/raid1/www/Hosts/bankrupt/TCRLA_Public/130806.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, August 6, 2013, Vol. 14, No. 154
Headlines
B R A Z I L
ARRENDAMENTO MERCANTIL: Moody's Downgrades Issuer Rating to Ba1
BANCO INDUSTRIAL: Moody's Lowers Deposit Ratings to Ba1
BANCO RURAL: Brazil Central Bank Orders Liquidation of Bank
CYRELA BRAZIL: S&P Revises Outlook to Positive & Affirms 'BB-' CCR
GOL LINHAS: Second Qtr. 2013 Earnings Release Set For Aug. 12
OSX BRASIL: Taps Credit Suisse to Seek Opportunities for Unit
C A Y M A N I S L A N D S
ASIAN BOND: Placed Under Voluntary Wind-Up
BERMUDA INVESTORS: Placed Under Voluntary Wind-Up
CHARTER OAK: Commences Liquidation Proceedings
CHEYNE ABS: Creditors' Proofs of Debt Due Aug. 28
DIAMOND STARS: Placed Under Voluntary Wind-Up
JF THREE: Creditors' Proofs of Debt Due Aug. 29
MARBLETON SHIELD: Creditors' Proofs of Debt Due Aug. 29
MERRILL LYNCH: Creditors & Contributories to Meet on Aug. 28
PJM CAPITAL: Creditors' Proofs of Debt Due Aug. 29
QUEST GLOBAL: Creditors' Proofs of Debt Due Aug. 26
REGAL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
SEITEL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
SUNBRIDGE LIMITED: Creditors' Proofs of Debt Due Aug. 28
VINCI HEDGE: Creditors' Proofs of Debt Due Aug. 19
M E X I C O
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to C.mx
DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt Rating to C
PR WIRELESS: Default Risk Cues Moody's to Lower CRF to Caa3
SATELITES MEXICANOS: Moody's Eyes Possible Upgrade of Caa1 CFR
* Moody's Withdraws Quintana Roo's B1.mx and B3 Issuer Ratings
T R I N I D A D & T O B A G O
CARIBBEAN AIRLINES: Moves to Phase Out Fuel Subsidy
CL FIN'L: Gov't Transfers Funds From CLICO to New Company
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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B R A Z I L
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ARRENDAMENTO MERCANTIL: Moody's Downgrades Issuer Rating to Ba1
---------------------------------------------------------------
Moody's America Latina has downgraded BIC - Arrendamento Mercantil
S.A.'s long-term global local-currency issuer rating to Ba1, from
Baa3. Moody's also downgraded the issuer's long-term Brazilian
national scale issuer rating to Aa2.br, from Aa1.br, long-term
global local currency subordinate debt rating to Ba2, from Ba1,
and long-term Brazilian national scale subordinate debt rating to
Aa3.br, from Aa2.br. At the same time, Moody's placed a negative
outlook on all ratings of BIC - Arrendamento Mercantil S.A.
This rating action is in line with the rating action on Banco
Industrial and Comercial S.A. (BICBANCO)'s ratings, announced on
August 2, 2013.
These rating actions conclude the review for downgrade initiated
on the issuer's ratings on July 5, 2013.
The following ratings of BIC - Arrendamento Mercantil S.A. were
downgraded:
Long-term global local currency issuer rating: to Ba1, from Baa3,
negative outlook
Long-term Brazilian national scale issuer rating: to Aa2.br, from
Aa1.br, negative outlook
Long-term global local currency subordinate debt rating: to Ba2,
from Ba1, negative outlook
Long-term Brazilian national scale subordinate debt rating: to
Aa3.br, from Aa2.br, negative outlook
Ratings Rationale:
Moody's explained that the local currency issuer rating derives
from BICBANCO's Ba1 global local currency deposit rating that, in
turn, incorporates the standalone bank financial strength rating
of D+ and baseline credit assessment of ba1. The subordination of
the notes was taken into consideration in the assignment of the
debt ratings.
The last rating action on BIC - Arrendamento Mercantil S.A. was on
July 5, 2013, when Moody's placed all ratings of the issuer on
review for possible downgrade.
The principal methodology used in rating this issuer was the
"Moody's Consolidated Global Bank Rating Methodology", published
on June 29, 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.
BIC Leasing is headquartered in Fortaleza, Ceara, Brazil and
reported total assets of approximately BRL712 million ($348
million) and equity of BRL188 million ($92 million) as of
December 31, 2012.
BANCO INDUSTRIAL: Moody's Lowers Deposit Ratings to Ba1
-------------------------------------------------------
Moody's Investors Service has downgraded Banco Industrial and
Comercial S.A.'s (BICBANCO) global local- and foreign-currency
deposit ratings to Ba1 and Not Prime, from Baa3 and Prime-3, long-
and short-term, respectively. Moody's also lowered BICBANCO's
standalone baseline credit assessment (BCA) to ba1, from baa3, and
confirmed the bank financial strength rating of D+. At the same
time, Moody's also downgraded the long-term foreign-currency
senior unsecured debt rating to Ba1, from Baa3, the long-term
foreign-currency subordinated debt rating to Ba2, from Ba1, and
the long-term Brazilian national scale deposit rating to Aa2.br,
from Aa1.br. The short-term Brazilian national scale deposit
rating of BR-1 was not affected by the rating action. Moody's also
placed a negative outlook on all ratings.
Moody's also downgraded Banco Industrial e Comercial S.A.,
Cayman's long-term foreign currency debt rating to Ba1, from Baa3.
These rating actions conclude the review for downgrade initiated
on the bank's ratings on July 5, 2013.
The following ratings of Banco Industrial and Comercial S.A. were
downgraded:
Long- and short-term global local-currency deposit ratings: to Ba1
and Not Prime, from Baa3 and Prime-3, negative outlook
Long- and short-term foreign-currency deposit rating: to Ba1 and
Not Prime, from Baa3 and Prime-3, negative outlook
Long-term foreign-currency senior unsecured debt rating: to Ba1,
from Baa3, negative outlook
Long-term foreign-currency subordinated debt rating: to Ba2, from
Ba1, negative outlook
Long-term Brazilian national scale deposit rating: to Aa2.br, from
Aa1.br, negative outlook
The following ratings of Banco Industrial and Comercial S.A. were
confirmed:
Bank financial strength rating of D+, negative outlook
Short-term Brazilian national scale deposit rating of BR-1,
negative outlook
The following rating of Banco Industrial e Comercial S.A., Cayman
was downgraded:
Long-term foreign currency debt rating: to Ba1, from Baa3,
negative outlook
Ratings Rationale:
In lowering BICBANCO's standalone credit assessment and deposit
ratings to ba1 and Ba1, respectively, Moody's noted the bank's
weakened financial metrics in recent quarters, particularly its
profitability and asset quality, which remain under pressure
despite management's considerable efforts to reposition the
lending business and to clean up the loan portfolio. Compression
of the bank's loan margins partly reflect the bank's shift towards
lower risk, lower margined borrowers, but also a change in the
funding mix towards long-tenored instruments such as banknotes
(Letras Financeiras) and DPGEs, which tend to be more expensive
than customer deposits. These characteristics remain a challenge
to BICBANCO's franchise in the near term, and limit the bank's
internal capital generation to support future growth.
The negative outlook on BICBANCO's ratings is driven by the
expectation of continued earnings pressure over the near term as a
result of modest loan growth, intense competition in its target
markets, and a more difficult operating environment. The negative
outlook also reflects the uncertainty related to the bank's
strategic direction, said Moody's.
The last rating action on BICBANCO occurred on July 5, 2013, when
Moody's placed all ratings of the bank on review for possible
downgrade.
The last rating action on Banco Industrial e Comercial S.A.,
Cayman was on July 5, 2013, when Moody's placed on review for
downgrade the long-term foreign currency debt rating on Banco
Industrial e Comercial S.A., Cayman's outstanding senior unsecured
notes.
The principal methodology used in these ratings was Global Banks
Methodology published in May 31, 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 to 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.
BICBANCO is headquartered in Sao Paulo, Brazil, and had total
consolidated assets of BRL16.5 billion ($8.2 billion) and
shareholders' equity of BRL1.9 billion ($960 million), as of
March 31, 2013.
BANCO RURAL: Brazil Central Bank Orders Liquidation of Bank
-----------------------------------------------------------
Paulo Winterstein at The Wall Street Journal reports that the
Central Bank of Brazil said it ordered the liquidation of Banco
Rural SA, after the troubled bank failed to provide an adequate
recovery plan.
Banco Rural in March accounted for less than 0.1% of assets in
Brazil's financial system, according to the central bank, and just
0.13% of deposits in the system, according to The Wall Street
Journal.
The report relates the central bank said it will continue to
investigate the cause of the bank's financial problems, and may
penalize those responsible in case of irregularities.
Earlier this year, the central bank liquidated bank Banco BVA SA,
another small lender, the report notes.
At the end of 2012, The Wall Street Journal said, the central bank
also decided to liquidate Banco Cruzeiro do Sul, a midsized bank
specializing in payroll-deductible lending, after detecting
accounting irregularities.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Moody's Investors Service downgraded to E, from E+,
the bank financial strength rating assigned to Banco Rural S.A.
and lowered its unsupported baseline credit assessment to caa1,
from b3.
CYRELA BRAZIL: S&P Revises Outlook to Positive & Affirms 'BB-' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
'brAA-' national scale rating on Cyrela Realty S.A.
Empreendimentos e Participacoes (Cyrela) to positive from stable.
At the same time, S&P affirmed its 'BB-' global scale corporate
credit rating on the company. The outlook on the latter remains
stable.
The positive outlook on the national scale rating reflects the
possibility of a one-notch upgrade if the company sustains its
current credit metrics until the end of 2013, achieving a stronger
financial risk profile within S&P's 'BB' category rating.
The ratings on Cyrela reflect S&P's view of its "fair" business
risk profile, "significant" financial risk profile, and "adequate"
liquidity. The ratings are based on the company's favorable
competitive position, as one of the largest homebuilders in
Brazil, and its strong profitability, especially compared with
those of its peers. "The credit constraints are its exposure to
execution risks, intensive working capital requirements, and our
view of relatively weaker industry dynamics due to a volume sales
slowdown amid uncertain macroeconomic conditions," said Standard &
Poor's credit analyst Fernanda Hernandez.
GOL LINHAS: Second Qtr. 2013 Earnings Release Set For Aug. 12
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed that its second
quarter 2013 Earnings Release is scheduled for Aug. 12, 2013
(after trading hours).
In accordance with fair disclosure and corporate governance best
practices, GOL started its Quiet Period on July 29, and will end
immediately after the conference calls on August 13.
As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2012, Standard & Poor's Ratings Services lowered to 'B'
from 'B+' its global-scale long-term corporate credit rating on
Brazilian airline Gol Linhas Aereas Inteligentes S.A. (GOL).
OSX BRASIL: Taps Credit Suisse to Seek Opportunities for Unit
-------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
Brazilian naval construction firm OSX Brasil SA controlled by
billionaire Eike Batista, has signed a nonexclusive agreement with
Credit Suisse to look for businesses opportunities for its leasing
arm's assets, the company said late Wednesday in a regulatory
filing.
Mr. Batista's empire has plunged into turmoil as its flagship oil
company, OGX Petroleo e Gas Participacoes SA, has failed to meet
production targets and is slashing back investments and
operations, according to The Wall Street Journal.
The Wall Street Journal relates that OGX recently canceled orders
for five oil platforms with OSX and said it would pay $449 million
to the company in compensation.
SX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.
As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil SA, the shipbuilding
company of billionaire Eike Batista, denied a report it failed to
make payments on debt held by Spanish infrastructure group
Acciona. The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.
==========================
C A Y M A N I S L A N D S
==========================
ASIAN BOND: Placed Under Voluntary Wind-Up
------------------------------------------
On July 10, 2013, the sole member of Asian Bond Fund II (Cayman)
Limited resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Gavin Lowe
Turners Management Ltd.
PO Box 2636 Strathvale House
90 North Church Street
Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (345) 943 5555
BERMUDA INVESTORS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 15, 2013, the sole shareholder of Bermuda Investors
Limited resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Joseph Zuiker
6 Front Street
Hamilton, HM11
Bermuda
CHARTER OAK: Commences Liquidation Proceedings
----------------------------------------------
On July 15, 2013, the shareholders of Charter Oak Offshore Fund
Ltd passed a resolution that voluntarily liquidates 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:
Deborah J. Ziskin
c/o John O'Driscoll
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (3450 914 4229
CHEYNE ABS: Creditors' Proofs of Debt Due Aug. 28
-------------------------------------------------
The creditors of Cheyne ABS Opportunities Fund Inc. are required
to file their proofs of debt by Aug. 28, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 18, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Directors Limited
Reference: Christine Fletcher
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Directors Limited
Reference: Kareem Robinson
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
DIAMOND STARS: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 18, 2013, the shareholder of Diamond Stars Limited
resolved to voluntarily wind up the company's operations.
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
JF THREE: Creditors' Proofs of Debt Due Aug. 29
-----------------------------------------------
The creditors of JF Three Holdings Corp. are required to file
their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 18, 2013.
The company's liquidator is:
Intertrust (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
MARBLETON SHIELD: Creditors' Proofs of Debt Due Aug. 29
-------------------------------------------------------
The creditors of Marbleton Shield (Cayman) Limited are required to
file their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 3, 2013.
The company's liquidator is:
Pavel Nazariyan
3, Boulevard du Prince Henri
L-1724 Luxemburg
Telephone: (011) 352 2647 0623
MERRILL LYNCH: Creditors & Contributories to Meet on Aug. 28
------------------------------------------------------------
The creditors and contributories of Merrill Lynch Islands Limited
will hold a meeting on Aug. 28, 2013, at 11:00 a.m.
The company's liquidator is:
Eleanor Fisher
Zolfo Cooper (Cayman) Limited
38 Market Street, 2nd Floor
Canella Court, Camana Bay
Grand Cayman KY1-9006
Cayman Islands
PJM CAPITAL: Creditors' Proofs of Debt Due Aug. 29
--------------------------------------------------
The creditors of PJM Capital Master Fund Ltd. are required to file
their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 3, 2013.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Kareem Robinson
Telephone: +1 (345) 949 4123
Facsimile: +1 (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
QUEST GLOBAL: Creditors' Proofs of Debt Due Aug. 26
---------------------------------------------------
The creditors of Quest Global Investing Corporation are required
to file their proofs of debt by Aug. 26, 2013, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 4, 2013.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
REGAL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------------
The creditors of Regal International Ltd are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 18, 2013.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: +1 (345) 914 1344
Facsimile: +1 (345) 945 4799
Coutts & Co (Cayman) Limited
Coutts House, 1446 West Bay Road
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
SEITEL INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------------
The creditors of Seitel International, Inc. are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 17, 2013.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: +1 (345) 914 1344
Facsimile: +1 (345) 945 4799
Coutts & Co (Cayman) Limited
Coutts House, 1446 West Bay Road
P.O. Box 707 Grand Cayman KY1-1107
Cayman Islands
SUNBRIDGE LIMITED: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------------
The creditors of Sunbridge Limited are required to file their
proofs of debt by Aug. 28, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 19, 2013.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949 0355
Facsimile: (345) 949 0360
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
VINCI HEDGE: Creditors' Proofs of Debt Due Aug. 19
--------------------------------------------------
The creditors of Vinci Hedge Fund are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 27, 2013.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: 345 815 1793
Facsimile: 345 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
===========
M E X I C O
===========
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to C.mx
----------------------------------------------------------
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to C.mx from Ca.mx (global
scale, local currency rating to C from Ca). This concludes Moody's
review.
Ratings Rationale:
This action follows Homex's release of a materially weak 2Q13
results that increases the likelihood of a bankruptcy. Reported
revenues for the quarter were P$1.1 billion down 84% year-over-
year, while home sales plunged 94% YoY to only 710 units mostly
affected by material liquidity constraints that prevented the
reactivation of home construction projects. Furthermore, EBITDA
for the 1H13 was negative P$10.6 billion and reported free cash
flow for the 2Q13 was negative P$4.5 billion (excluding the
penitentiary business).
In addition the downgrade reflects a heightened likelihood of
economic default and the potential for above-average loss severity
on Homex's debt. Moody's stressed that funding and liquidity
challenges that continue to lie ahead for the company are
burdensome in an increasingly depressed capital environment for
Mexican homebuilders. Without the financing and liquidity
necessary to restart the construction of its projects the
company's viability is questionable.
The following rating was downgraded:
Desarrolladora Homex, S.A.B. de C.V. -- national scale issuer
rating to C.mx, from Ca.mx (global scale, local currency rating to
C, from Ca).
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $41,476 million Mexican Pesos and equity of
approximately $5,331 million Mexican Pesos as of June 30, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2013.
Period of time covered in the financial information used to
determine the rating was December 31, 2009 to June 30, 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.
DESARROLLADORA HOMEX: Moody's Downgrades Senior Debt Rating to C
----------------------------------------------------------------
Moody's Investors Service downgraded Desarrolladora Homex, S.A.B.
de C.V.'s global scale foreign currency senior unsecured debt
rating to C from Ca. This concludes Moody's review.
Ratings Rationale:
This action follows Homex's release of a materially weak 2Q13
results that increases the likelihood of a bankruptcy. Reported
revenues for the quarter were P$1.1 billion down 84% year-over-
year, while home sales plunged 94% YoY to only 710 units mostly
affected by material liquidity constraints that prevented the
reactivation of home construction projects. Furthermore, EBITDA
for the 1H13 was negative P$10.6 billion and reported free cash
flow for the 2Q13 was negative P$4.5 billion (excluding the
penitentiary business).
In addition the downgrade reflects a heightened likelihood of
economic default and the potential for above-average loss severity
on Homex's debt. Moody's stressed that funding and liquidity
challenges that continue to lie ahead for the company are
burdensome in an increasingly depressed capital environment for
Mexican homebuilders. Without the financing and liquidity
necessary to restart the construction of its projects the
company's viability is questionable.
The following rating was downgraded:
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to C, from Ca.
The last rating action with respect to Homex took place on July
12, 2013, when Moody's downgraded Homex's global scale foreign
currency senior unsecured debt rating to Ca from Caa2. The rating
remained under review for downgrade.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $41,476 million Mexican Pesos and equity of
approximately $5,331 million Mexican Pesos as of June 30, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.
PR WIRELESS: Default Risk Cues Moody's to Lower CRF to Caa3
-----------------------------------------------------------
Moody's Investors Service downgraded PR Wireless, Inc.'s corporate
family rating to Caa3 from Caa1 and probability of default rating
to Caa3-PD from Caa1-PD. Moody's also downgraded to Caa3 from Caa1
the ratings on the company's senior secured bank credit
facilities. The ratings outlook is negative.
Ratings affected:
- $ 15 million senior secured revolving credit facility due 2014:
downgraded to Caa3 from Caa1
- $ 231 million senior secured term loan due 2016: downgraded to
Caa3 from Caa1
Ratings Rationale:
The downgrade of PR Wireless ratings reflects the company's higher
probability of default given its tight liquidity position and weak
operating performance. The limited prospects for a sharp operating
turnaround suggest that weak EBITDA generation will continue to
pressure the company's credit metrics. Moreover, Moody's believes
that liquidity will further deteriorate in the next quarters due
to the reduction of the company's $ 15 million revolving facility
to only $ 9 million, which as of June 30, 2013 was fully utilized.
During the last six quarters, earnings and cash flow have been
impacted by competitive pressures, higher handset subsidies and
other operating costs. Ratings are also based on the company's
small revenue size relative to its peers, which include AT&T and
America Movil, as well as its small market share, estimated by the
company at 10% as of June 2013. Moody's expects competition to
remain intense or increase even further, especially as major
carriers work to expand their service offerings in the country.
While PR Wireless made major capital expenditures (at about 25% of
revenues) to improve its network during 2011 and 2012, Moody's
believes that the company's ability to meet its capex program
could be constrained by the tight liquidity.
Moody's incorporates in its assessment about $ 28 million in debt
reduction with proceeds from the sale of 10 MHz of spectrum (for a
total amount of $ 35 million), the maturity extension of the
company's revolving credit line for additional 6 months ending in
December 31, 2014, and looser financial covenants, which will
provide for some liquidity relief in the short term.
PR Wireless' liquidity is weak. The level of cash on hand as of
June 30, 2013 of $ 13.4 million cast doubt on the company's
ability face upcoming cash outflows, consisting mainly of
interests of about $ 12 million of quarterly interest payments and
$ 7.5 million of debt coming due up to June 30, 2014.
The negative outlook reflects Moody's expectation that the company
will continue to face operating challenges and that its weak
financial position will limit its ability to successfully compete
with larger and better capitalized peers.
Further rating downgrades would be merited in case PR Wireless'
liquidity situation deteriorates further, if a covenant default is
not cured immediately or if a near-term debt maturity is not
promptly addressed. In addition, shareholder payouts or debt-
funded business expansion that depresses free cash flow would
adversely impact the ratings.
Considering PR Wireless' tight liquidity situation and the highly
competitive environment where it operates, a ratings upgrade is
unlikely in the near term. Over the medium to longer term,
positive pressure could result if the company is able to increase
revenues and improve margins so that adjusted debt/EBITDA leverage
trends down towards 4 times and simultaneously grow free cash
flow.
The principal methodology used in this rating was the Global
Telecommunications Industry Methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
PR Wireless (brand name Open Mobile) is a wireless service
provider in Puerto Rico. It is owned by the holding company PR
Wireless, LLC (incorporated in Delaware, U.S.), which in turn, is
owned by M/C Venture Partners (35%), Columbia Capital (35%) and
Leap Wireless (18%), among others. PR Wireless began operations in
June 2007 after the bankruptcy and reorganization of its
predecessor entity, MoviStar, Inc. With approximately 11%
subscriber market share as of December 2012, the company generated
revenues of $ 168 million and adjusted EBITDA of $ 46 million in
the last twelve months ended March 31, 2013.
SATELITES MEXICANOS: Moody's Eyes Possible Upgrade of Caa1 CFR
--------------------------------------------------------------
Moody's Investors Service placed Satelites Mexicanos, S.A. de
C.V.'s Caa1 corporate family rating as well as the Caa1 rating on
the company's $360 million guaranteed senior secured global notes
due 2017 on review for upgrade. The rating actions were prompted
by the company's announcement that it has signed an agreement to
be acquired by Eutelsat Communications SA (Baa3 / Under Review for
Downgrade).
The following summarizes Satmex' ratings and these rating actions:
On Review for Possible Upgrade:
Issuer: Satelites Mexicanos, S.A. de C.V.
Corporate Family Rating, Placed on Review for Possible Upgrade,
currently Caa1
Senior Secured Regular Bond/Debenture May 15, 2017, Placed on
Review for Possible Upgrade, currently Caa1
Outlook Actions:
Issuer: Satelites Mexicanos, S.A. de C.V.
Outlook, Changed To Rating Under Review From Negative
Rating Rationale:
The review for upgrade was prompted by the company's announcement
that it has signed an agreement to be acquired by Eutelsat
Communications SA (Eutelsat; Baa3 / Under Review for Downgrade).
Since Satmex' bonds are trading at a premium to the 101% change of
control put and are not immediately callable, Moody's expects they
will survive the acquisition, at least for a short time. The
acquisition agreement is positive for Satmex considering
Eutelsat's strong business position as a multi-regional satellite
service provider, its ability to achieve revenues growth, and its
solid liquidity position. "Eutelsat's strong credit profile should
support Satmex' launch programme, reducing ongoing execution and
credit risks", said Nymia Almeida, a Vice President / Senior
Credit Officer at Moody's. With Eutelsat assuming Satmex' debt,
Moody's review is likely to conclude simultaneous with the
Eutelsat review which is expected when the acquisition closes or
when closing is virtually certain. The review will focus on the
financial profile of the combined entity as well as aspects of the
final financing structure that may be pertinent.
The purchase agreement was announced last July 31, 2013 and it has
already been approved by both companies' boards of directors so it
is subject only to pending government and regulatory approvals.
The transaction is expected to close by the end of 2013 with
Eutelsat acquiring 100% of Satmex equity in a cash transaction for
$ 831 million. In addition, Eutelsat will assume Satmex'
outstanding debt that is mainly comprised of the $ 360 million
global notes.
The acquisition is positive for Satmex considering Eutelsat's
ability and willingness to support the satellite launch program
that currently posses credit risk. The program includes Satmex 7
and Satmex 9, both expected to be launched in 2015, with a total
cost of approximately $ 170 million each. As of March 31, 2013,
the company had only incurred $ 60 million related to Satmex 7, so
Satmex will still need to finance some $ 280 million. Since
Eutelsat has stated that the acquisition is driven by the
intention to complement its footprint in fast-growing markets, and
securing future sources of growth, Moody's thinks that it supports
Satmex growth. Moreover, Moody's thinks Eutelsat has the ability
to support Satmex due to its strong credit profile. Satmex should
also benefit from the integration of its network into Eutelsat's
fleet and operations.
Absent of the acquisition, the review will focus on Satmex ability
to get proper financing for its launch program. Moody's also
expects that the company will be able to meet its expected results
once Satmex 8 operates at its capacity and that include a revenue
growth of around 12% by 2014.
The last rating action on Satmex occurred on December 20, 2012
when Moody's downgraded Satmex ratings to Caa1 from B3 given
increased operational and liquidity risks resulting from delays in
Satmex 8's launch. As part of the same rating action, the rating
outlook was changed to negative.
The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.
Satmex is a privately-owned Mexican satellite operator providing
fixed satellite services (standard C- and Ku-band services) to
local and international broadcasting and telecom firms as well as
to government-related entities. Satmex operates three satellites
in geo-synchronous orbital slots allocated to Mexico, covering the
Americas. The company's satellite fleet includes Satmex 5, Satmex
6 and the recently launched Satmex 8. As of March 31, 2013, the
company's last twelve months revenues amounted to about $ 140
million, of which fixed satellite services represented around 80%.
Moody's adjusted EBITDA for the same period was $ 96 million
(68.5% margin).
* Moody's Withdraws Quintana Roo's B1.mx and B3 Issuer Ratings
--------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of the state of
Quintana Roo due to insufficient information.
Ratings Rationale:
Moody's has withdrawn the issuer ratings assigned to the state of
Quintana Roo due to insufficient information to continue
monitoring effectively the state's creditworthiness. The rating
agency has not received detailed and timely information to monitor
funding available to meet Quintana Roo's short-term debt
obligations. At the time of the withdrawal, Quintana Roo's issuer
ratings were B1.mx (Mexico National Scale) and B3 (Global Scale,
local currency), under review for downgrade.
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.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN AIRLINES: Moves to Phase Out Fuel Subsidy
---------------------------------------------------
RJR News reports that Caribbean Airlines Limited is expected to
begin phasing out its expensive fuel subsidy in a bid to become
self-reliant.
A Trinidad Express newspaper said that at the start of the next
fiscal year, the airline will likely start the process with the
hope of weaning off the Government's subsidized fuel help over the
next three years, according to RJR News.
RJR News reports that an unnamed source at Caribbean Airlines said
ticket prices were expected to be stable but routes could be
rationalized. The report relates that the source said the intent
is for the airline to break even and become sustainable.
RJR News notes that CAL's subsidy has been criticized by regional
carrier LIAT which argued recently that the subsidy has given the
airline an unfair advantage in the regional travel market. The
report relates that CAL's TT$300 million subsidy also extends to
its Air Jamaica aircraft.
It was granted for a three-year period at a fixed price -- US$50 a
barrel of oil -- when CAL was formed in 2007, RJR News notes. It
was subsequently extended but the pricing changed, the report
says. RJR News discloses that it moved from US$1.50 US$2.34
cents a gallon.
In the meantime, RJR News notes that CAL is expected to shortly
file its financial statements for 2011 and 2012 in the Trinidad
and Tobago Parliament.
The report relays that the airline has been challenged with
financial debt.
It made an unaudited loss of US$52.8 million for 2011 while Air
Jamaica recorded an unaudited loss of US$38.1 million, RJR News
notes.
It has had to write off TT$200 million in cargo losses and alleged
credit card fraud, RJR News adds.
Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services. It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.
In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica. The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.
* * *
As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012. In 2011, CAL had
recorded losses of US43.7 million.
TCRLA reported on March 21, 2012, that RJR News said Caribbean
Airlines Limited owes nearly US$30 million to Trinidad and
Tobago's fuel provider National Petroleum. Trinidad Express said
CAL enjoys a seven-day credit facility for aviation fuel from the
company, according to RJR News. However, the report related that
the airline has not been able to pay the full amount when invoiced
and instead has been issuing partial payments to sustain the
account. RJR News noted that Trinidad Express reported that the
arrears were built up as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations.
CL FIN'L: Gov't Transfers Funds From CLICO to New Company
---------------------------------------------------------
Caribbean360.com reports that over TT$8 billion worth of Colonial
Life Insurance Company Limited's (CLICO) profitable business will
be transferred to Atruis, a new company that will be owned by the
state.
CLICO is a subsidiary of CL Financial Limited.
The Trinidad Express said that the Cabinet approved the transfer
as the Finance and General Purposes Committee continues to discuss
a letter of intent hammered out by the Ministry of Finance and CL
Financial's 400 shareholders, which envisions taxpayers will
recover the more than TT$20 billion Government has injected since
2009 to keep CL subsidiary CLICO and other companies afloat,
according to Caribbean360.com.
Caribbean360.com notes that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
Caribbean360.com relates that at its annual general meeting last
month, CL Financial shareholders voted to extend the agreement
with Government until August 25 while Cabinet decides on a new
framework accord to recover the debt owed to Government through
divestment of CL subsidiaries, including Methanol Holdings,
Republic Bank, Angostura Holdings, CL World Brands and Home
Construction Ltd.
Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com says.
Trinidad Express said it will also be used to repay creditors, and
shareholders who will benefit if the assets are sold for higher
than valuation prices when they go on the market, Caribbean360.com
notes.
It is expected that CLICO agents and staff members at the
company's eight branches and Port of Spain head office will be
absorbed when Atrius opens its doors for business in the coming
months, Caribbean360.com discloses.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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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
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CELGPAR GPAR3 BZ 224346590 -1034483191
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REDE ENER-RT 3907727Q BZ 1175265498 -62202546.7
REDE ENER-RCT 3907731Q BZ 1175265498 -62202546.7
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RECRUSUL-BON RT RCSL12 BZ 48003655.5 -18502124.9
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 97868151.6 -91899413.1
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TEXTEIS RENA-RCT TXRX9 BZ 97868151.6 -91899413.1
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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 * * *