/raid1/www/Hosts/bankrupt/TCRLA_Public/130723.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, July 23, 2013, Vol. 14, No. 144
Headlines
A T I G U A & B A R B U D A
LIAT: Venezuela May Acquire Stake in Airline
A R G E N T I N A
PETROBRAS ARGENTINA: Fitch Cuts Issuer Default Ratings to 'B+'
B R A Z I L
BANCO DO BRASIL: Fitch Assigns 'bb+' Viability Rating
C A Y M A N I S L A N D S
ACORN TACTICAL: Commences Liquidation Proceedings
AGATE GLOBAL: Creditors' Proofs of Debt Due Aug. 13
AL SALAMA: Commences Liquidation Proceedings
ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
CICC SECURITIES: Creditors' Proofs of Debt Due Aug. 13
GIR FUND: Creditors' Proofs of Debt Due Aug. 14
KLEROS PREFERRED: Creditors' Proofs of Debt Due Aug. 13
LERA LIMITED: Commences Liquidation Proceedings
NB SOF II: Shareholder to Receive Wind-Up Report on Aug. 23
ORCHARD II: Creditors' Proofs of Debt Due Aug. 5
PURRFECT CAT: Commences Liquidation Proceedings
ST. MAARTEN: Creditors' Proofs of Debt Due Aug. 13
TVG CAPITAL: Commences Liquidation Proceedings
TVG (CAYMAN): Commences Liquidation Proceedings
XU JIA: Creditors' Proofs of Debt Due Aug. 5
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Another Haiti Ban Stuns Industries
G U A T E M A L A
BANCO DE DESARROLLO: Fitch Affirms 'BB+' Issuer Default Rating
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=============================
A T I G U A & B A R B U D A
=============================
LIAT: Venezuela May Acquire Stake in Airline
--------------------------------------------
Jamaica Gleaner reports that Prime Minister Roosevelt Skerrit said
the shareholder governments of Leeward Islands Air Transport,
known as LIAT, are discussing proposals that would allow Venezuela
to acquire a piece of the airline.
Mr. Skerrit said Caracas has expressed an interest in investing in
the regional airline company and that a draft agreement has
already been provided to shareholders for their consideration,
according to Jamaica Gleane.
"I believe it is an absolutely good move if we were to get
Venezuela to invest in LIAT to provide LIAT with the much-needed
financial and technical support that it requires. It could also
mean additional business for LIAT. . . . If we could get Conviasa
to service flights from Brazil and from Venezuela and all the
Latin and South American countries and transport them to a hub in
the Caribbean and then take them to their respective destinations
within the Caribbean then it means additional business for LIAT,"
the report quoted Mr. Skerrit as saying.
Conviasa is the national airline of Venezuela.
The report relays that Mr. Skerrit said that further discussions
will be held with Caracas on the issue.
Jamaica Gleaner discloses that it is in the process of replacing
its ageing fleet, which has a price tag of US$100 million.
As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive. Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.
About LIAT
Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean. The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.
=================
A R G E N T I N A
=================
PETROBRAS ARGENTINA: Fitch Cuts Issuer Default Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Petrobras Argentina S.A.'s (PESA)
long-term foreign and local currency Issuer Default Ratings (IDRs)
to 'B+' from 'BB'. The rating action applies to the company's
approximately USD200 million of senior unsecured notes due 2013.
The agency has simultaneously affirmed PESA's guaranteed notes
rating at 'BBB'. The Rating Outlook is Stable.
KEY RATING DRIVERS
PESA's ratings downgrade reflects Fitch perception of a weaker
strategic tie between the company and its main shareholder,
Petroleo Brasileiro (Petrobras; rated 'BBB'), coupled with PESA's
heightening standalone credit risk. Fitch's overall assessment of
PESA and Petrobras linkage remains strong considering other
reputational, operational and financial ties between them and this
is reflected in the two notch differentiation above Argentina's
country ceiling of 'B-'.
Over the last couple of years, PESA lost its earnings geographical
diversification following the sale of the company's sizable
portfolio of upstream and downstream assets. Other credit issues
include the potential for high capex to boost production and
reserve growth, and the uncertain regulatory atmosphere for the
industry in Argentina.
Uncertainty From Concessions Renewals Undermine Upstream Metrics
Fitch notes that the company's reserve base at year-end 2012,
which amounted to 215 million barrels of oil equivalent (boe), has
been decreasing over time due to divestures of certain assets and
a prevailing portfolio of mature fields. PESA's leverage as
measured by exploration and production debt to proven developed
reserve remains relatively unchanged at $4.4/boe as of Dec. 31,
2012. Nevertheless, the company's reserve life has shortened over
time to six year as of year-end 2012. PESA's bulk of oil
concession contracts are due in 2015-2016. Fitch identifies the
on-going negotiations of key concession contracts as a determining
factor for next year's performance. Fitch expects selective capex
and declining reserve and production levels to continue until
these contracts are redefined.
Financial Performance As Expected
PESA's credit metrics for the latest 12-month (LTM) ending March
31, 2013 continued to be robust. At the end of the first quarter,
funds from operations (FFO) adjusted leverage was approximately
0.9 times (x) same as reported at the LTM ending March 31, 2012.
The company's FFO fixed charge coverage ratio was also kept at
solid levels (11.4x over the same period). LTM free cash flow
(FCF) was negative USD159 million after capex of USD653 million -
including the acquisition of Petrolera Entre Lomas for USD249
million - and dividends of USD49 million while operating cash
flows for the period was USD543 million.
Capex has been moderate to aggressive over the last couple of
years at USD653 million as of March 2013 and USD635 million during
the fiscal year 2012 following a period of divestures during years
2009-2011. Cash proceeds from these sales have been used to build
up cash balances, reduce debt and to finance capex including
exploration ventures in non-conventional gas. Production of non-
conventional gas still represents a minor portion of total
production. The abovementioned asset divesture resulted in
reduction of export flows to approximately USD200 million per
annum. The assets involved include petrochemical assets in Brazil
(Innova sold to Petrobras) and upstream divestures in Peru and
Ecuador.
Low Leverage Levels To Persist
Fitch's Base Case indicates PESA's net debt to EBITDA ratio to
remain below 1.0x at year-end 2013. At March 31, 2013, the
company's debt to LTM EBITDA was flat at 0.8x same as in 2012.
Total debt decreased significantly compared to 2011-2009 levels.
As of March 31, 2013, PESA had USD200 million of senior unsecured
notes due 2013 and USD300 million of secured notes due 2017
supported by a stand-by purchase agreement from Petrobras. PESA's
2017 guaranteed notes include a change of control clause which
states the obligation of PESA to repurchase the notes at 101% upon
a change of control event.
PESA's liquidity as of March 31, 2013 was USD259 million of cash
balances that should be consider solid to its financial needs.
RATING SENSITIVITIES
A positive rating action seems limited at the time given the
rating level and several challenges PESA has to sort out in the
near term. In contrast, a negative rating action could occur as a
result of any industry regulation or legal change or any changes
in Petrobras' credit quality or further changes in its strategic
or operational factors that could lead to diminished support to
PESA.
===========
B R A Z I L
===========
BANCO DO BRASIL: Fitch Assigns 'bb+' Viability Rating
------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BBB' to Banco do Brasil S.A.'s (BdB) euro senior unsecured notes.
The notes will be issued by Banco do Brasil's Grand Cayman branch
under the USD5 billion global medium-term program. The amount of
the notes totaled EUR700 million and the interest payments will be
made annually. The principal will be paid at the maturity. The
notes proceeds shall be used for general corporate purposes.
KEY RATING DRIVERS
The rating assigned to BdB's issuance corresponds to the bank's
long-term foreign currency Issuer Default Rating (IDR) ('BBB';
Outlook Stable) and ranks equal with its other senior unsecured
debt.
BdB's IDRs are linked to the sovereign ratings of Brazil and
reflect the federal government control and its systemic
importance. The probability of the Brazilian government providing
support to BdB is high, which explains its Support Rating of '2'
and its Support Rating Floor of 'BBB'.
The federal government has influence over the strategies of the
bank, which is evidenced by BdB's role during the recent crisis,
and in the governmental economic policies promoting the
agribusiness development, and, more recently, in the widespread
reduction in the domestic interest rates.
RATING SENSITIVITIES
BdB's IDRs and its issuance rating would be affected by potential
changes in the sovereign ratings of Brazil and/or in its
shareholders willingness to provide support. Fitch does not expect
a change in the government's willingness to provide support over
the rating horizon.
Fitch currently rates BdB as follows:
-- Long-term foreign and local currency IDRs 'BBB', Outlook
Stable;
-- Short-term foreign and local currency IDRs 'F2';
-- Viability Rating 'bb+';
-- Long-term national rating 'AAA(bra)', Outlook Stable;
-- Short-term national rating 'F1+(bra)';
-- Support Rating '2';
-- Support Rating Floor 'BBB'.
==========================
C A Y M A N I S L A N D S
==========================
ACORN TACTICAL: Commences Liquidation Proceedings
-------------------------------------------------
On June 14, 2013, the sole shareholder of Acorn Tactical Trading
Fund Ltd resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Acorn Advisory Capital, L.P.
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
AGATE GLOBAL: Creditors' Proofs of Debt Due Aug. 13
---------------------------------------------------
The creditors of Agate Global Equity Fund are required to file
their proofs of debt by Aug. 13, 2013, to be included in the
company's dividend distribution.
The company's liquidator is:
Alric Lindsay
Telephone: (345) 926 1688
Artillery Court Shedden Road
P.O. Box 11371, George Town
Grand Cayman KY1-1008
Cayman Islands
AL SALAMA: Commences Liquidation Proceedings
--------------------------------------------
On July 5, 2013, the shareholders of Al Salama Limited resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Russell Homer
c/o Tanya Armstrong
Telephone: (345) 946 0820
Facsimile: (345) 946 0864
PO Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2 long-
term foreign-and local-currency issuer ratings of Aton Capital
Group to negative from stable. Concurrently, the company's B2/Not
Prime long-term and short-term foreign-currency and local-currency
issuer ratings were affirmed.
Moody's assessment of the issuer's ratings is largely based on
Aton Capital Group's audited financial statements for 2012 and its
unaudited financial statements for Q1 2013, prepared under IFRS.
Ratings Rationale:
Moody's decision to change the outlook on Aton Capital Group's
long-term ratings to negative is based on (1) the intensifying
risks in the Russian securities markets in which the group
operates, which provide fewer earnings opportunities; and (2)
evidence of sustained pressure on the company's weak and volatile
profitability.
The global financial crisis has had a long-lasting impact on
Russian securities markets which now provide fewer earning
opportunities. The securities market index (RTS) is still 45%
below the highest value recorded prior to the financial crisis and
this index is currently in stagnating mode. Competition in
brokerage and investment banking has intensified, and decelerating
economic activity (with GDP growth projected by Moody's to
contract to 2.5% in 2013 from 3.4% in 2012) continues to
pressurize investors' risk appetite and assets prices.
Given the forecast of deceleration of economic growth, Moody's
believes that the company will face greater challenges in its
efforts to sustain adequate profitability as the Russian
securities industry is highly susceptible to operating environment
trends.
As a result of weaker earning opportunities in Russia's
challenging operating environment, Aton Capital Group struggles to
maintain positive profitability as reflected in the low and
volatile return on equity (ROE) which has not exceeded 3% for the
past three years (2012: less than 1%, and Q1 2013: 2.3%). Given
that a significant share of profits were generated from unstable
sources (e.g., private equity deals and other one-off
transactions) -- which accounted for 17% of revenues in 2012 --
Moody's expects any deterioration in the operating environment to
further pressure the company's earnings, thus rendering them more
volatile.
What Could Move The Ratings Up/Down
Given the negative outlook on the long-term ratings, Aton Capital
Group's ratings are unlikely to be upgraded in the next 12 to 18
months. However, outlook could be changed to stable in the event
of (1) improved core profitability stemming from continuous
franchise development; and (2) lower volatility of earnings due to
improved diversification in terms of asset-class instruments,
clients and geography.
Downwards pressure could be exerted on Aton Capital Group's
ratings as a result of any failure to improve core profitability.
Negative pressure could also stem from any significant
deterioration in liquidity and capital erosion.
Principal Methodologies
The principal methodology used in this rating was Global
Securities Industry Methodology published in May 2013.
Based in the Cayman Islands, Aton Capital Group is the holding
company which unites a number of sub-holding and operating
companies in various jurisdictions while the majority of business
is related to Russia. Aton Capital Group recorded total assets of
$733 million and equity of $255 million at year-end 2012 according
to audited financial statements under IFSR.
CICC SECURITIES: Creditors' Proofs of Debt Due Aug. 13
------------------------------------------------------
The creditors of CICC Securities (HK) Limited are required to file
their proofs of debt by Aug. 16, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 24, 2013.
The company's liquidators are:
Iain Ferguson Bruce
Thomas Andrew Corkhill
Gloucester Tower, 8th Floor
The Landmark
15 Queen's Road Central
Hong Kong
GIR FUND: Creditors' Proofs of Debt Due Aug. 14
-----------------------------------------------
The creditors of GIR Fund Management are required to file their
proofs of debt by Aug. 14, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 4, 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/Kim Charaman
Telephone: (345) 943 3100
KLEROS PREFERRED: Creditors' Proofs of Debt Due Aug. 13
-------------------------------------------------------
The creditors of Kleros Preferred Funding VII, Ltd. are required
to file their proofs of debt by Aug. 13, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 4, 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/Kim Charaman
Telephone: (345) 943 3100
LERA LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On June 27, 2013, the shareholders of Lera Limited resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
NB SOF II: Shareholder to Receive Wind-Up Report on Aug. 23
-----------------------------------------------------------
The shareholder of NB SOF II Offshore Investor Ltd will receive on
Aug. 23, 2013, at 8:30 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
ORCHARD II: Creditors' Proofs of Debt Due Aug. 5
------------------------------------------------
The creditors of Orchard II, Inc. are required to file their
proofs of debt by Aug. 5, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 4, 2013.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
PURRFECT CAT: Commences Liquidation Proceedings
-----------------------------------------------
On June 28, 2013, the shareholders of Purrfect Cat Ltd resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
ST. MAARTEN: Creditors' Proofs of Debt Due Aug. 13
--------------------------------------------------
The creditors of St. Maarten CDO Limited are required to file
their proofs of debt by Aug. 13, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 5, 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/Kim Charaman
Telephone: (345) 943 3100
TVG CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On July 5, 2013, the shareholders of TVG Capital Partners GP 2,
LLC resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Varun Kumar Bery
House I(9)
Kellett View Town Houses
65-69 Mount Kellett Road Peak
Hong Kong
Telephone: +8 (52) 2147-2080
TVG (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------
On July 5, 2013, the shareholders of TVG (Cayman) Limited resolved
to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Varun Kumar Bery
House I(9)
Kellett View Town Houses
65-69 Mount Kellett Road Peak
Hong Kong
Telephone: +8 (52) 2147-2080
XU JIA: Creditors' Proofs of Debt Due Aug. 5
--------------------------------------------
The creditors of Xu Jia Hui Serviced Apartment Limited are
required to file their proofs of debt by Aug. 5, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 4, 2013.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Another Haiti Ban Stuns Industries
--------------------------------------------------------
Dominican Today reports that another ban on imports by Haiti, this
time on plastic products which could again affect local factories
with losses as high as US$75 million yearly, has alarmed Dominican
Republic's Industries Association (AIRD).
In a statement, the business organization said Haiti's media
disclosed the ban approved by the Council of Ministers, on the
country's polyethylene bags and polyethylene packaging foam (EPS
or PS, glass or polyethylene) in any format, including individual
foods, such as cups, bottles, bags and plates, according to
Dominican Today.
The report relates that AIRD President Ligia Bonetti said Haiti
media reported that the ban would be in effect starting August 1,
for which that nation's customs will confiscate any items in those
types of containers or packaging, and owners will be punished
according to Haiti law.
Ms. Bonetti said however that the confiscation of products has
already been reported, the report notes.
"We ask the government, especially our Foreign Minister (Carlos
Morales) to spearhead the process to seek a solution to this new
impasse in our trade relations with Haiti," Ms. Bonetti said,
notes the report.
It's the third ban Haiti has slapped on Dominican products within
the last 12 months, including processed meats, live chickens and
eggs, the report adds.
==================
G U A T E M A L A
==================
BANCO DE DESARROLLO: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has revised Banco de Desarrollo Rural S.A.'s
(Banrural) Rating Outlook to Negative from Stable and affirmed the
bank's long-term Issuer Default Rating (IDR) at 'BB+'. At the same
time, Fitch has revised Banco Industrial S.A.'s Rating Outlook to
Stable from Positive and affirmed its long-term IDR at 'BB'. This
action follows Fitch's revision of Guatemala's sovereign Rating
Outlook to Negative from Stable (for more information on the
sovereign rating action see 'Fitch Affirms Guatemala at 'BB+';
Revises Outlook to Negative', dated July 11, 2013 at
www.fitchratings.com).
BANRURAL'S KEY RATING DRIVERS - IDRs, VR AND NATIONAL RATINGS
Banrural's IDRs and Viability Rating (VR) are at the same level of
Guatemala's sovereign and given its association with the public
sector, particularly in its funding side, an eventual downgrade of
Guatemala's sovereign rating would, in turn, lead to a similar
action on Banrural's IDRs.
Banrural's IDRs and VR reflect its sound local franchise,
historically high profitability, strong capital, good credit
quality and ample depository base. Banrural's ratings also reflect
moderate concentrations in public sector funds and the limited
revenue diversification, given its main target markets (micro, and
small enterprises). The affirmation of the support rating of '3'
reflects Fitch's opinion that the bank maintains a moderate
probability of support from the state, given its systemic
importance in the banking system.
Banrural's national ratings were affirmed and its Outlook remains
Stable as the bank's relative strength in the local market remains
unchanged.
INDUSTRIAL'S KEY RATING DRIVERS - IDRs, VR AND NATIONAL RATINGS
Industrial's Rating Outlook has been revised to Stable from
Positive, indicating that its IDR has little upside potential
should Guatemala's Negative Outlook eventually result in a
sovereign downgraded. Industrial's large exposure to Guatemalan
bonds prevents its ratings to be above that of the sovereign.
The Outlook of Industrial's long-term national ratings was also
revised to Stable from Positive, and the ratings affirmed as the
relative strength in the local market remains unchanged, even with
the sovereign's downgrade. The Rating Outlook of Industrial's
subsidiaries (Contecnica and Banco Industrial El Salvador) were
also revised to Stable from Positive while its national ratings
were affirmed.
Industrial's IDRs are driven by its strong national franchise,
sound asset quality, good efficiency, ample deposit base, and
sound liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are constrained by its modest capitalization,
moderate profitability, and the relatively high loan portfolio
concentrations.
BANRURAL'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS
A downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs. On the other hand, if the sovereign
ratings are eventually affirmed at 'BB+' and the Outlook revised
to Stable from Negative, it is highly likely that Banrural's
Rating Outlook would be revised accordingly. Banrural's national
ratings would not be affected should Guatemala's sovereign be
downgraded.
INDUSTRIAL'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS
Industrial IDR's upside potential is considered limited by Fitch,
should Guatemala's Negative Outlook eventually result in a
sovereign downgraded, considering the bank's high exposure to the
sovereign in its securities portfolio. On the other hand, a
further than expected weakening of the bank's loss absorption
capacity could trigger a downgrade of the bank's IDRs.
Fitch has taken the following rating actions on Banrural:
-- Long-term foreign currency IDR affirmed at 'BB+'; Outlook
revised to Negative from Stable;
-- Short-term foreign currency IDR affirmed at 'B';
-- Long-term local currency IDR affirmed at 'BB+'; Outlook revised
to Negative from Stable;
-- Short-term local currency IDR affirmed at 'B';
-- Viability rating affirmed at 'bb+';
-- Support affirmed at '3';
-- Support Rating Floor affirmed at 'BB-';
-- National long -term rating affirmed at 'AA+(gtm)'; Outlook
Stable;
-- National scale short-term rating affirmed at 'F1+(gtm)'.
Fitch has taken the following rating actions on Industrial:
-- Long-term IDR affirmed at 'BB'; Outlook revised to Stable
from Positive;
-- Short-term IDR affirmed at 'B';
-- Local-currency long-term IDR affirmed at 'BB'; Outlook revised
to Stable from Positive;
-- Local-currency short-term IDR affirmed at 'B';
-- Viability Rating affirmed at 'bb';
-- Support affirmed at '3';
-- Subordinated Tier I capital notes debt affirmed at 'B-';
-- Support Rating Floor affirmed at 'BB-';
-- National scale long-term rating affirmed at 'AA-(gtm)'; Outlook
revised to Stable from Positive;
-- National scale short-term rating affirmed at 'F1+(gtm)'.
Fitch has taken the following rating actions on Contecnica:
-- National long -term rating affirmed at 'A(gtm)'; Outlook
revised to Stable from Positive;
-- National scale short-term rating affirmed at 'F1(gtm)'.
Fitch has taken the following rating actions on Banco Industrial
El Salvador:
-- National long-term rating affirmed at 'A+(slv)'; Outlook
revised to Stable from Positive;
-- National scale short-term rating affirmed at 'F1(slv)'.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
EDENOR-B DNOR AR 1394532232 -3893195.32
EMP DISTRIB-ADR EDN US 1394532232 -3893195.32
EMP DISTRIB-ADR PWD1 GR 1394532232 -3893195.32
EDENOR-B US$ DNORD AR 1394532232 -3893195.32
EDENOR-B C/E DNORC AR 1394532232 -3893195.32
EMPRESA DISTRI-A 0122196D AR 1394532232 -3893195.32
EMPRESA DISTRI-C 0122368D AR 1394532232 -3893195.32
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
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
EDENOR-B EDN AR 1394532232 -3893195.32
EDENOR-B EDNC AR 1394532232 -3893195.32
EDENOR-B EDND AR 1394532232 -3893195.32
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
BRAZIL
------
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
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 339244079 -561405855
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 754879275 -127862714
REDE EMP ENE ELE ELCA4 BZ 1175265498 -62202546.7
REDE EMP ENE ELE ELCA3 BZ 1175265498 -62202546.7
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 339244079 -561405855
LAEP INVESTMENTS LEAP LX 222902263 -255311019
LUPATECH SA LUPAF US 754879275 -127862714
REDE ENERG-UNIT REDE11 BZ 1175265498 -62202546.7
CELGPAR GPAR3 BZ 224346590 -1034483191
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 1175265498 -62202546.7
REDE ENER-RCT 3907731Q BZ 1175265498 -62202546.7
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 1175265498 -62202546.7
REDE ENER-RCT REDE9 BZ 1175265498 -62202546.7
REDE ENER-RT REDE2 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE10 BZ 1175265498 -62202546.7
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 0848424D 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
PET MANG-RTS RPMG1 BZ 246810937 -224879124
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 1175265498 -62202546.7
CAIUA SA ELCON BZ 1175265498 -62202546.7
REDE EMPRESAS-PR REDE4 BZ 1175265498 -62202546.7
CAIUA SA-PREF ELCPN BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCA6 BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCBN BZ 1175265498 -62202546.7
CAIUA SA-RTS ELCA2 BZ 1175265498 -62202546.7
CAIUA SA-DVD CMN ELCA11 BZ 1175265498 -62202546.7
CAIUA SA-RCT PRF ELCA10 BZ 1175265498 -62202546.7
CAIUA SA-DVD COM ELCA12 BZ 1175265498 -62202546.7
CAIUA ELEC-C RT ELCA1 BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCAN BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCA5 BZ 1175265498 -62202546.7
CAIVA SERV DE EL 1315Z BZ 1175265498 -62202546.7
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 110495982 -162541773
DHB IND E COM DHBON BZ 110495982 -162541773
D H B-PREF DHBI4 BZ 110495982 -162541773
DHB IND E COM-PR DHBPN BZ 110495982 -162541773
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
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
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 25722049 -4310587.75
PUYEHUE PUYEH CI 25722049 -4310587.75
***********
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 * * *