/raid1/www/Hosts/bankrupt/TCRLA_Public/121016.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, October 16, 2012, Vol. 13, No. 206
Headlines
A R G E N T I N A
ARCOR SAIC: Fitch Affirms 'B+' Rating on $200MM Unsecured Notes
FIDEICOMISO FINANCIERO: Moody's Affirms 'C' Ratings on Securities
METROGAS SA: Moody's Assigns 'Caa3' CFR; Outlook Negative
B E R M U D A
BRITISH AMERICAN: Liquidators Cut Building Asking Price
I.C.I. INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 19
I.C.I. INTERNATIONAL: Members' Final Meeting Set for Nov. 8
MIDEAST SHIP: Creditors' Proofs of Debt Due Oct. 24
MIDEAST SHIP: Members' Final Meeting Set for Nov. 16
NEW PROVIDENCE: Creditors' Proofs of Debt Due Oct. 19
NEW PROVIDENCE: Member to Receive Wind-Up Report on Nov. 9
C A Y M A N I S L A N D S
ACAL LIMITED: Commences Liquidation Proceedings
BALLANCE FINANCIAL: Creditors' Proofs of Debt Due Oct. 23
CHARTREUSE (CAYMAN): Creditors' Proofs of Debt Due Oct. 19
CT LL EOP: Creditors' Proofs of Debt Due Oct. 24
FIRST ENGINEERING BIDCO: Creditors' Proofs of Debt Due Oct. 19
FIRST ENGINEERING CAYCO: Creditors' Proofs of Debt Due Oct. 19
MARATHON GLOBAL: Creditors' Proofs of Debt Due Nov. 1
MARATHON GLOBAL MASTER: Creditors' Proofs of Debt Due Nov. 1
NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
PFI LIMITED: Creditors' Proofs of Debt Due Oct. 23
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Either Tax Reform or Government Shuts Down
M E X I C O
ING BANK MEXICO: S&P Withdraws 'BB-/B' Issuer Credit Ratings
N I C A R A G U A
* NICARAGUA: IDB Approves Second Loan for $45 Million
P U E R T O R I C O
ADVANCED COMPUTER: Has Access to Cash Collateral Until Dec. 31
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARCOR SAIC: Fitch Affirms 'B+' Rating on $200MM Unsecured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Arcor
S.A.I.C.:
-- Foreign currency Issuer Default Rating (IDR) at 'B+';
-- Local currency IDR at 'BB-';
-- USD200 million senior unsecured notes due 2017 at 'B+/RR4';
-- National scale rating at AA+(arg);
-- USD200 million senior unsecured notes due 2017 national scale
rating at AA+(arg)
The Rating Outlook is Stable.
Arcor's 'BB-' local currency IDR reflects the company's strong
business position as a leading Latin American producer of
confectionary and cookie products. Arcor enjoys strong brand
equity in Argentina due to its comprehensive distribution network
and its presence in the country for more than 60 years.
Arcor's foreign currency IDR, above the Country Ceiling, reflects
its strong credit profile, substantial foreign exchange earnings
relative to its foreign currency denominated debt, and significant
offshore assets that could potentially serve as collateral to
obtain financing in countries such as Brazil and Chile. These
would partially mitigate the risks of foreign exchange controls in
Argentina that had remained high as reflected in the B country
ceiling of Argentina.
The company is exposed to commodity prices, a double digit
inflation in Argentina and foreign currency mismatch. As of June
12 Arcor recorded sales of USD1.5 billion and an EBITDA of
USD156.7 million. The company generated USD77 million of cash
flow from operations and a free cash flow of USD 8.7 million.
Arcor's cash flow generation is concentrated in Argentina. While
Arcor's operations in investment-grade countries such as Brazil
and Chile account for nearly 30% of its consolidated revenues, the
contribution to cash flow from operations in those countries is
still low. About 85% of Arcor's operating cash flow is generated
in Argentina. Total revenues outside Argentina amounted to
approximately USD1,096 million in 2011 and additionally the
company's exports from Argentina were USD184.5 million. This
numbers compare to a total indebtedness of USD471 million
Arcor's capital structure is conservative. Leverage is low for the
rating category. As of June 30, 2012, Arcor had a total debt-to-
EBITDA ratio of 1.5 times (x) and net debt-to-EBITDA of 1.1x.
Dollar-denominated debt was approximately USD 310 million as of
June 2012, about 66% of total debt. The majority of it was IFC
loan with an outstanding of USD 71.2 million and USD200 million
notes due 2017.
Arcor's liquidity is manageable. Next year maturities are USD
120.7 million, and are partially cover by cash and equivalents of
USD 126 million as of June 2012. Fitch expects Free Cash Flow to
remain positive. The company's capex plan is aimed to expand its
operations outside Argentina; which could be partially funded
through debt in the local markets. Overall, indebtedness is not
expected to increase above targeted ratios.
Potential Rating and Outlook Drivers:
The Stable Outlook reflects Fitch's expectations that Arcor will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
around 2x. Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 4x.
Arcor's foreign currency IDR could be affected by any change in
Argentina's ratings. Any significant increase in Arcor's targeted
leverage ratio would threaten credit quality and could result in a
negative rating action. Conversely, the LC IDR could be
positively impacted by a better than expected cash flow generation
or better than expected operating results from subsidiaries in
investment grade countries.
FIDEICOMISO FINANCIERO: Moody's Affirms 'C' Ratings on Securities
-----------------------------------------------------------------
Moody's Latin America has upgraded the national scale and global
local currency ratings of several debt securities and certificates
of securitizations issued in the Argentina.
The complete rating action, which includes upgrades of the
national scale ratings (NSR) and global local currency ratings
(GLCR), is as follows:
Issuer: Fideicomiso Financiero Finansur Autos V
VDFA, Affirmed at Aaa.ar (sf); previously on Jul 28, 2011 Assigned
Aaa.ar (sf)
VDFA, Affirmed at Ba3 (sf); previously on Jul 28, 2011 Assigned
Ba3 (sf)
VDFB, Affirmed at Aa3.ar (sf); previously on Jul 28, 2011 Assigned
Aa3.ar (sf)
VDFB, Affirmed at B1 (sf); previously on Jul 28, 2011 Assigned B1
(sf)
CP, Affirmed at Caa2.ar (sf); previously on Jul 28, 2011 Assigned
Caa2.ar (sf)
CP, Affirmed at Caa3 (sf); previously on Jul 28, 2011 Assigned
Caa3 (sf)
Issuer: Fideicomiso Financiero Pvcred III
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie I
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie II
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie IX
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at
Aaa.ar (sf); previously on Nov 15, 2011 Assigned Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at Ba3
(sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf); previously on
Nov 15, 2011 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf); previously
on Nov 15, 2011 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on Nov 15, 2011
Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously on Nov 15,
2011 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie V
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VIII
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at
Aaa.ar (sf); previously on Sep 19, 2011 Assigned Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at Ba3
(sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf); previously on
Sep 19, 2011 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf); previously
on Sep 19, 2011 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on Sep 19, 2011
Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously on Sep 19,
2011 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero PVCred Serie X
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at
Aaa.ar (sf); previously on Jan 19, 2012 Assigned Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at Ba3
(sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf); previously on
Jan 19, 2012 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf); previously
on Jan 19, 2012 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on Jan 19, 2012
Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously on Jan 19,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XI
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at
Aaa.ar (sf); previously on Mar 7, 2012 Assigned Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at Ba3
(sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at Ca (sf); previously on
Mar 7, 2012 Assigned Ca (sf)
VRDB - Class B Debt Securities, Affirmed at Ca.ar (sf); previously
on Mar 7, 2012 Assigned Ca.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on Mar 7, 2012
Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously on Mar 7,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XII
VRDA TV, Affirmed at Aaa.ar (sf); previously on May 9, 2012
Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VRDB, Affirmed at Ca (sf); previously on May 9, 2012 Assigned Ca
(sf)
VRDB, Affirmed at Ca.ar (sf); previously on May 9, 2012 Assigned
Ca.ar (sf)
CP, Affirmed at C (sf); previously on May 9, 2012 Assigned C (sf)
CP, Affirmed at C.ar (sf); previously on May 9, 2012 Assigned C.ar
(sf)
Issuer: Fideicomiso Financiero Pvcred Serie XIII
VRDA TF, Affirmed at Aaa.ar (sf); previously on Aug 8, 2012
Assigned Aaa.ar (sf)
VRDA TF, Affirmed at Ba3 (sf); previously on Aug 8, 2012 Assigned
Ba3 (sf)
VRDA TV, Affirmed at Aaa.ar (sf); previously on Aug 8, 2012
Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Aug 8, 2012 Assigned
Ba3 (sf)
VRDB, Affirmed at Ca (sf); previously on Aug 8, 2012 Assigned Ca
(sf)
VRDB, Affirmed at Ca.ar (sf); previously on Aug 8, 2012 Assigned
Ca.ar (sf)
CP, Affirmed at C (sf); previously on Aug 8, 2012 Assigned C (sf)
CP, Affirmed at C.ar (sf); previously on Aug 8, 2012 Assigned C.ar
(sf)
Issuer: Fideicomiso Financiero Pvcred Serie XIV
VRDA TF, Affirmed at Aaa.ar (sf); previously on Oct 5, 2012
Assigned Aaa.ar (sf)
VRDA TF, Affirmed at Ba3 (sf); previously on Oct 5, 2012 Assigned
Ba3 (sf)
VRDA TV, Affirmed at Aaa.ar (sf); previously on Oct 5, 2012
Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Oct 5, 2012 Assigned
Ba3 (sf)
VRDB, Affirmed at C (sf); previously on Oct 5, 2012 Assigned C
(sf)
VRDB, Affirmed at C.ar (sf); previously on Oct 5, 2012 Assigned
C.ar (sf)
CP, Affirmed at C (sf); previously on Oct 5, 2012 Assigned C (sf)
CP, Affirmed at C.ar (sf); previously on Oct 5, 2012 Assigned C.ar
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XL
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLI
VFD TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VFD TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLII
VDF TV, Affirmed at Aaa.ar (sf); previously on Nov 16, 2010
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLIII
VFD TV, Affirmed at Aaa.ar (sf); previously on Mar 1, 2011
Assigned Aaa.ar (sf)
VFD TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXIV
Certificates, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos Banex XXXIX
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf);
previously on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVI
Certificates, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVII
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf);
previously on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVIII
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf);
previously on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Leasing 7
VDF TFA, Affirmed at Aaa.ar (sf); previously on Aug 9, 2011
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFB, Affirmed at A1.ar (sf); previously on Aug 9, 2011
Assigned A1.ar (sf)
VDF TFB, Affirmed at B2 (sf); previously on Aug 9, 2011 Assigned
B2 (sf)
CP, Affirmed at Ca (sf); previously on Aug 9, 2011 Assigned Ca
(sf)
CP, Affirmed at Ca.ar (sf); previously on Aug 9, 2011 Assigned
Ca.ar (sf)
Issuer: Fideicomiso Financiero Supervielle Personales 6
VDF TFA, Affirmed at Aaa.ar (sf); previously on Jul 19, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jul 19, 2012 Assigned
Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jul 19, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jul 19, 2012 Assigned
Ba3 (sf)
VDF TFC, Affirmed at Ca (sf); previously on Aug 17, 2012 Assigned
Ca (sf)
VDF TFC, Affirmed at Ca.ar (sf); previously on Aug 17, 2012
Assigned Ca.ar (sf)
CP, Affirmed at C (sf); previously on Aug 17, 2012 Assigned C (sf)
CP, Affirmed at C.ar (sf); previously on Aug 17, 2012 Assigned
C.ar (sf)
Issuer: Fideicomiso Financiero Finansur Autos IV
VDFA, Affirmed at Aaa.ar (sf); previously on Jun 8, 2011 Assigned
Aaa.ar (sf)
VDFA, Affirmed at Ba3 (sf); previously on Jun 8, 2011 Assigned Ba3
(sf)
VDFB, Upgraded to Aaa.ar (sf); previously on Jun 8, 2011 Assigned
Aa3.ar (sf)
VDFB, Upgraded to Ba3 (sf); previously on Jun 8, 2011 Assigned B1
(sf)
CP, Affirmed at Caa2.ar (sf); previously on Jun 8, 2011 Assigned
Caa2.ar (sf)
CP, Affirmed at Caa3 (sf); previously on Jun 8, 2011 Assigned Caa3
(sf)
Issuer: Fideicomiso Financiero Pvcred Serie IV
CP, Upgraded to Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Baa1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
B3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VI
VRDB, Upgraded to Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Baa1.ar (sf)
VRDB, Upgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
Ca (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VII
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at
Aaa.ar (sf); previously on Jul 26, 2011 Assigned Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed at Ba3
(sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Upgraded to Aa1.ar (sf);
previously on Jul 26, 2011 Assigned Ca.ar (sf)
VRDB - Class B Debt Securities, Upgraded to Ba3 (sf); previously
on Jul 26, 2011 Assigned Ca (sf)
CP - Certificates, Upgraded to B2.ar (sf); previously on Jul 26,
2011 Assigned C.ar (sf)
CP - Certificates, Upgraded to Caa2 (sf); previously on Jul 26,
2011 Assigned C (sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos 55
VDF TVB, Affirmed at Aaa.ar (sf); previously on Dec 2, 2011
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVC, Upgraded to Aaa.ar (sf); previously on Dec 2, 2011
Assigned B2.ar (sf)
VDF TVC, Upgraded to Ba3 (sf); previously on Dec 2, 2011 Assigned
Caa2 (sf)
CP, Upgraded to A1.ar (sf); previously on Dec 2, 2011 Assigned
C.ar (sf)
CP, Upgraded to B2 (sf); previously on Dec 2, 2011 Assigned C (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 56
VDF TV Class B, Affirmed at Aaa.ar (sf); previously on Jan 23,
2012 Assigned Aaa.ar (sf)
VDF TV Class B, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC Class C, Upgraded to Aaa.ar (sf); previously on Jan 23,
2012 Assigned B1.ar (sf)
VDF TFC Class C, Upgraded to Ba3 (sf); previously on Jan 23, 2012
Assigned Caa2 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Jan 23, 2012 Assigned
C.ar (sf)
CP, Upgraded to B1 (sf); previously on Jan 23, 2012 Assigned C
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 57
VDF TVB, Affirmed at Aaa.ar (sf); previously on Feb 15, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Feb 15, 2012
Assigned Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Feb 15, 2012 Assigned
Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Feb 15, 2012 Assigned
Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Feb 15, 2012 Assigned Caa3
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos 58
VDF TFA, Affirmed at Aaa.ar (sf); previously on Mar 13, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Mar 13, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Mar 13, 2012
Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Mar 13, 2012 Assigned
B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Mar 13, 2012 Assigned
Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Mar 13, 2012 Assigned Caa3
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos 59
VDF TFA, Affirmed at Aaa.ar (sf); previously on Apr 11, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Apr 11, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Apr 11, 2012
Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Apr 11, 2012 Assigned
B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Apr 11, 2012 Assigned
Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Apr 11, 2012 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 60
VDF TFA, Affirmed at Aaa.ar (sf); previously on May 9, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on May 9, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on May 9, 2012
Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on May 9, 2012 Assigned
B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on May 9, 2012 Assigned
Caa1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on May 9, 2012 Assigned Caa3
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos 61
VDF TFA, Affirmed at Aaa.ar (sf); previously on Jun 4, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Assigned
Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jun 4, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Assigned
Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Jun 4, 2012
Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Jun 4, 2012 Assigned
B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 4, 2012 Assigned
Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 4, 2012 Assigned Caa3
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 62
Class A VDF TFA, Affirmed at Aaa.ar (sf); previously on Jun 19,
2012 Assigned Aaa.ar (sf)
Class A VDF TFA, Affirmed at Ba3 (sf); previously on Jun 19, 2012
Assigned Ba3 (sf)
Class B VDF TVB, Affirmed at Aaa.ar (sf); previously on Jun 19,
2012 Assigned Aaa.ar (sf)
Class B VDF TVB, Affirmed at Ba3 (sf); previously on Jun 19, 2012
Assigned Ba3 (sf)
Class C VDF TFC, Upgraded to Aaa.ar (sf); previously on Jun 19,
2012 Assigned Ba2.ar (sf)
Class C VDF TFC, Upgraded to Ba3 (sf); previously on Jun 19, 2012
Assigned Caa1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 19, 2012 Assigned
Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 19, 2012 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 63
VDF TFA, Affirmed at Aaa.ar (sf); previously on Aug 3, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Aug 3, 2012 Assigned
Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Aug 3, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Aug 3, 2012 Assigned
Ba3 (sf)
VDF TFC, Upgraded to Aa1.ar (sf); previously on Aug 3, 2012
Assigned A1.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Aug 3, 2012 Assigned
B2 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Aug 3, 2012 Assigned
A2.ar (sf)
CP, Upgraded to B1 (sf); previously on Aug 3, 2012 Assigned B2
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 64
VDF TFA, Affirmed at Aaa.ar (sf); previously on Sep 14, 2012
Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Sep 14, 2012 Assigned
Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Sep 14, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Sep 14, 2012 Assigned
Ba3 (sf)
VDF TFC, Upgraded to Aa2.ar (sf); previously on Sep 14, 2012
Assigned Aa3.ar (sf)
VDF TFC, Upgraded to B1 (sf); previously on Sep 14, 2012 Assigned
B2 (sf)
CP, Upgraded to Aa3.ar (sf); previously on Sep 14, 2012 Assigned
A1.ar (sf)
CP, Upgraded to B1 (sf); previously on Sep 14, 2012 Assigned B2
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 44
VDF TV, Affirmed at Aaa.ar (sf); previously on Mar 23, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to A2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
B3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 45
VDF TV, Affirmed at Aaa.ar (sf); previously on May 5, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18, 2011 Upgraded
to A2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011 Upgraded to
B3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 46
VDF TV, Affirmed at Aaa.ar (sf); previously on May 23, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on May 23, 2011 Assigned
Ba1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on May 23, 2011 Assigned Caa1
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 47
VDF TV, Affirmed at Aaa.ar (sf); previously on Jun 6, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct 18, 2011
Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 6, 2011 Assigned
Ba1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 6, 2011 Assigned Caa1
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos Banex 48
Floating Rate Debt Securities, Affirmed at Aaa.ar (sf); previously
on Jul 11, 2011 Assigned Aaa.ar (sf)
Floating Rate Debt Securities, Affirmed at Ba3 (sf); previously on
Jun 4, 2012 Downgraded to Ba3 (sf)
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf);
previously on Oct 18, 2011 Upgraded to Ba3 (sf)
Certificates, Upgraded to Aaa.ar (sf); previously on Jul 11, 2011
Assigned Ba1.ar (sf)
Certificates, Upgraded to Ba3 (sf); previously on Jul 7, 2011
Assigned Caa1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 49
VDF TV, Affirmed at Aaa.ar (sf); previously on Aug 15, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Aug 15, 2011
Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Aug 15, 2011 Assigned
B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Aug 15, 2011 Assigned
B1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Aug 15, 2011 Assigned Caa2
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos Banex 50
VDF TV, Affirmed at Aaa.ar (sf); previously on Sep 7, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Sep 7, 2011
Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Sep 7, 2011 Assigned
B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Sep 7, 2011 Assigned
Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Sep 7, 2011 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 51
VDF TV, Affirmed at Aaa.ar (sf); previously on Sep 22, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Sep 22, 2011
Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Sep 22, 2011 Assigned
B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Sep 22, 2011 Assigned
Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Sep 22, 2011 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Cr‚ditos Banex 52
VDF TV, Affirmed at Aaa.ar (sf); previously on Oct 27, 2011
Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Oct 27, 2011
Assigned Ba1.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Oct 27, 2011 Assigned
Caa1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 27, 2011 Assigned
Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 27, 2011 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 53
VDF TV., Affirmed at Aaa.ar (sf); previously on Oct 25, 2011
Assigned Aaa.ar (sf)
VDF TV., Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC., Upgraded to Aaa.ar (sf); previously on Oct 25, 2011
Assigned A2.ar (sf)
VDF TFC., Upgraded to Ba3 (sf); previously on Oct 25, 2011
Assigned B3 (sf)
CP., Upgraded to Aaa.ar (sf); previously on Oct 25, 2011 Assigned
Ca.ar (sf)
CP., Upgraded to Ba3 (sf); previously on Oct 25, 2011 Assigned Ca
(sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 54
VDF TVB, Affirmed at Aaa.ar (sf); previously on Nov 18, 2011
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVC, Upgraded to Aaa.ar (sf); previously on Nov 18, 2011
Assigned A2.ar (sf)
VDF TVC, Upgraded to Ba3 (sf); previously on Nov 18, 2011 Assigned
B3 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Nov 18, 2011 Assigned
C.ar (sf)
CP, Upgraded to B1 (sf); previously on Nov 18, 2011 Assigned C
(sf)
Issuer: Fideicomiso Financiero Supervielle Personales 5
CP, Upgraded to Aa2.ar (sf); previously on Jan 17, 2012 Assigned
Caa2.ar (sf)
CP, Upgraded to B1 (sf); previously on Jan 17, 2012 Assigned Caa3
(sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jan 17, 2012
Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jan 17, 2012 Assigned
Ba3 (sf)
RATINGS RATIONALE
The upgrade reflects the sound performance of the securitized
pools and the increased credit enhancement levels due to a the
turbo sequential structure that captures the totality of the
available excess spread in the transactions to repay the rated
debt.
In addition, for consumer loan transactions Moody's has changed
the distribution of defaults and prepayments used when modeling
the transactions (from a triangular to a lognormal distribution).
This aligns Moody's methodology approach for Latin America
consumer loans with Moody's approach used to rate consumer loan
transactions rated in EMEA. For more details, please refer to the
updated Methodology Report: Moody's Approach to Rating Consumer
Loan ABS Transactions published October 12, 2012.
In order to establish the updated rating levels, Moody's ran cash
flow models using lognormal distributions for defaults and
prepayments. Moody's used the current pool balance and the current
balance of the debt securities and certificates. Moody's analysis
did not consider any loans that were more than 30 days past due.
The rating of the Certificates address only the repayment of
principal before legal final.
A list of updated model assumptions and sensitivity analysis may
be found at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF302907
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
".mx" for Mexico.
METROGAS SA: Moody's Assigns 'Caa3' CFR; Outlook Negative
---------------------------------------------------------
Moody's Latin America has assigned Caa3 global scale corporate
family rating and Caa3.ar national scale rating to Metrogas S.A.
At the same time, Moody's assigned Caa3/Caa3.ar ratings to
Metrogas' up to USD600 million MTM Program. The outlook for all
the ratings is negative.
Ratings Rationale
Metrogas' Caa3/Caa3.ar ratings primarily reflect Metrogas' tight
liquidity and expected weak financial performance, as well as its
regulatory risk profile.
The Caa3/Caa3.ar ratings consider that Metrogas' liquidity
continues to be extremely weak relative to its debt burden. In
addition, Metrogas' current tariffs and internal cash generation
are insufficient to carry its day to day operations.
In spite of the 2008's announcement of a provisional tariff
increase made by the regulatory authorities, Metrogas' tariffs
have remained frozen for more than 10 years while inflation
continues to steadily erode its margins and cash generation. In
addition, the peso devaluation has exacerbated its liquidity
challenges by increasing the amount of interest payments and
principal payments associated with Metrogas' dollar denominated
debt.
The company has been in a difficult financial position for more
than 2 years, since June 2010 when it announced the suspension of
payments under its then outstanding debt and solicited
reorganization protection ("concurso preventivo"). Since that
time, the company has continued to operate but without making any
payments to its creditors. During this period the company has been
in negotiations with creditors to achieve an acceptable
restructuring agreement.
As a result of those negotiations, Metrogas offered to creditors a
proposal to deliver New Notes in exchange of their outstanding
claims. The proposal, which was accepted by the majority of
creditors, consists of the issuance of 2 new classes of notes: a
Class A for the equivalent of 53,2% of existing notes and a Class
B, contingent notes, equivalent to 46.8% of existing notes. The
new Class B Notes will become due and payable only if New Class A
Notes are accelerated as a result of the occurrence of an event of
default on or before June 2014. If a default event does not occur
prior to June 2014, the New Class B Notes will be automatically
cancelled.
The negative outlook reflects Metrogas' weak liquidity profile and
Moody's expectations for continued poor internal cash generation.
A rating downgrade could materialize if, in the absence of a
license renegotiation with the government that leads to some level
of tariff relief, the company is unable to execute a strategy to
improve its cash generation in relation to the expected debt
burden arising from its restructuring agreement.
Although unlikely in the short term, a rating upgrade would
require real progress in license renegotiation with the government
and a tariff framework that would allow Metrogas to materially
improve its cash flow coverage metrics. Quantitatively, an up-
grade would require consistently positive levels of free cash flow
in relation to debt and adjusted total debt to EBITDA of below 4.0
times on a sustainable basis.
Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients with annual revenues of ARS 960
million. Metrogas is controlled by GASA, a holding company that is
controlled by BG Group plc (54.7%); and YPF (45.3%; Caa1, Stable).
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
".mx" for Mexico.
=============
B E R M U D A
=============
BRITISH AMERICAN: Liquidators Cut Building Asking Price
-------------------------------------------------------
The Royal Gazette reports that the asking price for the British
American Building on Front Street has been cut to $1.95 million.
Earlier this year, the distinctive blue building was listed with
agents Coldwell Banker for $2.7 million, down from $3.6 million
early last year, according to The Royal Gazette.
The report relates that the building was home to the British
American Insurance Company (BAICO), which was wound up after its
2009 collapse. The report notes that the drop in asking price
means the final distribution to be divided among creditors or
policyholders still awaiting a final cheque will be less than
hoped.
"Creditors should be aware that it remains the objective of the
Official Receiver to execute a sale as soon as possible, and that
notwithstanding the significant reduction in price aimed at
attracting a buyer, no one has yet been identified with the
ability to finance the building's purchase . . . . As such, in
order to assist those purchasers who are finding it difficult to
obtain financing in the prevailing economic environment, the
Official Receiver has further reduced the asking price to $1.95
million," KPMG Advisory Ltd, agents to the Official Receiver, said
in a statement obtained by the news agency.
BAICO owns 40% of the building with the other 60% belonging to the
BAICO Bermuda pension scheme. There are approximately 3,800 BAICO
policyholders and 6,000 policies.
About BAICO
British American Insurance Company is a Bahamian company, which
is owned by Trinidad-based parent CL Financial.
Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray
Robinson in Miami, Fla. At the time of the filing, the
liquidator estimated British American Isle of Venice (BVI), Ltd's
asset at less than US$10 million and its debts at more than
US$100 million. Two affiliates -- British American Insurance
Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British
American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-
35888) -- are also subject to the jurisdiction of the U.S.
Bankruptcy Court.
I.C.I. INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------------
The creditors of I.C.I. International Finance Limited are required
to file their proofs of debt by Oct. 19, 2012, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
I.C.I. INTERNATIONAL: Members' Final Meeting Set for Nov. 8
-----------------------------------------------------------
The members of I.C.I. International Finance Limited will hold
their final general meeting on Nov. 8, 2012, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 1, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
MIDEAST SHIP: Creditors' Proofs of Debt Due Oct. 24
---------------------------------------------------
The creditors of Mideast Ship Management Limited are required to
file their proofs of debt by Oct. 24, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road
Hamilton, Bermuda
MIDEAST SHIP: Members' Final Meeting Set for Nov. 16
----------------------------------------------------
The members of Mideast Ship Management Limited will hold their
final general meeting on Nov. 16, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road
Hamilton, Bermuda
NEW PROVIDENCE: Creditors' Proofs of Debt Due Oct. 19
-----------------------------------------------------
The creditors of New Providence Insurance Company Ltd. are
required to file their proofs of debt by Oct. 19, 2012, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
NEW PROVIDENCE: Member to Receive Wind-Up Report on Nov. 9
----------------------------------------------------------
The member of New Providence Insurance Company Ltd. will receive
on Nov. 9, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
==========================
C A Y M A N I S L A N D S
==========================
ACAL LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Aug. 31, 2012, the members of
ACAL Limited resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Angus Patrick Murray
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
BALLANCE FINANCIAL: Creditors' Proofs of Debt Due Oct. 23
---------------------------------------------------------
The creditors of Ballance Financial Services Limited are required
to file their proofs of debt by Oct. 23, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 4, 2012.
The company's liquidator is:
Reverio Capital Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
CHARTREUSE (CAYMAN): Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
The creditors of Chartreuse (Cayman) Limited are required to file
their proofs of debt by Oct. 19, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 5, 2012.
The company's liquidator is:
K.D. Blake
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Kassi Desrochers
Telephone: +1 345-914-4473/ +1 345-949-4800
Facsimile: +1 345-949-7164
CT LL EOP: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------
The creditors of CT LL EOP Sub, Ltd. are required to file their
proofs of debt by Oct. 24, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Aug. 28, 2012.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
FIRST ENGINEERING BIDCO: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------------------
The creditors of First Engineering Bidco Limited are required to
file their proofs of debt by Oct. 19, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 30, 2012.
The company's liquidators are:
Cosimo Borrelli
Jason Kardachi
One Raffles Place
Tower 2, #10-62
Singapore 048616
c/o Florence Ngu
Telephone: (65) 6603 0796
FIRST ENGINEERING CAYCO: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------------------
The creditors of First Engineering Cayco Limited are required to
file their proofs of debt by Oct. 19, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 30, 2012.
The company's liquidators are:
Cosimo Borrelli
Jason Kardachi
One Raffles Place
Tower 2, #10-62
Singapore 048616
c/o Florence Ngu
Telephone: (65) 6603 0796
MARATHON GLOBAL: Creditors' Proofs of Debt Due Nov. 1
-----------------------------------------------------
The creditors of Marathon Global Equity Fund, Ltd. are required to
file their proofs of debt by Nov. 1, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Aug. 30, 2012.
The company's liquidator is:
Delta FS Limited
c/o J. Aljadir
Telephone: 345 743 6626
Harbour Place, 103 South Church Street
P.O. Box 11820, George Town
Grand Cayman KY1-1009
Cayman Islands
MARATHON GLOBAL MASTER: Creditors' Proofs of Debt Due Nov. 1
------------------------------------------------------------
The creditors of Marathon Global Equity Master Fund, Ltd. are
required to file their proofs of debt by Nov. 1, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Aug. 30, 2012.
The company's liquidator is:
Delta FS Limited
c/o J. Aljadir
Telephone: 345 743 6626
Harbour Place, 103 South Church Street
P.O. Box 11820, George Town
Grand Cayman KY1-1009
Cayman Islands
NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Aug. 30, 2012, the members of Neuberger Berman Large Cap
International Equities, Ltd. passed a resolution that voluntarily
winds up the company's operations.
Only creditors who were able to file their proofs of debt by
Oct. 15, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
PFI LIMITED: Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of PFI Limited are required to file their proofs of
debt by Oct. 23, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Sept. 4, 2012.
The company's liquidator is:
Reverio Capital Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REPUBLIC: Either Tax Reform or Government Shuts Down
----------------------------------------------------------------
The Dominican Today reports that Dominican Republic President
Danilo Medina warned that if a tax reform which will provide
additional revenue equal to two percentage points of the GDP isn't
approved, the government "will simply close down."
President Medina also said the country needs to take a hard look
at the electricity sector and blamed international organizations
of focusing only on solving its technical and non-technical energy
losses, according to The Dominican Today.
The report relates that President Medina said that just the areas
of education, the debt, quasi-fiscal deficit commitments, wages,
energy and allocations to other branches of government will
invariably require RD$373.0 billion, while revenue is only
RD$334.0 billion.
President Medina said he'll focus on reviewing the electricity
sector's business structure, noting that it's one of the main
reasons for the energy crisis, the report notes.
===========
M E X I C O
===========
ING BANK MEXICO: S&P Withdraws 'BB-/B' Issuer Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-/B' global
scale and 'mxA-/mxA-2' national-scale issuer credit ratings on ING
Bank Mexico S.A. at its request. The outlook was stable at the
time of the withdrawal. "We also withdrew the 'mxBBB' rating on
the bank's UDIS125.2 million (MXN400 million) nonpreferred,
noncumulative, subordinated nonstop-up notes due December 2012,"
S&P said.
=================
N I C A R A G U A
=================
* NICARAGUA: IDB Approves Second Loan for $45 Million
-----------------------------------------------------
The Inter-American Development Bank (IDB) approved a second loan
for $45 million to Nicaragua to improve spending priorities and
efficiency on health and social protection for the country's most
vulnerable groups. The reforms carried out by the program will
meet the needs of pregnant women and children in the poorest fifth
of the nation's population.
Over the medium term, improved targeting of resources will result
in the provision of comprehensive health services and psychosocial
support to some 38,000 families and more than 47,000 children
under three years in the poorest communities in 37 municipalities.
These actions are expected to reduce the well-being gap in these
communities by 15 percent.
This loan is the second in a two-part policy-based series of
operations. As a result of the first operation, which was approved
last year for the same amount, the Nicaraguan government adopted a
National Policy on Comprehensive Early Childhood. The policy
focuses on the comprehensive care of children, including
emotional, socio-emotional, physical, and cognitive development in
the first stage of life.
In addition, the Bank financing will help to implement the Master
Register of Protagonists in more than 25 poor municipalities. The
registry will consolidate information on pregnant women and
children under six years to ensure that they receive the care they
need.
"The earlier comprehensive care is provided to pregnant women and
infants, the better will be the results from the standpoint of
equity and development of their capabilities," said Emmanuelle
S nchez Monin, IDB project team leader. "At the same time, this
is the best way to break the intergenerational cycle of poverty at
least cost to the government."
The program will promote reforms that gradually make adjustments
in the allocation and distribution of spending on public health
and social protection. One goal is to establish a methodology for
monitoring social performance to improve budget implementation by
the Ministry of Health (MINSA ) and the Ministry of Family,
Adolescent, and Child Services (MIFAN).
This loan will be carried out by the Ministry of Finance with the
support of other institutions, mainly MINSA and MIFAN. The IDB
financing consists of $22.5 million from the Fund for Special
Operations, for a term and grace period of 40 years and an
interest rate of 0.25 percent; and a $22.5 million loan from the
ordinary capital for a 30-year term, a five-year grace period, and
a SCF-Fixed rate of interest.
=====================
P U E R T O R I C O
=====================
ADVANCED COMPUTER: Has Access to Cash Collateral Until Dec. 31
--------------------------------------------------------------
Advanced Computer Technology, Inc., and Banco Bilbao Vizcaya
Argentaria Puerto Rico ask the U.S. Bankruptcy Court for the
District of Puerto to approve a stipulation granting the Debtor
limited use of BBVA's cash collateral through the confirmation of
Debtor's Plan or Dec. 31, 2012, whichever is earlier.
The Debtor agrees that BBVA holds a valid and continuous pre- and
post- petition lien on the Debtor's accounts receivable and
certain office equipment.
The Debtor will be authorized to use BBVA's cash collateral solely
to satisfy permitted expenditures set forth and described in the
budget.
As initial adequate protection, the Debtor proposes to grant BBVA
a replacement lien and a postpetition security interest on all of
the assets and collateral acquired by the Debtor after the
Petition Date up to the amount of BBVA's cash collateral used by
Debtor after the Petition Date, to the same extent and priority,
and on the same type of property, as BBVA's liens and security
interests in the pre-petition collateral. The Debtor will also
pay BBVA, as the monthly payment due to BBVA under the loan
documents, the sum of $2,000 per month.
The Debtor and BBVA agree for the Court to order the turnover of
the funds deposited in favor of Debtor in Civil Case Number
KCD2004-0604 ($262,308) and in Civil Case Number KAC2009-1257
($692,340) in order for those funds to be deposited with the Clerk
of the Bankruptcy Court and for the Court to determine the extent
and priority of any liens thereon.
About Advanced Computer
San Juan, Puerto Rico-based Advanced Computer Technology, Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in
Old San Juan on June 6, 2012. The Debtor, an information system
consulting firm, disclosed $10.34 million in assets and $6.176
million in liabilities in its schedules. It said software and
licenses rights are worth $6.30 million. The value of its 100%
ownership of Sprinter Solutions, Inc., is unknown.
Debtor's only shareholder is Investigacion Y Programas, S.A.
("IPSA"). Debtor's president is Jaime Romano and its secretary
and chief executive officer is Osvaldo Karuzic, none of whom hold
any shares in Debtor.
Bankruptcy Judge Brian K. Tester presides over the case. Charles
Alfred Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices, in
San Juan, P.R., serves as Debtor's counsel.
William Santiago-Satre, Esq., at De Diego Law Offices, in
Carolina, P.R., represents Banco Bilbao Vizcaya Argentaria Puerto
Rico as counsel.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
-----------
SOC COMERCIAL PL SCDPF US 222756992 -310302930
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 410955501 -20459083
SOC COMERCIAL PL CAD IX 222756992 -310302930
SOC COMERCIAL PL CVVIF US 222756992 -310302930
SOC COMERCIAL PL CADN EO 222756992 -310302930
SOC COMERCIAL PL CADN EU 222756992 -310302930
COMERCIAL PL-ADR SCPDS LI 222756992 -310302930
ENDESA COSTAN-A CECO1 AR 410955501 -20459083
ENDESA COSTAN- CECO2 AR 410955501 -20459083
CENTRAL COST-BLK CECOB AR 410955501 -20459083
ENDESA COSTAN- CECOD AR 410955501 -20459083
ENDESA COSTAN- CECOC AR 410955501 -20459083
ENDESA COSTAN- EDCFF US 410955501 -20459083
CENTRAL COSTAN-C CECO3 AR 410955501 -20459083
CENTRAL COST-ADR CCSA LI 410955501 -20459083
ENDESA COST-ADR CRCNY US 410955501 -20459083
CENTRAL COSTAN-B CNRBF US 410955501 -20459083
SOC COMERCIAL PL COME AR 222756992 -310302930
SOC COMERCIAL PL CADN SW 222756992 -310302930
COMERCIAL PLA-BL COMEB AR 222756992 -310302930
SOC COMERCIAL PL COMEC AR 222756992 -310302930
SOC COMERCIAL PL COMED AR 222756992 -310302930
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
BRAZIL
------
TELECOMUNICA-ADR 81370Z BZ 470957698 -17289190.9
FABRICA TECID-RT FTRX1 BZ 71426302.5 -70883547.3
LARK SA MAQU-RTS LARK1 BZ 4842545.5 -13952540.7
LARK SA MAQU-RTS LARK2 BZ 4842545.5 -13952540.7
TEKA-ADR TEKAY US 341291511 -388484677
BOMBRIL BMBBF US 351909380 -20217403.6
TELEBRAS-PF RCPT CBRZF US 470957698 -17289190.9
TEKA TKTQF US 341291511 -388484677
TEKA-PREF TKTPF US 341291511 -388484677
BATTISTELLA-RIGH BTTL1 BZ 251786497 -39723897.3
BATTISTELLA-RI P BTTL2 BZ 251786497 -39723897.3
BATTISTELLA-RECE BTTL9 BZ 251786497 -39723897.3
BATTISTELLA-RECP BTTL10 BZ 251786497 -39723897.3
AGRENCO LTD-BDR AGEN11 BZ 640440282 -323456366
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 287903103 -170622863
PET MANG-RIGHTS 3678569Q BZ 287903103 -170622863
PET MANG-RECEIPT 0229292Q BZ 287903103 -170622863
PET MANG-RECEIPT 0229296Q BZ 287903103 -170622863
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL FPXE4 BZ 19416015.8 -489914902
SANESALTO SNST3 BZ 31802628.1 -2924062.87
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 351909380 -20217403.6
BOMBRIL-RIGHTS BOBR1 BZ 351909380 -20217403.6
TELEBRAS/W-I-ADR TBH-W US 470957698 -17289190.9
AGRENCO LTD AGRE LX 640440282 -323456366
CELGPAR GPAR3 BZ 2639764737 -675967203
RECRUSUL - RT 4529781Q BZ 42222280.6 -19730363.1
RECRUSUL - RT 4529785Q BZ 42222280.6 -19730363.1
RECRUSUL - RCT 4529789Q BZ 42222280.6 -19730363.1
RECRUSUL - RCT 4529793Q BZ 42222280.6 -19730363.1
RECRUSUL-BON RT RCSL11 BZ 42222280.6 -19730363.1
RECRUSUL-BON RT RCSL12 BZ 42222280.6 -19730363.1
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 118475706 -73851057.6
TEXTEIS RENAU-RT TXRX2 BZ 118475706 -73851057.6
TEXTEIS RENA-RCT TXRX9 BZ 118475706 -73851057.6
TEXTEIS RENA-RCT TXRX10 BZ 118475706 -73851057.6
TELEBRAS SA-RT 0250949D BZ 470957698 -17289190.9
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CONST BETER SA COBE3 BZ 31374373.7 -1555470.16
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
ALL ORE MINERACA AORE3 BZ 23865481.1 -5135565.77
B&D FOOD CORP BDFC US 14423532 -3506007
PET MANG-RT 4115360Q BZ 287903103 -170622863
PET MANG-RT 4115364Q BZ 287903103 -170622863
STEEL - RT STLB1 BZ 23865481.1 -5135565.77
STEEL - RCT ORD STLB9 BZ 23865481.1 -5135565.77
MINUPAR-RT 9314542Q BZ 165999220 -3127207.83
MINUPAR-RCT 9314634Q BZ 165999220 -3127207.83
CONST LINDEN RT CALI1 BZ 12670514.8 -3490373.87
CONST LINDEN RT CALI2 BZ 12670514.8 -3490373.87
PET MANG-RT 0229249Q BZ 287903103 -170622863
PET MANG-RT 0229268Q BZ 287903103 -170622863
RECRUSUL - RT 0163579D BZ 42222280.6 -19730363.1
RECRUSUL - RT 0163580D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0163582D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0163583D BZ 42222280.6 -19730363.1
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 23865481.1 -5135565.77
MINUPAR-RT 0599562D BZ 165999220 -3127207.83
MINUPAR-RCT 0599564D BZ 165999220 -3127207.83
CONST LINDEN RCT CALI9 BZ 12670514.8 -3490373.87
CONST LINDEN RCT CALI10 BZ 12670514.8 -3490373.87
CONST BETER-PFA COBE5B BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.7 -1555470.16
PET MANG-RT RPMG2 BZ 287903103 -170622863
PET MANG-RT RPMG1 BZ 287903103 -170622863
PET MANG-RECEIPT RPMG9 BZ 287903103 -170622863
PET MANG-RECEIPT RPMG10 BZ 287903103 -170622863
RECRUSUL - RT RCSL1 BZ 42222280.6 -19730363.1
RECRUSUL - RT RCSL2 BZ 42222280.6 -19730363.1
RECRUSUL - RCT RCSL9 BZ 42222280.6 -19730363.1
RECRUSUL - RCT RCSL10 BZ 42222280.6 -19730363.1
TEKA-RTS TEKA1 BZ 341291511 -388484677
TEKA-RTS TEKA2 BZ 341291511 -388484677
TEKA-RCT TEKA9 BZ 341291511 -388484677
TEKA-RCT TEKA10 BZ 341291511 -388484677
TELEBRAS-COM RTS TELB1 BZ 470957698 -17289190.9
TELEBRAS SA-RCT TELB9 BZ 470957698 -17289190.9
MINUPAR-RTS MNPR1 BZ 165999220 -3127207.83
MINUPAR-RCT MNPR9 BZ 165999220 -3127207.83
TELEBRAS SA TELB3 BZ 470957698 -17289190.9
TELEBRAS SA TLBRON BZ 470957698 -17289190.9
TELEBRAS SA TBASF US 470957698 -17289190.9
TELEBRAS SA-PREF TELB4 BZ 470957698 -17289190.9
TELEBRAS SA-PREF TLBRPN BZ 470957698 -17289190.9
TELEBRAS-ADR TBAPY US 470957698 -17289190.9
TELEBRAS-ADR TBRAY GR 470957698 -17289190.9
TELEBRAS-CEDE PF RCTB4 AR 470957698 -17289190.9
TELEBRAS-CEDE PF RCT4C AR 470957698 -17289190.9
TELEBRAS-CEDE PF RCT4D AR 470957698 -17289190.9
TELEBRAS-CEDE BL RCT4B AR 470957698 -17289190.9
TELEBRAS-ADR TBH US 470957698 -17289190.9
TELEBRAS-ADR TBX GR 470957698 -17289190.9
TELEBRAS-ADR RTB US 470957698 -17289190.9
TELEBRAS-ADR TBASY US 470957698 -17289190.9
TELEBRAS-RCT PRF TELB10 BZ 470957698 -17289190.9
TELEBRAS-RTS CMN RCTB1 BZ 470957698 -17289190.9
TELEBRAS-RTS PRF RCTB2 BZ 470957698 -17289190.9
TELEBRAS-RTS CMN TCLP1 BZ 470957698 -17289190.9
TELEBRAS-RTS PRF TLCP2 BZ 470957698 -17289190.9
TELEBRAS-COM RT 0250948D BZ 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB31 BZ 470957698 -17289190.9
TELEBRAS-CM RCPT TELE31 BZ 470957698 -17289190.9
TELEBRAS-RCT RCTB33 BZ 470957698 -17289190.9
TELEBRAS-CM RCPT TBRTF US 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB32 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB41 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TELE41 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB42 BZ 470957698 -17289190.9
TELEBRAS-CEDE PF TELB4 AR 470957698 -17289190.9
TELEBRAS-CED C/E TEL4C AR 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB30 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB40 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TBAPF US 470957698 -17289190.9
TELEBRAS-RECEIPT TLBRUO BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TLBRUP BZ 470957698 -17289190.9
TELEBRAS-BLOCK TELB30 BZ 470957698 -17289190.9
TELEBRAS-PF BLCK TELB40 BZ 470957698 -17289190.9
TELEBRAS-CEDEA $ TEL4D AR 470957698 -17289190.9
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-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 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 LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
BOMBRIL BOBR3 BZ 351909380 -20217403.6
BOMBRIL CIRIO SA BOBRON BZ 351909380 -20217403.6
BOMBRIL-PREF BOBR4 BZ 351909380 -20217403.6
BOMBRIL CIRIO-PF BOBRPN BZ 351909380 -20217403.6
BOMBRIL SA-ADR BMBPY US 351909380 -20217403.6
BOMBRIL SA-ADR BMBBY US 351909380 -20217403.6
BUETTNER BUET3 BZ 106502172 -24836079.6
BUETTNER SA BUETON BZ 106502172 -24836079.6
BUETTNER-PREF BUET4 BZ 106502172 -24836079.6
BUETTNER SA-PRF BUETPN BZ 106502172 -24836079.6
BUETTNER SA-RTS BUET1 BZ 106502172 -24836079.6
BUETTNER SA-RT P BUET2 BZ 106502172 -24836079.6
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
CHIARELLI SA CCHI3 BZ 11281940.7 -81454622.1
CHIARELLI SA CCHON BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHI4 BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHPN BZ 11281940.7 -81454622.1
IGUACU CAFE IGUA3 BZ 290414421 -57976224.4
IGUACU CAFE IGCSON BZ 290414421 -57976224.4
IGUACU CAFE IGUCF US 290414421 -57976224.4
IGUACU CAFE-PR A IGUA5 BZ 290414421 -57976224.4
IGUACU CAFE-PR A IGCSAN BZ 290414421 -57976224.4
IGUACU CAFE-PR A IGUAF US 290414421 -57976224.4
IGUACU CAFE-PR B IGUA6 BZ 290414421 -57976224.4
IGUACU CAFE-PR B IGCSBN BZ 290414421 -57976224.4
COBRASMA CBMA3 BZ 85057466.1 -2098881762
COBRASMA SA COBRON BZ 85057466.1 -2098881762
COBRASMA-PREF CBMA4 BZ 85057466.1 -2098881762
COBRASMA SA-PREF COBRPN BZ 85057466.1 -2098881762
CONST A LINDEN CALI3 BZ 12670514.8 -3490373.87
CONST A LINDEN LINDON BZ 12670514.8 -3490373.87
CONST A LIND-PRF CALI4 BZ 12670514.8 -3490373.87
CONST A LIND-PRF LINDPN BZ 12670514.8 -3490373.87
CONST BETER SA 1007Q BZ 31374373.7 -1555470.16
CONST BETER SA COBEON BZ 31374373.7 -1555470.16
CONST BETER SA COBE3B BZ 31374373.7 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.7 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.7 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.7 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.7 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6 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 SA 1COBON BZ 31374373.7 -1555470.16
D H B DHBI3 BZ 138254322 -115344519
DHB IND E COM DHBON BZ 138254322 -115344519
D H B-PREF DHBI4 BZ 138254322 -115344519
DHB IND E COM-PR DHBPN BZ 138254322 -115344519
DOCA INVESTIMENT DOCA3 BZ 272567787 -202595760
DOCAS SA DOCAON BZ 272567787 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567787 -202595760
DOCAS SA-PREF DOCAPN BZ 272567787 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567787 -202595760
FABRICA RENAUX FTRX3 BZ 71426302.5 -70883547.3
FABRICA RENAUX FRNXON BZ 71426302.5 -70883547.3
FABRICA RENAUX-P FTRX4 BZ 71426302.5 -70883547.3
FABRICA RENAUX-P FRNXPN BZ 71426302.5 -70883547.3
HAGA HAGA3 BZ 19331081.5 -49945686
FERRAGENS HAGA HAGAON BZ 19331081.5 -49945686
FER HAGA-PREF HAGA4 BZ 19331081.5 -49945686
FERRAGENS HAGA-P HAGAPN BZ 19331081.5 -49945686
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
IGB ELETRONICA IGBR3 BZ 412300919 -112050649
GRADIENTE ELETR IGBON BZ 412300919 -112050649
GRADIENTE-PREF A IGBR5 BZ 412300919 -112050649
GRADIENTE EL-PRA IGBAN BZ 412300919 -112050649
GRADIENTE-PREF B IGBR6 BZ 412300919 -112050649
GRADIENTE EL-PRB IGBBN BZ 412300919 -112050649
GRADIENTE-PREF C IGBR7 BZ 412300919 -112050649
GRADIENTE EL-PRC IGBCN BZ 412300919 -112050649
HOTEIS OTHON SA HOOT3 BZ 260899978 -73596837.4
HOTEIS OTHON SA HOTHON BZ 260899978 -73596837.4
HOTEIS OTHON-PRF HOOT4 BZ 260899978 -73596837.4
HOTEIS OTHON-PRF HOTHPN BZ 260899978 -73596837.4
RENAUXVIEW SA TXRX3 BZ 118475706 -73851057.6
TEXTEIS RENAUX RENXON BZ 118475706 -73851057.6
RENAUXVIEW SA-PF TXRX4 BZ 118475706 -73851057.6
TEXTEIS RENAUX RENXPN BZ 118475706 -73851057.6
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT-PREF LCSA4 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
LARK MAQS LARK3 BZ 4842545.5 -13952540.7
LARK MAQUINAS LARON BZ 4842545.5 -13952540.7
LARK MAQS-PREF LARK4 BZ 4842545.5 -13952540.7
LARK MAQUINAS-PR LARPN BZ 4842545.5 -13952540.7
ESTRELA SA ESTR3 BZ 74664947.5 -103550581
ESTRELA SA ESTRON BZ 74664947.5 -103550581
ESTRELA SA-PREF ESTR4 BZ 74664947.5 -103550581
ESTRELA SA-PREF ESTRPN BZ 74664947.5 -103550581
WETZEL SA MWET3 BZ 93378445.8 -6763345.61
WETZEL SA MWELON BZ 93378445.8 -6763345.61
WETZEL SA-PREF MWET4 BZ 93378445.8 -6763345.61
WETZEL SA-PREF MWELPN BZ 93378445.8 -6763345.61
MINUPAR MNPR3 BZ 165999220 -3127207.83
MINUPAR SA MNPRON BZ 165999220 -3127207.83
MINUPAR-PREF MNPR4 BZ 165999220 -3127207.83
MINUPAR SA-PREF MNPRPN BZ 165999220 -3127207.83
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 NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 42222280.6 -19730363.1
RECRUSUL SA RESLON BZ 42222280.6 -19730363.1
RECRUSUL-PREF RCSL4 BZ 42222280.6 -19730363.1
RECRUSUL SA-PREF RESLPN BZ 42222280.6 -19730363.1
PETRO MANGUINHOS RPMG3 BZ 287903103 -170622863
PETRO MANGUINHOS MANGON BZ 287903103 -170622863
PET MANGUINH-PRF RPMG4 BZ 287903103 -170622863
PETRO MANGUIN-PF MANGPN BZ 287903103 -170622863
RIMET REEM3 BZ 103098361 -185417655
RIMET REEMON BZ 103098361 -185417655
RIMET-PREF REEM4 BZ 103098361 -185417655
RIMET-PREF REEMPN BZ 103098361 -185417655
SANSUY SNSY3 BZ 183826187 -133218258
SANSUY SA SNSYON BZ 183826187 -133218258
SANSUY-PREF A SNSY5 BZ 183826187 -133218258
SANSUY SA-PREF A SNSYAN BZ 183826187 -133218258
SANSUY-PREF B SNSY6 BZ 183826187 -133218258
SANSUY SA-PREF B SNSYBN BZ 183826187 -133218258
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
TEKA TEKA3 BZ 341291511 -388484677
TEKA TEKAON BZ 341291511 -388484677
TEKA-PREF TEKA4 BZ 341291511 -388484677
TEKA-PREF TEKAPN BZ 341291511 -388484677
TEKA-ADR TKTPY US 341291511 -388484677
TEKA-ADR TKTQY US 341291511 -388484677
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
BATTISTELLA BTTL3 BZ 251786497 -39723897.3
BATTISTELLA-PREF BTTL4 BZ 251786497 -39723897.3
SAUIPE SA PSEGON BZ 15164420.8 -2756081.99
SAUIPE PSEG3 BZ 15164420.8 -2756081.99
SAUIPE SA-PREF PSEGPN BZ 15164420.8 -2756081.99
SAUIPE-PREF PSEG4 BZ 15164420.8 -2756081.99
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
COLOMBIA
---------
LA POLAR SA LAPOLAR CI 605994833 -543186477
PUYEHUE RIGHT PUYEHUOS CI 24251713.9 -3390038.99
LA POLAR-RT LAPOLARO CI 605994833 -543186477
LA POLAR-RT LAPOLAOS CI 605994833 -543186477
PUYEHUE PUYEH CI 24251713.9 -3390038.99
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *