for the ratings can also be found at
www.moodys.com in the Rating Methodologies sub-directory under the
Research & Ratings tab.
The date of the last Credit Rating Action on these certificates
was:
BRHCGCB 03U Class A October 18, 2011
BRHCCB08-2U/BRHCCB09-3U Class A-2 and B January 11, 2011
Data considered for this rating action is dated as of 22 August
2012.
=======
P E R U
=======
DOE RUN PERU: Creditors Reject Restructuring Plans
--------------------------------------------------
Alex Emery at Bloomberg News reports that Peru's La Oroya Zinc
smelter, managed by creditors since May, will be put up for bids
after a debt restructuring plan was rejected, an official
representing the creditors said.
Creditors including Glencore International Plc and a unit of
Trafigura Beheer BV will invite nine investment banks on
Aug. 29 to bid for a contract to manage the sale of the former
Renco Group Inc. unit as well as Renco's nearby Cobriza copper
mine, said Rocio Chavez, representative for Right Business, which
operates La Oroya, according to Bloomberg News.
Bloomberg News recalls that Renco's Doe Run Peru unit closed its
smelter and filed for bankruptcy protection in 2009 after metals
prices plummeted and sell it raw materials. The government
canceled the concession for South America's only poly-metallic
smelter in 2010 after the company failed to reach an agreement
with creditors, Bloomberg New relates.
"Doe Run proposed the same plan that was already deemed
Unviable . . . . We should be able to put the smelter up for sale
by the end of the year," Mr. Chavez told the news agency in a
telephone interview from Lima.
Bloomberg News notes that creditors including Buenaventura, Pan
American Silver Corp. and Volcan Cia. Minera SAA unanimously
rejected a debt restructuring plan in April and later hired Lima-
based consultant firm Right Business to liquidate the smelter.
The smelter's zinc circuit was reopened last month, Bloomberg News
says.
About Doe Run Peru
Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington. Doe Run Peru is a subsidiary of
the company. Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.
According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.
===============
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)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
ALL ORE MINERACA STLB3 BZ 27168332.7 -942060.853
ALL ORE MINERACA AORE3 BZ 27168332.7 -942060.853
ARTHUR LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.9 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.9 -17154461.9
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454016 -52992212.8
BATTISTELLA BTTL3 BZ 291826535 -29594537.2
BATTISTELLA-PREF BTTL4 BZ 291826535 -29594537.2
BATTISTELLA-RECE BTTL9 BZ 291826535 -29594537.2
BATTISTELLA-RECP BTTL10 BZ 291826535 -29594537.2
BATTISTELLA-RI P BTTL2 BZ 291826535 -29594537.2
BATTISTELLA-RIGH BTTL1 BZ 291826535 -29594537.2
BOMBRIL BMBBF US 381113283 -25127292.3
BOMBRIL BOBR3 BZ 381113283 -25127292.3
BOMBRIL FPXE4 BZ 19416015.8 -489914902
BOMBRIL CIRIO SA BOBRON BZ 381113283 -25127292.3
BOMBRIL CIRIO-PF BOBRPN BZ 381113283 -25127292.3
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL SA-ADR BMBPY US 381113283 -25127292.3
BOMBRIL SA-ADR BMBBY US 381113283 -25127292.3
BOMBRIL-PREF BOBR4 BZ 381113283 -25127292.3
BOMBRIL-RGTS PRE BOBR2 BZ 381113283 -25127292.3
BOMBRIL-RIGHTS BOBR1 BZ 381113283 -25127292.3
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
BUETTNER BUET3 BZ 114336116 -25308352.3
BUETTNER SA BUETON BZ 114336116 -25308352.3
BUETTNER SA-PRF BUETPN BZ 114336116 -25308352.3
BUETTNER SA-RT P BUET2 BZ 114336116 -25308352.3
BUETTNER SA-RTS BUET1 BZ 114336116 -25308352.3
BUETTNER-PREF BUET4 BZ 114336116 -25308352.3
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
CELGPAR GPAR3 BZ 2639764737 -675967203
CHIARELLI SA CCHON BZ 11281940.7 -81454622.1
CHIARELLI SA CCHI3 BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHPN BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHI4 BZ 11281940.7 -81454622.1
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
COBRASMA CBMA3 BZ 94105674.9 -2240770420
COBRASMA SA COBRON BZ 94105674.9 -2240770420
COBRASMA SA-PREF COBRPN BZ 94105674.9 -2240770420
COBRASMA-PREF CBMA4 BZ 94105674.9 -2240770420
COMERCIAL PLA-BL COMEB AR 231024530 -308335991
COMERCIAL PL-ADR SCPDS LI 231024530 -308335991
CONST A LINDEN CALI3 BZ 13567432 -4206628.17
CONST A LINDEN LINDON BZ 13567432 -4206628.17
CONST A LIND-PRF LINDPN BZ 13567432 -4206628.17
CONST A LIND-PRF CALI4 BZ 13567432 -4206628.17
CONST BETER SA COBE3B BZ 31374373.7 -1555470.16
CONST BETER SA COBEON BZ 31374373.7 -1555470.16
CONST BETER SA 1007Q BZ 31374373.7 -1555470.16
CONST BETER SA 1COBON BZ 31374373.7 -1555470.16
CONST BETER SA COBE3 BZ 31374373.7 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.7 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374373.7 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6 BZ 31374373.7 -1555470.16
CONST BETER-PFA COBE5B BZ 31374373.7 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.7 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.7 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.7 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.7 -1555470.16
CONST LINDEN RCT CALI10 BZ 13567432 -4206628.17
CONST LINDEN RCT CALI9 BZ 13567432 -4206628.17
CONST LINDEN RT CALI2 BZ 13567432 -4206628.17
CONST LINDEN RT CALI1 BZ 13567432 -4206628.17
D H B DHBI3 BZ 151002419 -118054988
D H B-PREF DHBI4 BZ 151002419 -118054988
DHB IND E COM DHBON BZ 151002419 -118054988
DHB IND E COM-PR DHBPN BZ 151002419 -118054988
DOCA INVESTIMENT DOCA3 BZ 272567787 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567787 -202595760
DOCAS SA DOCAON BZ 272567787 -202595760
DOCAS SA-PREF DOCAPN BZ 272567787 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567787 -202595760
EMPRESA DE LOS F 2940894Z CI 1933599186 -50416405.6
ESTRELA SA ESTRON BZ 77832771.4 -110076267
ESTRELA SA ESTR3 BZ 77832771.4 -110076267
ESTRELA SA-PREF ESTR4 BZ 77832771.4 -110076267
ESTRELA SA-PREF ESTRPN BZ 77832771.4 -110076267
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FABRICA RENAUX FRNXON BZ 78479539.9 -67506773.4
FABRICA RENAUX FTRX3 BZ 78479539.9 -67506773.4
FABRICA RENAUX-P FTRX4 BZ 78479539.9 -67506773.4
FABRICA RENAUX-P FRNXPN BZ 78479539.9 -67506773.4
FABRICA TECID-RT FTRX1 BZ 78479539.9 -67506773.4
FER HAGA-PREF HAGA4 BZ 19331081.5 -49945686
FERRAGENS HAGA HAGAON BZ 19331081.5 -49945686
FERRAGENS HAGA-P HAGAPN BZ 19331081.5 -49945686
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
GRADIENTE ELETR IGBON BZ 69132281.2 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281.2 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281.2 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281.2 -253174445
GRADIENTE-PREF A IGBR5 BZ 69132281.2 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281.2 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281.2 -253174445
HAGA HAGA3 BZ 19331081.5 -49945686
HOTEIS OTHON SA HOTHON BZ 288171870 -77685728.7
HOTEIS OTHON SA HOOT3 BZ 288171870 -77685728.7
HOTEIS OTHON-PRF HOTHPN BZ 288171870 -77685728.7
HOTEIS OTHON-PRF HOOT4 BZ 288171870 -77685728.7
IGB ELETRONICA IGBR3 BZ 69132281.2 -253174445
IGUACU CAFE IGUCF US 321112173 -51863824.3
IGUACU CAFE IGCSON BZ 321112173 -51863824.3
IGUACU CAFE IGUA3 BZ 321112173 -51863824.3
IGUACU CAFE-PR A IGUAF US 321112173 -51863824.3
IGUACU CAFE-PR A IGCSAN BZ 321112173 -51863824.3
IGUACU CAFE-PR A IGUA5 BZ 321112173 -51863824.3
IGUACU CAFE-PR B IGUA6 BZ 321112173 -51863824.3
IGUACU CAFE-PR B IGCSBN BZ 321112173 -51863824.3
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
LA POLAR SA LAPOLAR CI 626658112 -537455813
LA POLAR-RT LAPOLARO CI 626658112 -537455813
LARK MAQS LARK3 BZ 6280039.91 -13860968.7
LARK MAQS-PREF LARK4 BZ 6280039.91 -13860968.7
LARK MAQUINAS LARON BZ 6280039.91 -13860968.7
LARK MAQUINAS-PR LARPN BZ 6280039.91 -13860968.7
LARK SA MAQU-RTS LARK2 BZ 6280039.91 -13860968.7
LARK SA MAQU-RTS LARK1 BZ 6280039.91 -13860968.7
LATTENO FOOD COR LATF US 14423532 -3506007
LUPATECH SA LUPA3 BZ 815799478 -65082852.9
LUPATECH SA LUPAF US 815799478 -65082852.9
LUPATECH SA -RCT LUPA9 BZ 815799478 -65082852.9
LUPATECH SA-ADR LUPAY US 815799478 -65082852.9
LUPATECH SA-RT LUPA11 BZ 815799478 -65082852.9
LUPATECH SA-RTS LUPA1 BZ 815799478 -65082852.9
NORDON MET NORD3 BZ 12401871.5 -30368143.1
NORDON METAL NORDON BZ 12401871.5 -30368143.1
NORDON MET-RTS NORD1 BZ 12401871.5 -30368143.1
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PET MANG-RECEIPT RPMG9 BZ 323293708 -112268877
PET MANG-RECEIPT 0229292Q BZ 323293708 -112268877
PET MANG-RECEIPT RPMG10 BZ 323293708 -112268877
PET MANG-RECEIPT 0229296Q BZ 323293708 -112268877
PET MANG-RIGHTS 3678569Q BZ 323293708 -112268877
PET MANG-RIGHTS 3678565Q BZ 323293708 -112268877
PET MANG-RT 4115360Q BZ 323293708 -112268877
PET MANG-RT 0229268Q BZ 323293708 -112268877
PET MANG-RT 4115364Q BZ 323293708 -112268877
PET MANG-RT RPMG2 BZ 323293708 -112268877
PET MANG-RT RPMG1 BZ 323293708 -112268877
PET MANG-RT 0229249Q BZ 323293708 -112268877
PET MANGUINH-PRF RPMG4 BZ 323293708 -112268877
PETRO MANGUINHOS RPMG3 BZ 323293708 -112268877
PETRO MANGUINHOS MANGON BZ 323293708 -112268877
PETRO MANGUIN-PF MANGPN BZ 323293708 -112268877
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PUYEHUE PUYEH CI 25568725.6 -2547071.2
PUYEHUE RIGHT PUYEHUOS CI 25568725.6 -2547071.2
RECRUSUL RCSL3 BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL10 BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529793Q BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163583D BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL9 BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529789Q BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163582D BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL1 BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL2 BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529785Q BZ 43284321.9 -27789423.5
RECRUSUL - RT 0163580D BZ 43284321.9 -27789423.5
RECRUSUL - RT 0163579D BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529781Q BZ 43284321.9 -27789423.5
RECRUSUL SA RESLON BZ 43284321.9 -27789423.5
RECRUSUL SA-PREF RESLPN BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL12 BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL11 BZ 43284321.9 -27789423.5
RECRUSUL-PREF RCSL4 BZ 43284321.9 -27789423.5
REII INC REIC US 14423532 -3506007
REL_INDEX EQY_FUND_CRNCY
RENAUXVIEW SA TXRX3 BZ 136405144 -72823992.4
RENAUXVIEW SA-PF TXRX4 BZ 136405144 -72823992.4
RIMET REEMON BZ 112551852 -196235615
RIMET REEM3 BZ 112551852 -196235615
RIMET-PREF REEMPN BZ 112551852 -196235615
RIMET-PREF REEM4 BZ 112551852 -196235615
SANESALTO SNST3 BZ 31802628.1 -2924062.87
SANSUY SNSY3 BZ 190512467 -137678051
SANSUY SA SNSYON BZ 190512467 -137678051
SANSUY SA-PREF A SNSYAN BZ 190512467 -137678051
SANSUY SA-PREF B SNSYBN BZ 190512467 -137678051
SANSUY-PREF A SNSY5 BZ 190512467 -137678051
SANSUY-PREF B SNSY6 BZ 190512467 -137678051
SAUIPE PSEG3 BZ 15164420.8 -2756081.99
SAUIPE SA PSEGON BZ 15164420.8 -2756081.99
SAUIPE SA-PREF PSEGPN BZ 15164420.8 -2756081.99
SAUIPE-PREF PSEG4 BZ 15164420.8 -2756081.99
SCHLOSSER SCLO3 BZ 63039069.1 -50573360
SCHLOSSER SA SCHON BZ 63039069.1 -50573360
SCHLOSSER SA-PRF SCHPN BZ 63039069.1 -50573360
SCHLOSSER-PREF SCLO4 BZ 63039069.1 -50573360
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
SOC COMERCIAL PL CADN EO 231024530 -308335991
SOC COMERCIAL PL COMED AR 231024530 -308335991
SOC COMERCIAL PL CAD IX 231024530 -308335991
SOC COMERCIAL PL COME AR 231024530 -308335991
SOC COMERCIAL PL CVVIF US 231024530 -308335991
SOC COMERCIAL PL CADN SW 231024530 -308335991
SOC COMERCIAL PL COMEC AR 231024530 -308335991
SOC COMERCIAL PL SCDPF US 231024530 -308335991
SOC COMERCIAL PL CADN EU 231024530 -308335991
STAROUP SA STARON BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
STEEL - RCT ORD STLB9 BZ 27168332.7 -942060.853
STEEL - RT STLB1 BZ 27168332.7 -942060.853
TEKA TKTQF US 341291511 -388484677
TEKA TEKAON BZ 341291511 -388484677
TEKA TEKA3 BZ 341291511 -388484677
TEKA-ADR TKTPY US 341291511 -388484677
TEKA-ADR TEKAY US 341291511 -388484677
TEKA-ADR TKTQY US 341291511 -388484677
TEKA-PREF TEKAPN BZ 341291511 -388484677
TEKA-PREF TKTPF US 341291511 -388484677
TEKA-PREF TEKA4 BZ 341291511 -388484677
TEKA-RCT TEKA9 BZ 341291511 -388484677
TEKA-RCT TEKA10 BZ 341291511 -388484677
TEKA-RTS TEKA2 BZ 341291511 -388484677
TEKA-RTS TEKA1 BZ 341291511 -388484677
TEXTEIS RENA-RCT TXRX9 BZ 136405144 -72823992.4
TEXTEIS RENA-RCT TXRX10 BZ 136405144 -72823992.4
TEXTEIS RENAU-RT TXRX1 BZ 136405144 -72823992.4
TEXTEIS RENAU-RT TXRX2 BZ 136405144 -72823992.4
TEXTEIS RENAUX RENXPN BZ 136405144 -72823992.4
TEXTEIS RENAUX RENXON BZ 136405144 -72823992.4
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
WETZEL SA MWELON BZ 105473506 -3423680.68
WETZEL SA MWET3 BZ 105473506 -3423680.68
WETZEL SA-PREF MWELPN BZ 105473506 -3423680.68
WETZEL SA-PREF MWET4 BZ 105473506 -3423680.68
***********
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.
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