/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121106.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, November 6, 2012, Vol. 13, No. 221 Headlines A N T I G U A & B A R B U D A LIAT: Officials Make Pitch to St. Lucia A R G E N T I N A CCF CREDITOS 2: Moody's Rates ARS7.6MM Certificates 'B3' ELECTROPAZ SA: Moody's Assigns 'Ba3' CFR; Outlook Stable PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6 B E R M U D A CREDIT RENAISSANCE: Creditors' Proofs of Debt Due Nov. 7 CREDIT RENAISSANCE MASTER: Creditors' Proofs of Debt Due Nov. 7 LLFC CONSTRUCTION: Creditors' Proofs of Debt Due Nov. 7 LLFC FUNDING: Creditors' Proofs of Debt Due Nov. 7 B R A Z I L RODOPA INDUSTRIA: Fitch Rates $100-Mil. Unsecured Notes 'B-' C A Y M A N I S L A N D S ABSOLUTE ALPHA: Creditors' Proofs of Debt Due Nov. 12 KENDAH GLOBAL: Placed Under Voluntary Wind-Up MARIAH RE: Commences Liquidation Proceedings NEMESIS COMMODITY: Creditors' Proofs of Debt Due Nov. 7 RIVERSIDE WISDOM: Creditors' Proofs of Debt Due Nov. 8 RIVERSIDE WISDOM WORLD: Creditors' Proofs of Debt Due Nov. 8 TAYLOR WOODS: Placed Under Voluntary Wind-Up TAYLOR WOODS MASTER: Placed Under Voluntary Wind-Up TMA ASIAN: Creditors' Proofs of Debt Due Nov. 19 C O S T A R I C A * COSTA RICA: Reventazon Plant to Get $200MM IDB Financing E C U A D O R BANCO DELA PRODUCCION: Fitch Affirms 'B-' IDR; Outlook Stable BANCO PICHINCHA: Fitch Affirms 'B-' LT Issuer Default Rating M E X I C O ALESTRA S: Fitch Affirms 'BB-' Issuer Default Rating P U E R T O R I C O CIF BARCELONETA: Case Summary & 20 Largest Unsecured Creditors COUSINS INT'L: Case Summary & 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O CL FIN'L: Barbados CLICO Life to be Restructured X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ============================= A N T I G U A & B A R B U D A ============================= LIAT: Officials Make Pitch to St. Lucia --------------------------------------- Antigua Observer reports that a delegation from Leeward Islands Air Transport, known as LIAT, has held talks with the St. Lucia government urging Castries to invest in the cash-strapped Antigua- based airline. The LIAT delegation, headed by its chairman, Jean Holder and including newly appointed chief executive officer, Ian Brunton, discussed with Prime Minister Dr Kenny Anthony various matters including a proposal to reduce the number of flights to more than eight locations, a move observers say is likely to affect the hospitality industry across the region, according to Antigua Observer. The report relates that Mr. Holder, while not indicating whether he obtained any renewed commitments from St. Lucia regarding investment in the airline, said the company was not doing well financially and is now implementing a business plan so as to repositioning the airline to become a viable entity. Mr. Holder, the report notes, said the plan also includes improving its customer service, since over the last four years, the airline has recorded a slump in the demand for regional travel. The report says that St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves, who chairs LIAT's trio of government shareholders, has been urging St Lucia to invest in the airline LIAT even as he noted that his St. Lucian counterpart has some concerns about "LIAT's management and the like". The airline, which is owned by the governments of Antigua and Barbuda, St Vincent and the Grenadines and Barbados, is set to be joined by Dominica as a fourth shareholder. The report relays that Dr. Gonsalves said that Dominica's Prime Minister Roosevelt Skeritt has confirmed Roseau's commitment to becoming an equity partner in LIAT by investing eight million EC dollars (One EC dollar = US$0.37 cents) in the airline. Dr. Gonsalves said LIAT had already introduced two flights to accommodate night landings in Dominica, allowing passengers to take advantage of late connections from North America and Europe, Barbados, and Antigua and Barbuda, the report adds. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= CCF CREDITOS 2: Moody's Rates ARS7.6MM Certificates 'B3' -------------------------------------------------------- Moody's Latin America has assigned ratings to the debt securities and certificates of Fideicomiso Financiero CCF Creditos Serie 2. This transaction will be issued by Equity Trust Company (Argentina) S.A. - acting solely in its capacity as issuer and trustee. Moody's notes that as of Nov. 2, 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. - ARS84,151,350 in Class A Fixed Rate Debt Securities (VDF TFA) of "Fideicomiso Financiero CCF Creditos Serie 2", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) - ARS61,200,982 in Class B Floating Rate Debt Securities (VDF TVB) of "Fideicomiso Financiero CCF Creditos Serie 2", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) - ARS7,650,123 in Certificates (CP) of "Fideicomiso Financiero CCF Creditos Serie 2", rated A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local Currency) The rating of the VDF TFA and VDF TVB securities addresses the expected loss posed to investors related to the payment of interest and principal by the legal final maturity date (December 8, 2015). The rating of the CP addresses the expected loss posed to investors related to the repayment of the principal only by the legal final maturity date. The rating of the CP does not address any other interest or residual payments. Ratings Rationale The ratings are mainly based on the following factors: * The initial subordination of the VDF TFA and VDF TVB securities of 5% (calculated over the principal amount of the underlying loans, and considering the occurrence of an Special Event) * The turbo sequential payment structure which captures all the available excess spread in the transaction to pay down the VDF securities (approximately 57,69% annually, assuming 0% defaults and 0% prepayments, before expenses and taxes) * The ability of Cordial Compania Financiera S.A. (CCF) (B2/Aa3.ar) to act as primary servicer of the pool * The ability of Banco Supervielle S.A. (B2/Aa3.ar) to act as master servicer and backup servicer * The credit quality of the underlying loans * The availability of several reserve funds The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of 35,620 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Cordial Compania Financiera S.A. (CCF), in an aggregate amount of ARS153,002,454.63. Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of CCF's portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a lognormal distribution for defaults as follows: a mean of 14% and a coefficient of variation of 70%. Moody's also assumed a lognormal distribution for prepayments with a mean of 30% and a coefficient of variation of 70%. These assumptions are derived from the historical performance to date of the CCF pools. Servicer default was modeled by simulating the default of CCF as the servicer consistent with its current ratings. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points compared with the base default assumption. The model results showed 0.07% expected loss for the VDF TFA securities, 1.20% for the VDF TVB and 6,17% for the CP certificate. Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 4% from the basecase scenario, the ratings of the VDF TVB and the CP would be downgraded to B1 (sf) and Caa1 (sf) respectively. The rating of the VDF TFA securities would remain unchanged. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. The transaction is linked to the credit quality of the servicer, which will transfer collections to the trust account every 72 hours. Therefore, there are three days of commingling risk at the servicer level. If CCF is removed as servicer, Banco Supervielle S.A. will be appointed as the backup servicer. However, Banco Supervielle belongs to the same economic group than the primary servicer. This is mitigated by the fact that collections are initially received by two collection agents before flowing into CCF's account. Borrowers should be able to continue making payments at any of these two collection agents if the servicer needs to be replaced. As a result, any potential servicer replacement should be simpler in this case than in other Argentine transactions. CCF, the originator and primary servicer in the transaction, is a financial company owned by Banco Supervielle (B2/Aa3.ar) which holds 95% of CCF's shares. CCF offers financial products such as credit cards, personal and consumer loans to Wal-Mart customers in Argentina, based on a commercial agreement with Wal-Mart Argentina S.R.L. signed in July 2010. CCF current deposit ratings are Aa3.ar (national scale rating) and B2 (global scale, local currency). The main source of uncertainty for this transaction is the level of delinquency of the loans assigned to the trust. A worsening in macroeconomic conditions such as an increase in unemployment could increase the losses of the pool. Obligors in this transaction belong to low or middle income socioeconomic segments, therefore they may be more affected by a slowdown in the economic activity or higher unemployment. However, Moody's believes CCF's has in place solid collection and loss mitigation practices that should mitigate this risk to some extent. ELECTROPAZ SA: Moody's Assigns 'Ba3' CFR; Outlook Stable -------------------------------------------------------- Moody's assigned a first time corporate family rating of Ba3/Aa1.bo to Electropaz S.A. At the same time Moody's rated Ba3/Aa1.bo Electropaz up to 350 million Bolivian Pesos senior unsecured proposed local notes. The outlook for all the ratings is stable. Proceeds from the proposed notes will be used mostly to prepay Electropaz' outstanding notes and will not increase the company's total debt. Ratings Rationale The Ba3/Aa1.bo ratings are mainly supported by Electropaz's stable business and cash flows as well as strong credit metrics for its rating category. In spite of a regulatory framework that has a relatively short history with some degree of unpredictability and unexpected changes during its 14 years of existence, electric distribution companies such as Electropaz have been able to sustain their business model relatively unaffected. The ratings anticipate that Electropaz will be able to continue to pass- through its energy acquisition costs while satisfying increasing demand and maintaining stable and sound returns on its invested capital due to an effective tariff regime while keeping energy losses at current levels of around 10.5%. The ratings are tempered by the modest size of Electropaz's operations and service territory; the inherent concentration risk with its current operations, the risk that further social unrest in La Paz may pose to its operations, and the somewhat unpredictable regulatory framework. In particular, out of the four regular tariff review periods that the company has undergone, only the last one in 2011 resulted in a tariff increase of 2.29% for the 2012-2015 tariff period. The previous one in 2007 reduced tariffs by 1.17%. In addition, there have been two extraordinary tariff reviews that also resulted in tariff reductions that were implemented to transfer efficiency gains to end-use consumers in accordance with the regulatory regime prevailing in Bolivia. Nevertheless, Moody's has some concerns about the regulator's willingness to increase tariffs in Electropaz' concession area that comprises the cities of La Paz and El Alto if there where a need for a material increase to cover a significant increase in costs. Another area of particular concern is the risk of government intervention in Electropaz's business or the risk of nationalization given the current government track record of nationalizations in the electricity industry. The Bolivian Government (Ba3, Stable) has performed a series of nationalizations, namely in the natural gas industry, as well as various other companies in the mining, telecommunications, and power generation sectors. The government's recent nationalization of Transportadora de Electricidad (TDE), owned by Red Electrica Espanola (REE, rated Baa2 and with negative outlook), is a recent example of the government's effort to bring companies in strategic sectors back into the hands of the state. After the nationalization of TDE, Bolivia has also nationalized Glencore's Colquiri tin and zinc mine in order to increase its control over the mining industry. Electropaz's liquidity is considered adequate. The company's debt profile is manageable, with an amortizing maturity of its outstanding bonds. However, the company will need to refinance some of its up-coming debt maturities should the planned issuance of the Class III notes not succeed. For its September 2012 Bs 110 million maturity Electropaz arranged a Bs 44 million bridge loan from local banks that will be repaid with the Class III bonds proceeds. Also with the funds from the planned issuance Electropaz' plans to prepay the remainder of its outstanding UFV Bs 232 million bonds that are inflation indexed and currently have a shorter maturity than the 6 to 8 years target of planned bonds. The planned issuance will result in an even more manageable debt profile for the company. On the negative side, as it happens with most of Latam companies, Electropaz does not have access to any committed credit facilities and access to the capital markets is limited to the local market only in Bolivia, which is less developed and deep than the international market or even markets of other countries in the region. Historically, Electropaz's internal liquidity has been sufficient to cover both its operational cash requirements as well as its capital needs, with little reliance on debt to finance its dividend payments. It is also important to note that investments are primaryily oriented to maintenance with very little targeted toward expansion; however, the next two years will see significantly higher than historical capital expenditures as the company plans to incorporate some additional transformers into the grid, to improve its safety and to support the increased demand. While the bulk of these investments will be funded internally, it is expected that there will be some incremental debt issuance which will have little impact on the overall credit metrics, which will remain robust for the foreseeable future even if the company sustains its current high dividend pay-out ratio. The stable outlook anticipates continued stable cash flows and profits and moderate leverage. Given the historical stability on Electropaz's credit metrics, Moody's expects cash flow from operations pre working capital to debt (CFO pre WC/Debt) to be sustained around the 30% level and debt to Ebidta ratio between 2.2 to 2.5.0 times. As the company increases its investments over the next two years, free cash flow will be negative over that period returning to break-even in the years thereafter. Given the close relationship between Electropaz's operations and the regulatory regime in Bolivia, prospects for the rating to be upgraded are strongly limited by the sovereign rating, which is currently Ba3 with a stable outlook. Negative pressure on the rating or outlook could occur if the company losses the stability of its business model which is mainly derived from the regulatory regime. Specifically, if going forward Electropaz is not able to recover its increased costs or the tariff setting does not allow a reasonable return on invested capital, the ratings could be subject to downward pressure. Quantitatively, a ratio of CFO pre WC/Debt below 20%, interest coverage (CFO pre WC + interest to interest) lower than 2.5 times or a Debt to Ebitda ratio higher than 4.0 times could lead to a downgrade. A downgrade on the sovereign rating could also prompt a downgrade on Electropaz's ratings. Electropaz is an electricity distribution company operating in La Paz, Bolivia, formed in 1995 as a result of law N� 1604 (the electricity law) that determined the total separation of generation, transportation and distribution activities within the National Integrated System. Electropaz provides electricity to 470.000 clients (89% of which are residential). During 2011, Electropaz distributed approximately 1,300 GWh and had annual revenues as of June 30, 2012, of approximately U$S100 million. PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6 ---------------------------------------------------------- Mario Nicolas Degese, the court-appointed trustee for Petroquimica General Mosconi SAIC's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 6, 2012. Mr. Degese will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mario Nicolas D�jese Bouchard 468 Argentina ============= B E R M U D A ============= CREDIT RENAISSANCE: Creditors' Proofs of Debt Due Nov. 7 -------------------------------------------------------- The creditors of Credit Renaissance Structured Products Fund, Ltd are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CREDIT RENAISSANCE MASTER: Creditors' Proofs of Debt Due Nov. 7 --------------------------------------------------------------- The creditors of Credit Renaissance Structured Products Master Fund, Ltd are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LLFC CONSTRUCTION: Creditors' Proofs of Debt Due Nov. 7 ------------------------------------------------------- The creditors of LLFC Construction, Ltd. are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LLFC FUNDING: Creditors' Proofs of Debt Due Nov. 7 -------------------------------------------------- The creditors of LLFC Funding, Limited are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== RODOPA INDUSTRIA: Fitch Rates $100-Mil. Unsecured Notes 'B-' ------------------------------------------------------------ Fitch Ratings has assigned a 'B-/RR4' rating to the USD100 million unsecured notes maturing Oct. 17, 2017 issued by Rodopa Industria e Comercio de Alimentos Ltda (Rodopa). The notes were issued on Oct. 17, 2012 and are unconditionally guaranteed by its direct shareholder, Forte Empreendimentos e Participacoes Ltda (Forte). The proceeds of the issuance will be used by Rodopa to bolster its liquidity, improve its capital structure, and finance its expansion plan. Rodopa's ratings reflect its small revenue base, its low and volatile operational margins, and weak cash flow generation as a result of the high working capital requirements inherent to the protein industry in Brazil. The company's low operational diversification within the competitive Brazilian beef sector could also exacerbate earnings volatility during challenging periods for the meat industry in Brazil. Rodopa's tight liquidity and challenging refinancing risk are also factored into the ratings. Despite the plan to use part of the proceeds of the notes to lengthen its debt profile, Rodopa's capital structure is still highly skewed to short-term debt. Cash balances and marketable securities are low at BRL37.1 million as of June 30, 2012. Although Rodopa's leverage metrics are strong for the rating category, the ratings consider that leverage is likely to increase due to the company's expansion strategy. Limited Diversification and Small Scale Aggravate Industry Risks The company operates in a very competitive market characterized by volatile earnings and low EBITDA margins. Protein prices are vulnerable to the imbalances between local and international demand and supply, and other factors inherent to the sector. These factors include diseases and climatic conditions; expansion/contraction of the global and local economy; fluctuation in consumers' income, changes in consumer habits; health and trade restrictions imposed by governments; and competitive pressures from other Brazilian or international producers. Although the company's balance sheet increases and contracts depending on meat and cattle prices, the main source of profit comes from the efficient use of the company's production capacity and the ability to pass the increased cost of raw materials on to consumers. These risks are exacerbated by the company's small base of operation. Measured by slaughtering capacity, Rodopa is a distant fourth largest beef processor in Brazil. The company is relatively small compared to the three largest companies in Brazil that represent approximately half of the country slaughtering capacity. Rodopa operates with limited operational flexibility, as it relies on only four plants in three Brazilian states and about 77% of its revenues of the first half 2012 came from the domestic market. Rodopa has benefited from its domestic market focus during the global economic crisis that affected exporters more severely. The company's profitability remains exposed to a possible contraction in the local or the international meat market. Sanitary restrictions or cattle scarcity tend to affect Rodopa's business more severely, when compared with its larger competitors that benefit from a more diversified operational base. Improving EBITDA Generation Capacity Rodopa generated consolidated EBITDAR of BRL76 million and negative funds from operations (FFO) of BRL6.8 million (including the subsidiaries' earnings) for the latest 12 months (LTM) to June 30, 2012. This performance compares to consolidated EBITDAR of BRL72 million and FFO of negative BRL4.1 million in 2010. Fitch believes that Rodopa will generate EBITDAR closer to BRL100 million by 2013, provided it succeeds in implementing its business expansion during the next 12 months. Rodopa's EBITDAR margin of 8%-9% is expected to be sustainable, as a result of the gains of scale combined with strategy to keep only profitable operations. This EBITDAR margin range is in-line with the company's peers in the sector. Negative Free Cash Flow Driven By Growth Plans Rodopa's ratings also reflect its weak cash flow generation due to high interest costs and large working capital needs. For the LTM to June 30, 2012, the company's cash flow from operations (CFFO) was negative BRL51.4 million, after close to BRL18 million of interest expenses and BRL45 million in working capital requirements due to its growing business. The company's free cash flow (FCF) generation was further depressed by its investment program of about BRL40 million during 2010 and 2011. Investments are expected to remain at an elevated level of around BRL30 million per year over the next three years. This expenditure is related to the opening of new plants and de- boning facilities, which will almost double slaughter capacity to 4.5 thousand heads per day in 2013, from 2.5 thousand at the end of 2010. As a result, FCF generation is expected to remain negative in 2012 and will not become positive until the investments consolidate. Leverage Is Manageable But An Increase Is Expected Rodopa's leverage is moderate, but is expected to increase. For the LTM to June 30, 2012, the company's net debt/EBITDA ratio was 2.2x, but is expected to rise to around 3.0x by the end of 2012 due to the recent issuance of USD100 million of unsecured notes. This expected peak in the company's leverage ratio is still commensurate with the current ratings, and continues to incorporate the above-average risk of the beef industry. Rodopa's net debt/EBITDA ratio should gradually decline to around 2.5x by late 2015, once the company's investments consolidate. Liquidity Is Tight; Improvements are Expected Rodopa's liquidity is tight and its refinancing risk is high. As of June 30, 2012, the company had BRL200 million of consolidated adjusted debt, including BRL7 million of rental obligations. Cash and marketable securities of BRL37.1 million cover only 23% of BRL160.3 million of short-term debt as of this date. Fitch believes that the recent notes issuance should make it easier for the company to meet its short-term obligations. Key Rating Drivers A downgrade may occur in the case of increased leverage over and above Fitch's expectations of a net debt/EBITDA ratio peak of 3.0x over a prolonged period. This may occur as a result of a more aggressive expansion program, deterioration in operating margins, or weaker liquidity. The ratings may be positively affected by a sustainable improvement in Rodopa's business profile, combined with maintenance of conservative leverage, consistent improvements in liquidity, and manageable amortization schedule. Fitch rates Rodopa as follows: -- Foreign and local currency Issuer Default Ratings (IDRs) 'B-'; -- National scale rating 'BBB-(bra)'. The corporate Rating Outlook is Stable. ========================== C A Y M A N I S L A N D S ========================== ABSOLUTE ALPHA: Creditors' Proofs of Debt Due Nov. 12 ----------------------------------------------------- The creditors of Absolute Alpha Constant Plus Fund Limited are required to file their proofs of debt by Nov. 12, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2012. The company's liquidator is: Susan Lo c/o Susan Lo Yee Har Telephone: (852) 2980 1618 Facsimile: (852) 22627818 Tricor Services Limited Three Pacific Place, Level 28 1 Queen's Road East Hong Kong KENDAH GLOBAL: Placed Under Voluntary Wind-Up --------------------------------------------- On Sept. 27, 2012, the sole member of Kendah Global PTC Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. 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 MARIAH RE: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Sept. 27, 2012, the members of Mariah RE Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Oct. 28, 2012, will be included in the company's dividend distribution. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 640-6712 NEMESIS COMMODITY: Creditors' Proofs of Debt Due Nov. 7 ------------------------------------------------------- The creditors of Nemesis Commodity Fund Limited are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 12, 2012. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Grant Cellier Telephone: +1 345-815-2632/ +1 345-949-4800 Facsimile: +1 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands RIVERSIDE WISDOM: Creditors' Proofs of Debt Due Nov. 8 ------------------------------------------------------ The creditors of Riverside Wisdom World Fund Offshore Investors are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 4, 2012. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: NDL Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; -- or -- Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 94 Solaris Avenue Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands RIVERSIDE WISDOM WORLD: Creditors' Proofs of Debt Due Nov. 8 ------------------------------------------------------------ The creditors of Riverside Wisdom World Fund are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 4, 2012. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: NDL Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 94 Solaris Avenue Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands TAYLOR WOODS: Placed Under Voluntary Wind-Up -------------------------------------------- On Sept. 21, 2012, the sole shareholder of Taylor Woods Fund II Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands TAYLOR WOODS MASTER: Placed Under Voluntary Wind-Up --------------------------------------------------- On Sept. 21, 2012, the sole shareholder of Taylor Woods Master Fund II Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands TMA ASIAN: Creditors' Proofs of Debt Due Nov. 19 ------------------------------------------------ The creditors of TMA Asian Equity Long Short Master Fund are required to file their proofs of debt by Nov. 19, 2012, to be included in the company's dividend distribution. The company's liquidator is: Yoshihiro Matsuzaki 35 Oxley Rise, #07-10 Vision Crest Residence Singapore 238711 =================== C O S T A R I C A =================== * COSTA RICA: Reventazon Plant to Get $200MM IDB Financing ---------------------------------------------------------- The Inter-American Development Bank (IDB) approved a $200 million non-sovereign guaranteed financing for the construction of a 305.5MW hydropower plant in the Limon Province in Costa Rica, Central America's biggest renewable energy project. The IDB loan will help finance the design, construction, operation and maintenance of the plant and its associated facilities, including transmission lines, substations and access roads. The plant will use waters from the Reventazon River to generate an average of 1,407 gigawatt-hour (GWh) of electricity per year. Once completed, the plant will represent approximately 10 percent of Costa Rica's total installed electricity generation capacity. The project will be the first to establish an offset for river habitat in Central America, which could be replicated in other projects throughout the region. It will also contribute to the Jaguar Corridor Initiative and long term preservation of the largest living cat in the Americas. "This project will not only help Costa Rica address its growing demand for electricity but also contribute to the country's goal of reducing its carbon emissions,'' said Jean-Marc Aboussouan, who heads infrastructure financing for private sector projects at the IDB's Structured and Corporate Finance Department. "Moreover, the successful implementation of the environmental and social elements in this project will provide an important model for hydroelectric projects in Latin America." The project, sponsored by the Instituto Costarricense de Electricidad (ICE), includes the construction of a 130 meter high dam, flooding of a 6.9 km2 reservoir and a 4.2 kilometer river diversion between the dam and powerhouse. The plant is expected to become operation in August 2016. The IDB loan is for a 20-year term and it is expected to be complemented by a syndicated loan of approximately $450 million and co-financing from third-party institutions of $294 million. ============= E C U A D O R ============= BANCO DELA PRODUCCION: Fitch Affirms 'B-' IDR; Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Banco de la Produccion S.A. y Subsidiarias' (Produbanco) long-term Issuer Default Rating (IDR) at 'B-'. The Rating Outlook is Stable. Produbanco's Viability Rating (VR) drives its long-term IDR. The bank's VR reflects its strong franchise, experienced management, good asset quality and solid liquidity. Nevertheless, Ecuador's political and regulatory uncertainty, loan and investment concentration and a challenging operating environment continue to weigh on the bank's ratings. Produbanco's ratings are constrained by the sovereign's ratings and government intervention that could negatively affect the bank's performance. Despite having the fourth largest deposit market share, Fitch believes that Produbanco cannot rely upon government support, should it be necessary, given Ecuador's weak fiscal stance and the lack of a lender of last resort. This underpins both the bank's support rating of '5' and support rating floor of 'NF'. An upgrade of the sovereign's ratings could lead to an upgrade of Produbanco's ratings, if the bank maintains adequate capital, asset quality and profitability ratios. The Outlook on Ecuador's IDR is currently Positive. Severe asset quality deterioration, weak financial performance, or government intervention that negatively affects the bank's liquidity or balance sheet to a level that is no longer consistent with the bank's current ratings could pressure creditworthiness. As was the case with other Ecuadorean banks, asset quality deteriorated during the first half of 2012. However, at 1.6%, Produbanco's impaired loans/gross loans ratio continued to compare favorably to both the domestic industry average as well as similarly rated international peers (emerging market commercial banks with a VR of 'b-', 'b' or 'b+'). Although loan loss reserve coverage of impaired loans (186% at end-June 2012) is below the domestic industry average, it continued to compare favorably with international peers and should be viewed within the context of the bank's lower risk, predominately corporate loan portfolio. Given still moderate loan concentration, Fitch views this level as adequate. Deposits are stable and diversified, accounting for an average of 90% of total funding over the past five years. Liquid assets covered 43% of deposits and short-term funding at end-June, comparing favorably to both domestic and international peers. As such, Fitch views Produbanco's liquidity as adequate for its operating environment. Despite a stronger NIM, profitability deteriorated slightly in the first half of 2012, mostly reflecting higher credit costs. Key profitability ratios remain weak relative to peers' given the bank's corporate focus. Furthermore, Fitch expects Ecuadorean banks to see lower profits in the remainder of this year due to recent bank resolutions that will curb fee and commission income and slow down retail credit growth. As is the case with other Ecuadorean banks, Produbanco needs to maintain its net interest margin, moderate credit growth and enhanced efficiency to sustain key profitability ratios over the medium term, particularly in light of new fee restrictions, challenges to diversifying non-interest income with the recent divestment of nonfinancial subsidiaries and increased credit costs. Internal capital generation could be further challenged if the government's proposal to fund an increase in social expenditures with the private banks' profits, most likely through higher taxation, is approved by Congress. Produbanco's Fitch core capital/weighted risks ratio declined to 11.1% at end-June 2012 as internal capital generation has not kept pace with asset growth. Absent a marked deceleration in growth, Fitch considers that capital ratios could remain under pressure in the near term. While capitalization is in line with domestic peers, it is tight relative to international peers. Nevertheless, adequate reserve coverage of impaired loans somewhat mitigates this risk. Incorporated in 1978, Produbanco is Ecuador's fourth largest bank by assets (9% of the system's assets at June 2012). Historically focused on corporate banking, it has expanded into retail banking over the past few years. Fitch has affirmed Produbanco's ratings as follows: -- Foreign currency long-term IDR at 'B-'; Stable Outlook; -- Foreign currency short-term IDR at 'B'; -- Viability rating at 'b-'; -- Support rating at '5'; -- Support Floor at 'NF'. BANCO PICHINCHA: Fitch Affirms 'B-' LT Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias' long-term Issuer Default Rating (IDR) at 'B-'. The Rating Outlook is Stable. Pichincha's Viability Rating (VR) drives its long-term IDR. The bank's VR reflects its strong franchise and market share, broad deposit base and ample liquidity. Nevertheless, Ecuador's political and regulatory uncertainty and a challenging operating environment continue to burden the bank's ratings. Pichincha's ratings are constrained by the sovereign's ratings and government intervention that could negatively affect the bank's performance. Despite having the largest deposit market share, Fitch believes that Pichincha cannot rely upon government support, should it be necessary, due to Ecuador's weak fiscal stance and the lack of a lender of last resort, underpinning both the bank's support rating of '5' and support floor rating of 'NF'. An upgrade of the sovereign's ratings could lead to an upgrade of Pichincha's ratings if the bank sustains adequate capital, asset quality, and profitability ratios. The Rating Outlook on Ecuador's IDR is currently Positive. Severe asset quality deterioration, weak financial performance, or government intervention that negatively affects the bank's liquidity or balance sheet to a level that is no longer consistent with the bank's current ratings could pressure creditworthiness. Asset quality deteriorated during the first half of 2012 mostly reflecting the maturation of Pichincha's rapidly growing microcredit and consumer portfolio. At June 30, 2012, Pichincha's impaired loans/total loans ratio of 3.5% compared unfavorably to both the domestic peer median of 2.2% and the international peer median of 1.5%, a trend that is likely to continue given the bank's higher proportion of retail lending. However, management expects charge-offs and recoveries to reduce the bank's impaired loans/total loans ratio to a level similar to year-end 2011 (YE11) by YE12. Loan loss reserve coverage of impaired loans exceeds the domestic peer median and is in line with international peers. Pichincha's profitability weakened in the first half of 2012. As a result, the bank's annualized ROAA reached around 0.9% at June 30, 2012, comparing unfavorably to both domestic and international peers. Given recent and potential regulatory changes, Fitch believes that profitability may weaken in the near term, but will continue to underpin sufficient capital growth over the medium term. As is the case with other Ecuadorean banks, Pichincha needs to maintain its net interest margin, moderate credit growth and enhanced efficiency to sustain key profitability ratios over the medium term, particularly in light of new fee restrictions, challenges to diversifying non-interest income with the recent divestment of nonfinancial subsidiaries and increased credit costs. Internal capital generation could be further challenged if the government's proposal to fund an increase in social expenditures with the private banks' profits, most likely through higher taxation, is approved by Congress. Pichincha's capitalization ratios declined relative to levels reported before 2010 due to stronger asset growth. Although capitalization is lower compared to large domestic and international peers, Fitch believes Pichincha's capital ratios are adequate in light of the bank's risk profile. Furthermore, strong reserve coverage of impaired loans somewhat mitigates lower capitalization. Pichincha is Ecuador's largest bank with about 29% of the system's assets at end-June 2012. Incorporated in 1906, the group offers a wide array of services to corporate, middle market, and retail customers. Pichincha is tightly controlled by its main shareholder Fidel Egas Grijalva, who holds 61% of the company's stock. Fitch has affirmed Pichincha's ratings as follows: -- Foreign currency long-term IDR at 'B-'; Stable Outlook; -- Foreign currency short-term IDR at 'B'; -- Viability rating at 'b-'; -- Support rating at '5'; -- Support Floor at'NF'. =========== M E X I C O =========== ALESTRA S: Fitch Affirms 'BB-' Issuer Default Rating ---------------------------------------------------- Fitch Ratings has affirmed Alestra, S. de R.L. de C.V.'s ratings as follows: -- Local currency Issuer Default Rating (IDR) at 'BB-; -- Foreign currency IDR at 'BB-'; -- Senior Notes due 2014 at 'BB-'. The Rating Outlook is Stable. Alestra's ratings reflect the strategy of offering value added services (VAS) to the corporate segment which results in lower business risk and stable cash flow generation. The stability and predictability of their operating cash flow is supported by a broad base of corporate clients with contracts averaging three years and customer base life averaging nine years. Also, the ratings incorporate the company's sound financial profile that mitigates the expected revenue loss related with the AT&T Global Network (AGN) agreement. T he ratings are tempered by the currency mismatch between debt and cash flows and a strong competitive environment. Strategy Focusing On Value Added Services: The focus on corporate customers along with the development of value added services in the IT services and software technology subsectors allows Alestra to increase service penetration within their existing corporate customers. Alestra has a broad base of customers participating in different industries with long and middle term contracts that provides stability to their operating generation and helps to maintain low business risk. The company operates in a strong competitive environment that is partially mitigated by the company's focus on services of some technology subsectors to the corporate segment, where competition is less intense than the residential telecommunications market. Fitch expects that over the next few years VAS should continue growing primarily driven by information technology (IT) solutions and managed networks. Among these services, growth from system integration services, cloud services network security, unified communications and Ethernet services are expected to become increasingly important to revenues, EBITDA generation and EBITDA margins. Due to this EBITDA is expected to moderately increase during the next few years as the mix of better margin services continues to grow as a proportion of consolidated revenues. Fitch estimates that for the 12 months ended Sept. 30, 2012, approximately 80% of revenues and 85% of gross profit was generated by value added services. Stable Operating Performance: Alestra has managed to absorb the expected revenue loss from the termination of the AGN agreement with positive operating results. In addition, revenue loss from the termination of this agreement has been at a slower pace than expected. The increase of value added services along with revenues from the lease of infrastructure to AGNS Mexico, an AT&T subsidiary, has helped compensate expected lower EBITDA generation due to the termination of the AGN agreement with AT&T and lower LD revenues. Revenues from AGNS Mexico is estimated to account for approximately 17% of revenues of Alestra as of September 2012. For the 12 months ended Sept. 30, 2012, revenue was lower by 0.4% over the same period of 2011 but EBITDA generation, of MXN1,740 million was 10% higher over the same period, for a EBITDA margin of 37.3% (33.9% in Sept. 30, 2011 LTM). These results are explained by a mix of services with higher contribution margins. Expected Moderate Leverage: The rating considers a moderate leverage of total debt to EBITDA to be below 2.5x over the long term. The favorable EBITDA generation has contributed to reduced leverage. For the 12 months ended Sept. 30, 2012 total debt to EBITDA and EBITDA to interest expense were 1.7x and 4.8x, respectively. Fitch expects Alestra to end 2012 with a total debt to EBITDA and EBITDA to interest expense of 1.7x and 4.8x, respectively. A sustained leverage metric above 2.5x over time would negatively affect credit quality and could result in a downgrade. As of Sept. 30, 2012, total debt amounted to US$200 million senior notes due 2014. Alestra is exposed to currency mismatch between debt and cash flow, a sustained MXN devaluation could pressure credit metrics. The ratings also factor that free cash flow (FCF) generation can be limited by the increase in Capex. The company has some flexibility in their Capex to the extent that approximately 70% is success based. Alestra has available USD55 million in committed credit facilities that further support their liquidity position. MTR Agreement Positive for Alestra: Alestra reach an agreement regarding the fixed-to-mobile interconnection rates applicable for 2011, 2012, 2013 and 2014 and which are lower than the rates from prior periods and positively impact interconnection cost for Alestra. Also a positive result of the controversy concerning termination rates of long distance calls could have a positive impact on Alestra cash position. Since 2009, the company constituted a trust where they deposit the amounts under dispute of interconnection rates until a final decision is made by the court. As of June 2012, trust balance was MXN416.5 million registered as restricted cash of Alestra. Key Rating Drivers Leverage increasing over 2.5x due to lower operating results, inability to refinance in advance of the 2014 maturity and debt- funded projects or acquisitions combined with negative FCF could all result in a negative rating action. Positive factors to credit quality include increased FCF generation and the expectation of a sustained leverage ratio below 1.5x (without ===================== P U E R T O R I C O ===================== CIF BARCELONETA: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: CIF Barceloneta, Corp. aka IHOP Barceloneta P.O. Box 1556 Bayamon, PR 00960 Bankruptcy Case No.: 12-08570 Chapter 11 Petition Date: October 26, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 356 Calle Fortaleza Second Floor San Juan, PR 00901 Tel: (787) 977-0515 E-mail: cacuprill@cuprill.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A copy of the Company's list of its 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-08570.pdf The petition was signed by Mohammed Saber, president. COUSINS INT'L: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Cousins International Food, Corp. aka Ihop Caguas P.O. Box 690 Vega Alta, PR 00692 Bankruptcy Case No.: 12-08567 Chapter 11 Petition Date: October 26, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 E-mail: cacuprill@cuprill.com Scheduled Assets: $2,924,318 Scheduled Liabilities: $1,896,475 A copy of the Company's list of its 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-08567.pdf The petition was signed by Mohammed Saber, president. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Barbados CLICO Life to be Restructured ------------------------------------------------ Caribbean360.com reports that CLICO International Life Insurance Limited (CIL), the last remaining part of CLICO Holdings in Barbados for which no buyer could be found, is to find new life as a different company under separate governance and management. This was revealed in an announcement by judicial manager Deloitte Consulting Ltd (represented by Oliver Jordan and Patrick Toppin) who notified the public that they had received sanction from the High Court of Barbados to pursue a restructuring plan for the company, according to Caribbean360.com. The report relates that the proposed plan will see a write-down in value of all policyholders' liabilities (traditional policies and EFPAs) to match the estimated value of the company's net available assets. During his June 2012 national budget presentation, Barbados finance minister Christopher Sinckler revealed that the current value of CIL's assets in Barbados were just over BDS$301 million while its policyholders liabilities was close to $370 million leaving an unrealized deficit of BDS$68,456,660, the report notes. Caribbean360.com notes that under the planned restructuring, policyholder liabilities and all the assets of CIL will be transferred to a new company which will be separately governed and managed, subject to regulatory approval in Barbados and the Eastern Caribbean. This development signals that the courtship of two unnamed insurance companies that were interested in buying CIL has fallen through, the report says. The prospective buyers were mentioned both by Minister Sinckler in his budgetary address as well as St Kitts and Nevis Prime Minister Dr Denzil Douglas in a July meeting with his Cabinet when it appeared the sale was imminent, the report relates. However, the report discloses that the sale has failed to develop, as did the floating of a regional bond issue valued between BDS$550 and $650 million, which was supposed to fund the restructuring as well as settlement of outstanding policyholders liabilities through a mixture of cash, annuities and shares. The report notes that Deloitte Consulting explained that, after further consultations with regional governments and potential investors, this option was deemed not to be viable given current market conditions. Caution was also raised that further delay in the implementation of a restructuring plan could lead to further loss of confidence by policyholders and likely reduction in premium income and they asserted that they believed the proposed restructuring plan was the best option available for policyholders at this time, the report says. Toppin and Jordan were said to be seeking the support of regional regulators and other court-appointed judicial managers to implement the proposed restructuring plan, the report relays. They also pledged to continue to explore with the Barbados and Eastern Caribbean governments, any other possible source of funding that would improve recovery by CIL's policyholders, the report notes. It was also revealed that the High Court of Barbados had sanctioned the completion of the forensic audit of CIL, with a focus on related party transactions and balances, and the judicial manager stated that it was expected such further investigation would assist Deloitte Consulting in assessing the feasibility of possible additional recovery actions for the benefit of CIL policyholders, the report adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 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 2657428496 -817505840 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 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-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 11165368.9 -88048393.7 CHIARELLI SA CCHON BZ 11165368.9 -88048393.7 CHIARELLI SA-PRF CCHI4 BZ 11165368.9 -88048393.7 CHIARELLI SA-PRF CCHPN BZ 11165368.9 -88048393.7 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 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 * * *