/raid1/www/Hosts/bankrupt/TCRLA_Public/120925.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, September 25, 2012, Vol. 13, No. 191
Headlines
A R G E N T I N A
ARGENTINA BALLET: Creditors' Proofs of Debt Due Feb. 16
DIGITAL ORCHID: Creditors' Proofs of Debt Due Nov. 5
DISTRIPUEY SA: Creditors' Proofs of Debt Due Oct. 24
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to VRD Secs.
FONDO FST: Moody's Assigns '(P)B-bf' Bond Fund Rating
B R A Z I L
BANCO CRUZEIRO: Moody's Withdraws 'E' BFSR, 'Ca' Deposit Ratings
BANCO RURAL: Moody's Lowers Long-Term Deposit Ratings to 'B3'
CORPORACION INTERAMERICANA: Moody's Assigns 'Ba3' CFR
C A Y M A N I S L A N D S
ANITA COMPANY: Shareholder to Hear Wind-Up Report on Oct. 1
ARCAPITA BANK: Committee Can Retain Houlihan as Fin'l Advisor
ARCAPITA BANK: Reaches Settlement With 6 Senior Managers
ARCAPITA BANK: Obtains Court's Nod to Implement EuroLog IPO
BLACKADDER LIMITED: Shareholder to Hear Wind-Up Report on Oct. 5
BRANDY & OAK: Creditors' Proofs of Debt Due Oct. 1
BRAZIL MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 10
COSMOS TOP: Creditors' Proofs of Debt Due Oct. 10
DEL MAR GLOBAL: Creditors' Proofs of Debt Due Oct. 10
DYNALRN INC: Shareholder to Hear Wind-Up Report on Oct. 1
FLETCHER INT'L: Taps Appleby as Bermuda Counsel
FLETCHER INT'L: Wants Access to Cash Collateral of Credit Suisse
GEN2 EXPLORERS: Commences Liquidation Proceedings
KADIA LIMITED: Creditors' Proofs of Debt Due Oct. 1
LEHMAN BROTHERS CHINA: Commences Liquidation Proceedings
LEHMAN BROTHERS PAN: Commences Liquidation Proceedings
LEHMAN BROTHERS TAIWAN: Commences Liquidation Proceedings
MORNINGSIDE TECHNOLOGIES: Creditors' Proofs of Debt Due Oct. 2
D O M I N I C A N R E P U B L I C
SAN DOMINGO METRO: In the Brink of Collapse Due to Cash Crunch
M E X I C O
SANLUIS RASSINI: Moody's Rates Senior Unsecured Notes '(P)Ba3'
U R U G U A Y
LLOYDS TSB: Moody's Changes Outlook on 'E+' BFSR to Negative
* URUGUAY: Microfin to Expand Access to Financial Services
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
=================
ARGENTINA BALLET: Creditors' Proofs of Debt Due Feb. 16
-------------------------------------------------------
Felisa Mabel Tamilasci, the court-appointed trustee for Argentina
Ballet SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 16, 2013.
Ms. Tamilasci will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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:
Felisa Mabel Tamilasci
Av. Callao 449
Argentina
DIGITAL ORCHID: Creditors' Proofs of Debt Due Nov. 5
----------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Digital Orchid
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 5, 2012.
Mr. Scheinkopf will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:
Jose Scheinkopf
Av. Pueyrredon 468
Argentina
DISTRIPUEY SA: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------
Alfredo Daniel Kandos, the court-appointed trustee for Distripuey
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 24, 2012.
Mr. Kandos will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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:
Alfredo Daniel Kandos
Sarmiento 1179
Argentina
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to VRD Secs.
----------------------------------------------------------------
Moody's Latin America rates the VRD securities of Fideicomiso
Financiero Secupyme XXXVII, which will be issued by Banco de
Valores acting solely in its capacity as issuer and trustee.
USD7,800,000 in VRD of Fideicomiso Financiero Secupyme XXXVII,
rated B2 (Global scale, local currency) and Aa3.ar (National Scale
Rating)
Moody's notes that as of Sept. 20, 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.
RATINGS RATIONALE
The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange will be guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina. Garantizar has a local currency
national scale rating of Aa3.ar and a global local currency rating
of B2.
The rating assigned to this transaction is primarily based on the
rating of Garantizar. Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction. The rating addresses the payment of interest and
principal on or before the legal final maturity date of the
securities.
Banco de Valores S.A. (Issuer and Trustee) will issue one class of
debt securities denominated in Argentine pesos. The rated
securities will bear a 5% annual interest rate.
The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R. The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction.
Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account. As a result, the dollar is used as a
currency of reference and not as a mean of payment. For that
reason, the transaction is considered to be denominated in local
currency.
FONDO FST: Moody's Assigns '(P)B-bf' Bond Fund Rating
-----------------------------------------------------
Moody's Investors Service has assigned provisional first-time bond
fund ratings of (P)B-bf/(P)A-bf.ar to Fondo fST Empresas Argentina
PyMe, a fund managed by bST Asset Management S.A,. The fund's main
objective is to provide financing to Argentinean SME's mainly
through investment in securities issued by these companies.
"The ratings are based on Moody's expectations that the fST
Empresas Argentina FCI PyMe fund will maintain a minimum of 70% of
its investments in securities issued by local SME's that include
Secured Checks, Corporate Bonds and ABS, predominantly rated B2/B3
on Moody's global rating scale. The balance of the assets are
expected to have exposure to Commercial Paper(Valores de Corto
Plazo) issued by Argentinean SMEs, Government Bonds and a small
portion to fixed income securities of local financial entities.
The fund's maturity-adjusted weighted average credit quality is
expected to be maintained at B/A.ar
BST Asset Management SGFCI S.A. is an Argentina-domiciled
subsidiary of the Grupo Financiero gST . As of July 2012, BST
Asset Management managed investments for approximately AR$ 553.1
million (US$120.2 million).
===========
B R A Z I L
===========
BANCO CRUZEIRO: Moody's Withdraws 'E' BFSR, 'Ca' Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has withdrawn all long and short-term
ratings assigned to Banco Cruzeiro do Sul S.A. (BCSul), including
the bank financial strength rating (BFSR) of E, mapping to ca on
the long-term scale, local and foreign currency deposit ratings of
Ca and Not Prime, long and short-term respectively, and the
foreign currency debt ratings assigned to its existing programs as
well as the outstanding senior unsecured and subordinated notes of
Ca and C, respectively. At the same time, the rating agency
withdrew BCSul's long and short term Brazilian national scale
deposit ratings of Ca.br and BR-4. All ratings had negative
outlooks at the time of the withdrawal.
The following ratings assigned to Banco Cruzeiro do Sul were
withdrawn:
Bank financial strength rating of E
Long-term global local currency deposit rating of Ca
Short-term global local currency deposit rating of Not Prime
Long-term foreign currency deposit rating of Ca
Short-term foreign currency deposit rating of Not Prime
Long-term foreign currency senior unsecured debt rating assigned
to program of (P)Ca
Short-term foreign currency senior unsecured debt rating assigned
to program of (P)Not Prime
Long-term foreign currency senior unsecured debt rating assigned
to outstanding notes of Ca
Foreign currency subordinated debt rating assigned to outstanding
notes of C
Long-term Brazilian national scale deposit rating of Ca.br
Short-term Brazilian national scale deposit rating of BR-4
RATINGS RATIONALE
The withdrawal of BCSul's ratings follows the Central Bank of
Brazil's announcement on 14 September 2012 that decreed the
extrajudicial liquidation of BCSul. The decision for the
liquidation resulted from the failed tender offer and sale of the
bank conducted by Brazil's Depositary Insurance Fund, which had
been appointed manager of the bank's special administration regime
on 4 June 2012.
The last rating action on Banco Cruzeiro do Sul occurred on 16
August 2012, when Moody's downgraded all global local and foreign
currency deposit ratings of the bank, as well as its foreign
currency debt ratings, to Ca from Caa1. Simultaneously, the
foreign currency subordinated debt rating assigned to the 2016 and
2020 notes were also downgraded to C from Caa2. The baseline
credit assessment was lowered to ca from caa1, mapping from the E
bank financial strength rating (BFSR). The bank's long-term
Brazilian national scale ratings were also downgraded to Ca.br
from Caa1.br. This action followed the announcement of the tender
offer on 15 August 2012. The ratings remained on negative outlook.
The principal methodology used in rating this bank was "Moody's
Consolidated Global Bank Rating Methodology" published on 29 June
2012.
Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil
and had total unconsolidated assets of BRL9.48 billion (US$4.67
billion) and negative shareholders' equity of BRL2.24 billion
(US$1.1 billion) as of June 4, 2012.
BANCO RURAL: Moody's Lowers Long-Term Deposit Ratings to 'B3'
-------------------------------------------------------------
Moody's Investors Service downgraded Banco Rural S.A.'s (Rural)
long-term global local and foreign currency deposit ratings to B3
from B1. At the same time, Moody's downgraded Rural's Brazilian
national scale deposit ratings to B1.br and BR-4 from Baa3.br and
BR-3, long- and short-term, respectively. Moody's also lowered
Rural's standalone baseline credit assessment to b3 from b1. The
bank financial strength rating (BFSR) of E+ and short-term global
deposit ratings of Not Prime remained unchanged. In addition,
Moody's placed the ratings of Rural on review for possible
downgrade.
RATINGS RATIONALE
The downgrade of Rural's ratings reflects the heightened risks to
the bank's franchise value and financial metrics that derive from
the recent court ruling involving its principal shareholder and
other bank executives. Moody's views such events as affecting
Rural's brand image and thus business and client relationships,
including its ability to access market funding, which may further
weaken earnings generation and the bank's liquidity profile.
Moody's views these risks as consistent with a b3 standalone
credit assessment.
Moody's noted that for the past 10 months, Rural received several
capital injections, for a total of R$158 million, which ensured
its capitalization ratio remained above the minimum regulatory
levels. However, Rural's ability to generate internal earnings to
replenish capital has been limited by a costly funding base and by
high loan provisions, also reflecting the more competitive credit
environment in its core segment of small and medium enterprise
lending. Moody's views Rural's funding profile as increasingly
vulnerable as it contains relevant participation of loan sales and
guaranteed deposits, which are expensive.
According to Moody's, the review for downgrade will assess the
effect of recent events on the bank's funding and liquidity, as
well as on its ability to retain depositors and business volumes.
The review will also focus on the prospects of future growth in
light of the banks' tight capital base.
The last rating action on Rural occurred on August 14, 2012, when
Moody's affirmed Rural's BFSR, with stable outlook, and global
local- and foreign-currency deposit ratings. At the same time,
Moody's downgraded the bank's long-term Brazilian national scale
deposit ratings to Baa3.br from Baa2.br. Moody's also changed the
outlook on the deposit ratings to negative from stable.
The principal methodology used in rating this bank was "Moody's
Consolidated Global Bank Rating Methodology" published on 29 June
2012.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.
Banco Rural S.A. is headquartered in Belo Horizonte, Brazil. As of
December 2011, the bank had total assets of approximately R$4.83
billion (US$2.59 billion) and equity of R$374 million (US$201
million).
The following ratings of Banco Rural S.A. were downgraded and
placed on review for downgrade:
Long-term global local-currency deposit rating: to B3 from B1
Long-term foreign-currency deposit rating: to B3 from B1
Brazilian national scale deposit ratings: to B1.br and BR-4 from
Baa3.br and BR-3
The following rating of Banco Rural S.A. was placed on review for
downgrade:
Bank financial strength rating of E+
The following ratings of Banco Rural S.A. were not affected:
Short-term global local-currency deposit rating of Not Prime
Short-term foreign-currency deposit rating of Not Prime
CORPORACION INTERAMERICANA: Moody's Assigns 'Ba3' CFR
-----------------------------------------------------
Moody's Investors Service has assigned a Ba3 foreign currency
corporate family rating (CFR) and a ba3 baseline credit assessment
(BCA) to Corporacion Interamericana para el Financiamiento de la
Infraestructura (CIFI). At the same time, Moody's has lowered by
one notch CIFI's foreign currency issuer rating to B1 from Ba3.
The actions reflect the implementation of Moody's revised global
rating methodology for finance companies titled, "Finance Company
Global Rating Methodology," published in March 2012, and are not
driven by company-specific credit developments.
The following rating was assigned:
Foreign Currency Corporate Family Rating: Ba3, stable outlook
The following rating was lowered:
Foreign Currency Issuer Rating: to B1 from Ba3, stable outlook
RATINGS RATIONALE
The assignment of the corporate family rating (CFR) follows the
implementation of Moody's revised global rating methodology for
finance companies, which establishes the key operational,
financial and environmental factors Moody's considers when rating
this type of company. The CFR incorporates the standalone credit
profile of a finance company as well as any parental or affiliate
support.
In contrast to a finance company's issuer ratings, which represent
Moody's opinion of credit risk equivalent to the company's senior
unsecured debt obligations, the CFRs represent the rating agency's
opinion of a company's consolidated credit risk, equivalent to the
weighted average of all debt classes within the company's capital
structure.
Using the CFR as a reference point, the methodology codifies
Moody's framework for assigning ratings to the various classes of
debt issued by non-investment grade finance companies on the basis
of expected differences in loss given default. This framework
considers the proportionality, seniority and level of asset
protection associated with various debt classes, both nominally
and in relation to each other.
In the case of CIFI, the implementation of the revised methodology
has led to the lowering by one notch of the issuer rating to B1,
from Ba3, and the assignment of a CFR one notch above the issuer
rating at Ba3. This reflects the predominance of senior secured
obligations in the company's debt structure and the structural
subordination of the issuer rating, which reflects the credit risk
of its senior unsecured obligations. CIFI's CFR also represents
the company's standalone rating as Moody's does not attribute
specific parental or affiliate support to the rating given its
consortium ownership structure.
The Ba3 CFR and stable outlook also reflect CIFI's focused
business strategy, stable financial performance, and expert
management. The rating is also indicative of the company's
diversified and collateralized credit portfolio, conservative risk
management, and adequate capitalization. The financial and
management support of CIFI's shareholder group, which is comprised
of a consortium of multilateral and international financial
institutions from both the public and private sectors, is also
incorporated in the rating. Because of this ownership structure,
CIFI has no true lender of last resort, nevertheless its
shareholder group provides a relevant part of its funding and is
closely involved in approving transactions and in the company's
business practices through memberships in key governance
committees.
Key risk factors considered in CIFI's ratings include its reliance
on wholesale funding, its modest earnings generation capacity, and
monoline business devoted to long term project finance in the
Latin American and Caribbean region.
CIFI is a privately-owned corporation specializing in the
financing of private infrastructure projects in Latin America and
the Caribbean. The company reported total consolidated assets of
$332 million and equity of $81 million as of June 30, 2012.
==========================
C A Y M A N I S L A N D S
==========================
ANITA COMPANY: Shareholder to Hear Wind-Up Report on Oct. 1
-----------------------------------------------------------
The sole shareholder of The Anita Company Ltd will receive on
Oct. 1, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
ARCAPITA BANK: Committee Can Retain Houlihan as Fin'l Advisor
-------------------------------------------------------------
On Sept. 17, 2012, the U.S. Bankruptcy Court for the Southern
District of New York authorized, on a final basis, the official
committee of unsecured creditors of Arcapita Bank B.S.C.(c), et
al., to retain Houlihan Lokey Capital, Inc., as the Committee's
financial advisor and investment banker, nunc pro tunc to
April 12, 2012.
All requests of Houlihan for payment of indemnity, reimbursement,
or contribution will be made by application and will be subject to
review by the Court.
As the Committee has also retained FTI Consulting, Inc., as
financial advisor, FTI and Houlihan will coordinate on the
services they are providing to the committee to ensure that there
is no unnecessary duplication of services by either firm. FTI
will be principally responsible for providing to the Committee
financial analyses of the Debtors' liquidity, cash activities,
cash control, intercompany activities, as well as tax-related
advice, claims analysis and a review of potential avoidance
actions, all subject to the Committee's specific authorization and
direction. Houlihan will be primarily responsible for advising
the Committee on the financial and strategic elements of the
Debtors' business plan (including an assessment of all
investments, proposed deal funding, relevant valuations and the
viability of a stand-alone plan of reorganization), potential
merger and acquisition transactions, and financing alternatives
for the Debtors, including exit financing.
A copy of the Amended Engagement Letter is available at:
http://bankrupt.com/misc/arcapita.doc482.exhibitA.pdf
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on
March 19, 2012. The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.
Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC. In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.
The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group has roughly US$7 billion in assets under
management. On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion. The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.
Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases. AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.
ARCAPITA BANK: Reaches Settlement With 6 Senior Managers
--------------------------------------------------------
Arcapita Bank B.S.C.(c), et al., ask the U.S. Bankruptcy Court for
the Southern District of New York for authorization to implement
the Senior Management Global Settlement of claims between Arcapita
Group and six members of senior management.
On July 9, 2012, the Court approved a settlement of certain
outstanding employee obligations relating to the Investment
Participation Program ("IPP") and the Investment Incentive Program
("IIP") equity incentive programs in exchange for, among other
things, unpaid IPP or IIP equity shares in portfolio companies,
capped notice and severance benefits and a commitment to continue
to work for the Arcapita Group until Nov. 6, 2012. In addition,
the Court approved a key employee incentive program for certain
key members of the Debtors' management (the "KEIP"), a key
employee retention program for certain critical staff of the
Debtors (the "KERP") and a significant reduction in force of the
Arcapita Group's employees (the "RIF").
The Senior Managers agreed not to participate in either the Global
Settlement or the KEIP. They did so to avoid potentially
protracted litigation with the Committee that could have delayed
the implementation of the RIF, the KEIP and the KERP, all of which
were necessary, in the Debtors' and management's opinion, to
stabilize the Debtors in the wake of the abrupt commencement of
the Chapter 11 cases.
Arcapita believes the implementation of the Senior Management
Global Settlement satisfies the Bankruptcy Code and the Bankruptcy
Rules, incentivizes Senior Management to satisfy a challenging
goal that, if accomplished, will enhance the value of the Debtors'
estates for all stakeholders, and reflects a sound exercise of the
Debtors' business judgment.
The Senior Management Global Settlement
To participate in the Senior Management Global Settlement, a
participating Senior Manager must agree to forgo his statutory and
contractual notice and severance pay in return for a combined
capped four-month notice and severance payment and release the
Arcapita Group from any additional claims and causes of action.
In addition, in an effort to further align management's incentives
with those of other stakeholders, the Debtors propose to further
condition Senior Management's participation on the Senior
Management Global Settlement on a key, definitive milestone: the
filing of an Eligible Plan by the Debtors by Dec. 15, 2012.
Finally, in exchange for achieving the Milestone and being granted
the Senior Management Global Settlement, in the event of ultimate
confirmation of a New Money Plan, either through the filing of a
Toggle Plan or a separate New Money Plan, all participating Senior
Managers have agreed to waive their prepetition unsecured claims
against all of the Debtors relating to unpaid 2011 incentive
payments.
In two specific scenarios where the ability of Senior Management
to achieve the Milestone is removed, due to no action or fault of
its own, Senior Management will be able to participate fully in
the Senior Management Global Settlement. This will occur if
either (a) the Chapter 11 Cases are converted into Chapter 7
proceedings on or before Dec. 15, 2012, which conversion is not
initiated by the Debtors, or (b) the winding up petition in FSD
Cause No. 45 of 2012-in the Grand Court of the Cayman Islands is
converted from a joint provisional liquidation to a full
liquidation and winding up, which conversion is not initiated by
the Debtors.
A hearing on the motion will be held Oct. 9, 2012, at 2:00 p.m.
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on
March 19, 2012. The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.
Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC. In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.
The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group has roughly US$7 billion in assets under
management. On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion. The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.
Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases. AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.
ARCAPITA BANK: Obtains Court's Nod to Implement EuroLog IPO
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has granted Arcapita Bank, B.S.C.(c), et al., authorization to
launch and carry out the EuroLog IPO. The EuroLog IPO
documentation will be either (i) in form and substance acceptable
to Standard Chartered Bank, to the Official Committee of Unsecured
Creditors, and to the Joint Provisional Liquidators of AIHL; or
(ii) will be approved by the Court after a further hearing on the
motion upon at least 7 business days' notice and an opportunity to
be heard by the Interested Parties.
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on
March 19, 2012. The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.
Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC. In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.
The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group has roughly US$7 billion in assets under
management. On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion. The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.
Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases. AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.
BLACKADDER LIMITED: Shareholder to Hear Wind-Up Report on Oct. 5
----------------------------------------------------------------
The sole shareholder of Blackadder Limited will receive on Oct. 5,
2012, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidators are:
Roger Priaulx
Edel Andersen
c/o Genesis Trust & Corporate Services Ltd.
Midtown Plaza, 2nd Floor
Elgin Avenue George Town
Grand Cayman
Cayman Islands KY1-1106
Telephone: (345) 945 3466
Facsimile: (345) 945 3470
BRANDY & OAK: Creditors' Proofs of Debt Due Oct. 1
--------------------------------------------------
The creditors of Brandy & Oak Investment Company are required to
file their proofs of debt by Oct. 1, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 20, 2012.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
BRAZIL MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------------
The creditors of Brazil Multi-Strategy Fund, Ltd. are required to
file their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 21, 2012.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
COSMOS TOP: Creditors' Proofs of Debt Due Oct. 10
-------------------------------------------------
The creditors of Cosmos Top Fund, Ltd. are required to file their
proofs of debt by Oct. 10, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Aug. 21, 2012.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
DEL MAR GLOBAL: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
The creditors of Del Mar Global Volatility Fund Ltd. are required
to file their proofs of debt by Oct. 10, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Aug. 20, 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
DYNALRN INC: Shareholder to Hear Wind-Up Report on Oct. 1
---------------------------------------------------------
The sole shareholder of Dynalrn Inc. will receive on Oct. 1, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Telephone: 949 8666
Facsimile: 949 0626
FLETCHER INT'L: Taps Appleby as Bermuda Counsel
-----------------------------------------------
Fletcher International, Ltd., asks the U.S. Bankruptcy Court for
the U.S. Bankruptcy Court for the Southern District of New York to
authorize the limited employment of Appleby (Bermuda) Limited as
special Bermuda counsel to the Debtor, for the period from the
Petition Date through and including Aug. 8, 2012.
Appleby has represented the Debtor since Dec. 14, 2000, and
specifically represents the Debtor in connection with the Winding
Up Petition filed against the Debtor in the Supreme Court of
Bermuda (the "Bermuda Petition").
Appleby will provide advice on Bermuda law issues impacting the
Debtor's Chapter 11 case.
Initially, the Debtor intended to seek the retention of Appleby
for the duration of the Debtor's bankruptcy case, but the U.S.
Trustee informally objected to Appleby's retention on grounds that
Appleby does not satisfy the requirements for retention under
Section 327(a) of the Bankruptcy Code. However, both the Debtor
and Appleby want to avoid the cost, distraction and uncertainty
that would be created by a vigorously-contested retention process.
As such, the Debtor has agreed to seek new Bermuda counsel, while
at the same time seeking to retain Appleby for the limited time
and scope of services.
The law firm's standard hourly rates currently range from $265 to
$825 per hour for attorneys, $60 to $150 for trainee attorneys and
from $150 to $275 per hour for paralegals.
About Fletcher International
Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan. The Bermuda exempted company estimated assets and
debts of $10 million to $50 million. The bankruptcy documents
were signed by its president and director, Floyd Saunders.
David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.
Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.
Fletcher Asset Management was founded in 1991. During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.
The Debtor is a master fund in the Fletcher Fund structure. As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.
The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively. Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.
FLETCHER INT'L: Wants Access to Cash Collateral of Credit Suisse
----------------------------------------------------------------
Fletcher International, Ltd., asks the U.S. Bankruptcy Court for
the Southern District of New York to approve the stipulation
authorizing the Debtor's use of cash collateral of Credit Suisse
Securities (USA) LLC and Credit Suisse Securities (Europe) Limited
throughout the duration of the Debtor's Chapter 11 case, to fund
the Debtor's business and the conduct and administration of its
Chapter 11 case.
The cash collateral consists of the Debtor Funds in the amount of
$1,615,987.05 and the Helix A-1 Shares, which the Debtor values at
approximately $8,231,325.00 as of the date of filing of this
motion.
Upon approval of the Stipulation and Order, Credit Suisse will be
permitted to setoff $195,673.38 against the Debtor Funds on
account of the pre-petition legal fees incurred in connection with
that certain Customer Agreement with Securities USA. The
Customer Agreement establishes the terms and conditions upon which
Securities USA would open and maintain one or more accounts for
the Debtor for purposes of the Debtor transacting business with
Securities USA on behalf of itself and as agent for any other
Credit Suisse entity.
The hearing on the motion for approval of stipulation for the use
of cash collateral of the Credit Suisse entities will be held on
Oct. 2, 2012, at 9:45 p.m. Objections to the motion must be flied
by Sept. 25, 2012.
A complete text of the Debtor's motion for approval of stipulation
for the use of cash collateral of the Credit Suisse entities is
available at http://bankrupt.com/misc/fletcher.doc80.pdf
About Fletcher International
Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan. The Bermuda exempted company estimated assets and
debts of $10 million to $50 million. The bankruptcy documents
were signed by its president and director, Floyd Saunders.
David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.
Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.
Fletcher Asset Management was founded in 1991. During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.
The Debtor is a master fund in the Fletcher Fund structure. As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.
The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively. Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.
GEN2 EXPLORERS: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 20, 2012, the members of Gen2 Explorers Fund Limited
passed a resolution that voluntarily liquidates the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Paul Lincoln Heffner
2101-02, Infinitus Plaza, 21st Floor
199 Des Voeux Road Central
Hong Kong
KADIA LIMITED: Creditors' Proofs of Debt Due Oct. 1
---------------------------------------------------
The creditors of Kadia Limited are required to file their proofs
of debt by Oct. 1, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Aug. 20, 2012.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
LEHMAN BROTHERS CHINA: Commences Liquidation Proceedings
--------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers China
Investments Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidators are:
Timothy Le Cornu
Kenneth Krys
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237, Grand Cayman KY1-1205
Cayman Islands
LEHMAN BROTHERS PAN: Commences Liquidation Proceedings
------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers Pan
Asian Investments Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidators are:
Timothy Le Cornu
Kenneth Krys
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237, Grand Cayman KY1-1205
Cayman Islands
LEHMAN BROTHERS TAIWAN: Commences Liquidation Proceedings
---------------------------------------------------------
On Aug. 14, 2012, the sole shareholder of Lehman Brothers Taiwan
Investments Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Sept. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidators are:
Timothy Le Cornu
Kenneth Krys
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237, Grand Cayman KY1-1205
Cayman Islands
MORNINGSIDE TECHNOLOGIES: Creditors' Proofs of Debt Due Oct. 2
--------------------------------------------------------------
The creditors of Morningside Technologies Inc. are required to
file their proofs of debt by Oct. 2, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 20, 2012.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
SAN DOMINGO METRO: In the Brink of Collapse Due to Cash Crunch
--------------------------------------------------------------
Dominican Today reports that Transport Reform Office (Opret)
Deputy Director Leonel Carrasco said the operations of Santo
Domingo's Metro Line 1 (subway) are about to collapse due to
serious economic difficulties.
"We have difficulties in maintaining and operating the Metro, we
don't want to let the system drop which has cost us so much
sacrifice, first the Dominican people with taxes and second those
of us who make the effort to maintain it. We're breaking our
backs working to keep the system from falling," Mr. Carrasco was
quoted by diariolibre.com, according to Dominican Today.
The report relates that among the deficiencies Mr. Carrasco cited
leaks in several stations and problems with the air conditioning
system in some of the cars.
Mr. Carrasco asked the government to allocate the around RD$650.0
million in funds which he affirms Opret collects in fares each
year, the report notes.
The report says that Mr. Carrasco acknowledged however that
despite the economic difficulties facing the country, President
Danilo Medina instructed the Finance Ministry to allocate funds to
operate the Metro's 2nd Line by year end.
===========
M E X I C O
===========
SANLUIS RASSINI: Moody's Rates Senior Unsecured Notes '(P)Ba3'
--------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to Sanluis
Rassini, S.A. de C.V.'s senior unsecured global notes for an
amount up to US$250 million. At the same time, Moody's assigned a
(P)Ba3 corporate family rating to Sanluis. The rating outlook is
stable. Moody's has assigned these ratings on a provisional basis
pending the successful issuance of the proposed notes.
The date of the last Credit Rating Action was November 21, 2008.
RATING RATIONALE
The (P)Ba3 rating is supported by the company's leading market
position for leaf spring suspension components in the NAFTA region
and Brazil, the recovery of its operating performance and credit
metrics over the last two years, and solid near term performance
prospects as various supply agreements for new original equipment
manufacturer (OEM) platforms are coming online in 2013 and 2014.
Credit positives also include the limited steel price exposure
because of cost pass-through contracts established with major
OEMs, the benefits of fixed price arrangements for key OEM
platforms, and the largely dollar based revenue stream, which
provides a natural hedge for dollar costs and liabilities.
Partially mitigating these positives incorporated in the rating
are the highly competitive environment in the automotive supplier
industry; the company's small size compared with other industry
peers; its limited business diversification, evidenced by a narrow
product focus on brakes and leaf and coil spring suspension
components; a modest geographic diversification; and a still large
exposure to the Big 3 U.S. OEMs (Ford, GM and Chrysler) which
accounts for 61% of revenues.
The stable rating outlook reflects Moody's expectation that the
company will be able to achieve its projected growth in its
regions of operation, defend its dominant market positions for
leaf spring suspensions going forward, and maintain stable credit
metrics following the notes' issuance.
Sanluis is the market leader in leaf spring suspension components
for light and commercial vehicles in the NAFTA region and Brazil.
In the coil spring and brakes' businesses the company estimates it
ranks #4 and competes with larger companies such as Akebono, TRW,
Meritor, Mubea, ThyssenKrupp, and Brembo. The company has a
relatively competitive cost base which should be able to absorb
some shocks and help protect market shares. The company benefits
from a high proportion of variable costs, low transport cost vis-
…-vis Asian and European competitors, attractive Mexican wages,
steel pass-through arrangements with the major OEMs, and the
partial elimination of productivity discounts with OEMs for all
its new supply contracts.
Since the last economic crisis and Sanluis's parent company's
(Sanluis Co-Inter, S.A.) emergence from its reorganization
proceeding in 2011, credit metrics have improved substantially as
the company's operation has normalized. The company has
renegotiated all of its customer agreements to include steel price
pass-through arrangements which should allow the company to
maintain its margins. Furthermore, the visibility of the company's
near term earnings is high given the new contracts it has entered
into with the OEMs for new model platforms. Moody's adjusted
debt/EBITDA was 2.8x as of June 30, 2012 (down from levels of 7.6x
as of December 2008 and 4.8x as of December 2009) and adjusted
EBIT/Interest expense was 2.2x in LTM 2Q12 (compared to levels
below 1x in 2008 and 2009). Pro forma after the notes' issuance,
Moody's expects reported total consolidated debt to reach USD298
million with leverage (adj. debt/EBITDA) of 3.3x and interest
coverage (adj. EBIT/Interest expense) to remain at 2.23x
Liquidity is adequate, given Moody's expectations for positive
free cash flow generation, a projected USD111 million of cash
reserves by year-end 2012, and a long debt maturity profile pro-
forma after the issuance of the notes, with no material near or
medium term debt maturities since the debt structure will
essentially consist of the proposed global notes.
A rating upgrade is unlikely over the near to medium term because
of the company's limited scale and diversification. Longer term,
upward ratings pressure could build once the company materially
increase its scale and expand its footprint while maintaining
strong credit metrics for the rating category.
The rating could be downgraded if the company's margins are
affected for example due to a change in the pass-through steel
price agreements with OEMs or if there is an adverse change in the
company's market position. A deterioration in the company's credit
metrics such that debt/EBITDA increase above 4.0x with
EBIT/interest expense declining below 2.0x or if the company's
free cash flow becomes negative could also pressure the rating.
The principal methodology used in rating Sanluis Rassini, S.A. de
C.V. was the Global Automotive Supplier Industry Methodology
published in January 2009.
Sanluis Rassini, S.A. de C.V., headquartered in Mexico City,
Mexico, is the leading manufacturer of leaf spring suspension
components for light trucks and commercial vehicles in the NAFTA
region and Brazil. The company is the main leaf spring suspension
components supplier for GM, Ford and Chrysler light trucks in the
NAFTA region and for a number of heavy truck manufacturers in
Brazil. The company also operates a coil spring suspensions
business, which accounts for about 14% of sales, and brake rotors
which account for 13% of sales. Sanluis Rassini is the main
operating subsidiary of Sanluis Corporacion, S.A.B. de C.V., a
privately-controlled holding company based in Mexico City, Mexico,
which trades on the Mexican stock exchange. For the 12 months
ended June 30, 2012, Sanluis Corporacion's sales and EBITDA
reached MXN9,616 million and MXN1,284 million, respectively.
=============
U R U G U A Y
=============
LLOYDS TSB: Moody's Changes Outlook on 'E+' BFSR to Negative
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the deposit ratings of Lloyds TSB Bank plc (Uruguay)
(Lloyds Uruguay) following the announcement of its acquisition by
Banque Heritage (Uruguay) S.A. (Heritage Uruguay) from Lloyds Bank
TSB plc. The ratings under review include Lloyds Uruguay's
Baa1/Prime-2 long and short term local currency deposit ratings
and Aaa.uy local currency deposit ratings on the Uruguayan
national scale and Baa3/Prime-3 and Aa1.uy foreign currency
deposit ratings.
At the same time, Moody's changed the outlook to negative from
stable on Banque Heritage (Uruguay) S.A.'s E+ bank's financial
strength rating (BFSR) and B3/Not Prime and Baa3.uy global and
national scale local and foreign currency deposit ratings.
The following ratings of Lloyds TSB Bank plc (Uruguay) were placed
on review for possible downgrade:
Long and short term global local currency deposit rating of
Baa1/Prime-2
Long term national scale local currency deposit rating of Aaa.uy
Long and short term global foreign currency deposit rating of
Baa3/Prime-3
Long term national scale foreign currency deposit rating of Aa1.uy
The outlooks on the following ratings of Banque Heritage (Uruguay)
were changed to negative from stable:
Bank Financial Strength Rating: E+
Long-term global local currency deposit rating of B3/Not Prime
Long-term national scale local currency deposit rating of Baa3.uy
Long-term global foreign currency deposit rating of B3/Not Prime
Long-term national scale foreign currency deposit rating of
Baa3.uy
RATING RATIONALE
The review for possible downgrade of Lloyds Uruguay's Baa1/Prime-2
local currency deposit ratings is based on the announced sale of
the bank to Heritage Uruguay, rated B3, by Lloyds TSB Bank plc,
rated A2, which reduces the quality of parental support.
Completion of the review is pending regulatory approval of the
transaction.
Moody's said that the change in outlook on Heritage Uruguay's
ratings to negative from stable, reflects the potential negative
effects on the bank's financial performance of its acquisition of
a bank more than twice its size. Heritage Uruguay's modest
operation has posted losses during the past three years mainly as
a result of high start-up costs, and as such the bank will be
challenged to absorb the costs related to the integration of
Lloyds' employees and business operations. Moody's noted that a
positive aspect of the transaction is the commitment of Heritage
Uruguay's ultimate parent, Banque Heritage of Switzerland
(unrated), to further developing and diversifying the Uruguayan
operation, after acquiring a 100% stake in July 2010.
* URUGUAY: Microfin to Expand Access to Financial Services
----------------------------------------------------------
Microfin will get a partial credit guarantee for 51.4 million
Uruguayan pesos from the Inter-American Development Bank (IDB),
paving the way for one of Uruguay's leading microfinance
institutions to expand access to financial services for as many as
25,000 microentrepreneurs who own small stores in peri-urban
areas.
The partial credit guarantee will help Microfin gain access to
funding in local currency from Citibank's unit in Uruguay by
lowering its credit risk. The operation will allow Microfin to
scale up an innovative program to offer credit and other financial
services to microenterprises through partnerships with large-scale
food and consumer goods wholesalers.
Under these partnerships, wholesalers share information with
Microfin about the repayment performance of their
microentrepreneur clients. Microfin will use this information to
assess credit risk and provide credit lines for the purchase of
goods from the supplier and, at a later stage, offer other
financial services, specifically tailored to the needs of
microenterprises.
"With this project, we are promoting greater financial access to
the base of the pyramid and we expect this innovative partnership
to have an important demonstration effect in other countries in
Latin America and the Caribbean," said Lourdes Gallardo, the
project team leader at the IDB's Opportunities for the Majority
Initiative. "It's a win-win situation. Microenterprises will be
able to access tailored financing on better terms and wholesalers
will be able to sell more goods without incurring the risks and
costs of financing."
The project supports Uruguay's efforts to increase financial
inclusion, at a time sustained economic growth has fueled demand
from credit by the microenterprise sector. About 95 percent of
formal companies in Uruguay are micro and small enterprises,
employing over 60 percent of the country's economically active
population. More than 180,000 microentrepreneurs are currently in
a position to access financing, according to the country's
national statistics institute.
About Opportunities for the Majority
The IDB's Opportunities for the Majority (OMJ) promotes and
finances market-based, sustainable business models that engage
companies, local governments and communities in the development
and delivery of quality products and services for people at the
base of pyramid in Latin America and the Caribbean.
===============
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, Psyche A. Castillon, 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 * * *