/raid1/www/Hosts/bankrupt/TCRLA_Public/121120.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 20, 2012, Vol. 13, No. 231
Headlines
A R G E N T I N A
ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca'
BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund
ETEBA SA: Creditors' Proofs of Debt Due Dec. 5
FRAEN SA: Creditors' Proofs of Debt Due Dec. 13
SEISPUNTOSCERO SA: Asks for Reorganization Proceedings
STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings
TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12
B R A Z I L
* BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability
C A Y M A N I S L A N D S
CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22
DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up
JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22
KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22
MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22
OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22
PCR INVESTMENT: Commences Liquidation Proceedings
RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22
RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22
M E X I C O
CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable
P A N A M A
BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable
P U E R T O R I C O
SUNSET MARINE: Case Summary & 8 Unsecured Creditors
WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors
C&C FOOD: Case Summary & 8 Unsecured Creditors
MARMOTECH INC: Case Summary & 11 Unsecured Creditors
T R I N I D A D & T O B A G O
CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca'
-----------------------------------------------------------
Moody's Latin America has rated the Debt Securities and
Certificates of Fideicomiso Financiero Albanesi Gas Clase 03, to
be issued by Equity Trust Company (Argentina) S.A., acting solely
in its capacity as issuer and trustee.
ARS77,00,000 in Class A Debt Securities of "Fideicomiso
Financiero Albanesi Gas Clase 03", rated A1.ar (sf) (Argentine
National Scale) and B2 (sf) (Global Scale, Local Currency)
ARS33,000,000 in Class B Debt Securities of "Fideicomiso
Financiero Albanesi Gas Clase 03", rated Caa3.ar (sf) (Argentine
National Scale) and Caa3 (sf) (Global Scale, Local Currency)
ARS22,359,715 in Certificates of "Fideicomiso Financiero
Albanesi Gas Clase 03", rated Ca.ar (sf) (Argentine National
Scale) and Ca (sf) (Global Scale, Local Currency)
Moody's notes that as of Nov. 16, the securities for this
transaction have not yet been placed in the market. If any
assumption or factor Moody's considers when assigning the ratings
change before closing, the ratings may also change.
Ratings Rationale
The ratings are based on the following factors:
-- The credit enhancement provided through an initial
overcollateralization for the Class A, of approximately
41.81%.
-- The partial mitigation of the regulatory risks when compared
to other similar transactions issued in the Argentine market.
-- The absence of construction risk, as the construction of the
pipelines corresponding to this transaction has been
finalized.
-- The ability of Rafael G. Albanesi S.A. (RGA) to act as the
technical operator in the transaction, provide the gas
transportation capacity on an ongoing basis and suspend the
gas transportation service if carriers default.
-- The mitigation of commingling risk as the carriers will be
paying directly into the trust account.
-- The structural protections of the transaction, such as a turbo
sequential payment structure and the availability of various
reserve accounts, including a fixed-amount expense reserve
fund and a liquidity reserve fund equivalent to the next
interest payment on the Class A securities.
RGA, a gas and electricity broker located in Buenos Aires,
Argentina, entered into take-or-pay gas transmission agreements
(Ofertas de Servicio de Transporte Firme) with industrial
companies located in Argentina (the carriers), which are also
clients of RGA.
Under these agreements, the carriers receive gas transportation
capacity and are obliged to make certain fixed payments on a
monthly basis ("Amortization"), which are the main underlying
assets that back the repayment of the rated debt.
Class A will bear a floating interest rate of BADLAR plus a
spread, with a minimum of 17% and a maximum of 25%. Class A will
have monthly principal amortizations.
The credit enhancement in this transaction is provided mainly
through overcollateralization (OC). The initial OC for the benefit
of Class A holders is of approximately 41.81% resulting from
discounting the fixed cashflow owned by the trust using an annual
discount rate of 25%, which has been defined in the transaction's
documents. The transaction has a turbo sequential payment
structure and no interest or principal will be paid to the
subordinated Certificates until Class A and Class B are paid in
full.
The transaction will also benefit from a liquidity reserve fund
equivalent to one monthly interest payment on the outstanding VRD
A, calculated for a month of 31 days at the maximum interest rate.
The gas industry in Argentina is highly regulated. The Argentine
Government -through ENARGAS, the gas industry regulator- has the
authority to determine gas transmission and distribution systems,
prices, required investments and fundamentally the gas charges
that were established to repay infrastructure projects.
Although the underlying assets in this transaction are not the gas
charges established by ENARGAS but the repayment of the advances
on the above mentioned gas charges made by RGA, Moody's believes
that there is a risk that changes in the regulatory framework of
the gas industry in Argentina could affect this transaction.
Moody's evaluated the sufficiency of the credit enhancement by
stressing the cashflows under several scenarios, including the
default of the carriers. In the cashflow model, the carriers will
default based on their current (or estimated) rating levels.
Moody's assumed that defaulting carriers in the pool would not be
substituted with another carrier. The model applies a haircut to
the future payments from the carriers based on their current
rating level.
Moody's run a Montecarlo simulation with 30,000 iterations to
determine the expected loss for each of the rated tranches.
The factors that could lead to a downgrade of the transaction
include: changes to the regulatory and legal framework of the gas
industry in Argentina that could affect the underlying assets, an
increase of the defaults of the carriers over Moody's
expectations, and a decline in the credit quality of RGA.
However, Moody's believes that the dependence of the transaction
on RGA's performance is mitigated by the following factors: (i)
first, obligors have been notified to pay directly into the trust
account; as a result, there is no commingling of funds with funds
in RGA accounts, (ii) second, the role of RGA is limited to
dispatch and order the gas transportation capacity, and (iii)
RGA's role could be assumed by a different company in the future.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the gas industry in Argentina.
As discussed above, ENARGAS determines the gas charges that were
established to repay infrastructure projects. Although the
underlying receivables backing the rated debt are not the gas
charges themselves but the repayment of the advances on the gas
charges made by RGA, there is a risk that changes in the
regulatory framework could affect this transaction.
BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund
--------------------------------------------------------------
Moody's assigned provisional bond fund ratings of (P)B-bf/A-bf.ar
to Balanz Capital Ahorro and Balanz Capital Pymes, funds managed
by Balanz SGFCI S.A. The ratings are expressed on a global and
national scale and reflect Moody's expectation that the funds will
maintain a weighted average credit quality in the B/A-bf.ar range.
This is supported by the fund's investment parameters and their
expected asset allocation. Both funds are expected to be launched
during next two weeks.
The Balanz Capital Ahorro's objective is to invest in domestic
asset backed securities,Tbill, Tbonds, government and corporate
bonds. This portfolio will attempt to provide a return similar to
the Argentine BADLAR interest rate index with an average duration
not exceeding 1.5 years. "The Balanz Capital Ahorro's bond fund
rating assigned is indicative of the portfolio's credit quality
given the expected 60% asset allocation to corporates securities
and private ABS securities issued in the local market rated with a
a minimum rating of B3", said Moody's fund analyst, Carlos De
Nevares. The fund's expected shareholders will be institutional
investors, such as local insurance companies, and retail clients
which have a existing relationships with Balanz SGFCE S.A.
The bond fund rating for Balanz Capital PyMe is based on Moody's
expectations that the fund will maintain a minimum of 60% in
investments in listed checks issued by local SME's and guaranteed
by local financial guarantors (SGR), the majority of them are
rated B2 by Moody's. The balance of the assets are expected to
have exposure to Valores de Corto Plazo (Commercial Paper) and
asset-backed securities, all issued by Argentinean SMEs with an
average rating of B3/A3.ar-Baa3.ar. " A significant investor in
Balanz Capital Pyme is expected to be the ANSES, which is the
Nationalized Pension Fund, which is looking to access investments
in the Argentinean SME's to promote their development" commented
Carlos de Nevares.
BALANZ SGFI is a new Argentinean asset manager part of the local
group BALANZ Financial group which started as a local brokerage
agency in 2003. As of September 2012, BALANZ S.A managed
investments of approximately AR$ 74.6 million or approximately
$15.7 million.
ETEBA SA: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------
Adolfo Horsmann, the court-appointed trustee for Eteba SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 5, 2012.
Mr. Horsmann will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:
Adolfo Horsmann
Acevedo 246
Argentina
FRAEN SA: Creditors' Proofs of Debt Due Dec. 13
-----------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Fraen SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 13, 2012.
Ms. Clos will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, 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:
Ines Etelvina Clos
Sarmiento 944
Argentina
SEISPUNTOSCERO SA: Asks for Reorganization Proceedings
------------------------------------------------------
Seispuntoscero SA asked for reorganization proceedings. The
company defaulted its payments last July 7.
STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings
------------------------------------------------------------
Moody's Investors Service confirmed the local currency ratings of
Standard Bank Argentina (Standard Argentina) following the
regulatory approval for the acquisition of 80% of its control by
Industrial and Commercial Bank of China Limited (ICBC), from
Standard Bank London Holding Limited and Holding W-S. The ratings
confirmed are the bank's Ba3 local currency deposit and debt
ratings. At the same time Moody's Latin America confirmed Standard
Argentina's Aaa.ar national scale local currency deposit and debt
ratings. All the local currency ratings carry a negative outlook
given the negative outlook on the bank's standalone E+ BFSR, which
in turn reflects the negative outlook on the Argentine
government's ratings because of close linkages between sovereign
and bank credit risks.
The following ratings were confirmed and placed on negative
outlook:
Long term global local currency deposit rating at Ba3, negative
outlook
Long term national scale local currency deposit rating at
Aaa.ar, negative outlook
Global local currency senior unsecured debt rating at (P)Ba3,
negative outlook
National scale local currency senior unsecured debt rating at
Aaa.ar, negative outlook
Ratings Rationale
Moody's concluded the review for downgrade and confirmed the
bank's ratings following the Argentina's Central Bank's approval
on November 8, 2012 of the acquisition of 80% of Standard Bank
Argentina S.A. by ICBC. The remaining 20% will remain on hands of
Standard Bank London Holding Limited (unrated). Moody's does not
expect the new owner's strategic plan to differ from the bank's
current strategy and growth plans, and assesses a high probability
of support from ICBC to its new Argentine subsidiary, which
Moody's currently rates ba1 for standalone financial strength.
Thus, the assessment of high probability of parental support
results in a three-notch uplift from Standard Argentina's b3
baseline credit assessment (mapped from the E+ BFSR).
Moody's noted that the new ownership is likely to enhance the
bank's franchise value, as well as add product and client
diversification; it expects the bank to benefit from ICBC's strong
franchise position and connections. ICBC's involvement in Standard
Argentina will also help the bank in financing new infrastructure
related projects in the segments of oil, gas, and natural
resources, given the strategic relationship between Argentina and
China, while the bank continues to develop its local corporate and
retail businesses. Moreover, the bank's shareholders, ICBC and
Standard Bank London Holding Ltd, plan to inject $100 million in
new capital in Standard Argentina right after the Comisi¢n
Nacional de Defensa de la Competencia approves the deal, which
will bolster the local operations and provide a larger platform
for further growth. The development of the Argentinean operation
will also be underpinned by ICBC's strong financial muscle, the
bank having an asset base of around $2.7 trillion as of September
2012.
However, Moody's notes that under the new shareholders the bank
will redefine its strategy and growth plans, and that the level
and probability of financial support of the new owner is
uncertain. Execution and implementation risks in light of ICBC's
relative lack of experience in the Argentinean market, are also
captured in the bank's rating.
Standard Bank Argentina S.A. is headquartered in Buenos Aires,
with assets of Ar$ 18.4 billion and loans of Ar$ 10.8 billion as
of June, 2012.
TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12
---------------------------------------------------
Hector Pedro Bazzini, the court-appointed trustee for Tanana y
Cia. SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 12, 2012.
Mr. Bazzini will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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:
Hector Pedro Bassin
Uruguay 652
===========
B R A Z I L
===========
* BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability
---------------------------------------------------------------
Brazil's state of Bahia will receive a loan for $600 million from
the Inter-American Development Bank (IDB) to consolidate the
fiscal stability through reforms to strengthen the financial and
revenue management, and to better control expenditures. The
project should contribute to increased revenues, paving the way
for an increase in state investments over the next two years.
The operation a Policy-Based Loan (PBL), which provides flexible
support for institutional and policy reforms through fast-
disbursing funds. The project, complementary to a first phase,
will support reforms in four areas.
The first area is management of public revenue, with the
restructuring of the operating model of tax administration and the
adoption of a new regulatory framework to encourage voluntary
compliance with tax obligations.
The second refers to financial management and public expenditure
control, from the review of accounting and financial processes to
the regulation of use of the system of public costs in all
secretariats of the State.
The third deals with management of public policies and programs,
with by setting the standards for the new governance model of the
planned investments in the Multiyear Plan (PPA), which guides
government investment every four years.
Finally, the fourth area deals with macroeconomic stability and
fiscal sustainability, by providing for greater the expansion of
public investment to supporting the State to fulfill it's the
fiscal targets agreed upon with the federal government.
Among other results, revenue is expected to rise from its expected
an increase in revenue of $14.2 million in 2011 to $18.4 million
in 2014. Investment volumes by the State are regarding the volume
of investments made by the state, it is expected to increase from
that the $ 1.7 billion recorded in 2011 to reach $2.5 billion in
2012.
"For the past 15 years, the Bank has supported investment programs
to strengthen fiscal management. From 2009, we began to implement
programs based on policies, focused on sustainability and the
fiscal balance of the States. This combination of policies and
investments programs has been valuable to address the impacts of
the global economic crisis, as well as to improve the debt profile
and the quality of public spending," said Fatima Cartaxo, the
IDB's project team leader.
The IDB financing has a 20-year term, a grace period of five and a
half years, and an interest rate based on LIBOR.
==========================
C A Y M A N I S L A N D S
==========================
CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22
-------------------------------------------------------------
The creditors of Castaway International Limited are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2012.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 4, 2012, the sole shareholder of Deme Institutional Class,
Ltd resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Joanne Steven
Telephone: (345) 815-1895
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 4, 2012, the sole member of Junior Preference Share
Company (Taiwan) II Limited resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Nov. 13, 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
KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------
The creditors of KBAL I Limited are required to file their proofs
of debt by Nov. 22, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Oct. 2, 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
KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------
The creditors of KGOP I Limited are required to file their proofs
of debt by Nov. 22, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Oct. 2, 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
MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22
--------------------------------------------------------
The creditors of Mesirow Financial Investment Fund (Cayman), Ltd -
G2 are required to file their proofs of debt by Nov. 22, 2012, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 14, 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
OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22
--------------------------------------------------
The creditors of OPS Limited are required to file their proofs of
debt by Nov. 22, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 3, 2012.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
PCR INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 28, 2012, the sole shareholder of PCR Investment Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Oct. 31, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Kenneth Krys
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
Cayman Islands
Telephone: (345) 947 4700
RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------------
The creditors of Resources Investment Managers are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 26, 2012.
The company's liquidator is:
Victor Murray
MG Management Ltd.
PO Box 2745
Landmark Square, 2nd Floor
64 Earth Close, Seven Mile Beach
Grand Cayman KY1-1111
Cayman Islands
RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22
---------------------------------------------------
The creditors of Right Choice Investments Limited are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2012.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
===========
M E X I C O
===========
CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Consubanco, S.A.,
Institucion de Banca Multilpe (Consubanco). At the same time,
Fitch has affirmed and withdrawn the ratings of Consupago, S.A. de
C.V., a non-bank predecessor of Consubanco, following the
migration of most operations into the bank.
Consubanco's Issuer Default Ratings (IDRs), viability, and
national-scale ratings are driven by its strong capitalization,
sound and recurring profitability driven by ample margins, well-
contained provisions and strong efficiency levels, and reasonable
asset quality and loan loss reserve coverage, that Fitch expects
will remain roughly unchanged despite its conversion into a bank.
However, the ratings also factor in the limited flexibility of its
funding structure, the challenging operating and competitive
environment in this sector, and portfolio concentrations by region
and employer.
Material improvements on the profile, diversification and
flexibility of Consubanco's funding mix, coupled with smaller
asset liability tenor mismatches, could potentially trigger a
revision of the abovementioned ratings; however, Consubanco's
ratings could be downgraded if core and/or tangible common capital
falls below 20% of total assets, and/or if asset quality weakens
to an extent that materially diminishes its loss absorption
capacity, and/or if core earnings decline materially (operative
ROA below 5%).
In turn, Consubanco's support rating of '5' and the support rating
floor of 'NF' reflect Fitch's opinion that external support for
the bank in case of need, although possible, cannot be relied
upon. Given the limited systemic importance of the bank, these
ratings are unlikely to change in the foreseeable future.
Despite its conversion into a bank, Consubanco will focus on the
current business model, as it does not plan in the near future to
expand its array of financial products or attend different
sectors, neither developing a network of bank branches, although a
moderate portion of its funding will be sourced from customer
deposits. Given the small size of the banking entity into which
Consupago's activities are being transferred, Fitch does not
expect a material change on the company's financial profile or
performance upon its completion.
Strong and recurring net interest margin (NIM) of 51.45% and sound
efficiency of 34.8% during the first nine months of 2012 are major
drivers of its sound and ample core earnings. Fitch considers
that Consubanco will maintain robust earnings, comfortably
absorbing its high credit costs. Given its exceptionally high
profitability and the slowdown in loan growth in recent years, the
capital base is ample and has continued growing steadily. Fitch's
measurement of core capital remained at a robust 44.3% of total
assets as of September 2012.
Given the payroll deduction mechanism, effective credit losses are
relatively moderate. The negative recent trends in impairment
levels by lower charge-offs and a tough economic environment.
Loans are diversified by borrower, although certain concentrations
by regions and employers remain.
In Fitch's opinion, improving its funding structure is one of
Consubanco's major challenges, which remains concentrated in a few
secured banking facilities, as well as unsecured local and global
debt issues that have shorter tenors than its loan portfolio;
additionally, the sector is exposed to operational, political, and
event risk related to the properly execution of the agreements
with employers, and potential unwillingness or inability from the
latter to timely or fully disburse retained collections.
Fitch rates Consubanco as follows:
-- Long-term IDR 'BB-';
-- Short-term IDR 'B';
-- Long-term local currency IDR 'BB-';
-- Short-term local currency IDR 'B';
-- Viability rating 'bb-';
-- Support rating '5';
-- Support rating floor 'NF';
-- Senior unsecured global debt for up to MX$750 million 'BB-';
-- Long-term national-scale rating 'A-(mex)';
-- Short-term national-scale rating 'F2(mex)';
-- Long-term national-scale rating for MX$500 million local
senior unsecured debt 'A-(mex)'.
The Rating Outlook is Stable.
Consupago's ratings have been affirmed and simultaneously
withdrawn as indicated below:
-- Long-term IDR at 'BB-';
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB-';
-- Short-term local currency IDR at 'B';
-- Senior unsecured debt for up to MX$750 million at 'BB-';
-- Long-term national-scale rating at 'A-(mex)';
-- Short-term national-scale rating at 'F2(mex)';
-- Short-term national-scale rating for local MX$1,000 million
senior unsecured debt at 'F2(mex)'.
-- Long-term national-scale rating for local MX$500 million
senior unsecured Debt at 'A-(mex)'.
===========
P A N A M A
===========
BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Panama's
(Banconal)Issuer Default Rating (IDR) at 'BBB'. The rating
Outlook is Stable.
Fitch's assessment of the Panamanian government's willingness and
capacity to provide timely and sufficient support drive Banconal's
IDRs, which are aligned with those of the sovereign (rated 'BBB',
Stable Outlook by Fitch). Although the Panamanian government does
not explicitly guarantee Banconal's liabilities, Fitch views the
entity as an important vehicle for the government given its role
as financial agent in charge of tax and social security
collections, payroll services, pension payments, and debt
services.
Banconal's IDRs should move in line with those of Panama. The
downside potential for the bank's IDRs is considered limited given
Panama's sound economic prospects.
Banconal's Viability Rating (VR) is driven by its sound capital
ratios, ample liquidity, stable deposit base, good asset quality,
and increasing profitability, while also factoring in the
concentrations on the balance sheet. Banconal's VR would benefit
from improved loan loss reserves and risk management policies,
higher revenue diversification, and lower concentration on both
sides of the balance sheet. On the other hand, weaker
profitability which would erode the capital/reserve cushion,
and/or declining asset quality would place downward pressure on
VR.
Banconal's capital levels provide a good cushion to absorb
unexpected losses, despite they declined slightly due to credit
growth in the first half of the year. As of second quarter 2012
(2Q'12), Fitch Core Capital stood at 18.5%, below the four-year
average of 20.5%. Capital ratios are underpinned by the low
weighted risk of the bank's assets. Capital should remain sound
to support moderate credit growth rates.
Concentrations are structurally high at Banconal, due to the large
exposure to the government in its investment and loan portfolios
and its funding mostly from government entities. However,
government concentrations carry some benefits, as those loans bear
relatively low risk and deposits are stable and low cost.
The bank has shown significant progress on key IT platforms in
2012, after years of a non-competitive position in the
technological ground, and which should meet privately-owned
banking standards in the short term. The bank has launched a
massive project to overhaul its core banking systems and is
investing significant funds and human resources in this multiyear
project that should finish in 2013.
Fitch affirms Banconal's ratings as follows:
-- Long-term IDR at 'BBB'; Outlook Stable;
-- Short-term IDR at 'F3';
-- Viability Rating at 'bb+';
-- Support Rating at '2';
-- Support Rating Floor at 'BBB'
-- National Long Term Rating at 'AA+(Pan)'; Outlook Stable;
-- National Short Term Rating at 'F1+(Pan)'.
====================
P U E R T O R I C O
====================
SUNSET MARINE: Case Summary & 8 Unsecured Creditors
---------------------------------------------------
Debtor: Sunset Marine of Puerto Rico, Inc.
dba Sunset Marine Charters
PMB 224
35 JC Borbon, Suite 67
Guaynabo, PR 00969
Bankruptcy Case No.: 12-09083
Chapter 11 Petition Date: November 14, 2012
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Juan Manuel Suarez Cobo, Esq.
LEGAL PARTNERS PSC
138 Winston Churchill Ave., Suite 316
San Juan, PR 00926-6023
Tel: (787) 791-1818
Fax: (787) 791-4260
E-mail: suarezcobo@gmail.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Company's list of its eight unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-09083.pdf
The petition was signed by Juan Carlos Nieto Rodriguez, president.
WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Western Host Associates, Inc.
dba Plaza De Armas Hotel
P.O. Box 9024050
Viejo San Juan
San Juan, PR 00902
Bankruptcy Case No.: 12-09093
Chapter 11 Petition Date: November 14, 2012
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Victor Gratacos Diaz, Esq.
P.O. Box 7571
Caguas, PR 00726
Tel: (787) 746-4772
E-mail: bankruptcy@gratacoslaw.com
Scheduled Assets: $3,978,375
Scheduled Liabilities: $6,879,841
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/prb12-09093.pdf
The petition was signed by Luis Alvarez, president.
C&C FOOD: Case Summary & 8 Unsecured Creditors
----------------------------------------------
Debtor: C&C Food Inc.
aka Emma's Food & Meat Market
P.O. Box 338
Moca, PR 00676-0338
Bankruptcy Case No.: 12-09066
Chapter 11 Petition Date: November 13, 2012
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Mildred Caban Flores
Debtor's Counsel: Homel Antonio Mercado Justiniano, Esq.
Calle Ramirez Silva #8
Ensanche Martinez
Mayaguez, PR 00680
Tel: (787) 831-2577
Fax: (787) 805-7350
E-mail: hmjlaw@yahoo.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company's list of its eight unsecured creditors filed with the
petition is available for free at:
http://bankrupt.com/misc/prb12-09066.pdf
The petition was signed by Nabil Jose Caban Rodriguez, president.
Affiliate that filed separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Memphis Caban and Marili Quinones 12-8282 10/17/12
MARMOTECH INC: Case Summary & 11 Unsecured Creditors
----------------------------------------------------
Debtor: Marmotech, Inc.
P.O. Box 7886, Suite 422
Guaynabo, PR 00970
Bankruptcy Case No.: 12-09071
Chapter 11 Petition Date: November 13, 2012
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Enrique S. Lamoutte
Debtor's Counsel: Antonio I. Hernandez Rodriguez, Esq.
HERNANDEZ LAW OFFICE
P.O. Box 8509
San Juan, PR 00910-0509
Tel: (787) 250-0575
E-mail: ahernandezlaw@yahoo.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 11 unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb12-09071.pdf
The petition was signed by Maximino Diaz Delgado, president.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22
--------------------------------------------------------------
Trinidad Express reports that Bourse Securities Ltd will be
hosting two seminars to address the opportunities and risks that
are inherent in the CLICO Investment Fund (CIF).
Bourse was listed as a distributor and broker for the exchange of
bonds for units in the CIL in a press release from the Ministry of
Finance on November 1, according to Trinidad Express.
The report relates that Managing Director Subhas Ramkhelawan,
along with other members of the Bourse Team, will seek to address
and clarify questions from bondholders at the seminars. Attendees
will benefit from the group's discussions and a presentation on
the CIF, Mr. Bourse said, the report relates.
Mr. Ramkhelawan noted, "Bourse will continue to play its pivotal
role in advising investors in matters which are of critical
interest to them from an unbiased and independent platform."
The seminars are scheduled to take place on November 22 at
5:15 p.m. at the Capital Plaza hotel on Wrightson Road, Port of
Spain, and on November 29 at 5:15 p.m. at Cara Suites Hotel and
Conference Centre, Southern Main Road, Claxton Bay.
For information, contact any of the Bourse offices at (868) 628-
9100 or e-mail admin@boursefinancial.com (Att: Elyse Mohammed).
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 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 0614673D BZ 42222280.6 -19730363.1
RECRUSUL - RT 0614674D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0614675D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0614676D 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
RECRUSUL SA-RTS RCSL1 BZ 42222280.6 -19730363.1
RECRUSUL SA-RTS RCSL2 BZ 42222280.6 -19730363.1
RECRUSUL SA-RCT RCSL9 BZ 42222280.6 -19730363.1
RECRUSUL - RCT RCSL10 BZ 42222280.6 -19730363.1
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 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 * * *