/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130527.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 Monday, May 27, 2013, Vol. 14, No. 103 Headlines C A Y M A N I S L A N D S ALTIMA ONE: Creditors' Proofs of Debt Due June 3 APHEX CAPITAL: Creditors' Proofs of Debt Due June 6 ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27 BROADREACH MEZZANINE: Creditors' Proofs of Debt Due June 6 COHANZICK CREDIT: Commences Liquidation Proceedings CREDO SERIES 1: Creditors' Proofs of Debt Due May 28 CREDO SERIES 2: Creditors' Proofs of Debt Due May 28 EAST STAR: Commences Liquidation Proceedings GEOVERA INSURANCE: Creditors' Proofs of Debt Due May 28 HARMONY FUND: Creditors' Proofs of Debt Due May 28 RAPID CAPITAL: Creditors' Proofs of Debt Due May 27 TANGERINE INVESTMENT: Cayman Court Appoints Stokoe as Liquidator TAPESTRY FLAGSHIP: Creditors' Proofs of Debt Due June 5 TAPESTRY FLAGSHIP MASTER: Creditors' Proofs of Debt Due June 5 YAOLI INTERNATIONAL: Creditors' Proofs of Debt Due May 27 YAOLI INTERNATIONAL: Members to Receive Wind-Up Report on May 28 C O S T A R I C A BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating H A I T I * HAITI: Gets US$3MM IDB Loan for Sustainable Energy J A M A I C A NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings P A N A M A NEWLAND INT'L: Chap. 11 Filing Cues Moody's to Withdraw Ratings T R I N I D A D & T O B A G O CL FINANCIAL: Methanol Holdings CEO Resigns X X X X X X X X * BOND PRICING: For the Week May 20 to May 24, 2013 - - - - - ========================== C A Y M A N I S L A N D S ========================== ALTIMA ONE: Creditors' Proofs of Debt Due June 3 ------------------------------------------------ The creditors of Altima One World Agriculture Development Fund Limited are required to file their proofs of debt by June 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 27, 2013. The company's liquidator is: David Sargison Telephone: +1 (345) 946 7274 31, Woodland Drive, Lower Valley Grand Cayman KY1-1102 Cayman Islands APHEX CAPITAL: Creditors' Proofs of Debt Due June 6 --------------------------------------------------- The creditors of Aphex Capital NSCR 2006-2, Ltd are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27 ------------------------------------------------------ The creditors of Arcata Universal Limited are required to file their proofs of debt by May 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 1, 2013. The company's liquidator is: Jianli Hu No 7 Building Lane 188 Jinglian Road Minghang District Shanghai PRC Telephone: +86 (574) 5899 9888 Facsimile: +86 (574) 5899 9800 BROADREACH MEZZANINE: Creditors' Proofs of Debt Due June 6 ---------------------------------------------------------- The creditors of Broadreach Mezzanine Funding Limited are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 25, 2013. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands COHANZICK CREDIT: Commences Liquidation Proceedings --------------------------------------------------- On April 23, 2013, the sole shareholder of Cohanzick Credit Opportunities Master Fund, Ltd passed a resolution that voluntarily liquidates the company's business. The company's liquidator is: David K Sherman c/o John O'Driscoll Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 4229 E-mail: John.O'Driscoll@walkersglobal.com CREDO SERIES 1: Creditors' Proofs of Debt Due May 28 ---------------------------------------------------- The creditors of Credo Series 1 Limited are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2013. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands CREDO SERIES 2: Creditors' Proofs of Debt Due May 28 ---------------------------------------------------- The creditors of Credo Series 2 Limited are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2013. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands EAST STAR: Commences Liquidation Proceedings -------------------------------------------- On April 12, 2013, the sole shareholder of East Star Trading Company Ltd. passed a resolution that voluntarily liquidates the company's business. The company's liquidator is: Mahfouz Ali Mohamed Saeed c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands GEOVERA INSURANCE: Creditors' Proofs of Debt Due May 28 ------------------------------------------------------- The creditors of Geovera Insurance Group Holdings, Ltd. are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2013. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House PO Box 1350, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands HARMONY FUND: Creditors' Proofs of Debt Due May 28 -------------------------------------------------- The creditors of Harmony Fund SPC are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 22, 2013. The company's liquidator is: Appleby Trust (Cayman) Ltd Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands RAPID CAPITAL: Creditors' Proofs of Debt Due May 27 --------------------------------------------------- The creditors of Rapid Capital Limited are required to file their proofs of debt by May 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 1, 2013. The company's liquidator is: Jianli Hu No 7 Building Lane 188 Jinglian Road Minghang District Shanghai PRC Telephone: +86 (574) 5899 9888 Facsimile: +86 (574) 5899 9800 TANGERINE INVESTMENT: Cayman Court Appoints Stokoe as Liquidator ---------------------------------------------------------------- On April 4, 2013, the Grand Court of Cayman Islands entered an order to wind up the operations of Tangerine Investment Management Limited. Ian Stokoe was appointed as the company's liquidator. The company's liquidator is: Ian Stokoe c/o Devina Patel Telephone: (345) 914 8739 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands TAPESTRY FLAGSHIP: Creditors' Proofs of Debt Due June 5 ------------------------------------------------------- The creditors of Tapestry Flagship Futures Ltd. are required to file their proofs of debt by June 5, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 TAPESTRY FLAGSHIP MASTER: Creditors' Proofs of Debt Due June 5 -------------------------------------------------------------- The creditors of Tapestry Flagship Futures Master Ltd. are required to file their proofs of debt by June 5, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 YAOLI INTERNATIONAL: Creditors' Proofs of Debt Due May 27 --------------------------------------------------------- The creditors of Yaoli International Holdings Limited are required to file their proofs of debt by May 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 17, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands YAOLI INTERNATIONAL: Members to Receive Wind-Up Report on May 28 ---------------------------------------------------------------- The members of Yaoli International Holdings Limited will hold their final meeting on May 28 2013, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands ================== C O S T A R I C A ================== BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating -------------------------------------------------------------- Fitch Ratings has Affirmed Banco Internacional de Costa Rica's (BICSA) Issuer Default Rating (IDR) at 'BB+'. The Bank's Viability Rating (VR) and National Ratings in Panama were also affirmed. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND SENIOR DEBT The bank's IDRs, National and senior debt ratings reflect the support it would receive from its main shareholder, Banco de Costa Rica (BCR, rated 'BB+' with a Stable Outlook by Fitch), should it be required. The ratings of the bonds issued correspond to BISCA's international rating of 'BB+'. BICSA is considered by Fitch to be a core operation for BCR. Originally created as a vehicle to extend the operations of the state-owned banks outside Costa Rica, BICSA has been successful growing its loan portfolio outside Costa Rica and Panama with sound asset quality and adequate profitability. Its contribution to the consolidated business complements its parent's strong market position in Costa Rica. Fitch believes support would be forthcoming to control reputational risk for the parent. The bank's IDR and long-term National rating have a Stable Outlook in line with those of its main shareholder, BCR. RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT The bank's IDRs, National and senior debt ratings are sensitive to a change in Fitch's assumptions as to BCR's capacity or willingness to support BICSA. KEY RATING DRIVERS - VR BICSA's VR reflects the bank's consistent asset quality, stable profitability, improvements in funding diversification and adequate capital position. BICSA's VR also factors in the higher concentration risks that arise from its corporate nature. The bank's individual creditor concentration has been gradually controlled by further diversification of the loan portfolio by country and economic sector. The bank's deposit concentration is offset by its increased use of bank loans and issuances. The bank's impaired loans/total loans ratio has been less than 1% over the past 5 years and restructured loans and loans rated under the highest risk categories according to local regulation remain under control. The bank's reserve coverage is considered adequate. The bank's record of higher liquidity levels and adequate asset- liability management partly offset its higher deposit concentration. Also, the increased use of longer term bank loans and local debt issuances improves its asset liability management and reduces mismatches. BICSA's return on assets and equity at the end of 2012 were consistent with its historical averages. During this fiscal period, important losses were recorded regarding derivative instruments, and additional reserves were constituted due to the country's risk profile. Such losses were compensated and did not have a significant impact on the bank's capital position. At end 2012, internal capital generation of 11.2% was below asset growth of 25%, but sufficient to maintain Fitch Core Capital ratio in line with the emerging markets median of 12.5% of its 'bb-' and 'bb' rated peers. Fitch estimates that earnings for 2013 may be affected by losses related to derivatives. Nevertheless, the estimated value disclosed for unrealized gains is conservative and likely to reduce and result in a lower realized loss. On the other hand, control issues are being addressed by the board and Fitch will monitor improvements in this area. RATING SENSITIVITIES - VR The bank's VRs are sensitive to a change in Fitch's assumptions regarding profitability, asset quality deterioration, or a decline in the bank's capital position. On the other hand, a significant increase in diversification of loans and funding sources could also improve the bank's VR in the long run. Fitch affirmed BICSA's ratings as follows: International ratings -- Long-term IDR at 'BB+'; Outlook Stable; -- Short-term IDR at 'B'; -- Viability Rating at 'bb'; -- Support Rating at '3'; National ratings -- Long-term national rating at 'AA-(pan)'; Outlook Stable; -- Short-term national rating at 'F1+(pan)'; -- Long-term senior unsecured bonds at 'AA-(pan)'; -- Commercial Paper at 'F1+(pan)'. ========= H A I T I ========= * HAITI: Gets US$3MM IDB Loan for Sustainable Energy ---------------------------------------------------- The Inter-American Development Bank (IDB) will support a US$3 million technical cooperation project to help the government of Haiti test different renewable energy solutions with the goal of expanding rural electrification. Haiti has the lowest level of electrification in the Americas. In the countryside, over 70 percent of the population lacks access to electricity. The new project will finance feasibility studies and pilot projects to test models based on solar energy, sustainable biomass, and hybrid approaches combining more efficient uses of fossil fuels with renewable energy sources. The technical cooperation will also fund studies to determine the feasibility of introducing natural gas in Haiti, which relies heavily on imports of more expensive and polluting fossil fuels to generate electricity. In addition, the project will assist the Haitian government in establishing an office for rural electrification and in developing regulations to promote the use of cleaner energy resources and energy efficiency for rural electrification. "These studies will shed light on significant knowledge gaps. Our goal is to give the Haitian government a clear picture of what it will need to carry out a successful rural electrification plan using renewable energy sources," said the project's team leader, IDB energy senior specialist Christiaan Gischler. The resources for this technical cooperation will come from the Haiti Reconstruction Fund ($2 million), the IDB's Sustainable Energy and Climate Change Initiative ($500,000) and the IDB- administered Korea Fund for Technology and Innovation ($500,000). ============= J A M A I C A ============= NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings -------------------------------------------------------------- Fitch Ratings has removed from Rating Watch Negative and affirmed National Commercial Bank Jamaica Limited's (NCBJ) long-term foreign and local currency Issuer Default Ratings (IDR) at 'B-'. At the same time, Fitch has assigned a Negative Outlook to NCBJ's long-term IDRs. RATING ACTION RATIONALE The affirmation of NCBJ's IDRs and removal of the Rating Watch Negative reflects the bank's resilient financial performance following the National Debt Exchange (NDX) that settled on Feb. 22, 2013. The Outlook is Negative given downside risks for a more challenging operating environment if the government is not successful at implementing its IMF programme. Despite this risk, the bank was well positioned to manage the fallout from the government's debt restructuring. Around 30% of the bank's outstanding assets (1.8x equity) as of March 31, 2013, were subject to restructuring under the NDX, resulting in reduced interest income and losses on investment activities during the second quarter of fiscal year 2013. On March 1, 2013, Fitch upgraded Jamaica's local and foreign currency IDRs to 'CCC' from 'RD' following the material completion of the NDX, an event which Fitch deemed a default in line with the agency's Distressed Debt Exchange Criteria. Fitch also affirmed the country ceiling at 'B-'. KEY RATING DRIVERS - VR & IDRs NCBJ's Viability Rating (VR) drives its long-term IDRs. NCBJ's IDRs are one notch above Jamaica's sovereign ratings and constrained by its Country Ceiling. Although it is rare that a bank is rated above the sovereign, particularly a bank with a very large exposure to sovereign debt, NCBJ's funding, profitability and equity base have proven to be resilient to sovereign stress. Despite these strengths, Fitch believes that given the current exposure to sovereign assets and more generally, the bank's intrinsic connection to the national economy as the largest commercial bank in the country limits future differentiation of NCBJ's ratings with those of the sovereign. With around 38% market share of deposits in the commercial banking system at end-Dec 2012, NCBJ's strong domestic franchise provides an ample funding base. During the two debt exchanges that occurred in 2010 and earlier this year, the bank's deposit base continued to expand while its capital base remained ample. Fitch recognizes that NCBJ's formidable funding base buttresses the bank's ability to confront times of sovereign stress without undermining its liquidity or forcing it to realize such assets to repay decreasing deposits. Stable spreads, loan growth and the steady expansion of non- interest income will offset some of the losses associated with the NDX in FY13. Fitch expects NCBJ's return on average assets ratio (ROAA) to fall to a level between 2.2% and 2.5% by FYE13 (averaged 3.3% over last four years) mostly due to the impact of NDX in the second quarter of the fiscal year. However, profitability will continue to support internal equity generation and remain in line with that of similarly rated peers (emerging market commercial banks with Viability Rating [VR] of 'b-/b/b+'). Despite sustained profitability and single-digit asset growth, lower net income combined with a higher proportion of dividend distributions reduced NCBJ's equity/assets ratio to 16.5% at end- March 2013 from 17.5% at FYE12. Nevertheless, this ratio compared favorably to similarly rated peers, and supports Fitch' view of the bank's above average resilience to trends in the operating environment. Investments and loans to the Jamaican government, public entities and entities with a Jamaican government guarantee continued to represent a high proportion of NCBJ's total assets at 48%, or about 2.9 times (x) its equity, at end-March 2013. Fitch Ratings remains concerned about this high asset concentration given the government of Jamaica's weak credit profile. NCBJ's lending concentration has declined in recent years. At end- March 2013, the 20 largest exposures by economic groups represented 32% of total lending and 58% of total equity. Fitch expects concentrations to continue declining as exposure to the retail sector increases. Although the bank's nonperforming loans (NPLs)/gross loans ratio remains high, it improved to 5.7% at end- March 2013 from 8.1% at FYE12 due to write-offs related to one large loan. RATING SENSITIVITIES - VR & IDRs Future rating actions will be highly contingent on a change in Fitch's view of the sovereign given the bank's sizable sovereign exposure. Additionally, a downgrade of the bank's ratings could be driven by an unexpected marked deterioration of asset quality that weakens profitability or capitalization to a level that is no longer consistent with its current peers. Although not Fitch's base case scenario, unexpected deposit instability may also trigger a negative rating action. KEY RATING DRIVERS - Support and Support Rating Floor The bank's Support rating of '5' reflects the sovereign's weak credit profile and limited capacity to support NCBJ. The Support floor has been revised to 'CCC' from 'C', in line with the sovereign's ratings. Fitch continues to believe that NCBJ's systemic importance makes the government's propensity to support the bank high despite its weak capacity. RATING SENSITIVITIES - Support and Support Rating Floor There is limited upside to the bank's support rating as the sovereign's weak financial profile is expected to persist over the medium-term. The Support Floor Rating will move in line with sovereign's ratings. Fitch has taken the following actions on NCBJ's ratings: -- Long-term foreign and local currency Issuer Default Ratings (IDR) removed from Rating Watch Negative and affirmed at 'B-'; Outlook Negative; -- Short-term foreign and local currency IDR affirmed at 'B'; -- Viability Rating affirmed at 'b-'; -- Support Rating affirmed at '5'; -- Support floor revised to 'CCC' from 'C'. =========== P A N A M A =========== NEWLAND INT'L: Chapter 11 Filing Cues Moody's to Withdraw Ratings ----------------------------------------------------------------- Moody's Investors Service withdrew Newland International Properties, Corp.'s Ca senior secured rating. Ratings Rationale: This rating action follows the company's filing of a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 30, 2013. Under the proposed plan the current notes will be cancelled and noteholders will receive new 9.5% notes with a principal balance of $220 million. The unpaid accrued interest will be added to the par value of the notes. The following rating was withdrawn: Newland International Properties, Corp. -- senior secured rating at Ca The last rating action on Newland International Properties, Corp. was on April 2, 2012 when the rating was downgraded to Ca from Caa3 and the outlook was changed to developing. Newland International Properties Corp. is a sociedad anonima organized under the laws of the Republic of Panama. Newland is a real estate development company established to develop the "Trump Ocean Club International Hotel & Tower" in Panama City, Panama. Trump Ocean Club is being developed as a multi-use luxury tower, overlooking the Pacific Ocean, with luxury condominium residences, a hotel condominium, a limited number of offices, and premier leisure amenities. Trump Ocean Club will be located on the Punta Pacifica Peninsula in Panama City, on approximately 2.8 acres (11,200 square meters) of land, including approximately 295 lineal feet (90 lineal meters) of oceanfront. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Methanol Holdings CEO Resigns ------------------------------------------- Asha Javeed, writing for Trinidad Express, reports that Rampersad Motilal, the Chief Executive Officer of Methanol Holdings, has resigned from the energy company. Colonial Life Insurance Company (Trinidad) Limited (CLICO) and its parent group, CL Financial Limited, held a majority shareholding of 56.53% in MHTL with CLICO's stake amounting to 49%. Mr. Motilal, an engineer who has been CEO since 1995, was also a director on the MHTL board, according to Trinidad Express. The report relates that the majority of MHTL's shares are owned by the insurance company CLICO. The report notes that CLICO's wealth has primarily been centered on two profitable assets-Republic Bank shares and MHTL. The report discloses that MHTL has been engaged in a three-year- long arbitration dispute with Proman Holdings, a minority shareholder, over the rights to the CLICO-owned shares which were held as collateral by the government after a memorandum of understanding was signed in January 2009 to rescue CLICO. Mr. Motilal, the report discloses, has been a key witness to this arbitration. The report says that a decision by the arbitration tribunal was expected by the end of April but the Express understands that a decision could be handed down by July. The report notes Mr. Motilal's contract ended in August but he had stayed on at the company on a month-to-month basis. A former president of the Energy Chamber (then called the South Chamber), Mr. Motilal was also a former director of CL Financial (from 2005 to 2009) and had given evidence before the Sir Anthony Colman-led commission of enquiry, Trinidad Express notes. The report says Mr. Motilal resigned from the CLF board in April 2009. Mr. Motilal, the report notes, had told the Commission that MHTL was encumbered by a US$1.3 billion loan from a German financier unbeknownst to the Trinidad and Tobago Government when they signed the MOU on January 30, 2009. Mr. Motilal denied being a party to the sale of CLICO Energy Ltd to Proman Holdings on February 5, 2009, the report discloses. This sale, Mr. Motilal told the enquiry, was done without his consent while he sat on the CLF board, which forced him to resign from CLF, the report adds. MHTL is chaired by Jageesh Siewrattan and its board members are Joseph Cassidy, Rolf Meyer-Ottens, Carolyn John, Gerald Yetming, Denyse Mehta, Volker Seebeck and Erwin Keutner. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * BOND PRICING: For the Week From May 20 to 24, 2013 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 56.5 ARGENT-$DIS 8.28 12/31/2033 USD 57.9 ARGENT-$DIS 8.28 12/31/2033 USD 57.9 ARGENT-$DIS 8.28 12/31/2033 USD 58.5 ARGENT-$DIS 8.28 12/31/2033 USD 58.1 ARGENT-PAR 1.18 12/31/2038 ARS 50.4 ARGENT-DIS 7.82 12/31/2033 EUR 45 ARGENT-DIS 7.82 12/31/2033 EUR 57.6 ARGENT-DIS 7.82 12/31/2033 EUR 57.3 ARGENT-DIS 4.33 12/31/2033 JPY 35.5 ARGENT-DIS 4.33 12/31/2033 JPY 36 ARGENT-PAR 0.45 12/31/2038 JPY 15 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 41.8 BANCO MACRO SA 9.75 12/18/2036 USD 73.8 BANCO MACRO SA 9.75 12/18/2036 USD 71 BANCO MACRO SA 9.75 12/18/2036 USD 74.1 CAPEX SA 10 3/10/2018 USD 74.4 CAPEX SA 10 3/10/2018 USD 74.5 CIA LATINO AMER 9.5 12/15/2016 USD 64 CITY OF BUENOS 3.98 3/15/2018 USD 68.6 EMP DISTRIB NORT 9.75 10/25/2022 USD 49.5 EMP DISTRIB NORT 10.5 10/9/2017 USD 95 EMP DISTRIB NORT 9.75 10/25/2022 USD 46.1 METROGAS SA 8.875 12/31/2018 USD 66.8 METROGAS SA 8.875 12/31/2018 USD 68.1 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.1 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.3 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.8 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.8 PROV BUENOS AIRE 10.88 1/26/2021 USD 71.4 PROV BUENOS AIRE 10.88 1/26/2021 USD 71.5 PROV DE FORMOSA 5 2/27/2022 USD 63.6 PROV DE MENDOZA 5.5 9/4/2018 USD 74.3 PROV DE MENDOZA 5.5 9/4/2018 USD 74.6 PROV DEL CHACO 4 12/4/2026 USD 27.8 PROV DEL CHACO 4 11/4/2023 USD 55.3 TRANSENER 9.75 8/15/2021 USD 48 TRANSENER 9.75 8/15/2021 USD 45.1 TRANSENER 8.875 12/15/2016 USD 47.5 BRAZIL ------ BANCO BONSUCESSO 9.25 11/3/2020 USD 70.6 BANCO BONSUCESSO 9.25 11/3/2020 USD 70 CAYMAN ISLAND ------------- BCP FINANCE CO 4.239 EUR 46.7 BCP FINANCE CO 5.543 EUR 44.7 BES FINANCE LTD 4.5 EUR 63.2 BES FINANCE LTD 5.58 EUR 69.2 CHINA FORESTRY 10.25 11/17/2015 USD 53 CHINA FORESTRY 10.25 11/17/2015 USD 47.4 EMER PLANT HLD 6 1/30/2020 USD 67.5 ERB HELLAS CAYMA 9 3/8/2019 EUR 22 ESFG INTERNATION 5.753 EUR 57.3 GOL FINANCE 8.75 USD 70.5 GOL FINANCE 8.75 USD 69.5 HIDILI INDUSTRY 8.625 11/4/2015 USD 75.8 HIDILI INDUSTRY 8.625 11/4/2015 USD 75.6 JINKOSOLAR HOLD 4 5/15/2016 USD 57.5 RENHE COMMERCIAL 13 3/10/2016 USD 60 RENHE COMMERCIAL 11.75 5/18/2015 USD 66.5 RENHE COMMERCIAL 11.75 5/18/2015 USD 66.5 RENHE COMMERCIAL 13 3/10/2016 USD 61.9 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 43.9 EMPRESA METRO 5.5 7/15/2027 CLP 3.39 TALCA CHILLAN 2.75 12/15/2019 CLP 66 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 34.8 BANCO SANTANDER 6.3 6/1/2032 USD 36 PUERTO RICO CONS 6.5 4/1/2016 USD 67.6 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 68.4 PETROLEOS DE VEN 5.375 4/12/2027 USD 70.2 *********** 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 * * *