/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130521.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, May 21, 2013, Vol. 14, No. 99 Headlines A R G E N T I N A BANCO HIPOTECARIO: S&P Affirms 'B-' Rating; Outlook Negative B R A Z I L ELETROPAULO METROPOLITANA: Moody's Reviews Ratings for Downgrade INVEPAR: Moody's Changes Outlook to Stable; Affirms Ba3 CFR LUPATECH SA: Moody's Lowers CFR to Ca; Outlook Remains Stable MENDES JUNIOR: Moody's Assigns First-Time B1 CFR; Outlook Stable OGX PETROLEO: Fitch Downgrades Issuer Default Rating to 'B-' C A Y M A N I S L A N D S ALLIANCEBERNSTEIN GLOBAL: Member to Hear Wind-Up Report on June 5 AREIM RUSSIA: Shareholder Receives Wind-Up Report ATMOSPHERE MANAGEMENT: Shareholders Receive Wind-Up Report CHARLEMAGNE CAPITAL: Shareholder Receives Wind-Up Report CHEVRON THAILAND: Shareholder Receives Wind-Up Report DB SEDANKA: Shareholder Receives Wind-Up Report LAKESIDE RE II: Shareholder to Hear Wind-Up Report on May 22 LAMARO PRODUCTIONS: Members to Hear Wind-Up Report on May 24 MANAGERS FUND: Shareholders to Hear Wind-Up Report on May 22 MARTA EAST: Shareholder to Hear Wind-Up Report on May 22 MEDFORD HOLDINGS: Shareholder to Hear Wind-Up Report on May 22 MITSUI MULTI-STRATEGY: Members Receive Wind-Up Report MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on May 22 NEW STAR: Members' Final Meeting Set for May 23 NEW STAR MASTER: Members' Final Meeting Set for May 23 PACIFIC OCEAN: Shareholders Receive Wind-Up Report M E X I C O GRUPO FAMSA: S&P Assigns 'B' Rating to Proposed Sr. Unsec. Notes T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Trinidad Government Fires Board X X X X X X X X * Flow of Remittances to LatAm & Caribbean Remain Stable at $61BB * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= BANCO HIPOTECARIO: S&P Affirms 'B-' Rating; Outlook Negative ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B-' ratings on Banco Hipotecario S.A. The outlook remains negative. The negative outlook reflects that on the Republic of Argentina. S&P could lower the ratings on all financial institutions rated at the same level as the sovereign if it downgraded Argentina. S&P rarely rates financial institutions above the long-term rating on their country of domicile because S&P considers it unlikely that these institutions would remain unaffected by developments in their domestic economy. Also, all the financial institutions operating in Argentina could face indirect effects of a sovereign downgrade. This is because S&P believes a sovereign downgrade is normally associated with, or could lead to, a weaker operating environment for financial institutions, which would very likely affect their creditworthiness. =========== B R A Z I L =========== ELETROPAULO METROPOLITANA: Moody's Reviews Ratings for Downgrade ---------------------------------------------------------------- Moody's America Latina placed Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A.'s Baa3 issuer rating on the global scale, and Aa1.br on the national scale rating on review for downgrade. At the same time, Moody's placed the ratings of ELETROPAULO's BRL750 million senior unsecured debentures of Baa3 on the global scale, and Aa1.br on the NSR, as well as the ratings of the Company's BRL400 million subordinated debentures of Ba1 on the global scale, and Aa2.br on the NSR on review for downgrade. Ratings Rationale: The current Baa3 issuer rating reflects the Company's relatively stable operating cash flows from its long-term electricity distribution concession in Brazil's wealthiest municipality as well as the Company's track record of successfully accessing the local banking and capital markets. The review for downgrade reflects the deterioration of the Company's credit metrics as a result of: (i) the change in the discount rate to 3.75% and in local accounting rules that significantly increased the pension fund liability by BRL2.8 billion to BRL3.9 billion (although there is no immediate impact on liquidity), and consequently a higher level of debt, pursuant to Moody's standard adjustments; (ii) the reimbursement of BRL1.053 billion to customers, beginning in the second half of 2013 until 2015, as a result of the postponement of the Third Cycle Tariff Review, which was originally scheduled to take place in July 2011 but was moved to July 2012 by ANEEL, the regulator; (iii) the Company's exposure to electricity spot prices due to increased thermal generation resulting from adverse hydrology conditions in the Brazilian integrated electricity generating system, with no significant cash impact expected in 2013 considering the transfer of funds from the Conta de Desenvolvimento Energetico (CDE); and (iv) lower tariffs and operating cash flows following the third periodic tariff review that became effective on July 4, 2012. From 2010 to the last twelve months ended on March 31, 2013 (LTM 03/13), ELETROPAULO's Cash Flow from Operations (CFO) and related credit metrics have steadily deteriorated despite the relatively stable and predictable cash flows of the electricity distribution business. During this period, (i) CFO has fallen from BRL1.8 billion in 2010 to BRL -62 million; (ii) the (CFO) pre-Working Capital (WC) minus Dividends-to-Debt ratio fell to -5.1% from 3.8%; (iii) (CFO pre-WC + Interest)/Interest (or CFO pre-WC Interest Coverage) fell to 1.8x from 5.0x; and (iv) CFO pre-WC-to- Debt fell to 3.6% from 36.5%. The review will focus on the financial condition, which, according to these metrics, has deteriorated significantly since 2010, and the implementation of remedies, if any, for management to materially improve the Company's financial condition over the near term. Moody's projections indicate that, as a result of the lower operating cash flows resulting from the 3rd Cycle Tariff Review coupled with the expected reimbursement of BRL1.053 billion to customers starting in the second half of this year, a key variable that will clearly affect ELETROPAULO's credit metrics and the mapping to the appropriate rating category is the dividend policy that the Company chooses to utilize over the next couple of years which has been somewhat adjusted by the Company in light of the Third Periodic Tariff Review. Moody's will also analyze the potential impact of ANEEL's decision with respect to the Company's request to include previously disallowed assets into its rate base. Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. is a regulated electricity distribution utility, listed on the BM&FBOVESPA stock exchange. ELETROPAULO is controlled by its holding company Brasiliana, which in turn is owned by The AES Corporation (50% plus one share of the voting capital), and the Brazilian Federal Development Bank -- BNDES (50% less one share of the voting capital of Brasiliana). ELETROPAULO distributes electricity to 24 municipalities in the Sao Paulo metropolitan area, including the city of Sao Paulo, serving 6.5 million customers, with an estimated market share of 10% in Brazil. The Company has a 30-year concession contract that was granted by ANEEL, the Brazilian electricity sector regulator, in 1998. As per Moody's standard adjustments, in 2012 ELETROPAULO posted net sales of BRL9,128 million (excluding construction revenues), EBITDA of BRL 892 million, and net profit of BRL108 million, an increase of 0.34%, a decrease of 76.7% and 93.1%, respectively, when compared with 2011. In the LTM 03/13, the Company had net revenues of BRL8,988 million, a decrease of 1.5% over 2012; EBITDA of BRL 689 million, a decrease of 22.8% over 2012; and a net profit of BRL10 million, a decrease of 90.7% over 2012. The principal methodology used in this rating was Regulated Electric and Gas Utilities Rating Methodology (August, 2009). 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. INVEPAR: Moody's Changes Outlook to Stable; Affirms Ba3 CFR ----------------------------------------------------------- Moody's America Latina changed the outlook to stable from negative of Investimentos e Participacoes em Infraestrutura S.A. -- INVEPAR. At the same time, Moody's affirmed INVEPAR's corporate family ratings of Ba3 and A2.br on the global and on the Brazilian national scales, respectively. Ratings Rationale: INVEPAR's Ba3 and A2.br CFR reflect the relatively stable and predictable operating cash flows generated by its subsidiaries that operate in the transportation sector, via long-term concession contracts, in Brazil and abroad. The ratings also take into account the strong financial support from INVEPAR's ultimate shareholders. This was recently demonstrated by INVEPAR's BRL1.3 billion fresh capital contribution from FUNCEF and PETROS in March 2012 (of which BRL450 million were used to redeem INVEPAR's debentures), and by the Company's BRL594 million capital increase in MetroRio, of which BRL514 million were related to the conversion of an intercompany loan into equity (June 2012). The stable outlook reflects Moody's view that INVEPAR's subsidiaries will continue to carry out their respective CAPEX programs according to plan without material delays or cost- overruns, thus managing to achieve key milestones according to their respective concession contract requirements. The stable outlook also reflects Moody's opinion that the subsidiaries will be able to continue to raise subsidized long-term financing from public banks, such as BNDES, BNB and CEF, and that INVEPAR's ultimate shareholders will continue to provide financial support to the group's subsidiaries, if needed. However, INVEPAR's CFRs continue to be constrained by its highly leveraged capital structure, potential delays and/or cost-overruns in the implementation of the remaining CAPEX of some of its subsidiaries such as the GRU Airport, as well as traffic growth risk at several of its toll road subsidiaries that are still in their ramp-up stage. The ratings are also somewhat constrained by the potential political interference related to tariff/fare adjustments and/or modifications to the original design of the concessions, which could directly impact the operating cash flows of the subsidiaries that are exposed to this risk. A rating upgrade of INVEPAR is unlikely to occur until key construction completion milestones of its subsidiaries are achieved, hence enabling a significant increase in operating revenues and cash flows, which, combined with a reduction in leverage, would result in a material improvement in the credit metrics. Quantitatively, a rating upgrade could be considered if there is a significant reduction in financial leverage, on a consolidated basis, so that INVEPAR's Funds from Operations (FFO)- to-Debt ratio remains above 8%, and the interest coverage ratio above 2.5x, on a sustainable basis. A rating downgrade could occur in case there are material delays and/or cost overruns in the implementation of the group's CAPEX program, and/or the financial support and commitment from INVEPAR's ultimate shareholders is perceived to have diminished, and/or liquidity deteriorates. Quantitatively, a rating downgrade could occur if there is a sustained deterioration in the credit metrics so that FFO-to-Debt remains below 5.0%, and the interest coverage ratio stays below 1.8x for an extended period. Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR (Ba3/A2.br; stable) is the holding company controlled by the three largest Brazilian pension funds (PREVI, FUNCEF and PETROS) and the construction company OAS (B1, stable). INVEPAR was created in March 2000 to invest in companies operating in the transport and urban mobility infrastructure sectors. In addition to METRORIO, INVEPAR's current portfolio of concessions consists of several toll roads, such as: Linha Amarela S.A. - LAMSA (LAMSA), Concessionaria Auto Raposo Tavares S.A. (CART), Concessionaria Litoral Norte S.A. (CLN), , Concessionaria Rio - Teresopolis S.A. (CRT), in which INVEPAR holds a 24.9% stake, and Concessionaria Bahia Norte and Concessionaria Rota do Atlantico (CRA) ( joint- venture companies with the Brazilian Odebrecht group). In March 2012, INVEPAR acquired 100% ownership of V.P.R. Brasil Participacoes S.A., which, through a special purpose entity (Linea Amarilla S.A.C.) controls the 40-year concession of Via Parque Rimac, a 25-km urban road in the city of Lima, Peru. In February 2012, INVEPAR won the auction for the concession of Guarulhos, the busiest airport in Latin America, which is located near the City of Sao Paulo. Also in 2012, INVEPAR led the consortium that won the bidding process for the Transolimpica Expressway, an urban toll road that is part of a set of investments in preparation to the 2016 Olympic Games. Finally, in April 2013, the VLT Carioca Consortium, in which INVEPAR has a 24.44% stake, was awarded the 25-year concession to construct and operate the Light Rail System (VLT) in the city of Rio de Janeiro. The principal methodology used in this rating was Operational Toll Roads Rating Methodology (December, 2006). 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. LUPATECH SA: Moody's Lowers CFR to Ca; Outlook Remains Stable ------------------------------------------------------------- Moody's Investors Service downgraded Lupatech's corporate family rating to Ca from Caa2 (and to Ca.br from Caa2.br on the national scale rating) and its senior unsecured debt ratings to C from Caa3. The outlook for the ratings is stable. Ratings Downgraded: Lupatech S.A. Corporate Family Rating -- downgraded to Ca from Caa2 (global scale) and to Ca.br from Caa2.br (national scale) Lupatech Finance Limited $275 million senior unsecured perpetual bond -- downgraded to C from Caa3 (global scale) The outlook for the ratings is stable. Ratings Rationale: This rating action follows Lupatech's failure to make the $ 6.8 million (BRL 13.5 million) interest payment of its perpetual bonds (issued by Lupatech Finance Limited) within the required thirty- day cure period, which expired on May 10th. This constitutes an event of default under the bond indenture and may trigger a payment acceleration of the bonds, placing a large burden on the company's already weak liquidity position. The C rating on the notes reflects expectations for significant losses to the creditors given very weak cash generating capability of the company. Due to the recent default under its perpetual bonds, an upgrade of Lupatech's ratings is not contemplated in the medium term. The ratings could be withdrawn if company enters into a restructuring process. The principal methodology used in this rating was the Global Oilfield Service Rating Methodology published in December 2009. 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. Headquartered in Nova Odessa, Brazil, Lupatech S.A. is a major equipment manufacturer for the oil & gas, industrial valves and casting parts sectors, with net revenues of BRL 628 million ($322 million) for the last twelve months ended March 31, 2013. Lupatech's Products division represented some 45% of net sales for the most recent quarter, and includes oil and gas valves, synthetic fiber ropes for platform anchoring and industrial valves. The Services division, focused on oilfield services in Brazil and Colombia, as well as tubular and coating services, represented 55% of net sales. MENDES JUNIOR: Moody's Assigns First-Time B1 CFR; Outlook Stable ---------------------------------------------------------------- Moody's Investors Service assigned a first-time B1 corporate family rating to Mendes Junior Trading e Engenharia S.A. Ratings assigned: Mendes Junior Trading e Engenharia S.A. Corporate Family Rating - B1 The outlook for the ratings is stable. Ratings Rationale: Mendes Junior's B1 rating reflects the company's good position in the Brazilian construction market; its technical expertise, and longstanding relationship with public sector entities in Brazil. The rating is also supported by Mendes Junior's solid track record and healthy backlog, as well as the positive fundamentals for heavy construction and infrastructure investments in Brazil. Mendes Junior has low leverage ratios (2.1x total adjusted debt to Ebitda in 2012) and good access to medium size banks, especially local banks in the state of Minas Gerais, even during periods financial distress. Credit negatives include the company's leveraged capital structure and relatively weak liquidity position, as 71% of the company's total reported debt is due in the short term, mostly represented by working capital lines, with the remaining 29% maturing in 2014. Mendes Junior small size compared to its local and global peers, and concentrated customer and market base that relies heavily on Brazil, with particular reliance on Petrobras also constrains the ratings. The strong influence of the owner family poses some corporate governance risks. The stable outlook is based on Moody's expectations that Mendes Junior will be successful in maintaining its market share in the construction business in Brazil and in expanding to the PPP (public private partnership) segment in the coming years. Mendes Junior should benefit from increased government spending in infrastructure in Brazil in the next couple of years. The rating or outlook could improve if the company consistently grows revenues and improves operating performance, while diversifying its backlog to others countries and regions, reducing the high exposure to Brazil (currently 100% of total backlog). An upgrade of the rating would require a substantially improved liquidity position, particularly lower exposure to short term debt, reducing its refinancing risk. Also, improvement in interest coverage, measured by adjusted EBITA to interest expense, to levels above 5.0x (2.58x as of December 31, 2012) would be necessary for an upgrade. Conversely, Mendes Junior' ratings could be downgraded if Mendes Junior's credit metrics deteriorate with adjusted funds from operations to adjusted debt remaining in levels below 10% (33.1% as of December 31, 2012) without expectation of improving in the long term, or if liquidity deteriorates, most likely due to difficulties in rolling over short term debt currently used to finance the company's operations. Negative pressure could also come from deterioration in the operating environment (stemming from economic slowdown and/or increased competition), impacting Mendes Junior's margins and revenue growth. The principal methodology used in this rating was Global Construction Methodology published in November 2010. Headquartered in Belo Horizonte, Brazil, Mendes Junior Trading e Engenharia S.A. is a major engineering and construction company in Brazil, with net consolidated revenues of about BRL 1.3 billion ($668 million converted by the average exchange rate) in 2012. Mendes Junior construction projects include highways, railways, bridges, power plants, tunnels, subways, airports, ports, commercial and residential buildings, mining and industrial facilities. OGX PETROLEO: Fitch Downgrades Issuer Default Rating to 'B-' ------------------------------------------------------------ Fitch Ratings has downgraded OGX Petroleo e Gas Participacoes S.A.'s foreign and local currency Issuer Default Rating (IDR) to 'B-' from 'B' and its long-term National Scale rating to 'BB+(bra)' from 'BBB-(bra)'. Fitch has also downgraded the rating of the company's USD2.6 billion and USD1.1 billion notes to 'B-/RR4' from 'B/RR4'. OGX's wholly owned subsidiary, OGX AUSTRIA GMBH, is the issuer of both notes. These notes are unconditionally and irrevocably guaranteed by OGX, OGX Petroleo e Gas Ltda. and OGX Campos Petroleo e Gas S.A. The Rating Outlook has been revised to Negative from Stable. KEY RATING DRIVERS The rating downgrades reflect concern about OGX's liquidity due to its aggressive acquisition of 13 exploratory blocks during a time in which the company is implementing an aggressive investment program and is struggling to bring oil and gas production on line. The exploratory blocks acquisition is valued at approximately USD190 million and has to be paid upfront within the next few months. Committed minimum investments for these blocks amount to USD350 million in the five-year exploratory period, which will further pressure OGX's cash needs. OGX continues to face operating challenges. During April, its three production wells were halted due to technical issues at the centrifugal submersible pump in well OGS-68HP, and unstable electrical generation at OSX-1 which affected the production in the other two wells. Of the three wells, one was very quickly put back into production. The second one is expected to restart production in May, and the third well in June. As of March 31, 2013, OGX had USD4 billion of total debt and only USD1.1 billion of cash and marketable securities. OGX's ambitious capital expenditure program of approximately USD 1.3 billion in 2013 and low-to-negative EBITDA (depending upon the speed of recovery in production volumes) is expected to result in a large cash flow deficit during 2013. Fitch believes there is a high likelihood that OGX will need to exercise a USD1 billion put option against its controlling shareholder in 2013 to fund a portion of its negative cash flow. The recent decision by the company to sell a 40% stake in blocks BCM-39 and BCM-40 to Petronas is positive, but is not large enough to address all of the company's funding needs. Upon the regulators' approval of such transaction, probably during the second half of 2013, OGX is expected to receive USD250 million. An additional USD500 million would be received following the start of production of oil in these blocks, which is anticipated to occur in the first quarter of 2014. OGX would receive subsequent payments upon reaching certain production volumes. Following recent events, Fitch has adjusted the production volumes imbedded in its base case scenario to about 10,000 barrels of oil equivalent per day (boepd) in 2013; 46,000 boepd in 2014 and 94, 000 boepd in 2015. Considering Fitch's oil price deck, Fitch has reduced its EBITDA projection to approximately USD1.5 billion by 2015 from the previous 2 billion. Should production volumes materialize at the new indicated level, Fitch expects OGX to report negative free cash flow over the next three years, highlighting OGX's liquidity risk. In 2015, Fitch expects leverage to be about 4.0x, after adjusting debt for operating leases RATING SENSITIVITIES OGX's ratings may be downgraded if its liquidity risks continue to increase. If the company encounters additional execution issues with its exploratory and development plan, further negative rating actions could occur. A positive rating action could result from satisfactory production volumes, coupled with lower uncertainties regarding reserves and liquidity. OGX is a Brazilian oil and gas company created in 2007, 61.2% owned by EBX Group. OGX has a portfolio of 49 blocks in Brazil and Colombia. In Brazil, OGX's blocks are located in the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins. ========================== C A Y M A N I S L A N D S ========================== ALLIANCEBERNSTEIN GLOBAL: Member to Hear Wind-Up Report on June 5 ----------------------------------------------------------------- The member of Alliancebernstein Global Diversified Strategies Ltd. - Hedge Fund A will receive on June 5, 2013, at 8:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 914 3207 AREIM RUSSIA: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Areim Russia (Cayman), Ltd received on May 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Ben Gillooly Telephone: (345) 815 1764 Facsimile: (345) 949-9877 ATMOSPHERE MANAGEMENT: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Atmosphere Management received on May 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Luis Telmo Balsemao De Abreu Alexandra House Office 232 Ballsbridge 4 Dublin Ireland CHARLEMAGNE CAPITAL: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Charlemagne Capital Russia Fund received on May 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jane Mcandry c/o Charlemagne Capital Limited St Mary's Court, 20 Hill Street Douglas, Isle of Man IM1 1EU British Isles CHEVRON THAILAND: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Chevron Thailand Power Company Limited received on May 13, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeffrey J. Allison c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands DB SEDANKA: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of DB Sedanka Limited received on May 17, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeremy Simon Spratt c/o Jacqueline Edwards Telephone: +44 (020) 7311 8563 Facsimile: +44 (020) 7694 3533 KPMG LLP 8 Salisbury Square London LAKESIDE RE II: Shareholder to Hear Wind-Up Report on May 22 ------------------------------------------------------------ The shareholder of Lakeside RE II Ltd. will receive on May 22, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640 6712 LAMARO PRODUCTIONS: Members to Hear Wind-Up Report on May 24 ------------------------------------------------------------ The members of Lamaro Productions will receive on May 24, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alan Turner Turners Management Ltd. Strathvale House, 90 North Church Street PO Box 2636 Grand Cayman, KY1-1102 Cayman Islands Telephone: +1 (345) 814 0700 MANAGERS FUND: Shareholders to Hear Wind-Up Report on May 22 ------------------------------------------------------------ The shareholders of Managers Fund, Ltd. will receive on May 22, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Ian Goddard Natalee McLean Fides Limited, Liquidator P.O. Box 10338 Grand Cayman KY1-1003 Telephone: (345) 949 7232 MARTA EAST: Shareholder to Hear Wind-Up Report on May 22 -------------------------------------------------------- The shareholder of Marta East Line Limited will receive on May 22, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640 6712 MEDFORD HOLDINGS: Shareholder to Hear Wind-Up Report on May 22 -------------------------------------------------------------- The shareholder of Medford Holdings Ltd. will receive on May 22, 2013, at 11:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Universal Directors Limited Providence House, Ground Floor East Wing, East Hill Street P.O. Box CB-12399 Nassau Bahamas MITSUI MULTI-STRATEGY: Members Receive Wind-Up Report ----------------------------------------------------- The members of Mitsui Multi-Strategy (Japan) Corporation, Ltd received on May 13, 2013, 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 MULTICAT MEXICO: Shareholder to Hear Wind-Up Report on May 22 ------------------------------------------------------------ The shareholder of Multicat Mexico 2009 Limited will receive on May 22, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640 6712 NEW STAR: Members' Final Meeting Set for May 23 ----------------------------------------------- The members of New Star Multi-Strategy Hedge Fund Limited will hold their final meeting on May 23, 2013, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands NEW STAR MASTER: Members' Final Meeting Set for May 23 ------------------------------------------------------ The members of New Star Multi Strategy Master Hedge Fund Limited will hold their final meeting on May 23, 2013, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands PACIFIC OCEAN: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Pacific Ocean Holdings received on May 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Luis Telmo Balsemao De Abreu Alexandra House Office 232 Ballsbridge 4 Dublin Ireland =========== M E X I C O =========== GRUPO FAMSA: S&P Assigns 'B' Rating to Proposed Sr. Unsec. Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' global scale issue-level rating to Mexico-based specialty retailer Grupo Famsa, S.A.B. de C.V.'s (GFamsa; B/Positive/--) proposed dollar- denominated medium- to long-term senior unsecured notes. In addition, S&P assigned a recovery rating of '3' to the proposed notes, indicating meaningful (50% to 70%) recovery of principal. GFamsa plans to use the proceeds to fund the tender offer for the outstanding $200 million notes due 2015. The ratings on GFamsa reflect S&P's view of its "weak" business risk profile and "highly leveraged" financial risk profile, due to the company's smaller scale compared to its Mexican peers in a highly competitive retail industry. The ratings also reflect S&P's expectation that GFamsa will generate negative free operating cash flow for the next three years. The offsetting factors are the company's favorable profitability levels, geographic and client diversification despite its smaller scale, and S&P's expectations that Banco Ahorro Famsa's deposits will continue to fund most of GFamsa's shortfalls related to its high working capital needs. With the new issuance, S&P expects a further improvement on GFamsa's capital structure given that the proposed notes will substitute the outstanding notes, which mature in 2015. Although the company will not hedge the principal or coupons of the proposed notes, S&P believes the risk of currency mismatch is somewhat mitigated due to its intermediate- to long-term maturity. RATINGS LIST Grupo Famsa, S.A.B. de C.V. Corpora credit ratings B/Positive/-- Rating Assigned Grupo Famsa, S.A.B. de C.V. Senior unsecured notes B Recovery rating 3 =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Trinidad Government Fires Board --------------------------------------------------- Dennis Lalor at Jamaica Gleaner reports that Trinidad's Finance Minister Larry Howai named a new board of directors for the cash- strapped state-owned national carrier, Caribbean Airlines Limited, less than 72 hours after he told legislators that the company had accumulated losses in excess of US$100 million. Mr. Howai told a news conference that the new interim board will be chaired by former independent legislator Phillip Marshall and includes the Jamaican Dennis Lalor, according to Jamaica Gleaner. "The immediate mandate of the new board will be to do a detailed diagnostic review of the company after they have done an initial orientation to provide detailed recommendations on which we could proceed to implement specific measures for addressing the turnaround of the airline," the report quoted Mr. Howai as saying. The report notes that Mr. Howai said he had lost patience with the former board taking issue with matters of governance at the state carrier. "Certainly it was some of the issues that came to light regarding the whole process of governance within the company itself. It certainly was an issue that was certainly a matter of serious concern for myself (and) it is a matter we have been monitoring, looking at what is happening with the overall financial situation of the company and as things begin to add up, you have to move and react as quickly as possible," Mr. Howai told reporters, the report discloses. Troubled Company Reporter-Latin America reported in May 20, 2013, that Caribbean360.com said Mr. Howai said Caribbean Airlines recorded losses estimated at US$70 million in 2012. Mr. Howai told the Senate that the figure does not include the US$40 million in fuel subsidy to the airline even though he insists that the airline remains solvent, according to Caribbean360.com. About Caribbean Airlines 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. In 2010, Port of Spain and Kingston agreed to a deal that allowed the Jamaica government to own 16% of CAL as part of the conditions for CAL taking over the lucrative routes of Air Jamaica. The deal also allows for Trinidad and Tobago agreeing to a US$300 million transition plan for CAL to acquire and operate six Air Jamaica aircraft and eight of its routes. * * * 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 noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January. =============== X X X X X X X X =============== * Flow of Remittances to LatAm & Caribbean Remain Stable at $61BB ----------------------------------------------------------------- Remittances to Latin America and the Caribbean (LAC) showed a slight increase in 2012 with respect to the previous year, according to the latest report on remittances by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank Group. The report, "Remittances to Latin America and the Caribbean in 2012: Differing Behavior among Sub-regions," said that the region received a total of $61.3 billion in remittances last year. This amount represents a year-on-year increase of $300 million, a 0.6 percent increase from 2011. After a historic high of nearly $65 billion in 2008, and a 15 percent drop due to the financial crisis in 2009, money transfers to the region have stabilized. Remittances inflow trends varied among countries in Latin America and the Caribbean. While remittances to South American countries and Mexico decreased by 1.1 percent and 1.6 percent, respectively, the countries in the Caribbean displayed modest growth and Central American nations experienced a significant increase of 6.5 percent in the total remittances received. This increase helped offset decreases in bigger countries, allowing for the region as a whole to end the year with slight growth. "The latest data show that migrants continue to provide critical financial support to millions of households across the region," said MIF General Manager Nancy Lee. "The development impact of remittances can be much greater if families have the option to save some of these flows rather than convert them all into cash upon receipt. The new MIF Remittance and Savings program will help identify innovative and commercially viable business models that work for both financial institutions and families." The economic uncertainty and sluggish labor market in Europe continue to affect the amount of money migrants in Spain are able to send back home, while the improvements in the labor market in the United States largely explain increases in remittances to certain countries, particularly in Central America. The value of the money transferred home in 2012 varied from country to country, depending on exchange rates and inflation levels in each country. In Brazil, for instance, the $1.9 billion sent in 2012 represents a 1 percent increase in nominal terms with respect to 2011, but when expressed in local currency terms and adjusted for inflation, the amount represents a 12 percent yearly increase. In other countries, the dollars sent home decreased in value once received, such as in Colombia, where remittance values expressed in local currency terms showed an 8 percent drop. Mexico remains the largest remittance recipient with $22.4 billion, followed by Guatemala, with $4.8 billion, and Colombia receiving $4 billion, while El Salvador and the Dominican Republic received $3.9 and $3.2 billion respectively. Remittance flows continue to represent an important source of foreign inflows in many of the countries in the region, and constitute more than 10 percent of the gross domestic product in several countries, including Haiti, Guyana, Honduras, El Salvador, Nicaragua, Jamaica and Guatemala. These flows also represent an important source of income for the millions of families in the region that receive the transfers to cover basic needs and invest in education, health, housing, and small businesses. The MIF and Remittances The Multilateral Investment Fund started analyzing remittances in 2000 to gauge their volume and economic impact in Latin America and the Caribbean. Its work promoted greater competition among service providers, which led to dramatic reductions in the costs of transferring money to millions of families in the region. Recently, the MIF launched a Remittances and Savings Program, seeking to increase the access and use of formal savings products among remittance sending and receiving households in the region. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA --------- SNIAFA SA-B SDAGF US 11229696.2 -2670544.88 CENTRAL COSTAN-B CRCBF US 369642685 -49030758.7 ENDESA COSTAN-A CECO1 AR 369642685 -49030758.7 ENDESA COSTAN- CECO2 AR 369642685 -49030758.7 CENTRAL COST-BLK CECOB AR 369642685 -49030758.7 ENDESA COSTAN- CECOD AR 369642685 -49030758.7 ENDESA COSTAN- CECOC AR 369642685 -49030758.7 ENDESA COSTAN- EDCFF US 369642685 -49030758.7 CENTRAL COSTAN-C CECO3 AR 369642685 -49030758.7 CENTRAL COST-ADR CCSA LI 369642685 -49030758.7 ENDESA COST-ADR CRCNY US 369642685 -49030758.7 CENTRAL COSTAN-B CNRBF US 369642685 -49030758.7 SNIAFA SA SNIA AR 11229696.2 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 BRAZIL ------ FABRICA TECID-RT FTRX1 BZ 66790814.7 -79675855.6 TEKA-ADR TEKAY US 408825446 -369130546 BOMBRIL BMBBF US 351436148 -7660238.74 TEKA TKTQF US 408825446 -369130546 TEKA-PREF TKTPF US 408825446 -369130546 BATTISTELLA-RIGH BTTL1 BZ 242292395 -31883815.5 BATTISTELLA-RI P BTTL2 BZ 242292395 -31883815.5 BATTISTELLA-RECE BTTL9 BZ 242292395 -31883815.5 BATTISTELLA-RECP BTTL10 BZ 242292395 -31883815.5 AGRENCO LTD-BDR AGEN11 BZ 325151004 -611658179 REII INC REIC US 14423532 -3506007 PET MANG-RIGHTS 3678565Q BZ 246810937 -224879124 PET MANG-RIGHTS 3678569Q BZ 246810937 -224879124 PET MANG-RECEIPT 0229292Q BZ 246810937 -224879124 PET MANG-RECEIPT 0229296Q BZ 246810937 -224879124 LUPATECH SA LUPA3 BZ 796681450 -92628747.2 REDE EMP ENE ELE ELCA4 BZ 1164635971 -23251158 REDE EMP ENE ELE ELCA3 BZ 1164635971 -23251158 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 351436148 -7660238.74 BOMBRIL-RIGHTS BOBR1 BZ 351436148 -7660238.74 LAEP-BDR MILK11 BZ 225295577 -202020979 AGRENCO LTD AGRE LX 325151004 -611658179 LAEP INVESTMENTS LEAP LX 225295577 -202020979 LUPATECH SA LUPAF US 796681450 -92628747.2 REDE ENERG-UNIT REDE11 BZ 1164635971 -23251158 CELGPAR GPAR3 BZ 2657428496 -817505840 RECRUSUL - RT 4529781Q BZ 45007563.8 -17324870.8 RECRUSUL - RT 4529785Q BZ 45007563.8 -17324870.8 RECRUSUL - RCT 4529789Q BZ 45007563.8 -17324870.8 RECRUSUL - RCT 4529793Q BZ 45007563.8 -17324870.8 REDE ENER-RT 3907727Q BZ 1164635971 -23251158 REDE ENER-RCT 3907731Q BZ 1164635971 -23251158 RECRUSUL-BON RT RCSL11 BZ 45007563.8 -17324870.8 RECRUSUL-BON RT RCSL12 BZ 45007563.8 -17324870.8 BALADARE BLDR3 BZ 159454016 -52992212.8 TEXTEIS RENAU-RT TXRX1 BZ 96911396.7 -87693429 TEXTEIS RENAU-RT TXRX2 BZ 96911396.7 -87693429 TEXTEIS RENA-RCT TXRX9 BZ 96911396.7 -87693429 TEXTEIS RENA-RCT TXRX10 BZ 96911396.7 -87693429 CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72 CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527 LUPATECH SA-RT LUPA11 BZ 796681450 -92628747.2 ALL ORE MINERACA AORE3 BZ 20231387.6 -8975347.28 B&D FOOD CORP BDFC US 14423532 -3506007 LUPATECH SA-ADR LUPAY US 796681450 -92628747.2 PET MANG-RT 4115360Q BZ 246810937 -224879124 PET MANG-RT 4115364Q BZ 246810937 -224879124 REDE ENER-RT REDE1 BZ 1164635971 -23251158 REDE ENER-RCT REDE9 BZ 1164635971 -23251158 REDE ENER-RT REDE2 BZ 1164635971 -23251158 REDE ENER-RCT REDE10 BZ 1164635971 -23251158 STEEL - RT STLB1 BZ 20231387.6 -8975347.28 STEEL - RCT ORD STLB9 BZ 20231387.6 -8975347.28 MINUPAR-RT 9314542Q BZ 136700993 -89498652.2 MINUPAR-RCT 9314634Q BZ 136700993 -89498652.2 CONST LINDEN RT CALI1 BZ 14128873.9 -2140102.39 CONST LINDEN RT CALI2 BZ 14128873.9 -2140102.39 PET MANG-RT 0229249Q BZ 246810937 -224879124 PET MANG-RT 0229268Q BZ 246810937 -224879124 RECRUSUL - RT 0163579D BZ 45007563.8 -17324870.8 RECRUSUL - RT 0163580D BZ 45007563.8 -17324870.8 RECRUSUL - RCT 0163582D BZ 45007563.8 -17324870.8 RECRUSUL - RCT 0163583D BZ 45007563.8 -17324870.8 PORTX OPERA-GDR PXTPY US 976769403 -9407990.35 PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35 ALL ORE MINERACA STLB3 BZ 20231387.6 -8975347.28 MINUPAR-RT 0599562D BZ 136700993 -89498652.2 MINUPAR-RCT 0599564D BZ 136700993 -89498652.2 CONST LINDEN RCT CALI9 BZ 14128873.9 -2140102.39 CONST LINDEN RCT CALI10 BZ 14128873.9 -2140102.39 PET MANG-RT RPMG2 BZ 246810937 -224879124 PET MANG-RT RPMG1 BZ 246810937 -224879124 PET MANG-RECEIPT RPMG9 BZ 246810937 -224879124 PET MANG-RECEIPT RPMG10 BZ 246810937 -224879124 LAEP INVESTMEN-B 0122427D LX 225295577 -202020979 LAEP INVES-BDR B 0163599D BZ 225295577 -202020979 RECRUSUL - RT 0614673D BZ 45007563.8 -17324870.8 RECRUSUL - RT 0614674D BZ 45007563.8 -17324870.8 RECRUSUL - RCT 0614675D BZ 45007563.8 -17324870.8 RECRUSUL - RCT 0614676D BZ 45007563.8 -17324870.8 TEKA-RTS TEKA1 BZ 408825446 -369130546 TEKA-RTS TEKA2 BZ 408825446 -369130546 TEKA-RCT TEKA9 BZ 408825446 -369130546 TEKA-RCT TEKA10 BZ 408825446 -369130546 LUPATECH SA-RTS LUPA1 BZ 796681450 -92628747.2 LUPATECH SA -RCT LUPA9 BZ 796681450 -92628747.2 MINUPAR-RTS MNPR1 BZ 136700993 -89498652.2 MINUPAR-RCT MNPR9 BZ 136700993 -89498652.2 RECRUSUL SA-RTS RCSL1 BZ 45007563.8 -17324870.8 RECRUSUL SA-RTS RCSL2 BZ 45007563.8 -17324870.8 RECRUSUL SA-RCT RCSL9 BZ 45007563.8 -17324870.8 RECRUSUL - RCT RCSL10 BZ 45007563.8 -17324870.8 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 351436148 -7660238.74 BOMBRIL CIRIO SA BOBRON BZ 351436148 -7660238.74 BOMBRIL-PREF BOBR4 BZ 351436148 -7660238.74 BOMBRIL CIRIO-PF BOBRPN BZ 351436148 -7660238.74 BOMBRIL SA-ADR BMBPY US 351436148 -7660238.74 BOMBRIL SA-ADR BMBBY US 351436148 -7660238.74 BUETTNER BUET3 BZ 107788131 -27487916.4 BUETTNER SA BUETON BZ 107788131 -27487916.4 BUETTNER-PREF BUET4 BZ 107788131 -27487916.4 BUETTNER SA-PRF BUETPN BZ 107788131 -27487916.4 BUETTNER SA-RTS BUET1 BZ 107788131 -27487916.4 BUETTNER SA-RT P BUET2 BZ 107788131 -27487916.4 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 REDE ENERGIA SA REDE3 BZ 1164635971 -23251158 CAIUA SA ELCON BZ 1164635971 -23251158 REDE EMPRESAS-PR REDE4 BZ 1164635971 -23251158 CAIUA SA-PREF ELCPN BZ 1164635971 -23251158 CAIUA SA-PRF B ELCA6 BZ 1164635971 -23251158 CAIUA SA-PRF B ELCBN BZ 1164635971 -23251158 CAIUA SA-RTS ELCA2 BZ 1164635971 -23251158 CAIUA SA-DVD CMN ELCA11 BZ 1164635971 -23251158 CAIUA SA-RCT PRF ELCA10 BZ 1164635971 -23251158 CAIUA SA-DVD COM ELCA12 BZ 1164635971 -23251158 CAIUA ELEC-C RT ELCA1 BZ 1164635971 -23251158 CAIUA SA-PRF A ELCAN BZ 1164635971 -23251158 CAIUA SA-PRF A ELCA5 BZ 1164635971 -23251158 CAIVA SERV DE EL 1315Z BZ 1164635971 -23251158 CHIARELLI SA CCHI3 BZ 10041449.5 -79185336.9 CHIARELLI SA CCHON BZ 10041449.5 -79185336.9 CHIARELLI SA-PRF CCHI4 BZ 10041449.5 -79185336.9 CHIARELLI SA-PRF CCHPN BZ 10041449.5 -79185336.9 IGUACU CAFE IGUA3 BZ 251154980 -71879415.8 IGUACU CAFE IGCSON BZ 251154980 -71879415.8 IGUACU CAFE IGUCF US 251154980 -71879415.8 IGUACU CAFE-PR A IGUA5 BZ 251154980 -71879415.8 IGUACU CAFE-PR A IGCSAN BZ 251154980 -71879415.8 IGUACU CAFE-PR A IGUAF US 251154980 -71879415.8 IGUACU CAFE-PR B IGUA6 BZ 251154980 -71879415.8 IGUACU CAFE-PR B IGCSBN BZ 251154980 -71879415.8 SCHLOSSER SCLO3 BZ 56191844.3 -53412737.8 SCHLOSSER SA SCHON BZ 56191844.3 -53412737.8 SCHLOSSER-PREF SCLO4 BZ 56191844.3 -53412737.8 SCHLOSSER SA-PRF SCHPN BZ 56191844.3 -53412737.8 COBRASMA CBMA3 BZ 82889430.3 -2196482618 COBRASMA SA COBRON BZ 82889430.3 -2196482618 COBRASMA-PREF CBMA4 BZ 82889430.3 -2196482618 COBRASMA SA-PREF COBRPN BZ 82889430.3 -2196482618 CONST A LINDEN CALI3 BZ 14128873.9 -2140102.39 CONST A LINDEN LINDON BZ 14128873.9 -2140102.39 CONST A LIND-PRF CALI4 BZ 14128873.9 -2140102.39 CONST A LIND-PRF LINDPN BZ 14128873.9 -2140102.39 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 268517428 -205157416 DOCAS SA DOCAON BZ 268517428 -205157416 DOCA INVESTI-PFD DOCA4 BZ 268517428 -205157416 DOCAS SA-PREF DOCAPN BZ 268517428 -205157416 DOCAS SA-RTS PRF DOCA2 BZ 268517428 -205157416 FABRICA RENAUX FTRX3 BZ 66790814.7 -79675855.6 FABRICA RENAUX FRNXON BZ 66790814.7 -79675855.6 FABRICA RENAUX-P FTRX4 BZ 66790814.7 -79675855.6 FABRICA RENAUX-P FRNXPN BZ 66790814.7 -79675855.6 HAGA HAGA3 BZ 19158663.2 -45056708.1 FERRAGENS HAGA HAGAON BZ 19158663.2 -45056708.1 FER HAGA-PREF HAGA4 BZ 19158663.2 -45056708.1 FERRAGENS HAGA-P HAGAPN BZ 19158663.2 -45056708.1 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 363687063 -27195507.3 GRADIENTE ELETR IGBON BZ 363687063 -27195507.3 GRADIENTE-PREF A IGBR5 BZ 363687063 -27195507.3 GRADIENTE EL-PRA IGBAN BZ 363687063 -27195507.3 GRADIENTE-PREF B IGBR6 BZ 363687063 -27195507.3 GRADIENTE EL-PRB IGBBN BZ 363687063 -27195507.3 GRADIENTE-PREF C IGBR7 BZ 363687063 -27195507.3 GRADIENTE EL-PRC IGBCN BZ 363687063 -27195507.3 HOTEIS OTHON SA HOOT3 BZ 252819121 -80969977.1 HOTEIS OTHON SA HOTHON BZ 252819121 -80969977.1 HOTEIS OTHON-PRF HOOT4 BZ 252819121 -80969977.1 HOTEIS OTHON-PRF HOTHPN BZ 252819121 -80969977.1 RENAUXVIEW SA TXRX3 BZ 96911396.7 -87693429 TEXTEIS RENAUX RENXON BZ 96911396.7 -87693429 RENAUXVIEW SA-PF TXRX4 BZ 96911396.7 -87693429 TEXTEIS RENAUX RENXPN BZ 96911396.7 -87693429 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 80291424.1 -104213317 ESTRELA SA ESTRON BZ 80291424.1 -104213317 ESTRELA SA-PREF ESTR4 BZ 80291424.1 -104213317 ESTRELA SA-PREF ESTRPN BZ 80291424.1 -104213317 WETZEL SA MWET3 BZ 102020563 -6073582.74 WETZEL SA MWELON BZ 102020563 -6073582.74 WETZEL SA-PREF MWET4 BZ 102020563 -6073582.74 WETZEL SA-PREF MWELPN BZ 102020563 -6073582.74 MINUPAR MNPR3 BZ 136700993 -89498652.2 MINUPAR SA MNPRON BZ 136700993 -89498652.2 MINUPAR-PREF MNPR4 BZ 136700993 -89498652.2 MINUPAR SA-PREF MNPRPN BZ 136700993 -89498652.2 NORDON MET NORD3 BZ 12386508.7 -33450200.1 NORDON METAL NORDON BZ 12386508.7 -33450200.1 NORDON MET-RTS NORD1 BZ 12386508.7 -33450200.1 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 45007563.8 -17324870.8 RECRUSUL SA RESLON BZ 45007563.8 -17324870.8 RECRUSUL-PREF RCSL4 BZ 45007563.8 -17324870.8 RECRUSUL SA-PREF RESLPN BZ 45007563.8 -17324870.8 PETRO MANGUINHOS RPMG3 BZ 246810937 -224879124 PETRO MANGUINHOS MANGON BZ 246810937 -224879124 PET MANGUINH-PRF RPMG4 BZ 246810937 -224879124 PETRO MANGUIN-PF MANGPN BZ 246810937 -224879124 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 191834998 -136761525 SANSUY SA SNSYON BZ 191834998 -136761525 SANSUY-PREF A SNSY5 BZ 191834998 -136761525 SANSUY SA-PREF A SNSYAN BZ 191834998 -136761525 SANSUY-PREF B SNSY6 BZ 191834998 -136761525 SANSUY SA-PREF B SNSYBN BZ 191834998 -136761525 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 408825446 -369130546 TEKA TEKAON BZ 408825446 -369130546 TEKA-PREF TEKA4 BZ 408825446 -369130546 TEKA-PREF TEKAPN BZ 408825446 -369130546 TEKA-ADR TKTPY US 408825446 -369130546 TEKA-ADR TKTQY US 408825446 -369130546 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 242292395 -31883815.5 BATTISTELLA-PREF BTTL4 BZ 242292395 -31883815.5 SAUIPE SA PSEGON BZ 16327067.6 -6893336.18 SAUIPE PSEG3 BZ 16327067.6 -6893336.18 SAUIPE SA-PREF PSEGPN BZ 16327067.6 -6893336.18 SAUIPE-PREF PSEG4 BZ 16327067.6 -6893336.18 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 -------- PUYEHUE RIGHT PUYEHUOS CI 25367370.6 -3712717.52 PUYEHUE PUYEH CI 25367370.6 -3712717.52 *********** 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, Julie Anne L. Toledo, 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 * * *