/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130729.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, July 29, 2013, Vol. 14, No. 148 Headlines A N T I G U A & B A R B U D A LIAT: Apologises For Cancelled Flights * Moody's Assigns First-Time B3 Debt Rating to Entre Rios B R A Z I L MDL REALTY: BRL100MM Senior Debentures Get Moody's B3 Rating C A Y M A N I S L A N D S ACORN TACTICAL: Shareholders' Final Meeting Set for Aug. 9 AGATE GLOBAL: Shareholders' Final Meeting Set for Aug. 20 ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 6 GIR FUND: Shareholder to Receive Wind-Up Report on Aug. 23 KLEROS PREFERRED: Shareholder to Receive Wind-Up Report on Aug. 23 LERA LIMITED: Shareholder to Receive Wind-Up Report on Aug. 26 PURRFECT CAT: Shareholder to Receive Wind-Up Report on Aug. 26 RESORT DEVELOPMENT: Shareholder Receives Wind-Up Report ST. MAARTEN: Shareholder to Receive Wind-Up Report on Aug. 23 TT FINANCIALS: Shareholders' Final Meeting Set for Aug. 15 J A M A I C A DIGICEL GROUP: Clamps Down On Retailers Who Inflate Card Cost M E X I C O CEMEX SAB: Loss Narrows as Accelerating U.S. Rebound Boosts Sales MBIA MEXICO: S&P Affirms 'B' Counterparty Credit Rating P A N A M A BANCO BILBAO: S&P Puts 'BB+' LT ICR on CreditWatch Developing X X X X X X X X X * BOND PRICING: For the Week From July 22 to 26, 2013 - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Apologises For Cancelled Flights -------------------------------------- Trinidad Express reports that Leeward Islands Air Transport, known as LIAT, has apologized to customers after it cancelled more than two dozen flights around the Caribbean over the past couple weeks because of issues like bad weather, crew shortages and aircraft maintenance. In a statement from the company's Antigua offices LIAT Chief Executive Ian Brunton said the company was taking "urgent and decisive steps to address a series of challenges which have resulted in numerous flight delays and cancellations over the past few weeks," according to Trinidad Express. The report notes that his message to affected customers was that every effort was being made to get them to their various destinations safely and quickly. The report relates that LIAT is implementing both short and long- term fixes to alleviate the problems which have resulted in a severe strain on the airline's operations. . . . "The disruptions being faced by LIAT at this time are caused by a combination of factors. These include, among other things, an increase in unscheduled maintenance at a time when our schedule calls for maximum aircraft availability; crew shortages; bad weather; airport limitations; and delays in obtaining licenses for operating our new ATR aircraft in some territories," the report quoted Mr. Brunton as saying. "As a result of Tropical Storm Chantal we were forced to cancel 30 flights on July 9. Additionally, strong surface winds have been affecting our flights into and out of St Vincent while unfavorable weather conditions have affected flights to and from Dominica," Mr. Brunton said, the report notes. According to the report, Mr. Brunton said: "Airport limitations such as early closure of the VC Bird International Airport in Antigua due to runway works, the late opening of the airport in Guadeloupe, and runway lights not working at the airport in St. Kitts, have all helped to contribute to the current disruptive situation in our operation." The report relates that the months of July and August are usually two of the busiest for LIAT with high volumes of vacationers and other people making trips during the summer. But Mr. Brunton said due to the current challenges, the airline has been unable to transport several customers to their various destinations in a timely manner, the report notes. 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. * Moody's Assigns First-Time B3 Debt Rating to Entre Rios --------------------------------------------------------- Moody's Latin America assigned first time issuer and debt ratings of B3 (global local currency scale) and Baa2.ar (Argentina National Scale) to the Province of Entre Rios. The rating outlook is negative, in line with the outlook assigned to Argentina's B3 government bond ratings. Rating Rationale: The B3 issuer and debt ratings assigned to the Province of Entre Rios reflect its low and declining debt levels as well as a track record of tight albeit stable operating surpluses. These strengths are tempered by the province's relatively narrow economy which limits its potential to increase own source revenues. Entre Rios has also registered volatile cash financing results in the past years. The province's gross operating balance to total revenues has remained relatively stable over the past five years averaging 3.1% while its debt to total revenues declined from 49.8% in 2008 to 31.2% in 2012. Moody's notes, however, that the province's debt profile is weakening because a larger proportion of outstanding debt is concentrated in shorter maturities. This will exert additional pressures in Entre Rios' operating results. Like other provinces, Entre Rios faces spending rigidities -- namely related to personnel- reflected by the increase in the payroll expense relative to current expenses to 51% as of 2012 FY from 48% in 2007. "In addition to the mentioned financial performance, the province shows GDP per capita levels below some Argentine peers and still high unemployment rates" said Alejandro Pavlov, VP/Senior Analyst at Moody's. The assigned issuer and debt ratings also reflect the weak operating environment in Argentina. The intrinsic financial characteristics of the Province of Entre Rios are constrained by the lack of consistent and predictable policies at the national level which affect the institutional framework under which the province operates and, in Moody's view, anchors its credit quality to that of the Sovereign. "Accordingly, the province's negative outlook follows the negative outlook assigned to Argentina's B3 local and foreign currency government bond ratings", added Pavlov. In such environment, Entre Rios' financial dependence on the federal government, including the importance of federal transfers in its revenue stream, represents a credit weakness. The assigned debt ratings are in line with the ratings of the Province, reflecting Moody's view that the willingness and capacity of the Province of Entre Rios to honor its debt obligations are in line with the province's long-term credit quality as captured in the B3/Baa2.ar (local currency) issuer ratings. The following debt list was rated as follows (P)B3/Baa2.ar: - 2013 MTN Program up to ARS900 million, - 2012 MTN Program up to ARS500 million, - 2013 Short Term Bills Program up to ARS464.5 million. The Series I, up to UDS120 million under the MTN Program up to ARS900 million, is rated B3/Baa2.ar The principal methodology used in this rating was Regional and Local Governments published in January 2013. 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. The Province of Entre Rios is a relatively small province located in central-eastern Argentina, whose economic activities are mainly based on agribusiness (soybean, corn, rice, citrus fruits and cattle raising), commerce and some manufacturing activities (export and processing proteins). =========== B R A Z I L =========== MDL REALTY: BRL100MM Senior Debentures Get Moody's B3 Rating ------------------------------------------------------------ Moody's America Latina assigned first-time Corporate Family Ratings of B3 on the global scale and Ba3.br on the Brazilian national scale to MDL Realty Incorporacoes S.A. At the same time, Moody's assigned B3/ Ba3.br ratings to the company's proposed 5- year BRL100 million senior secured debentures. The outlook for all ratings is stable. Proceeds from these debentures will be used to refinance MDL Realty's existing debt maturities and to support its near term expansion plan. The rating of the debentures and the stable outlook assume that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding, and enforceable. Ratings Rationale: MDL Realty's B3 rating reflects: (i) its relatively small size and limited diversification when compared to its international peers and local competitors, (ii) its short track record of operations as a verticalized homebuilder and the associated execution risks, and (iii) its evolving corporate governance practices and management controls. Other factors constraining MDL Realty's rating include its high leverage and limited internal cash flow generation that will remain pressured given its significant growth plan over the next three years to expand its real estate development businesses. On the other hand, these risks are partially mitigated by (i) MDL Realty's attractive operating margins, which are above the industry average, (ii) the historically strong financial support provided by the shareholders and (iii) and the expected improvement in the company's liquidity profile with the proposed debentures' issuance. In 2012, MDL Realty launched approximately BRL361 million in potential sales value (PSV) representing a 39% increase over the launches in 2011. Historically, the company's launches have been in the mid-low income housing segment, but the company is now focused in the mid-high and high income segments and commercial real estate developments. MDL Realty's growth plan is quite ambitious, implying an annual average growth rate of approximately 20% in launches over the next three years with a significant reduction in the number of partnerships supported by its recently created engineering subsidiary. In December 31 2012, MDL Realty's adjusted gross debt reached BRL346 million, which reflects a Debt/Book Capitalization ratio of 55.9% in line with rated peers in Brazil. At the same time, the company reported an EBIT interest coverage ratio of 2.5x, calculated according to Moody's standard adjustments, which is supported by its relatively strong operating margins. Nevertheless, key credit metrics should moderately deteriorate while the company expands and consolidates its regional market share position over the next few years. The proposed BRL100 million senior secured debentures to be issued at the holding company level are rated at the same level as MDL Realty's CFRs given the high proportion of secured debt in the consolidated capital structure. Moody's rating for the debentures also consider the adequate number of projects in MDL Realty's backlog in different stages of construction as well as the limited recourse nature of most of the project related debt to mitigate the structural subordination risk. As a private company, MDL Realty has corporate governance standards that are evolving but below the average of its Brazilian rated peers. The company is implementing some initiatives to improve operational performance and management's oversight, but Moody's believes there is still room for further improvement in terms of board independence, financial disclosures, internal controls, and limitations on related parties' transactions. The stable rating outlook reflects Moody's view that the company will balance its growth plans and planned dividend distributions in order to maintain a minimum cash balance to preserve adequate liquidity and/or to face an eventual weaker economic environment with more difficult capital market conditions. MDL Realty's ratings could experience upward pressure if the company is able to increase in size in terms of revenues and tangible net worth and, at the same time, improves its leverage metrics such as total debt to capitalization below 50% and EBIT to interest coverage above 3.0 times on a sustainable basis. Improvement of the company's corporate governance practices and management controls, could also contribute to ratings upgrade. MDLRealty's rating would likely be downgraded if Moody's perceives higher execution risks related to the company's growth plans and/or if the company faces a significant deterioration in its leverage and liquidity profile. Quantitatively, the ratings could be downgraded if total debt to capitalization increases above 65% or if its EBIT to Interest coverage ratio falls below 1.0x for two or more consecutive quarters. The principal methodology used in this rating was the Global Homebuilding Industry Methodology published in March 2009. MDL Realty Incorporadora S.A. (MDL Realty) is a private company headquartered in Rio de Janeiro, Brazil, indirectly controlled by the major shareholders of Banco Modal (Ba3, stable). The company is currently focused in the construction of high-rise residential units for the middle and high income segments and commercial real estate developments in the states of Rio de Janeiro and Sao Paulo. In 2012, MDL reported net revenues of BRL209 million ($107 million) and net income of BRL41 million ($20 million). 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. ========================== C A Y M A N I S L A N D S ========================== ACORN TACTICAL: Shareholders' Final Meeting Set for Aug. 9 ---------------------------------------------------------- The shareholders of Acorn Tactical Trading Fund Ltd will hold their final meeting on Aug. 9, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders' Final Meeting Set for Aug. 20 --------------------------------------------------------- The shareholders of Agate Global Equity Fund will hold their final meeting on Aug. 20, 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: Alric Lindsay Telephone: (345) 926 1688 Artillery Court Shedden Road P.O. Box 11371 George Town Grand Cayman KY1-1008 Cayman Islands ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 6 --------------------------------------------------------------- The shareholders of Anthracite Balanced Company (R-5) Limited will hold their final meeting on Aug. 6, 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: David Walker c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands GIR FUND: Shareholder to Receive Wind-Up Report on Aug. 23 ---------------------------------------------------------- The shareholder of GIR Fund Management will receive on Aug. 23, 2013, at 11:15 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 Jennifer Chailler/Kim Charaman Telephone: (345) 943 3100 KLEROS PREFERRED: Shareholder to Receive Wind-Up Report on Aug. 23 ------------------------------------------------------------------ The shareholder of Kleros Preferred Funding VII, Ltd. will receive on Aug. 23, 2013, at 9:30 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 Jennifer Chailler/Kim Charaman Telephone: (345) 943 3100 LERA LIMITED: Shareholder to Receive Wind-Up Report on Aug. 26 -------------------------------------------------------------- The shareholder of Lera Limited will receive on Aug. 26, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands PURRFECT CAT: Shareholder to Receive Wind-Up Report on Aug. 26 -------------------------------------------------------------- The shareholder of Purrfect Cat Ltd will receive on Aug. 26, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands RESORT DEVELOPMENT: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Resort Development Resources Limited received on July 17, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands ST. MAARTEN: Shareholder to Receive Wind-Up Report on Aug. 23 ------------------------------------------------------------- The shareholder of St. Maarten CDO Limited will receive on Aug. 23, 2013, at 11:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 TT FINANCIALS: Shareholders' Final Meeting Set for Aug. 15 ---------------------------------------------------------- The shareholders of TT Financials Long Short Alpha Fund Limited will hold their final meeting on Aug. 15, 2013, at 10:30 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 Marcin Czarnocki Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town, KY1-1109 Cayman Islands Telephone: +1 (345) 814 2228 ============= J A M A I C A ============= DIGICEL GROUP: Clamps Down On Retailers Who Inflate Card Cost ------------------------------------------------------------- RJR News reports that Digicel Group is clamping down on retailers who inflate the cost of phone credit. Digicel is encouraging customers to only purchase top up from its more than 6,000 locations across the island, according to RJR News. The report notes that the company has launched a campaign, dubbed 'Pay the Right Price' which is designed to raise awareness and empower customers, as well as encourage vendors to charge the correct price. The report relates that Digicel is branding its retail outlets with a 'Right Price' symbol -- a green tick -- and is encouraging customers to look out for this symbol when purchasing credit. RJR News discloses that Digicel's Recharge Manager, Annalise Harewood said retailers already receive a wholesale discount when purchasing credit for resale, however some try to earn more by charging a higher price. Digicel Group, with regional headquarters in Jamaica, entered the Panama market in 2008. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. =========== M E X I C O =========== CEMEX SAB: Loss Narrows as Accelerating U.S. Rebound Boosts Sales ------------------------------------------------------------------ Brendan Case at Bloomberg News reports that CEMEX, S.A.B. de C.V. said its second-quarter loss narrowed as the U.S. housing recovery and a Latin American rebound outside Mexico bolstered sales. The net loss was $152 million, compared with a $187 million loss a year earlier, according to Bloomberg News. Sales rose 3.8 percent to $4.01 billion, in line with the $3.99 billion average of eight analyst estimates compiled by Bloomberg, with U.S. revenue jumping 9.2 percent as home starts accelerated from their year-ago level. Bloomberg News notes that Cemex SAB is benefiting from a U.S. housing rebound that pushed the company's earnings before interest, taxes, depreciation and amortization in the country to $80 million in the second quarter, almost triple the level of a year earlier. Bloomberg News relates that sales advanced 6 percent in Central America, South America and the Caribbean after a first-quarter decline. "Material margin expansion in the U.S. and strong results in the South America, Central America and Caribbean region" buoyed Cemex last quarter. . . . We expect these two regions to continue supporting operating leverage, which should translate into positive free cash flow generation," the report quoted Esteban Polidura, a Deutsche Bank AG analyst in Mexico City who recommends buying the company's American depositary receipts. Mexico Volumes Bloomberg News discloses that the company's operating earnings before interest, taxes, depreciation and amortization, a profit measure known as Ebitda, rose 4 percent to $730 million, Cemex said. That trailed the $744.7 million average of eight analyst estimates compiled by Bloomberg. Bloomberg News says that total cement sales volume was little changed at 17.3 million metric tons and ready-mix concrete volume added 1.7 percent to 14.5 million cubic meters. Aggregates such as sand, gravel and crushed stone advanced 3.6 percent to 42.7 million metric tons, Bloomberg News relays. Bloomberg News notes that Cemex's U.S. revenue was $868 million as the annual rate of housing starts in June rose 10 percent from a year earlier. The U.S. unit posted an Ebitda profit for the fifth quarter in a row as cement volume climbed 3 percent and prices advanced 4 percent, Bloomberg News notes. Ready-mix concrete volumes climbed 14 percent with a 5 percent price gain, Cemex said, Bloomberg News discloses. Bloomberg News relates that Northern Europe was the company's largest market by revenue in the second quarter with sales of $1.09 billion, down 1.1 percent from the same period a year ago. The region's operating Ebitda slid 11 percent to $108 million. About CEMEX SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. MBIA MEXICO: S&P Affirms 'B' Counterparty Credit Rating ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' global scale counterparty credit and financial strength ratings on MBIA Mexico S.A. de C.V. (MBIA Mexico). In addition, S&P affirmed its 'mxBB+' national scale financial strength rating on the company. Outlook on ratings is stable. The ratings on MBIA Mexico are based on its core status to its parent, MBIA Insurance Corp. (MBIA; B/Stable/--), according to S&P's group rating methodology. The group status assessment is based on the parent's support, which consists of a reinsurance agreement calling for MBIA Mexico to cede 100% of its net liability and other obligations to MBIA, and a net worth maintenance agreement in which MBIA agrees to maintain MBIA Mexico's capital equal to Mexican regulatory requirements or $10 million, whichever is greater. The financial strength rating on MBIA reflects S&P's view of its small capital base relative to the risk of its insured portfolio; poor operating performance, which S&P expects to continue; and potential ongoing liquidity stress. While the possibility of a liquidity stress exists, the experienced management team's liquidity and risk mitigation strategy has helped to maintain solvency. The extension of a $500 million line credit that was part of the recent settlement with Bank of America also helps improve the company's liquidity profile. The ratings also reflects MBIA run-off status and S&P's belief that its corporate profile is unlikely to change in the next year. =========== P A N A M A =========== BANCO BILBAO: S&P Puts 'BB+' LT ICR on CreditWatch Developing ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB+' long-term and 'B' short-term issuer credit ratings (ICR) on Banco Bilbao Vizcaya Argentaria (Panama) S.A. y Subsidiaria (BBVA Panama) on CreditWatch developing. The rating action follows the recent announcement of Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA; BBB-/Negative/A-3) sale of its Panamanian subsidiary to Grupo Aval Acciones y Valores S.A. (not rated). Grupo Aval is the owner of Banco de Bogota S.A. y Subsidiarias (BBB-/Stable/A-3) and BAC International Bank Inc. (BBB-/Stable/A-3). The transaction is valued at $646 million. BBVA can collect up to $140 million of the proceeds of the sale through the distribution of dividends from BBVA Panama. At the same time, S&P is revising BBVA Panama's group status to BBVA to "nonstrategic" from "moderately strategic," with no effect on the ICR, as it's at the same level of bank's stand-alone credit profile (SACP) of 'bb+'. S&P will evaluate the strategic importance of BBVA Panama to Grupo Aval once regulators approve the transaction. The issuer credit ratings on BBVA Panama reflect its "moderate" business position, "adequate" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. If the sale occurs and regulators approve it, S&P could raise or affirm the ratings on BBVA Panama. This would depend on S&P's evaluation of its strategic importance to Grupo Aval and of the final business and financial strategies. S&P could downgrade the bank if the change in ownership results in deterioration of capital ratios to below adequate levels and/or in more aggressive business and financial profiles. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From July 22 to 26, 2013 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Argentine Republic Government 7.82 12/31/2033 EUR 56 International Bond Argentine Republic Government International Bond 7.82 12/31/2033 EUR 55.5 Argentine Republic Government International Bond 8.28 12/31/2033 USD 55 Provincia de Buenos Aires/Argentina 10.9 1/26/2021 USD 69.8 Argentine Republic Government International Bond 8.28 12/31/2033 USD 57.5 Provincia de Buenos Aires/Argentina 9.38 9/14/2018 USD 68.4 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 51 Banco Macro SA 9.75 12/18/2036 USD 67.8 Provincia de Buenos Aires/Argentina 9.63 4/18/2028 USD 63 Capex SA 10 3/10/2018 USD 71 Cia Latinoamericana de Infraestructura & Servicios SA 9.5 12/15/2016 USD 63 Cia de Transporte de Energia Electrica en Alta 8.88 12/15/2016 USD 47.6 Tension Transe Provincia de Mendoza Argentina 5.5 9/4/2018 USD 74 Argentine Republic Government International Bond 1.18 12/31/2038 ARS 43.7 Argentine Republic Government International Bond 8.28 12/31/2033 USD 55 Argentine Republic Government International Bond 7.82 12/31/2033 EUR 45 Cia de Transporte de Energia Electrica en 9.75 8/15/2021 USD 50 Alta Tension Transe Argentina Bocon 2 3/15/2014 ARS 32.5 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 50 Argentine Republic Government International Bond 4.33 12/31/2033 JPY 36.5 Argentine Republic Government International Bond 8.28 12/31/2033 USD 59.9 Cia de Transporte de Energia Electrica en 9.75 8/15/2021 USD 45.4 Alta Tension Transe MetroGas SA 8.88 12/31/2018 USD 65.5 Provincia de Buenos Aires/Argentina 10.9 1/26/2021 USD 70 Empresa Distribuidora Y Comercializadora Norte 10.5 10/9/2017 USD 51.3 Argentine Republic Government International Bond 4.33 12/31/2033 JPY 36 Banco Macro SA 9.75 12/18/2036 USD 67.8 City of Buenos Aires Argentina 3.98 3/15/2018 USD 68.6 Capex SA 10 3/10/2018 USD 67.6 Provincia de Buenos Aires/Argentina 9.38 9/14/2018 USD 68.8 Provincia de Buenos Aires/Argentina 9.63 4/18/2028 USD 63 MetroGas SA 8.88 12/31/2018 USD 63.4 Argentine Republic Government International Bond 0.45 12/31/2038 JPY 8 Banco Macro SA 9.75 12/18/2036 USD 67.8 Provincia de Mendoza Argentina 5.5 9/4/2018 USD 73.5 Provincia del Chaco 4 11/4/2023 USD 53.8 Provincia del Chaco 4 12/4/2026 USD 25.5 Formosa Province of Argentina 5 2/27/2022 USD 61.9 Argentine Republic Government International Bond 8.28 12/31/2033 USD 61.8 Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL 64.6 Gol Finance 8.75 USD 60 Banco Bonsucesso SA 9.25 11/3/2020 USD 73.5 Sifco SA 11.5 6/6/2016 USD 50.3 Gol Finance 8.75 USD 58.3 Banco Bonsucesso SA 9.25 11/3/2020 USD 72.5 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 69.8 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 33 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 58.2 Aguas Andinas SA 4.15 12/1/2026 CLP 72.5 Quinenco SA 3.5 7/21/2013 CLP 12.9 Talca Chillan Sociedad Concesionaria SA 2.75 12/15/2019 CLP 60.8 Empresa de Transporte de Pasajeros Metro SA 5.5 7/15/2027 CLP 4.58 Hidili Industry International Development Ltd 8.63 11/4/2015 USD 71.5 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 62.8 Renhe Commercial Holdings Co Ltd 11.8 5/18/2015 USD 63.1 China Forestry Holdings Co Ltd 10.3 11/17/2015 USD 37 JinkoSolar Holding Co Ltd 4 5/15/2016 USD 66.3 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 56 Hidili Industry International Development Ltd 8.63 11/4/2015 USD 71.8 Renhe Commercial Holdings Co Ltd 11.8 5/18/2015 USD 63.8 China Forestry Holdings Co Ltd 10.3 11/17/2015 USD 37 BES Finance Ltd 5.58 EUR 65.5 Bank Austria Creditanstalt Finance Cayman Ltd 1.61 EUR 49.7 ERB Hellas Cayman Islands Ltd 1.8 6/8/2017 EUR 55.2 Bank Austria Creditanstalt Finance Cayman Ltd 2 1.84 EUR 49.9 BCP Finance Co Ltd 5.54 EUR 41.7 ESFG International Ltd 5.75 EUR 50.8 BCP Finance Co Ltd 4.24 EUR 42.8 BES Finance Ltd 3.03 EUR 74.3 Banco Finantia International Ltd 2.46 7/26/2017 EUR 44.1 BES Finance Ltd 4.5 EUR 56.4 Caixa Geral De Depositos Finance 1.02 EUR 34.7 BCP Finance Bank Ltd 5.31 12/10/2023 EUR 66.3 ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 31.9 Banif Finance Ltd 1.58 EUR 44 BCP Finance Bank Ltd 5.01 3/31/2024 EUR 63.5 Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 41.6 Petroleos de Venezuela SA 5.38 4/12/2027 USD 60.2 Venezuela Government International Bond 7 3/31/2038 USD 67.3 Petroleos de Venezuela SA 5.5 4/12/2037 USD 58.8 Venezuela Government International Bond 7.65 4/21/2025 USD 74.6 Venezuela Government International Bond 6 12/9/2020 USD 74.2 Bolivarian Republic of Venezuela 7 3/31/2038 USD 66.8 *********** 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 * * *