/raid1/www/Hosts/bankrupt/TCRLA_Public/130122.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, January 22, 2013, Vol. 14, No. 15
Headlines
A N T I G U A & B A R B U D A
LIAT: Signs Deal for Three 48-Seater Aircraft
A R G E N T I N A
BANCOR PERSONALES I: Moody's Rates Class B Debt Securities 'B1'
B A H A M A S
ULTRAPETROL LTD: Moody's Affirms 'Caa1' CFR; Outlook Negative
B E R M U D A
ASIA NAVIGATION: Member to Receive Wind-Up Report on Jan. 31
B&B AIR FUNDING: Members' Final Meeting Set for Jan. 30
ENERGYLOG LTD: Member to Receive Wind-Up Report on Jan. 31
LULU LTD: Member to Receive Wind-Up Report on Jan. 29
M.S. COMPANY: Member to Receive Wind-Up Report on Jan. 28
SEARLE LTD: Placed Under Voluntary Wind-Up
B R A Z I L
CORPGROUP BANKING: S&P Assigns 'BB' Issuer Credit Rating
C A Y M A N I S L A N D S
AALTO ASIA: Placed Under Voluntary Wind-Up
AALTO ASIA MASTER: Placed Under Voluntary Wind-Up
ALTAI CAPITAL: Commences Liquidation Proceedings
ALTAI CAPITAL MASTER: Commences Liquidation Proceedings
ARLINGTON SPECIAL: Commences Liquidation Proceedings
BARSTON INC: Commences Liquidation Proceedings
BASIX CAPITAL: Members Receive Wind-Up Report
BRITISH WEST: Members Receive Wind-Up Report
CHINA DRAGON: Commences Liquidation Proceedings
H&QAP CHG: Shareholder Receives Wind-Up Report
KARKAT INVESTMENTS: Members Receive Wind-Up Report
KAZIMIR EMERGING: Shareholders Receive Wind-Up Report
MOBILE NET: Members Receive Wind-Up Report
ROMSEY HOLDINGS: Placed Under Voluntary Wind-Up
SALIDA GLOBAL: Shareholder Receives Wind-Up Report
SORIN CL OFFSHORE: Placed Under Voluntary Wind-Up
STRAND OVERSEAS: Commences Liquidation Proceedings
WINNWELL CAPITAL: Placed Under Voluntary Wind-Up
WP RE QUALITY: Commences Liquidation Proceedings
D O M I N I C A N R E P U B L I C
AES ANDRES: Fitch Affirms 'B' FC Issuer Default Rating
BANCO DE RESERVAS: Fitch Expects to Rate USD Notes 'B-'
BANCO DE RESERVAS: Moody's Assigns 'E+' BFSR; Outlook Stable
EMPRESA GENERADORA: Fitch Affirms FC/LC IDRs 'B'; Outlook Stable
ITABO DOMINICANA: Fitch Affirms 'B' FC/LC Issuer Default Ratings
J A M A I C A
CARIBBEAN AIRLINES: Jamaican Gov't Seeks to Prevent Huge Losses
* JAMAICA: Fitch Revises Outlook on Sovereign Ratings to Negative
M E X I C O
AVANCE Y FORTALECIMIENTO: Moody's Assigns 'Caa1' Long-Term CFR
AXTEL SAB: Majority of Bondholders Approve Debt Restructuring
PESQUERA EXALMAR: S&P Assigns 'B+' Corporate Credit Rating
P A R A G U A Y
* PARAGUAY: Moody's Assigns 'Ba3' Rating to $500-Mil Bond
P U E R T O R I C O
EMPRESAS OMAJEDE: Proposes Charles A. Cuprill as Counsel
PUERTO DEL REY: Discloses $100-Mil. in Assets, $44-Mil. in Debt
PUERTO DEL REY: Hires Charles A. Cuprill as Counsel
PUERTO DEL REY: Seeks to Hire Luis R. Carrasquillo as Consultant
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: Signs Deal for Three 48-Seater Aircraft
---------------------------------------------
Trinidad Express reports that France-based aviation company ATR
and regional airline LIAT (Leeward Islands Air Transport) have
signed an agreement for the purchase of three 48-seater ATR 42-600
aircraft.
The deal also includes options for two 68-seater ATR 72-600, and
is valued at over US$100 million, according to Trinidad Express.
The report relates that LIAT will take delivery of its very first
ATR 42-600 in June 2013.
With the arrival of these aircraft from ATR, plus additional ATR -
600s under discussion from leasing companies, LIAT will
progressively replace its current fleet of former turboprop
aircraft, ATR said in a statement, the report discloses.
The report says that the airline currently operates a fleet of 14
aircraft over its Caribbean network, which includes main hubs at
Antigua, Barbados and Trinidad, and destinations -- among others,
in Dominican Republic, Puerto Rico, St Marteen, Guadeloupe,
Dominica, Martinique, St Lucia and St Vincent.
"We are pleased to become a new member of the ATR family and to
start operating aircraft which have largely proven their
efficiency and performances on the type of routes we propose. The
aircraft of our modern fleet will feature the most advanced cabin
interiors and standards of comfort, while being extremely
respectful of the environment, a matter of considerable concern to
us at LIAT," the report quoted Ian Brunton, chief executive
officer of LIAT, as saying.
=================
A R G E N T I N A
=================
BANCOR PERSONALES I: Moody's Rates Class B Debt Securities 'B1'
---------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Bancor Personales I, to be
issued by Deutsche Bank S.A.- acting solely in its capacity as
issuer and trustee.
Moody's notes that as of Jan. 18, 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.
Moody's has withdrawn the ratings of the Class VRDB and CP because
the liability structure of the transaction has changed before
issuance and as a result the rating of the Class VRDB and the
Certificates will change. Moody's has assigned new ratings to
these tranches as follows.
- ARS34,962,970 in Class A Debt Securities (VRDA) of "Fideicomiso
Financiero Bancor Personales I", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)
- ARS4,994,710 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Bancor Personales I", rated Aa2.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)
- ARS9,989,420 in Certificates (CP) of "Fideicomiso Financiero
Bancor Personales I", rated Ba1.ar (sf) (Argentine National
Scale) and Caa1 (sf) (Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 10,567 eligible personal loans denominated in
Argentine pesos, originated by Banco de Cordoba, in an aggregate
amount of ARS49,947,100.68.
These personal loans are granted to pensioners and employees of
the Government of the Province of C¢rdoba in Argentina.
For approximately 58.61% of the securitized portfolio, Banco de
C¢rdoba, as payment agent, deducts the monthly loan installment
directly from the employee's or pensioner's paycheck. For the rest
of the pool, the loan installment is deduct directly from the
employee's paycheck, by the Government of the Province of Cordoba,
after receiving instructions from Banco de Cordoba.
Overall credit enhancement is comprised of subordination: 30% for
the VRDA and 20% for the VRDB. In addition the transaction has
various reserve funds and excess spread.
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 Banco de
Cordoba'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.
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. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for the prepayments with a mean
25% and a coefficient of variation of 70%.
These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was modeled
by simulating the default of the Banco de Cordoba as the servicer
consistent with its current rating of B3/A2.ar.
In the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.
The model results showed 0.04% expected loss for VRDA, 1.88% for
VRDB and 8.77% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 6.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to B2 (sf) and Caa2 (sf) respectively.
Moody's also considered the risk that a disruption in the flow of
payments from the Government of Cordoba to pensioners and
employees respectively, could severely affect the performance of
the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco de Cordoba is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published in October 2012.
=============
B A H A M A S
=============
ULTRAPETROL LTD: Moody's Affirms 'Caa1' CFR; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service raised Ultrapetrol (Bahamas) Limited's
Speculative Grade Liquidity ("SGL") rating to SGL-3 from SGL-4 due
to the improvement in the company's liquidity profile stemming
from the US$220 million equity investment from Sparrow Capital
Investments, Ltd. and the expectation that part of the proceeds
will be used to repurchase any or all of the US$80 million
convertible notes due 2017 (unrated) as part of the company's
announced tender offer. The remaining funds are also considered as
an additional source of liquidity for possible debt repayment or
capital investment. Concurrently, all of Ultrapetrol's ratings,
including the Caa1 Corporate Family Rating, were affirmed. The
negative outlook remains unchanged.
The following rating was upgraded:
Speculative Grade Liquidity, to SGL-3 from SGL-4
The following ratings were affirmed:
Corporate Family Rating, at Caa1
$180 million 9% First Preferred Ship Mortgage Notes due 2014, at
Caa1
Ratings Rationale
The upgrade of Ultrapetrol's Speculative Grade Liquidity rating to
SGL-3 reflects the improvement in the company's near-term
liquidity profile from the additional liquidity provided by the
equity infusion from Sparrow Capital and its aforementioned tender
offer. The majority equity interest by Sparrow Capital (78.4%
ownership stemming from equity infusion) triggered the
"Fundamental Change" provision in the convertible notes indenture
leading to the announced tender offer.
Ultrapetrol's adequate liquidity profile, denoted by the SGL-3
liquidity rating, is supported by higher cash balances from the
equity infusion and lower interest expense (approximately $6
million interest reduction) resulting from the convertible debt
repurchase. The equity investment contributed favorably to much
needed liquidity resulting from negative free cash flow prior to
the equity investment. However, the higher interest expense on the
company's senior secured notes due November 2014 continues to be
considered. The liquidity rating also incorporates the lack of a
multi-year revolving credit facility. Ultrapetrol does possess
alternate sources of liquidity via unencumbered assets, primarily
in its River Business.
The negative outlook is primarily based on uncertainty regarding
the degree of operational improvement needed in 2013 and the need
to address the approaching maturity of the 9% $180 million notes
due November 2014.
Ultrapetrol's Caa1 CFR reflects the very high leverage of well
over 10 times, based on Moody's standard adjustments, at September
30, 2012. Although metrics are anticipated to moderately improve
in the 2013-2014 time period as platform supply vessels ("PSVs")
in the offshore supply business are delivered contributing to
earnings, credit metrics in the intermediate term are expected to
remain at the Caa rating level absent further debt reduction.
Other rating considerations include the highly cyclical nature of
the River business due to its dependence on weather patterns in
the Hidrovia region of South America as well as inflationary
pressures in Argentina. The company's business could benefit in
the longer-term from continued investment by Brazilian-based
Petrobras in oil exploration activities in South America (and thus
demand for PSV services) as well as improved soybean production in
2013.
The ratings could be upgraded if the company improves the
liquidity profile via sustained positive free cash flow generation
and Moody's comes to expect an improvement in credit metrics. A
refinancing of the $180 million notes due November 2014 would also
be favorable.
The lack of an improvement in operating results and/or increased
likelihood that the company would buy back any of its remaining
debt at meaningfully lower than face value could result in a
lowering of the ratings.
The principal methodology used in this rating was the Global
Shipping Industry published in December 2009.
Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended September 30, 2012 revenues
totaled US$320 million.
=============
B E R M U D A
=============
ASIA NAVIGATION: Member to Receive Wind-Up Report on Jan. 31
------------------------------------------------------------
The member of Asia Navigation International Limited will receive
on Jan. 31, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 24, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
B&B AIR FUNDING: Members' Final Meeting Set for Jan. 30
-------------------------------------------------------
The members of B&B Air Funding 29052 Mezzanine Leasing Limited
will hold their final meeting on Jan. 30, 2013, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 21, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
ENERGYLOG LTD: Member to Receive Wind-Up Report on Jan. 31
----------------------------------------------------------
The member of EnergyLog Ltd. will receive on Jan. 31, 2013, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 24, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
LULU LTD: Member to Receive Wind-Up Report on Jan. 29
-----------------------------------------------------
The member of Lulu, Ltd. will receive on Jan. 29, 2013, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 20, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
M.S. COMPANY: Member to Receive Wind-Up Report on Jan. 28
---------------------------------------------------------
The member of M.S. Company Limited will receive on Jan. 28, 2013,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 21, 2012.
The company's liquidator is:
Ernest Morrison
Cox Hallett Wilkinson Limited
Bermuda
SEARLE LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 20, 2012, the members of Searle Ltd resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 14, 2013, will be included in the company's dividend
distribution.
The company's liquidators are:
Rob McMahon
Keiran Hutchison
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
Grand Cayman Islands
Cayman Islands
===========
B R A Z I L
===========
CORPGROUP BANKING: S&P Assigns 'BB' Issuer Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issuer credit rating CorpGroup Banking S.A. (CG Banking). At the
same time, S&P assigned its 'BB' rating on the company's proposed
senior unsecured notes for up to $500 million with a tenor of up
to 10 years. In addition, S&P placed ratings on CreditWatch with
negative implications, reflecting a similar rating action it took
on Corpbanca S.A. (BBB+/Watch Neg/A-2), CG Banking's most
important cash contributor.
Ratings on CG Banking are on CreditWatch negative following a
similar rating action on Corpbanca. The CreditWatch listing on
Corpbanca reflects the potential impact related to its acquisition
of Helm bank. S&P will evaluate the impact on the bank's stand-
alone credit profile, anchor, capital charges, and risk-adjusted
capital ratios from higher exposure to Colombia, which carries
higher economic risks than Chile, and resulting capital structure
after the acquisition. S&P intends to resolve the CreditWatch
listing after completion of regulatory approvals in Chile and
Colombia.
==========================
C A Y M A N I S L A N D S
==========================
AALTO ASIA: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 9, 2012, the shareholders of Aalto Asia Fund Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 14, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345)-926-1688
P.O. Box 11371 Grand Cayman KY1-1008
Cayman Islands
AALTO ASIA MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 9, 2012, the shareholders of Aalto Asia Master Fund
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 14, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345)-926-1688
P.O. Box 11371 Grand Cayman KY1-1008
Cayman Islands
ALTAI CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 9, 2012, the sole shareholder of Altai Capital PV1
Offshore Fund, Ltd. resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
Toby Symonds
152 West 57th Street
10th Floor
New York NY 10019
U.S.A.
ALTAI CAPITAL MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 9, 2012, the sole shareholder of Altai Capital PV1 Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Toby Symonds
152 West 57th Street
10th Floor
New York NY 10019
U.S.A.
ARLINGTON SPECIAL: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 9, 2012, the shareholders of Arlington Special Situations
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Geoffrey Varga
c/o Camele Burke
Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9904
Facsimile: (345) 943 9900
BARSTON INC: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 8, 2012, the shareholders of Barston Inc. resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Philip Mosely
Cayman Management Ltd.
PO Box1569 Grand Cayman KY1-110
Cayman Islands
Telephone: +1 345 949 4018
Facsimile: +1 345 949 7891
e-mail: pmosely@caymanmanagement.ky
BASIX CAPITAL: Members Receive Wind-Up Report
---------------------------------------------
On Dec. 3, 2012, the members of Basix Capital Offshore Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
BRITISH WEST: Members Receive Wind-Up Report
--------------------------------------------
On Dec. 7, 2012, the members of British West Indies Realty Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Kirsten Le Pape
Turners Management Ltd.
Strathvale House
90 North Church Street
PO Box 2636 Grand Cayman KY1-1102
Cayman Islands
c/o Gavin Lowe
Telephone: 1 345 814 0712
CHINA DRAGON: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 5, 2012, the shareholders of China Dragon Holdings
resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Rebecca Hume
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
PO Box 709
122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
H&QAP CHG: Shareholder Receives Wind-Up Report
----------------------------------------------
On Dec. 21, 2012, the shareholder of H&QAP CHG GP, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
KARKAT INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
On Dec. 10, 2012, the members of Karkat Investments Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
KAZIMIR EMERGING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Dec. 19, 2012, the shareholders of Kazimir Emerging Europe Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Kazimir Asset Management Limited
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
MOBILE NET: Members Receive Wind-Up Report
------------------------------------------
On Dec. 12, 2012, the members of Mobile Net Invest Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
H&J Corporate Services (Cayman) Ltd.
Anderson Square, 5th Floor
Shedden Road
PO Box 866, Grand Cayman, KY1-1103
Cayman Islands
Telephone: (345) 949 7555
ROMSEY HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 30, 2012, the sole member of Romsey Holdings Ltd. resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
F. Adrian Ramirez Gallegos
Telephone: (345) 949 7555
c/o Higgs & Johnson
Anderson Square, 5th Floor
Shedden Road
PO Box 866 Grand Cayman KY1-1103
Cayman Islands
SALIDA GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Dec. 12, 2012, the sole shareholder of Salida Global Energy
Fund (International) Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Shameer Jasani
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: (345) 815-1802
Facsimile: (345) 949-9877
SORIN CL OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sorin CL Offshore Fund,
Ltd resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Susan Lock
Telephone: (345) 815-1889
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
STRAND OVERSEAS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 8, 2012, the shareholders of Strand Overseas Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Philip Mosely
Cayman Management Ltd.
PO Box1569 Grand Cayman KY1-110
Cayman Islands
Telephone: +1 345 949 4018
Facsimile: +1 345 949 7891
WINNWELL CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 29, 2012, the shareholders of Winnwell Capital Partners
LLC resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Linburgh Martin
c/o Neil Gray
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034 Grand Cayman KY1-1102
Cayman Islands
WP RE QUALITY: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 9, 2012, the shareholders of WP RE Quality International
Ltd. resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 17, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Marco Archer
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348, George Town Grand Cayman KY1-1108
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
AES ANDRES: Fitch Affirms 'B' FC Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed AES Andres Dominicana SPV's Foreign
Currency IDR at 'B', with a Stable Outlook.
AES Dominicana's ratings reflect the electricity sector's high
dependency on transfers from the central government to service its
financial obligations, a condition that links the credit quality
of the distribution companies (EDEs) and generation companies in
the country to that of the sovereign. Low collections from end-
users and high electricity losses have undermined distribution
companies' cash generation capacity, exacerbating these companies'
dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies.
Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium term.
Yet the expiration of the stand-by arrangement (SBA) with the
International Monetary Fund (IMF) on Feb. 28, 2012 holds the
potential to derail the modest progress achieved by the sector so
far. AES Dominicana's ratings also consider its solid asset
portfolio, strong balance sheet and well-structured purchase power
agreements (PPAs), which contribute to strong cash flow generation
and bolster liquidity.
The electricity sector registered energy losses of 31.9% and an
average collection rate of 89.8% both by October 2012, rendering
the cash generation capacity of the distribution companies very
weak as evidenced by a Cash Recovery Index of 61.2%, still below
the target established in conjunction with the IMF of 70%. This
situation reinforces the sector's dependency on public transfers
and makes it a high-risk sector, especially at a time of rising
fiscal vulnerabilities affecting the Central Government's
finances.
AES Dominicana's ratings reflect its high-quality generation
assets, consisting of Andres and DPP with an aggregate effective
generating capacity of 540 MW. Andres is the company's newest and
most efficient power plant. It ranks among the lowest cost
electricity generators in the country. Andres' combined-cycle
plant burns natural gas and is expected to be fully dispatched as
a base-load unit as long as the LNG price is not more than 15%
higher than the price of imported fuel oil No. 6.
The company continued to post strong credit metrics in spite of
the 25.6% EBITDA contraction registered during the LTM period
ended September 2012. EBITDA fell to USD136 million during this
LTM, from USD183 million in FY2011 due to higher fuel costs and
energy purchases during the period. Still, the company posted
leverage and coverage indicators with respect to EBITDA of 1.2x
and 7.2x, respectively, by September 2012 - metrics considered to
be conservative for the rating category.
Government delays in transferring funds to cover the sector's
deficit continue to pressure the company's cash flow. For the LTM
September 2012, AES Dominicana generated USD50 million of cash
flow from operations (CFFO), below the USD63 million posted in
FY2011. Days of Sale (DOS) outstanding totaled 75 days for Andres
and 69 for DPP, above FY2011 results, when DOS stood at 33 and 61
days, respectively. The government was able to pay part of
generation company receivables that were overdue, including AES
Dominicana's receivables, improving the company's collection rate
(138%) during the third quarter 2012, above the 83% posted during
the same period 2011. The payment was eventually achieved through
a public bond placement in the local market after difficulties in
making good on its agreed target to maintain DOS at 60 days
average. Fitch expects the continuation of arrears accumulation to
add further volatility to AES Dominicana's cash flow generation in
the future
The company's debt structure, with a sole maturity in 2020,
provides ample financial flexibility and eliminates liquidity
risk. As of Sept. 30, 2012, AES Dominicana had cash and marketable
security holdings of USD137 million providing ample liquidity
cushion to meet operational and financial needs.
Fitch has affirmed the following:
-- AES Andres Dominicana's LT FC IDR at 'B', Outlook Stable;
-- AES Andres Dominicana's LT bond rating at 'B/RR4',
-- AES Andres B.V. LT National Rating at 'A-(dom)', Outlook
Stable.
Factors that could lead to a change in the assigned ratings:
A positive rating action could follow if the DR sovereign's
ratings are upgraded or if the sector achieves financial
sustainability through proper policy implementation.
A negative rating action would follow if the DR sovereign's
ratings are downgraded, if further deterioration of the sector's
key performance indicators reinforces the dependence on government
transfers, or if the company's operational and financial
performance deteriorates to the point of increasing the ratio of
Debt to EBITDA to 5x and is sustained.
BANCO DE RESERVAS: Fitch Expects to Rate USD Notes 'B-'
-------------------------------------------------------
Based on the documentation provided, Fitch Ratings expects to rate
Banco de Reservas de la Republica Dominicana, Banco de Servicios
Multiples' (BANRESERVAS) upcoming USD subordinated notes 'B-
(exp)'. The final rating is contingent upon the receipt of final
documents conforming to information already received.
The expected rating is in line with the rating guidelines in
Fitch's criteria 'Assessing and Rating Bank Subordinated and
Hybrid Securities'. The notes rank junior to BANRESERVAS' senior
unsecured debt and will be structurally subordinated to existing
and future obligations. Their rating is one notch below
BANRESERVAS' Viability Rating (VR) reflecting one notch for loss
severity, but no notches for incremental non-performance risk
relative to the bank's VR. The securities' rating is sensitive to
any change in BANRESERVAS' VR.
The subordinated notes for an amount and maturity to be determined
will carry a fixed interest rate, also to be determined. Interest
payments will be made semi-annually. BANRESERVAS will use the
proceeds from the planned issue for general business purposes.
Fitch will not assign equity credit to the subordinated bonds as
these do not have any capital components according to Fitch's
methodology, though a portion of the notes will be considered Tier
II regulatory capital according to local capital adequacy
regulations. The final amount issued is not expected to materially
change BANRESERVAS' financial profile.
As of June 30, 2012, BANRESERVAS was the second largest bank out
of 15 commercial and multiple service banks, with 28% of total
system assets. The bank is the government's main paying agent and
also has an important share of consumer and corporate markets.
Fitch currently rates BANRESERVAS as:
-- Foreign currency IDR 'B'; Outlook Stable;
-- Local currency IDR 'B'; Outlook Stable;
-- Short-term foreign currency IDR 'B';
-- Short-term local currency IDR 'B';
-- Viability Rating 'b';
-- Support Rating '4';
-- Support Floor 'B';
-- National long-term rating 'AA-(dom)'; Outlook Stable;
-- National Short-Term Rating 'F1+(dom)'.
BANCO DE RESERVAS: Moody's Assigns 'E+' BFSR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a standalone bank financial
strength rating (BFSR) of E+ and a baseline credit assessment
(BCA) of b2 to Banco de Reservas de la Republica Dominicana
(Banreservas). Moody's has also assigned the bank B1 and Not Prime
long and short term local currency deposit ratings and B2 and Not
Prime long and short term foreign currency deposit ratings, the
latter constrained by Moody's B2 country ceiling for bank deposits
in the Dominican Republic.
Moody's has also assigned a B2 long term foreign currency rating
to Banreservas' proposed issuance of US dollar-denominated
subordinated notes. The notes are expected to be eligible for
partial Tier II regulatory capital treatment under Dominican
banking regulations and will be governed by the laws of the State
of New York.
The outlook on all ratings is stable.
The following ratings were assigned to Banco de Reservas de la
Republica Dominicana (Banreservas):
Bank financial strength rating: E+, stable outlook
Long term local currency deposit rating: B1, stable outlook
Short term local currency deposit rating: Not Prime
Long term foreign currency deposit rating: B2, stable outlook
Short term foreign currency deposit rating: Not Prime
Long term foreign currency subordinated debt rating: B2, stable
outlook
Ratings Rationale
Moody's said that the E+ standalone BFSR and b2 BCA assigned to
Banreservas reflect the bank's large and established franchise as
the second largest lender and deposit-taking institution in the
Dominican Republic, with nationwide coverage, an important 25%
share of deposits, as well as privileged access to captive sources
of funding, particularly from the national government or
government-related entities. The standalone ratings also
incorporate the bank's adequate capitalization, supported by a
conservative earnings retention policy. Banreservas' leading
market share in domestic CDs (Certificados Financieros) and its
role as one of the largest providers of administrative and
transaction services to the national government and to government-
owned companies support the bank's liquidity.
Key constraints to the standalone ratings are the bank's below
average asset quality, including high single borrower and public
sector concentrations, and weak profitability that does not fully
leverage its market presence or competitive funding advantage.
Moody's said Banreservas' high single borrower concentrations may
lead to asset quality and earnings volatility. As Banreservas'
public sector exposure represents more than one quarter of total
assets, distress at the sovereign could lead to considerable
losses for the bank. The bank's nonperforming loan ratio is also
higher than the system average as a consequence of legacy loans
and impairments in the agribusiness, tourism and construction
sectors. Moody's views as positive the bank's plans to further
diversify its business in the private sector by expanding its
coverage of small businesses and consumers, although aggressive
expansion could lead to asset quality pressure.
Banreservas' weak earnings generation capacity reflects its
emphasis on lower margin government-related and corporate lending
along with relatively high operating leverage. Earnings quality
has also weakened since 2010 as loan-related earnings have been
replaced by a larger proportion of less predictable securities-
related income. Earnings are likely to be pressured further by
higher funding costs related to the bank's planned subordinated
debt issuance, which management intends to offset in part by an
increasing proportion of higher margin retail loans.
The lack of an independent board of directors is a further
limitation to Banreservas' standalone ratings particularly in
light of the bank's high public sector exposures. As is
characteristic of many government-owned banks, its board members
are appointed by the President of the Republic and by the Central
Bank. In Moody's view, there is the risk that the lack of
independent board members could lead to asset quality issues in
future, as it would be difficult for the board to exert
independent oversight over government initiatives regarding asset
allocation.
The B1 local currency deposit rating assigned to Banreservas is
based on the standalone baseline credit assessment of b2, that is
mapped from the E+ BFSR. The rating incorporates one notch of
uplift due to Moody's assumption of full support from the
government of the Dominican Republic, in case of need. This
assumption is based on the bank's 100% ownership and the
importance of its deposit and lending franchise. The B2 foreign
currency deposit rating is constrained by the foreign currency
country ceiling for deposits.
The B2 foreign currency subordinated debt rating assigned to the
proposed notes is notched off the B1 local currency rating and
takes into account the standard of one notch for subordination for
government-owned banks, in accordance with "Moody's Guidelines for
Rating Bank Hybrid Securities and Subordinated Debt," published in
November 2009. The subordinated debt rating is unconstrained by
Moody's Ba2 country ceiling for foreign currency bonds of the
Dominican Republic.
Based in Santo Domingo, Banreservas reported consolidated assets
of US$5.4 billion, deposits of US$2.8 billion and shareholders'
equity of US$442 million as of June 30, 2012. The bank held total
loan and deposit market shares of 28% and 25%, respectively.
The principal methodology used in rating Banreservas was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
EMPRESA GENERADORA: Fitch Affirms FC/LC IDRs 'B'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Haina, S.A.'s Foreign Currency and Local Currency IDRs at 'B' with
a Stable Outlook. A full list of ratings follows at the end of
this release.
HAINA's ratings reflect the electricity sector's high dependency
on transfers from the central government to service its financial
obligations, a condition that links the credit quality of the
distribution (EDEs) and generation companies in the country to
that of the sovereign. Low collections from end-users and high
electricity losses have undermined distribution companies' cash
generation capacity, exacerbating generation companies' dependence
on public funds to cover the gap produced by insufficient payments
received from distribution companies.
Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium-term.
Yet, the expiration of the stand-by arrangement (SBA) with the
International Monetary Fund (IMF) on Feb. 28, 2012 holds the
potential to derail the modest progress achieved by the sector so
far. HAINA's ratings also consider its solid asset portfolio,
strong balance sheet and well-structured PPAs, which contribute to
strong cash flow generation and bolster liquidity.
The electricity sector registered energy losses of 31.9% and an
average collection rate of 89.8% both by October 2012, rendering
the cash generation capacity of the distribution companies very
weak as evidenced by a Cash Recovery Index of 61.2%, still below
the 70% target established under the recently expired IMF SBA.
This situation reinforces the sector's dependency on public
transfers and makes it a high risk sector, especially at a time of
rising fiscal vulnerabilities affecting the Central Government's
fiscal stance (see Fitch, Dec. 11, 2012)
HAINA's ratings are supported by its diversified portfolio of
generation assets, the use of various sources of fuel in its
plants, its strong market position and operational efficiency.
HAINA'S generation assets comprise plants that use fuel oil,
diesel, coal and wind located throughout the country. This
provides the company with different positions on the dispatch
merit list, reinforcing the company's operational results.
HAINA continues to post a strengthening EBITDA in support of
increasing Funds From Operations (FFO) and adequate credit metrics
for the rating category. For the LTM period ended September 2012,
the company reported EBITDA of USD 130 million, an increase from
USD112 million in fiscal year 2011, while its FFO stood strong at
USD 120 million. Its interest coverage and net leverage stood at
4.3x and 1.1x both with respect to EBITDA.
The company received an extraordinary payment from the government
during the month of September 2012 (USD 211 million) which
contributed to positive cash flow generation of USD 189 million
and a collection rate from distribution companies of 95% both by
September 2012. The payment was eventually achieved through a
public bond placement in the local market after difficulties in
making good on its agreed target to maintain Days-of-Sale (DOS) at
60 days average. HAINA closed the third quarter with approximately
70 DOS following said payment. Fitch expects the continuation of
arrears accumulation to add further volatility to HAINA's cash
flow generation in the future.
HAINA's debt structure with staggered maturities and a 3.5 average
life contribute to lowering liquidity risk. As of Sep. 30, 2012,
HAINA had cash and marketable securities balance of USD241 million
providing an ample liquidity cushion to meet operational and
financial needs.
Fitch affirms HAINA's ratings as follows:
-- Foreign Currency IDR at 'B'; Outlook Stable;
-- Local Currency IDR at 'B'; Outlook Stable;
-- National Long-term rating at 'A-(dom)'; Outlook Stable;
-- USD175 million notes due 2017 at 'B/RR4';
-- Sr. unsecured notes 2016 at 'A-(dom)'.
Factors that could lead to a change in the assigned ratings:
A positive rating action could follow if the DR sovereign's
ratings are upgraded or if the sector achieves financial
sustainability through properly policy implementation.
A negative rating action would follow if the DR sovereign's
ratings are downgraded, if further deterioration of the sector's
key performance indicators reinforces the dependence on government
transfers or if the company's operational and financial
performance deteriorates to the point of increasing the ratio of
Debt to Ebitda to 5x in a sustained fashion.
ITABO DOMINICANA: Fitch Affirms 'B' FC/LC Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Itabo Dominicana SPV's (ITABO) Foreign
Currency and Local Currency IDRs at 'B' with a Stable Outlook. A
full list of rating actions follows at the end of this release.
ITABO's ratings reflect the electricity sector's high dependency
on transfers from the central government to service its financial
obligations, a condition that links the credit quality of the
distribution companies (EDEs) and generation companies in the
country to that of the sovereign. Low collections from end-users
and high electricity losses have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies.
Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium-term.
Yet, the expiration of the stand-by arrangement (SBA) with the
International Monetary Fund (IMF) on Feb. 28, 2012 holds the
potential to derail the modest progress achieved by the sector so
far. ITABO's ratings also consider its low cost generation
portfolio, strong balance sheet and well-structured PPAs, which
contribute to strong cash flow generation and bolster liquidity.
The electricity sector registered energy losses of 31.9% and an
average collection rate of 89.8% both by October 2012, rendering
the cash generation capacity of the distribution companies very
weak as evidenced by a Cash Recovery Index of 61.2%, still below
the target established in conjunction with the IMF of 70%. This
situation reinforces the sector's dependency on public transfers
and makes it a high risk sector, especially at a time of rising
fiscal vulnerabilities affecting the Central Government's finances
(see Fitch, Dec. 11th, 2012).
ITABO's ratings incorporate its strong competitive position as one
of the lower cost thermoelectric generators in the country,
ensuring the company's consistent dispatch of its generation
units. The company operates two low cost coal fired thermal
generating units and a third peaking plant that runs on Fuel Oil
#2 and sells electricity to three distribution companies in the
country through well-structured long term U.S. dollar denominated
PPAs.
The company continued to post increasing EBITDA generation during
the LTM period ended September 2012. EBITDA increased to USD 60
million by the end of third quarter 2012 from USD 27 million in
FY2011. The operational profitability's recovery follows the
implementation of its coal purchasing strategy that leverages the
support of the AES Corp. to optimize contractual terms and ensure
increasing operational returns. Given the current trend in coal
prices, Fitch expects the company to continue strengthening its
operation and financial results based on the support strategy
commented above.
This positive EBITDA evolution translated into adequate credit
metrics as evidenced by net leverage and coverage indicators with
respect to EBITDA of 0.3x and 2.3x respectively by September 2012.
Fitch expects the coverage ratio to continue improving as the
company succeeds in its cost optimization strategy aimed at
reducing average coal prices and, consequently, generation costs.
For the LTM September 2012, ITABO generated USD100 million of
CFFO, above the USD14 million posted in FY2011. This result is
explained not only by the recuperation of operational results but
also by the recent payment received from the government in
September 2012 to pay down account receivable arrears which, in
turn, reduced ITABO's Days of Sale to approximately 72 days. The
government had to finance this payment with a local bond placement
given its current fiscal vulnerabilities and weak cash generation
capacity affecting the sector. Fitch expects the continuation of
arrears accumulation to add further volatility to ITABO's cash
flow generation in the future.
The company's debt structure is quite manageable with a seven year
average life which properly contributes to the reduction of
liquidity risk. As of Sep. 30, 2012, ITABO's cash and marketable
security holdings stood at of USD109 million providing ample
liquidity cushion to meet operational and financial needs.
Fitch affirms ITABO's ratings as follows:
--ITABO Dominicana SPV's FC IDR at 'B'; Stable Outlook;
--Empresa Generadora de Electricidad ITABO's FC and LC IDRs at
'B'; Stable Outlook;
--ITABO Dominicana SPV's bond issuance maturing in 2020 at
'B/RR4';
--Empresa Generadora de Electricidad ITABO's National Long-Term
issuer Rating at 'A-(dom)'; Stable Outlook;
--Empresa Generadora de Electricidad ITABO's local bond rating
at 'A-(dom)'.
=============
J A M A I C A
=============
CARIBBEAN AIRLINES: Jamaican Gov't Seeks to Prevent Huge Losses
---------------------------------------------------------------
RJR News reports that the Jamaican government is to implement
permanent measures to prevent Caribbean Airlines from racking up
huge debts with Jamaican agencies.
The Trinidadian air carrier has reduced the massive debt it
accumulated in fees as well as other duties in Jamaica, according
to RJR News. The report relates that Dr. Omar Davies, Minister of
Transport, said it was now necessary to prevent a recurrence.
Dr. Davies said the new arrangement will be negotiated by
officials from Jamaica and Trinidad & Tobago, the report says.
Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services. It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.
* * *
As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.
* JAMAICA: Fitch Revises Outlook on Sovereign Ratings to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Jamaica's
sovereign ratings to Negative from Stable. Fitch has also
affirmed the ratings as follows:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'B-';
-- Short-term foreign currency rating at 'B';
-- Country Ceiling at 'B'.
Rating Rationale
Jamaica's ratings balance the sovereign's structural strengths,
such as relatively high income per capita and social indicators,
policy consensus and relatively strong institutional capacity
against continued growth underperformance, high vulnerability to
external and confidence shocks, weak public finances and fiscal
solvency indicators. Jamaica's ratings incorporate the sovereign's
vulnerability to external and cyclical downturns as well as
financing risks.
Negative Rating Outlook
The Outlook revision to Negative reflects Jamaica's rising
financing constraints in the context of elevated fiscal and
external imbalances. The sustained erosion of the country's
international liquidity position has sharply reduced the
authorities' maneuver capacity to manage external and fiscal
pressures, thereby increasing the urgency of reaching a new
agreement with the International Monetary Fund (IMF) in the near
term. Growth underperformance poses serious challenges to
sustained fiscal consolidation and debt sustainability.
Large external vulnerabilities reflected in weak external solvency
ratios and large current account deficits have been compounded by
sustained decline in international reserves through most of 2012.
International reserves fell by USD832 million to USD1982 million
driven by deteriorating domestic confidence, an estimated current
account deficit of 11.6% of GDP and limited financing inflows.
The Jamaican dollar (JMD) has come under pressure in 2012, as
domestic confidence slipped due to the delay in reaching a new
agreement with the IMF. So far, the authorities have managed the
increased currency pressures by primarily intervening in the FX
market. However, the present limited international reserves
firepower could lead to rapid adjustment in the monetary policy
stance in the event of significant loss of confidence.
Domestic financing conditions have tightened in recent months due
to increased market uncertainty. This is a source of concern given
the sovereign financing needs (at 15.8% of GDP) will likely
continue to remain large and increase to 17.7% in FY13 driven by
increasing domestic amortizations and the start of repayments to
the IMF. While the domestic market has continued to provide
financing to the government, it has done so at higher cost and in
shorter terms. FX financing for the government remains limited, as
multilateral disbursements and access to international
disbursements is presently constrained by the absence of an IMF
agreement in place.
The economy contracted by an estimated 0.5% in 2012. Weighed down
by structural constraints, growth is likely to remain lackluster
over the next two years, which would in turn continue to test the
government's ability to achieve a sustainable fiscal
consolidation. Challenges have already increased for the
government to meet its primary surplus target of 6% of GDP in FY12
due to continued revenue underperformance. Government debt remains
among the highest of all sovereigns rated by Fitch at 130% of GDP.
While an eventual IMF program could stabilize confidence and thus
provide relief to JMD and balance of payments pressures, Fitch
considers that developing a record of fiscal predictability and
moving ahead with structural reforms to strengthen public finances
will be key to reduce credit vulnerabilities.
Rating Sensitivities
The main factors that could lead to a negative rating action are:
-- Continued weakening in external liquidity combined with
currency pressures leading to increased macroeconomic
instability;
-- Increasing financing constraints and fiscal imbalances leading
to unsustainable debt dynamics could increase the risk of some
form of debt restructuring.
Future developments that may individually or collectively lead to
a stabilization of the Outlook include:
-- Stabilization of international reserves and increased
confidence that risks to macroeconomic instability have
reduced materially;
-- Improved growth performance, fiscal consolidation and easing
of financing constraints.
Key Assumptions
The ratings and Outlooks are sensitive to a number of assumptions:
-- Fitch assumes that Jamaica will finalize an agreement with
the IMF in the near term. Failure or an extended delay in
reaching such an agreement would be negative for
creditworthiness.
-- Fitch assumes that Jamaica's domestic market will continue to
provide financing to the government and roll-over maturing
debt, albeit at higher cost and shorter maturity.
-- Fitch base case scenario assumes no deepening of the financial
crisis in developed economies, most notably the U.S. and no
adverse weather phenomenon that would severely impact
Jamaica's growth and/or fiscal accounts.
===========
M E X I C O
===========
AVANCE Y FORTALECIMIENTO: Moody's Assigns 'Caa1' Long-Term CFR
--------------------------------------------------------------
Moody's de Mexico assigned a long term local currency corporate
family rating (CFR) of Caa1 to Avance y Fortalecimiento Integral,
S.A. de .C.V. Sociedad Financiera de Objeto M£ltiple, Entidad No
Regulada (Avance). The rating was a assigned with a stable
outlook.
The following rating was assigned, with a stable outlook:
Long term local currency corporate family rating of Caa1
RATINGS RATIONALE
Moody's assigned a corporate family rating (CFR) of Caa1 to
Avance, which is at the same level of its Caa1 long term global
local currency issuer rating. As a reference point, CFRs represent
the rating agency's opinion of the consolidated credit risk of a
speculative grade company, equivalent to the weighted average of
all debt classes within the company's capital structure,
considering the proportionality, seniority and level of asset
protection associated with various debt classes, both nominally
and in relation to each other.
Because Avance has no outstanding debt obligations at this time,
Moody's assigned issuer rating is at the same rating level as its
Caa1 CFR. If and when the company issues debt obligations, Moody's
will reassess the seniority and level of asset protection of the
company's capital structure.
Avance is headquartered in Chihuahua, Chihuahua, and reported
total assets of Mx$52.4 million (US$4.1 million), gross loans of
Mx$36.6 million and shareholders' equity of Mx$13.5 million as of
September 2012.
The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".
The date of the last Credit Rating Action was January 17, 2012
when Moody's assigned first-time ratings to Avance.
The period of time covered in the financial information used to
determine Avance's rating is between December 31, 2008 and
September 30, 2012.
AXTEL SAB: Majority of Bondholders Approve Debt Restructuring
-------------------------------------------------------------
Christine Jenkins at Bloomberg News reports that Axtel S.A.B. de
C.V. said a majority of creditors accepted its debt-restructuring
offer after the company improved the terms of the exchange.
The bondholders accepted a combination of senior secured debt,
peso-denominated convertible bonds and cash, which would replace
dollar senior unsecured debt due in 2017 and 2019, Axtel said in a
statement, according to the Bloomberg News.
The report relates Axtel SAB unveiled a new swap on Jan. 14 that
improved the terms of its $765 million debt restructuring after
40% of creditors rejected the initial offer.
The company "obtained a satisfactory level of participation that
included the managers of accounts owning the two largest
holdings," Chief Financial Officer Felipe Canales said, according
to the statement obtained by the news agency.
Axtel is in the process of selling tower assets to American Tower
Corp. (AMT) for $250 million in a transaction dependent upon the
success of the debt exchange, the report adds.
About Axtel SAB
Axtel S.A.B. de C.V. is the second largest fixed-line integrated
services telephony company in Mexico and is one of the primary
virtual private network operators in the country. AXTEL SAB
provides comprehensive telecommunications services to every
sector, from residential and small and medium businesses to large
corporations, financial institutions, and government entities.
* * *
As reported in the Troubled Company Reporter - Latin America on
Jan. 4, 2013, Fitch Ratings has downgraded Axtel, S.A.B. de C.V.'s
ratings following the announcement of an exchange offering for the
2017 (not rated by Fitch) and 2019 senior notes as:
-- Local currency Issuer Default Rating (IDR) to 'C' from 'B-';
-- Foreign currency IDR to 'C' from 'B-';
-- US$490 million Senior Notes due 2019 to 'C/RR4' from 'B-/RR4';
-- Long-term National Scale rating to 'C(mex)' from 'BB-(mex)'.
PESQUERA EXALMAR: S&P Assigns 'B+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Pesquera Exalmar S.A.A. (Exalmar). At
the same time, S&P assigned its 'B+' issue-level rating to
Exalmar's proposed $200 million senior unsecured notes due 2023.
The outlook is stable.
The ratings on Exalmar reflect S&P's assessment of the company's
"weak" business risk profile, "aggressive" financial risk profile,
"less-than-adequate" liquidity, and "fair" management.
"We could downgrade Exalmar if weak operating results--due to
adverse weather conditions or a significant drop in volume demand
and prices -- result in debt to EBITDA of more than 4x, or if cash
flow pressures deplete its liquidity. In our view, the volatility
of the fishing industry, combined with the company's limited scale
and narrow geographic and product diversification, somewhat limits
a positive rating action in the near term," S&P said.
===============
P A R A G U A Y
===============
* PARAGUAY: Moody's Assigns 'Ba3' Rating to $500-Mil Bond
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the US$500
million bond issued by the government of Paraguay, maturing on
January 25, 2023. The rating matches the sovereign rating of
Paraguay, which was upgraded to Ba3 from B1 with a stable outlook
on January 8, 2013.
The upgrade to Paraguay's sovereign rating was based on (1)
government finances that Moody's expects will continue to align
well with peers in the 'Ba' rating category, despite volatile
growth, (2) a sustained build-up in international reserves
resulting in external liquidity metrics in line with 'Ba' medians,
and (3) improved medium-term growth prospects supported by
government plans to increase investment in infrastructure.
The stable outlook balances improvements in Paraguay's sovereign
credit profile with key challenges that include: (1) commodity
dependence and related growth volatility, (2) relative fiscal
inflexibility stemming from earmarked expenditures, as well as a
low revenue base related to the large informal sector, (3)
Congress' propensity to approve expansionary budgets, and (4) a
high, albeit falling, level of financial dollarization.
Upward rating pressure could result from (1) investments in an
aluminum smelter, titanium mining, or other new sectors, enhancing
economic diversity and resiliency, (2) creation of a fiscal
stabilization fund, (3) an increase in the tax revenue base and/or
a significant reduction in the share of earmarked government
spending, or (4) a steady decline in financial dollarization.
Downward rating pressure could stem from (1) a significant and
prolonged commodity shock driven by climate, weaker demand, or
another source, (2) recurrent political instability, (3) a
significant deterioration of fiscal metrics, or (4) worsening
external liquidity metrics.
The principal methodology used in this rating was Sovereign Bond
Methodology published in September 2008.
=====================
P U E R T O R I C O
=====================
EMPRESAS OMAJEDE: Proposes Charles A. Cuprill as Counsel
--------------------------------------------------------
Empresas Omajede filed an application to employ Charles A.
Cuprill, P.S.C., Law Offices, as counsel. The Debtor is not
sufficiently familiar with the law to be able to plan and conduct
the proceedings without competent legal counsel. Cuprill is a
disinterested entity as defined in 11 U.S.C. Sec. 101(14). The
Debtor has tapped the firm on the basis of a $15,000 retainer,
against which the firm will bill on the basis of $350 per hour,
plus expenses, for worked performed by Charles A. Cuprill-
Hernandez, Esq., $225 per hour for any senior associate, $150 per
hour for junior associates, $85 for paralegals, upon application
and approval of the Court.
Empresas Omajede Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Patricia I. Varela, Esq., at Charles A. Cuprill, PSC, serves as
counsel.
The Debtor disclosed $5,613,568 in assets and $98,762,700 in its
schedules. The Debtor is a Single Asset Real Estate as defined in
11 U.S.C. Sec. 101(51B) with principal assets located at La
Ectronica Building, 1608 Bori St., in San Juan, Puerto Rico.
PUERTO DEL REY: Discloses $100-Mil. in Assets, $44-Mil. in Debt
---------------------------------------------------------------
Puerto Del Rey sought Chapter 11 protection before the end of 2012
and disclosed $99.8 million in total assets and $44.4 million in
liabilities.
The Debtor disclosed that its commercial property -- the Puerto
Del Rey Marina in Fajardo, Puerto Rico -- is worth $67.3 million
and secures $43 million of debt to First Bank Puerto Rico Inc.
The 22-acre facility in Fajardo, Puerto Rico, has 918 wet slips
dry storage for 600 boats, and commercial building Plaza Del
Puerto and supporting buildings. The Debtor also owns other
properties in Ceiba and Fajardo, in Puerto Rico.
Aside from the $43.2 million debt to First Bank, the Debtor owes
$90,000 in unsecured priority claims and $1.03 million in
unsecured nonpriority claims.
A copy of the schedules attached to the petition is available for
free at http://bankrupt.com/misc/prb12-10295.pdf
Puerto del Rey, Inc. filed a petition for Chapter 11 protection
on Dec. 28 in Old San Juan, Puerto Rico (Bankr. D.P.R. Case No.
12-10295).
PUERTO DEL REY: Hires Charles A. Cuprill as Counsel
---------------------------------------------------
Puerto del Rey, Inc., sought and obtained approval from the
Bankruptcy Court to employ Charles A. Cuprill, P.S.C., Law
Offices, as counsel. The Debtor has tapped the firm on the basis
of a $40,000 retainer, against which the firm will bill on the
basis of $350 per hour, plus expenses, for worked performed by
Charles A. Cuprill-Hernandez, Esq., $225 per hour for any senior
associate, $150 per hour for junior associates, $85 for
paralegals, upon application and approval of the Court. Cuprill
said it is a disinterested entity as defined in 11 U.S.C. Sec.
101(14).
About Puerto del Rey
Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a
petition for Chapter 11 protection on Dec. 28 in Old San Juan,
Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million
to secured lender First Bank Puerto Rico Inc. The 22-acre
facility in Fajardo, Puerto Rico, has 918 wet slips and dry
storage for 600 boats. Bankruptcy was designed to forestall
creditors from attaching assets. The Debtor disclosed assets of
$99.8 million and liabilities totaling $44.4 million.
PUERTO DEL REY: Seeks to Hire Luis R. Carrasquillo as Consultant
----------------------------------------------------------------
Puerto del Rey, Inc., is in need of an experienced financial
consultant to assists its management in the financial
restructuring of its affairs by providing advice in strategic
planning and the preparation of the Debtor's plan of
reorganization and disclosure statement, and participating in the
Debtor's negotiations with financial institutions, lessors, and
creditors.
Accordingly, the Debtor proposes to employ Luis R. Carrasquillo
Ruiz, CPA, on the basis of a $15,000 in advance, paid by the
Debtor, against which Carrasquillo will bill on the standard
rates:
Professional Position Hourly Rate
------------ -------- -----------
CPA Luis R. Carrasquillo Partner $160
CPA Marcelo Gutierrez Senior CPA $125
Other CPAs $90 to $125
Lionel Rodriquez Perez Senior Accountant $85
Carmen Callejas Echevarna Senior Accountant $80
Alfredo J. Segarra Senior Accountant $75
Sandra Zavala Diaz Junior Account $60
Janet Marrero Admin. and Support $40
Iris L. Franqul Admin. And Support $40
The financial advisor can be reached at:
LUIS R. CARRASQUILLO RUIZ, CPA
28th Street, #TI-26
Turabo Gardens Avenue
Caguas PR 00725
Tel: 787-746-4555, 787-746-4556
Fax: 787-746-4564
E-mail: luis@cpacarrasquillo.com
About Puerto del Rey
Puerto del Rey, Inc., owner of the Puerto Del Rey Marina, filed a
petition for Chapter 11 protection on Dec. 28 in Old San Juan,
Puerto Rico (Bankr. D.P.R. Case No. 12-10295), owing $43 million
to secured lender First Bank Puerto Rico Inc. The 22-acre
facility in Fajardo, Puerto Rico, has 918 wet slips and dry
storage for 600 boats. Bankruptcy was designed to forestall
creditors from attaching assets. The Debtor disclosed assets of
$99.8 million and liabilities totaling $44.4 million.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
-----------
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
CENTRAL COSTAN-B CRCBF US 410955501 -20459083
ENDESA COSTAN-A CECO1 AR 410955501 -20459083
ENDESA COSTAN- CECO2 AR 410955501 -20459083
CENTRAL COST-BLK CECOB AR 410955501 -20459083
ENDESA COSTAN- CECOD AR 410955501 -20459083
ENDESA COSTAN- CECOC AR 410955501 -20459083
ENDESA COSTAN- EDCFF US 410955501 -20459083
CENTRAL COSTAN-C CECO3 AR 410955501 -20459083
CENTRAL COST-ADR CCSA LI 410955501 -20459083
ENDESA COST-ADR CRCNY US 410955501 -20459083
CENTRAL COSTAN-B CNRBF US 410955501 -20459083
SNIAFA SA SNIA AR 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
BRAZIL
------
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BOMBRIL BMBBF US 344846084.5 -16082109.1
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AGRENCO LTD-BDR AGEN11 BZ 640440282.3 -323456366
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 246810936.7 -224879124
PET MANG-RIGHTS 3678569Q BZ 246810936.7 -224879124
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PET MANG-RECEIPT 0229296Q BZ 246810936.7 -224879124
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CONST BETER SA COBE3 BZ 31374373.74 -1555470.16
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
ALL ORE MINERACA AORE3 BZ 21657457.41 -7184940.82
B&D FOOD CORP BDFC US 14423532 -3506007
PET MANG-RT 4115360Q BZ 246810936.7 -224879124
PET MANG-RT 4115364Q BZ 246810936.7 -224879124
BI CIA SECURITIZ BICS BZ 99573939.68 -140405.614
STEEL - RT STLB1 BZ 21657457.41 -7184940.82
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CONST LINDEN RT CALI1 BZ 12894010.61 -2805191.16
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PET MANG-RT 0229249Q BZ 246810936.7 -224879124
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ALL ORE MINERACA STLB3 BZ 21657457.41 -7184940.82
MINUPAR-RT 0599562D BZ 153054387.9 -2037402.69
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CONST LINDEN RCT CALI9 BZ 12894010.61 -2805191.16
CONST LINDEN RCT CALI10 BZ 12894010.61 -2805191.16
CONST BETER-PFA COBE5B BZ 31374373.74 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.74 -1555470.16
PET MANG-RT RPMG2 BZ 246810936.7 -224879124
PET MANG-RT RPMG1 BZ 246810936.7 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810936.7 -224879124
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RECRUSUL - RT 0614673D BZ 41094940.32 -21379158.8
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RECRUSUL - RCT 0614676D BZ 41094940.32 -21379158.8
TEKA-RTS TEKA1 BZ 341291511.1 -388484677
TEKA-RTS TEKA2 BZ 341291511.1 -388484677
TEKA-RCT TEKA9 BZ 341291511.1 -388484677
TEKA-RCT TEKA10 BZ 341291511.1 -388484677
MINUPAR-RTS MNPR1 BZ 153054387.9 -2037402.69
MINUPAR-RCT MNPR9 BZ 153054387.9 -2037402.69
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RECRUSUL SA-RTS RCSL2 BZ 41094940.32 -21379158.8
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RECRUSUL - RCT RCSL10 BZ 41094940.32 -21379158.8
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
BOMBRIL BOBR3 BZ 344846084.5 -16082109.1
BOMBRIL CIRIO SA BOBRON BZ 344846084.5 -16082109.1
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BOMBRIL CIRIO-PF BOBRPN BZ 344846084.5 -16082109.1
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BOMBRIL SA-ADR BMBBY US 344846084.5 -16082109.1
BUETTNER BUET3 BZ 106502171.9 -24836079.6
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CAF BRASILIA CAFE3 BZ 160938139.9 -149281089
CAFE BRASILIA SA CSBRON BZ 160938139.9 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938139.9 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938139.9 -149281089
CHIARELLI SA CCHI3 BZ 11165368.88 -88048393.7
CHIARELLI SA CCHON BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHI4 BZ 11165368.88 -88048393.7
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COBRASMA CBMA3 BZ 85057466.09 -2098881762
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CONST BETER SA 1007Q BZ 31374373.74 -1555470.16
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CONST BETER-PR A 1008Q BZ 31374373.74 -1555470.16
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D H B DHBI3 BZ 138254321.9 -115344519
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FABRICA RENAUX FTRX3 BZ 71426302.46 -70883547.3
FABRICA RENAUX FRNXON BZ 71426302.46 -70883547.3
FABRICA RENAUX-P FTRX4 BZ 71426302.46 -70883547.3
FABRICA RENAUX-P FRNXPN BZ 71426302.46 -70883547.3
HAGA HAGA3 BZ 20081896.26 -49045924.8
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CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
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HOTEIS OTHON SA HOOT3 BZ 260899978.4 -73596837.4
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ESTRELA SA ESTR3 BZ 83538938.27 -102223933
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MINUPAR SA MNPRON BZ 153054387.9 -2037402.69
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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
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PETRO MANGUINHOS MANGON BZ 246810936.7 -224879124
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SANSUY SNSY3 BZ 183826187.4 -133218258
SANSUY SA SNSYON BZ 183826187.4 -133218258
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SANSUY SA-PREF A SNSYAN BZ 183826187.4 -133218258
SANSUY-PREF B SNSY6 BZ 183826187.4 -133218258
SANSUY SA-PREF B SNSYBN BZ 183826187.4 -133218258
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
STAROUP SA STARON BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
TEKA TEKA3 BZ 341291511.1 -388484677
TEKA TEKAON BZ 341291511.1 -388484677
TEKA-PREF TEKA4 BZ 341291511.1 -388484677
TEKA-PREF TEKAPN BZ 341291511.1 -388484677
TEKA-ADR TKTPY US 341291511.1 -388484677
TEKA-ADR TKTQY US 341291511.1 -388484677
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -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 246036232.2 -51251360.7
BATTISTELLA-PREF BTTL4 BZ 246036232.2 -51251360.7
SAUIPE SA PSEGON BZ 18005034.37 -5223527.47
SAUIPE PSEG3 BZ 18005034.37 -5223527.47
SAUIPE SA-PREF PSEGPN BZ 18005034.37 -5223527.47
SAUIPE-PREF PSEG4 BZ 18005034.37 -5223527.47
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721700
COLOMBIA
---------
LA POLAR SA NUEVAPOL CI 623197996 -605184456
PUYEHUE RIGHT PUYEHUOS CI 24251713.88 -3390038.99
LA POLAR-RT LAPOLARO CI 623197996 -605184456
LA POLAR-RT LAPOLAOS CI 623197996 -605184456
LA POLAR SA LAPOLAR CI 623197996 -605184456
PUYEHUE PUYEH CI 24251713.88 -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., Washington, D.C.,
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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *