/raid1/www/Hosts/bankrupt/TCRLA_Public/130618.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, June 18, 2013, Vol. 14, No. 119
Headlines
B O L I V I A
TRANSIERRA SA: Moody's Rates $135-Mil. Note Offering at Ba3
B R A Z I L
OGX PETROLEO: Default Seen in Bond Plummet As Batista Empire Sinks
OGX PETROLEO: Posts Oil and Natural Gas Production Numbers for May
C A Y M A N I S L A N D S
AOF II (CAYMAN HOLDINGS): Members' Final Meeting Set for June 25
CHAMP EXPLORER: Shareholder to Receive Wind-Up Report on July 5
CONSILIUM EMERGING: Members' Final Meeting Set for July 3
CONSILIUM EMERGING MASTER: Members' Final Meeting Set for July 3
FISCH TREND: Members' Final Meeting Set for June 27
HINDE EQUITY: Shareholders' Final Meeting Set for June 26
HINDE EQUITY FEEDER: Shareholders' Final Meeting Set for June 26
HINDE EQUITY GP: Shareholders' Final Meeting Set for June 26
INGLEBY LIMITED: Shareholders' Final Meeting Set for July 3
QUEST TRADING: Shareholders' Final Meeting Set for June 24
RED GOLD: Shareholders' Final Meeting Set for June 24
SFCS FUNDS: Members' Final Meeting Set for June 25
SFCS SENTINELS: Members' Final Meeting Set for June 25
SFCS TITANS: Members' Final Meeting Set for June 25
WBS FUNDING: Members' Final Meeting Set for July 5
J A M A I C A
* JAMAICA: At Risk if Global Interest Rates Rise, World Bank Says
M E X I C O
SERVICIOS CORPORATIVOS: Terminates Agreement With ViveIca
SERVICIOS CORPORATIVOS: Moody's Cuts Sr. Debt Rating to B2
XIGNUX SA: S&P Affirms 'BB+' Rating; Outlook Stable
P U E R T O R I C O
BUILDERS GROUP: Case Summary & 20 Largest Unsecured Creditors
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B O L I V I A
=============
TRANSIERRA SA: Moody's Rates $135-Mil. Note Offering at Ba3
-----------------------------------------------------------
Moody's assigned a first time rating of Ba3/Aa1.bo to Transierra
S.A.'s proposed up to $135 million senior unsecured local note
offering. At the same time Moody's assigned a corporate family
rating of Ba3/Aa1.bo to Transierra. The outlook for all the
ratings is stable. This was the first time Moody's had provided a
rating to Transierra.
Proceeds from the proposed notes will be used mostly to repay
Transierra's debt obligations to its shareholders, to complete its
2013 investment program and for working capital needs resulting in
no material increase in the company's total debt position.
Ratings Rationale:
The Ba3/Aa1.bo ratings are mainly supported by Transierra's
business model and stable cash flows from capacity payments as
well as sound credit metrics for its rating category.
The ratings are also supported by the strategic importance of the
pipeline to transport the export of Bolivian gas to Brazil, under
the Bolivian-Brazilian bi-lateral gas supply agreement (GSA). Gas
exports to Brazil are among the main sources of foreign currency
for Bolivia and one of Bolivia's main exports that are supported
by the substantial gas reserves in the country. In addition, the
exported gas is produced from the main gas basins in Bolivia,
where the operator is Petrobras (A3, negative) and one of
Transierra's main shareholders.
There are only two gas pipelines running from the gas fields in
southern Bolivia to the connecting pipeline that transports gas to
Brazil. As a result, there is limited competition for Transierra,
which currently operates at full capacity.
The Ba3/Aa1.bo ratings are tempered by the evolving regulations
for the hydrocarbon industry in Bolivia, that has been subject to
significant changes during recent years. One item of note is the
lack of any tariff review for Transierra's regulated tariff albeit
a tariff review mechanism is included in the 2001 concession
contract; however, to date it has never been applied.
The ratings are also constrained by Transierra's exposure to only
one client, YPFB, the Bolivian state-owned oil and gas company.
Consequently, the ratings are closely tied to Bolivia's government
bond rating (Ba3, stable).
Another area of particular concern is the risk of government
intervention in Transierra's business or the risk of
nationalization given the current government's track record of
nationalizations. The Bolivian Government (Ba3, Stable) has
performed a series of nationalizations, namely companies operating
in the natural gas industry, as well as various other companies in
the mining, telecommunications, and power generation and
transmission/distribution sectors. The December nationalization of
Spanish Iberdrola's subsidiaries, including Electropaz --
currently Delapaz - (Ba3/Aa1.bo Stable) is a recent example of the
government's effort to bring companies in strategic sectors back
into the hands of the state. Earlier in 2012, the Bolivian
government had also nationalized TDE, an electric transmission
company belonging to the Spanish Red Electrica de Espana, S.A.U.
(Baa2, negative).
In spite of Transierra's current shareholding structure, where
YPFB --an already state-owned company- has a controlling interest,
Moody's believes a certain degree of nationalization risk exists
given that the company still has other minority shareholders.
However, Moody's believes that if a nationalization of Transierra
were to occur, the debt at the company level would be treated or
seen as debt at the government level (Ba3, stable), mainly because
of the strategic importance of gas to the Bolivian economy, the
strategic relationship with Petrobras behind Transierra's
operation and the reputational risk of a default at a nationalized
Transierra for the Bolivian government.
Liquidity
Transierra's liquidity is deemed adequate. With no large debt
maturities in the short term, Moody's expects Transierra's debt
issuance plus its solid cash generation to be sufficient for the
company to fund comfortably any working capital needs and the
Villamontes' compression plant expansion. Aside from replacing the
debt extended by the shareholders, the notes will allow the
company to improve its maturity profile.
Funds from Operations are expected to increase in 2013 and beyond
after the 2010 and 2011 declines when funds from operations where
significantly lower because the company paid the accumulated
interest from 2006 to 2011 that was owed on inter-company loans to
its shareholders.
On the negative side, as it happens with most of Latam companies,
Transierra does not have access to any committed credit facilities
and access to the capital markets is limited to the local market
only in Bolivia, which is less developed and deep than the
international market or markets of other countries in the region.
Finally, Transierra's debt is fully denominated in US dollars;
however, tariffs are set and billed in US dollars thus offsetting
any potential FX risk.
The stable outlook anticipates continued stable cash flows and
profits with moderate leverage. After the 2013 investment at the
Villamontes' compression plant, Moody's expects funds from
operations to debt (FFO /Debt) to be sustained thereafter at above
the 30% level while debt to Ebitda should decline to less than 2.5
times after peaking at almost 4.0 times in 2013.
Given the close relationship between Transierra's operations, the
regulatory regime in Bolivia, and the government's control of the
hydrocarbon industry and hydrocarbon exports, prospects for the
rating to be upgraded are strongly limited by the sovereign
rating, which is currently Ba3 with a stable outlook.
Negative pressure on the rating or outlook could occur if the
company losses the stability of its business model which is mainly
derived from the regulatory regime or if the company adopts a more
aggressive financial policy. Quantitatively, a ratio of FFO to
Debt below 15%, interest coverage lower than 1.5 times or a ratio
of RCF to Debt lower than 10% could lead to a downgrade. A
downgrade on the sovereign rating could also prompt a downgrade on
Transierra's ratings.
Transierra is a regulated natural gas pipeline, transporting gas
from Bolivian gas fields located in the south of the country to
the city of Rio Grande, in Santa Cruz de la Sierra where it
connects to Gasbol, the Bolivian-Brazilian pipeline that
transports the gas to be exported to Brazil. Transierra has been
granted the concession to build and operate the GASYRC pipeline,
under a 40 year concession agreement. Transierra's pipeline is the
major transportation channel for the gas produced at San Antonio
and San Alberto gas fields, which are among the major gas
production fields in South Bolivia.
The methodologies used in this rating were Natural Gas Pipelines
published in November 2012, and Mapping Moody's National Scale
Ratings to Global Scale Ratings published in October 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.
===========
B R A Z I L
===========
OGX PETROLEO: Default Seen in Bond Plummet As Batista Empire Sinks
------------------------------------------------------------------
Boris Korby and Veronica Navarro Espinosa at Bloomberg News report
that OGX Petroleo & Gas Participacoes SA's bonds are falling like
never before, a sign that investors are bracing for what would be
the biggest company default in Latin America as controlling
shareholder Eike Batista struggles to raise cash.
The oil producer's $2.56 billion of notes due 2018 have plummeted
16.9 cents early this month, the most since the debt was issued in
May 2011, to a record-low 40 cents on the dollar, according to
Bloomberg News.
The securities are trading below the average of 45 cents for
defaulted Latin American corporate debt tracked by Bloomberg and
less than the maximum 50 cents on the dollar that Fitch Ratings
estimates bondholders would recover in a restructuring.
Fitch cut OGX's credit grade one step to CCC on June 15, or seven
levels below investment grade. It has a negative outlook on the
rating.
Bloomberg News notes that while OGX said it isn't analyzing a debt
restructuring, investors are losing confidence Batista can honor
his obligations as an 83 percent plunge in personal wealth pushed
him to sell OGX shares and other stakes in his faltering commodity
and energy empire, SW Asset Management and Brookshire Advisory &
Research said.
The company is set to run out of money in about a year at its burn
rate as slumping production puts output goals out of reach, even
after Batista pumped at least BRL2 billion ($943 million) of his
own cash into OGX, Bloomberg News relays.
Bloomberg News relays that OGX is not analyzing a debt
restructuring, a company press official said in an e-mailed
response to questions. Cash generation from current and future
production, potential sales of stakes in oil fields and an option
that would oblige Mr. Batista to purchase as much as $1 billion of
OGX shares will all allow the company to continue servicing its
obligations, the official said, Bloomberg News discloses.
Bloomberg News relays that Mr. Batista said in a statement June 14
that OGX parent company EBX Group Co. restructured debt and now
only has long-dated maturities. The restructuring "is clear
evidence of EBX's high level of commitment toward its obligations
with stakeholders," he said without providing further details,
Bloomberg News notes.
Bloomberg News says that more than $28 billion of Batista's
personal wealth has evaporated since last year as shares plunged
94 percent since March 2012 and his oil producer struggles to meet
output goals.
OGX's cash holdings fell 68 percent in the 12 months ended March
31 to $1.14 billion, enough to keep it operational into the fourth
quarter at the company's current burn rate, according to data
compiled by Bloomberg. While OGX raised as much as $850 million
selling an oilfield stake to Malaysia's Petroliam Nasional Bhd.
last month, the amount would only extend cash reserves until mid-
2014, the data show, Bloomberg News notes.
"It appears restructuring activity is imminent. . . . Offshore
drilling is a very capital intensive business. Bringing the
product online has taken much more than investors would have ever
hoped for." Bloomberg News quoted Gianna Bern, a former senior
director at Fitch Ratings who is now president of risk-management
adviser Brookshire Advisory and Research, as saying.
OGX Petroleo e Gas SA is focused on oil and natural gas
exploration and production and is conducting the largest private-
sector exploratory campaign in Brazil. OGX has a diversified,
high-potential portfolio, comprised of 26 exploratory blocks in
the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba
Basins in Brazil, and 5 exploratory blocks in Colombia, in the
Lower Magdalena Valley and the Cesar-Rancheria basins.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, Fitch Ratings has downgraded OGX Petroleo e Gas
Participacoes S.A.'s (OGX) foreign and local currency Issuer
Default Rating (IDR) to 'CCC' from 'B-' and its long-term national
scale rating to 'CCC(bra)' from 'BB+(bra)'. Fitch has also
downgraded the rating of OGX's USD2.6 billion and USD1.1 billion
notes to 'CCC/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.
OGX PETROLEO: Posts Oil and Natural Gas Production Numbers for May
------------------------------------------------------------------
OGX Petroleo e Gas Participacoes S.A. disclosed that its average
oil and natural gas production for May 2013 reached 18.2 thousand
barrels of oil equivalent per day (boepd). Of this amount, 6.8
thousand boepd corresponds to the offshore average production at
Tubarao Azul Field, in the Campos Basin, and 11.4 thousand boepd
(1.8 million m3 per day) to OGX's share of the average production
of natural gas at the onshore Gaviao Real Field, in the Parnaiba
Basin.
Overall for May 2013, total offshore production was 209,296
barrels of oil equivalent and total onshore production was 120.5
million m3 of natural gas.
Offshore Production
Production at the Tubarao Azul Field was impacted by the following
factors:
(i) OGX-26HP: the well produced throughout the month of May;
(ii) OGX-68HP: the well produced for 11 days during the month of
May. The repair of OGX-68HP well's electrical submersible
pump (ESP) commenced in mid-April and was concluded in mid-
May;
(iii) TBAZ-1HP: the well did not produce in April and May due to
operational issues in March that interrupted its production.
OGX's technical team will decide when the repair of TBAZ-1HP
well's ESP will commence based on the production of OGX-26HP and
OGX-68HP. TBAZ-1HP's production will remain interrupted until the
repair of its ESP.
Considering the effective production days, the average offshore
productivity per well was 5.0 thousand boepd in May.
Onshore Production
Total average production at the Gaviao Real Field was 3.9 million
m3 per day (1.8 million m3 net to OGX), with four turbines
operating at the Thermo Power Plant I throughout the month of May.
OGX Petroleo e Gas SA is focused on oil and natural gas
exploration and production and is conducting the largest private-
sector exploratory campaign in Brazil. OGX has a diversified,
high-potential portfolio, comprised of 26 exploratory blocks in
the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba
Basins in Brazil, and 5 exploratory blocks in Colombia, in the
Lower Magdalena Valley and the Cesar-Rancheria basins.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, Fitch Ratings has downgraded OGX Petroleo e Gas
Participacoes S.A.'s (OGX) foreign and local currency Issuer
Default Rating (IDR) to 'CCC' from 'B-' and its long-term national
scale rating to 'CCC(bra)' from 'BB+(bra)'. Fitch has also
downgraded the rating of OGX's USD2.6 billion and USD1.1 billion
notes to 'CCC/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.
==========================
C A Y M A N I S L A N D S
==========================
AOF II (CAYMAN HOLDINGS): Members' Final Meeting Set for June 25
----------------------------------------------------------------
The members of AOF II (Cayman Holdings) Limited will hold their
final meeting on June 25, 2013, at 7:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Ms. Aisling Clarke
Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1 -1106
Cayman Islands
Telephone +1 (345) 814 8986
CHAMP EXPLORER: Shareholder to Receive Wind-Up Report on July 5
---------------------------------------------------------------
The shareholder of Champ Explorer GP Limited will receive on
July 5, 2013, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
CONSILIUM EMERGING: Members' Final Meeting Set for July 3
---------------------------------------------------------
The members of Consilium Emerging Market Absolute Return Fund,
Ltd. will hold their final meeting on July 3, 2013, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
CONSILIUM EMERGING MASTER: Members' Final Meeting Set for July 3
----------------------------------------------------------------
The members of Consilium Emerging Market Absolute Return Master
Fund, Ltd will hold their final meeting on July 3, 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:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
FISCH TREND: Members' Final Meeting Set for June 27
---------------------------------------------------
The members of Fisch Trend Multi Manager Fund will hold their
final meeting on June 27, 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:
Michael Penner
c/o Grant Hiley
Deloitte & Touche
P.O Box 1787 Grand Cayman KY1-1109
Cayman Islands
Telephone: +1 (345) 814 2353
Facsimile: +1 (345) 949 8258
HINDE EQUITY: Shareholders' Final Meeting Set for June 26
---------------------------------------------------------
The shareholders of Hinde Equity Fund Ltd will hold their final
meeting on June 26, 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:
Swiss Financial Services (Ireland) Ltd
Block 4B, Cleaboy Business Park
Old Kilmeaden Road, Waterford
Ireland
HINDE EQUITY FEEDER: Shareholders' Final Meeting Set for June 26
----------------------------------------------------------------
The shareholders of Hinde Equity Feeder Fund Ltd will hold their
final meeting on June 26, 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:
Swiss Financial Services (Ireland) Ltd
Block 4B, Cleaboy Business Park
Old Kilmeaden Road, Waterford
Ireland
HINDE EQUITY GP: Shareholders' Final Meeting Set for June 26
------------------------------------------------------------
The shareholders of Hinde Equity Fund GP Ltd will hold their final
meeting on June 26, 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:
Swiss Financial Services (Ireland) Ltd
Block 4B, Cleaboy Business Park
Old Kilmeaden Road, Waterford
Ireland
INGLEBY LIMITED: Shareholders' Final Meeting Set for July 3
-----------------------------------------------------------
The shareholders of Ingleby Limited will hold their final meeting
on July 3, 2013, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, George Town Grand Cayman KY1-1103
Cayman Islands
QUEST TRADING: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------
The shareholders of Quest Trading Managers Limited will hold their
final meeting on June 24, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
RED GOLD: Shareholders' Final Meeting Set for June 24
-----------------------------------------------------
The shareholders of Red Gold Consultants Ltd. will hold their
final meeting on June 24, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945 8859
Facsimile: 949 9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
SFCS FUNDS: Members' Final Meeting Set for June 25
--------------------------------------------------
The members of SFCS Funds SPC will hold their final meeting on
June 25, 2013, at 1:30 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Simon Conway
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
SFCS SENTINELS: Members' Final Meeting Set for June 25
------------------------------------------------------
The members of SFCS Sentinels One Feeder Ltd will hold their final
meeting on June 25, 2013, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Simon Conway
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
SFCS TITANS: Members' Final Meeting Set for June 25
---------------------------------------------------
The members of SFCS Titans Feeder Ltd will hold their final
meeting on June 25, 2013, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Simon Conway
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
WBS FUNDING: Members' Final Meeting Set for July 5
--------------------------------------------------
The members of WBS Funding Company will hold their final meeting
on July 5, 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:
Steven G. Sokohl
69 Dr. Roy's Drive
PO Box 1043, George Town Grand Cayman KY1-1102
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: At Risk if Global Interest Rates Rise, World Bank Says
-----------------------------------------------------------------
RJR News reports that the World Bank said Jamaica is among
countries that could face extreme risks in the event that global
interest rates begin to rise.
The World Bank on June 12 said monetary tightening in advanced
economies could cramp growth in emerging markets as interest rates
rise, lowering their potential output by as much as 12 per cent,
according to RJR News.
The report relates that its Chief Economist Kaushik Basu said
long-term risk is greater in emerging market currency and bond
markets, as traders try to position themselves for when the US
Federal Reserve begins its exit from ultra-loose monetary
policies.
The report notes that the World Bank said the risk is especially
high for countries such as Egypt, Jamaica and Pakistan that have
run up high debt in a time of low interest rates.
The report relays that it added that if interest rates surge
suddenly, these countries would face sharply higher debt servicing
costs that they may not be able to manage.
===========
M E X I C O
===========
SERVICIOS CORPORATIVOS: Terminates Agreement With ViveIca
---------------------------------------------------------
Servicios Corporativos Javer S.A.P.I. de C.V., issued a statement
with regards to the recently-announced termination of the
agreement to combine the homebuilding assets of Javer and ViveIca.
Due to the inability to agree on terms stipulated in the original
agreement, both parties have decided not to pursue this
transaction further for the time being. Given that Javer had
already raised US$50 million through the reopening of its 2021
notes to pre-fund the assumed debt of the acquired assets, the
Company is in the process of analyzing alternatives to reduce this
leverage and return its capital structure to its original state.
Javer will promptly announce its intended strategy to be executed
in the short term.
Eugenio Garza, Javer's Chief Executive Officer, stated, "We will
continue to look for attractive opportunities that may arise in
the wake of the current turbulence experienced by companies in the
Mexican housing sector. We remain very confident in our outlook
given Javer's strong financial position, optimal maturity
schedule, ample liquidity position, land bank and, most
importantly, execution capabilities within a short working capital
cycle and attractive ROIC framework."
Javer maintains its original 2013 guidance for its standalone
business, which consists of 19,000 homes titled, Ps. 5.9 billion
in revenues, Ps. 925 million in EBITDA and positive free cash
flow.
Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately $7.3 billion Mx pesos and equity
of approximately $1.5 billion Mx pesos at March 31, 2013.
SERVICIOS CORPORATIVOS: Moody's Cuts Sr. Debt Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded Servicios Corporativos Javer,
S.A.P.I. de C.V.'s senior unsecured debt rating to B2 from B1. The
outlook was revised to stable from negative.
Ratings Rationale:
This rating action follows the announcement by Javer and Empresas
ICA, S.A.B. de C.V.'s ("ICA") that the agreement to purchase ICA's
low-income sector homebuilding business had been terminated. This
was a strategic transaction that would have improved the company's
credit profile, particularly with respect to geographic diversity
outside of Nuevo Leon. In addition, in March 2013 Javer raised $50
million of debt through a reopening of its 2021 senior notes in
order to cover the expected debt assumption of this transaction.
With the termination of this transaction, the company is more
highly leveraged with no immediate use for the cash.
Exclusive of this transaction, the company's credit metrics
continue to be weak with Debt/LTM Recurring EBITDA of 5.61x and
LTM EBITDA margins at 13.2% as of 1Q13. Currently, approximately
30% of the company's sales are reliant on subsidies, the
allocation of which is not under the direct control of the
company. Also, the Mexican government has yet to announce the
details regarding the implementation of the National Housing
Policy, which was expected at the end of May.
The stable outlook reflects Javer's solid liquidity position in a
tough operating environment. In addition, the stable outlook
incorporates Moody's expectation that the company will
successfully deleverage the balance sheet either through a tender
offer or investment back into operations. Moody's also anticipates
that Javer will be able to meet its sales targets in markets with
challenging demand dynamics and strong competition from regional
players. Finally, the stable outlook assumes that Javer's credit
metrics have reached their weakest point and should remain stable
or slightly improve over the medium term.
An upgrade of the rating would be predicated upon the company
maintaining EBITDA above 15%, debt to EBITDA closer to 3x and
fixed charge coverage at or above 2.0x. Finally, Moody's will need
more clarity with respect to the implementation of the National
Housing Policy and the impact it will have on Javer's operations
in order to consider an upgrade. A downgrade will occur should
Javer encounter further challenges in reaching titling and sales
targets which result in a weakening of credit metrics from current
levels such that EBITDA margins fall closer to 12% and/or
debt/EBITDA approaches 5x.
The following rating was downgraded with a stable outlook:
Servicios Corporativos Javer, S.A.P.I. de C.V. - - Senior
unsecured debt rating to B2
The last rating action with respect to Javer was on March 18, 2013
when Moody's confirmed Javer's senior unsecured debt rating at B1
and placed the outlook on negative.
The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.
Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in
Monterrey, Mexico is one of the largest privately-owned, fully
integrated homebuilders engaged in the development, construction,
marketing and sale of affordable housing in Mexico. The firm
reported assets of approximately $7.3 billion Mx pesos and equity
of approximately $1.5 billion Mx pesos at March 31, 2013.
XIGNUX SA: S&P Affirms 'BB+' Rating; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'mxA+' national scale corporate credit ratings on Xignux S.A.
de C.V. The outlook remains stable. The ratings affirmation
follows S&P's regular annual review of the company.
The ratings on Xignux continue to reflect S&P's assessment of the
company's business risk profile as "fair" and its financial risk
profile as "significant."
"The ratings reflect the cyclicality of most of the company's end
markets; resilient nature of its food business segment; exposure
to raw materials price volatility, particularly copper; weaker
competitive position compared to its peers in the top global cable
& wire industry; and still single-digit operating margins. The
offsetting factors are the consolidation of acquired Colombia-
based company's, Cables de Energia y Telecomunicaciones S.A.
(CENTELSA) operations since Sept. 1, 2012; significant market
shares in most of the markets in which it participates,
particularly cables & wires and power and distribution
transformers; continued revamping of its food business segment;
and improved geographic diversification, customers base and
product portfolio; moderate financial policy; and strong liquidity
coupled with manageable debt maturity profile.
The ratings also reflect S&P's expectation that Xignux will
maintain its cash-flow protection leverage ratios in line with
S&P's assessment of its "significant" financial risk profile amid
currently challenging industry conditions, global soft economic
conditions, and volatile raw materials prices, particularly
copper.
=====================
P U E R T O R I C O
=====================
BUILDERS GROUP: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Builders Group & Development Corp.
dba Cupey Professional Mall
P.O. Box 2255
Guaynabo, PR 00970
Bankruptcy Case No.: 13-04867
Chapter 11 Petition Date: June 12, 2013
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Gerardo A. Carlo Altieri, Esq.
G.A. CARLO ALTIERI & ASSOCIATES
P.O. Box 9021470
San Juan, PR 00902
Tel: (787) 919-0026
Debtor's
Accountants: JOSE M. MONGE ROBERTIN, CPA
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Jorge A. Rios Pulpeiro, president.
Debtor's List of Its 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
CPG/GS PR NPL, LLC -- $8,240,606
270 Avenue Mu¤oz Rivera, 3rd Floor
San Juan, PR 00918
Doral Bank -- $5,692,467
P.O. Box 70308
San Juan, PR 00936-8628
CPG/GS PR NPL, LLC -- $4,011,899
270 Avenue Mu¤oz Rivera, 3rd Floor
San Juan, PR 00918
Doral Bank -- $3,648,182
P.O. Box 70308
San Juan, PR 00936-8628
Department of Treasury of PR -- $512,196
Bankruptcy Section (424-B)
P.O. Box 9024140
San Juan, PR 00902-4140
Doral Bank -- $356,971
P.O. Box 70308
San Juan, PR 00936-8628
United Surety & Indemnity Corp. -- $339,495
P.O. Box 2111
San Juan, PR 00922
CRIM -- $100,487
Stone & Tile of Puerto Rico -- $57,593
Department of Treasury of PR -- $47,740
Municipality of San Juan -- $38,575
Municipality of San Juan -- $37,541
Internal Revenue Services -- $34,371
Autoridad Acueductos y -- $22,123
Alcantarillados
Department of Treasury of PR -- $18,273
Security Guard Affairs -- $11,447
Autoridad Energia Electrica -- $11,328
Department of Treasury of PR -- $10,201
Power Patrol Service -- $8,093
Tax & Accounting Services -- $5,072
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
FABRICA TECID-RT FTRX1 BZ 66603693.6 -76419244.2
TEKA-ADR TEKAY US 407967021 -392649052
BOMBRIL BMBBF US 359985634 -12154088.6
TEKA TKTQF US 407967021 -392649052
TEKA-PREF TKTPF US 407967021 -392649052
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
PUYEHUE RIGHT PUYEHUOS CI 25722049 -4310587.75
VULCABRAS-RIGHT VULC1 BZ 656823700 -17327661.6
VULCABRAS-RIGHT VULC2 BZ 656823700 -17327661.6
VULCABRAS-RECEIP VULC9 BZ 656823700 -17327661.6
VULCABRAS-REC PR VULC10 BZ 656823700 -17327661.6
BATTISTELLA-RIGH BTTL1 BZ 158330518 -36518145.6
BATTISTELLA-RI P BTTL2 BZ 158330518 -36518145.6
BATTISTELLA-RECE BTTL9 BZ 158330518 -36518145.6
BATTISTELLA-RECP BTTL10 BZ 158330518 -36518145.6
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
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
LUPATECH SA LUPA3 BZ 754879275 -127862714
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 24630103.9 -10366431.8
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 359985634 -12154088.6
BOMBRIL-RIGHTS BOBR1 BZ 359985634 -12154088.6
LAEP-BDR MILK11 BZ 222902263 -255311019
AGRENCO LTD AGRE LX 325151004 -611658179
LAEP INVESTMENTS LEAP LX 222902263 -255311019
LUPATECH SA LUPAF US 754879275 -127862714
REDE ENERG-UNIT REDE11 BZ 1164635971 -23251158
CELGPAR GPAR3 BZ 2657428496 -817505840
RECRUSUL - RT 4529781Q BZ 48003655.5 -18502124.9
RECRUSUL - RT 4529785Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529789Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529793Q BZ 48003655.5 -18502124.9
REDE ENER-RT 3907727Q BZ 1164635971 -23251158
REDE ENER-RCT 3907731Q BZ 1164635971 -23251158
RECRUSUL-BON RT RCSL11 BZ 48003655.5 -18502124.9
RECRUSUL-BON RT RCSL12 BZ 48003655.5 -18502124.9
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 97868151.6 -91899413.1
TEXTEIS RENAU-RT TXRX2 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX9 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX10 BZ 97868151.6 -91899413.1
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 754879275 -127862714
ALL ORE MINERACA AORE3 BZ 18737017.6 -11880129.6
B&D FOOD CORP BDFC US 14423532 -3506007
LUPATECH SA-ADR LUPAY US 754879275 -127862714
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 18737017.6 -11880129.6
STEEL - RCT ORD STLB9 BZ 18737017.6 -11880129.6
MINUPAR-RT 9314542Q BZ 136398462 -91947867.2
MINUPAR-RCT 9314634Q BZ 136398462 -91947867.2
PET MANG-RT 0229249Q BZ 246810937 -224879124
PET MANG-RT 0229268Q BZ 246810937 -224879124
RECRUSUL - RT 0163579D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0163580D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163582D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163583D BZ 48003655.5 -18502124.9
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 18737017.6 -11880129.6
MINUPAR-RT 0599562D BZ 136398462 -91947867.2
MINUPAR-RCT 0599564D BZ 136398462 -91947867.2
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 222902263 -255311019
LAEP INVES-BDR B 0163599D BZ 222902263 -255311019
RECRUSUL - RT 0614673D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0614674D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614675D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614676D BZ 48003655.5 -18502124.9
TEKA-RTS TEKA1 BZ 407967021 -392649052
TEKA-RTS TEKA2 BZ 407967021 -392649052
TEKA-RCT TEKA9 BZ 407967021 -392649052
TEKA-RCT TEKA10 BZ 407967021 -392649052
LUPATECH SA-RTS LUPA1 BZ 754879275 -127862714
LUPATECH SA -RCT LUPA9 BZ 754879275 -127862714
MINUPAR-RTS MNPR1 BZ 136398462 -91947867.2
MINUPAR-RCT MNPR9 BZ 136398462 -91947867.2
RECRUSUL SA-RTS RCSL1 BZ 48003655.5 -18502124.9
RECRUSUL SA-RTS RCSL2 BZ 48003655.5 -18502124.9
RECRUSUL SA-RCT RCSL9 BZ 48003655.5 -18502124.9
RECRUSUL - RCT RCSL10 BZ 48003655.5 -18502124.9
ENDESA COSTAN-A CECO1 AR 355868838 -87473853.3
ENDESA COSTAN- CECO2 AR 355868838 -87473853.3
CENTRAL COST-BLK CECOB AR 355868838 -87473853.3
ENDESA COSTAN- CECOD AR 355868838 -87473853.3
ENDESA COSTAN- CECOC AR 355868838 -87473853.3
ENDESA COSTAN- EDCFF US 355868838 -87473853.3
CENTRAL COSTAN-C CECO3 AR 355868838 -87473853.3
CENTRAL COST-ADR CCSA LI 355868838 -87473853.3
ENDESA COST-ADR CRCNY US 355868838 -87473853.3
CENTRAL COSTAN-B CNRBF US 355868838 -87473853.3
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 359985634 -12154088.6
BOMBRIL CIRIO SA BOBRON BZ 359985634 -12154088.6
BOMBRIL-PREF BOBR4 BZ 359985634 -12154088.6
BOMBRIL CIRIO-PF BOBRPN BZ 359985634 -12154088.6
BOMBRIL SA-ADR BMBPY US 359985634 -12154088.6
BOMBRIL SA-ADR BMBBY US 359985634 -12154088.6
BUETTNER BUET3 BZ 109743344 -29812083.5
BUETTNER SA BUETON BZ 109743344 -29812083.5
BUETTNER-PREF BUET4 BZ 109743344 -29812083.5
BUETTNER SA-PRF BUETPN BZ 109743344 -29812083.5
BUETTNER SA-RTS BUET1 BZ 109743344 -29812083.5
BUETTNER SA-RT P BUET2 BZ 109743344 -29812083.5
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 10063296.6 -79357620
CHIARELLI SA CCHON BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHI4 BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHPN BZ 10063296.6 -79357620
IGUACU CAFE IGUA3 BZ 241713948 -76084456.4
IGUACU CAFE IGCSON BZ 241713948 -76084456.4
IGUACU CAFE IGUCF US 241713948 -76084456.4
IGUACU CAFE-PR A IGUA5 BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGCSAN BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGUAF US 241713948 -76084456.4
IGUACU CAFE-PR B IGUA6 BZ 241713948 -76084456.4
IGUACU CAFE-PR B IGCSBN BZ 241713948 -76084456.4
SCHLOSSER SCLO3 BZ 57116502.2 -55719508.9
SCHLOSSER SA SCHON BZ 57116502.2 -55719508.9
SCHLOSSER-PREF SCLO4 BZ 57116502.2 -55719508.9
SCHLOSSER SA-PRF SCHPN BZ 57116502.2 -55719508.9
COBRASMA CBMA3 BZ 83714759.4 -2293331419
COBRASMA SA COBRON BZ 83714759.4 -2293331419
COBRASMA-PREF CBMA4 BZ 83714759.4 -2293331419
COBRASMA SA-PREF COBRPN BZ 83714759.4 -2293331419
D H B DHBI3 BZ 115744688 -149168651
DHB IND E COM DHBON BZ 115744688 -149168651
D H B-PREF DHBI4 BZ 115744688 -149168651
DHB IND E COM-PR DHBPN BZ 115744688 -149168651
DOCA INVESTIMENT DOCA3 BZ 273120342 -211736207
DOCAS SA DOCAON BZ 273120342 -211736207
DOCA INVESTI-PFD DOCA4 BZ 273120342 -211736207
DOCAS SA-PREF DOCAPN BZ 273120342 -211736207
DOCAS SA-RTS PRF DOCA2 BZ 273120342 -211736207
FABRICA RENAUX FTRX3 BZ 66603693.6 -76419244.2
FABRICA RENAUX FRNXON BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FTRX4 BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FRNXPN BZ 66603693.6 -76419244.2
HAGA HAGA3 BZ 19421487.9 -46077943.1
FERRAGENS HAGA HAGAON BZ 19421487.9 -46077943.1
FER HAGA-PREF HAGA4 BZ 19421487.9 -46077943.1
FERRAGENS HAGA-P HAGAPN BZ 19421487.9 -46077943.1
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 253308748 -83119368.3
HOTEIS OTHON SA HOTHON BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOOT4 BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOTHPN BZ 253308748 -83119368.3
RENAUXVIEW SA TXRX3 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXON BZ 97868151.6 -91899413.1
RENAUXVIEW SA-PF TXRX4 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXPN BZ 97868151.6 -91899413.1
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA 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 72008697.6 -116219949
ESTRELA SA ESTRON BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTR4 BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTRPN BZ 72008697.6 -116219949
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 136398462 -91947867.2
MINUPAR SA MNPRON BZ 136398462 -91947867.2
MINUPAR-PREF MNPR4 BZ 136398462 -91947867.2
MINUPAR SA-PREF MNPRPN BZ 136398462 -91947867.2
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 48003655.5 -18502124.9
RECRUSUL SA RESLON BZ 48003655.5 -18502124.9
RECRUSUL-PREF RCSL4 BZ 48003655.5 -18502124.9
RECRUSUL SA-PREF RESLPN BZ 48003655.5 -18502124.9
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 192536335 -145445052
SANSUY SA SNSYON BZ 192536335 -145445052
SANSUY-PREF A SNSY5 BZ 192536335 -145445052
SANSUY SA-PREF A SNSYAN BZ 192536335 -145445052
SANSUY-PREF B SNSY6 BZ 192536335 -145445052
SANSUY SA-PREF B SNSYBN BZ 192536335 -145445052
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
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 407967021 -392649052
TEKA TEKAON BZ 407967021 -392649052
TEKA-PREF TEKA4 BZ 407967021 -392649052
TEKA-PREF TEKAPN BZ 407967021 -392649052
TEKA-ADR TKTPY US 407967021 -392649052
TEKA-ADR TKTQY US 407967021 -392649052
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
VULCABRAS AZALEI VULC3 BZ 656823700 -17327661.6
VULCABRAS SA VULCON BZ 656823700 -17327661.6
VULCABRAS AZ-PRF VULC4 BZ 656823700 -17327661.6
VULCABRAS SA-PRF VULCPN BZ 656823700 -17327661.6
VULCABRAS-RT PRF VULC11 BZ 656823700 -17327661.6
LOJAS ARAPUA LOAR3 BZ 60020270.1 -3542047972
LOJAS ARAPUA LOARON BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOAR4 BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOARPN BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF 52353Z US 60020270.1 -3542047972
LOJAS ARAPUA-GDR 3429T US 60020270.1 -3542047972
LOJAS ARAPUA-GDR LJPSF US 60020270.1 -3542047972
BATTISTELLA BTTL3 BZ 158330518 -36518145.6
BATTISTELLA-PREF BTTL4 BZ 158330518 -36518145.6
SAUIPE SA PSEGON BZ 23615862 -840174.001
SAUIPE PSEG3 BZ 23615862 -840174.001
SAUIPE SA-PREF PSEGPN BZ 23615862 -840174.001
SAUIPE-PREF PSEG4 BZ 23615862 -840174.001
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
PUYEHUE PUYEH CI 25722049 -4310587.75
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
PETROLERA DEL CO PSUR AR 64304553.9 -1269120.56
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
***********
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 * * *