/raid1/www/Hosts/bankrupt/TCRLA_Public/130827.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 27, 2013, Vol. 14, No. 169
Headlines
A R G E N T I N A
* ARGENTINA: ATFA Lauds U.S. Second Circuit Ruling in Debt Case
B R A Z I L
BRASIL PHARMA: Moody's Downgrades CFR to Ba3; Outlook Stable
JBS SA: Mulls Suing OppenheimerFunds for Defamation
JBS SA: FB Participacoes Seeks Tender Offer of Vigor Shares
OSX BRASIL: Taps Marcelo Maia Gomes as New Chief Executive Officer
C A Y M A N I S L A N D S
5:15 FUND LTD: Shareholder to Receive Wind-Up Report on Sept. 12
5:15 MASTER FUND: Shareholder to Hear Wind-Up Report on Sept. 12
5:15 TAIL MASTER: Shareholder to Hear Wind-Up Report on Sept. 12
5:15 TAIL RISK: Shareholder to Receive Wind-Up Report on Sept. 12
7x7 OFFSHORE: Shareholders' Final Meeting Set for Sept. 27
AL SALAMA: Shareholders Receive Wind-Up Report
DUNCAN ACHILLE: Shareholders Receive Wind-Up Report
FQ A-SQUARED: Shareholders' Final Meeting Set for Sept. 12
GOSTAV: Shareholders' Final Meeting Set for Sept. 30
KUONI MANAGEMENT: Shareholders' Final Meeting Set for Sept. 9
LEADERS FUND: Shareholders' Final Meeting Set for Sept. 5
METWEST ENHANCED: Shareholders' Final Meeting Set for Sept. 12
TURKANA INVESTMENT: Shareholders' Final Meeting Set for Sept. 16
J A M A I C A
* JAMAICA: JMA Calls for Measures to Stimulate Growth
M E X I C O
CORPGROUP BANKING: S&P Lowers Rating to 'BB-'; Outlook Stable
INVERSIONES CORPGROUP: S&P Lowers Rating to 'B+'; Outlook Stable
P U E R T O R I C O
EMPRESAS INTEREX: Files First Amended Plan & Disclosure Statement
T R I N I D A D & T O B A G O
ARCELORMITTAL: Injured Steel Worker Cries Discrimination
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
* ARGENTINA: ATFA Lauds U.S. Second Circuit Ruling in Debt Case
---------------------------------------------------------------
The American Task Force Argentina on Aug. 23 welcomed a ruling
from the U.S. Court of Appeals for the Second Circuit that upholds
the rule of law and reinforces the principle that the law applies
equally to all parties that submit to the judgment of U.S. courts.
Regarding the Court's ruling, ATFA Executive Director Robert Raben
made the following statement:
"[Fri]day's unanimous, well-reasoned decision is a victory for the
rule of law and the enforcement of contracts in the United
States."
"In order to raise billions of dollars at inexpensive rates in the
U.S. financial markets, Argentina promised in its bond contract to
submit to the jurisdiction of U.S. courts, adhere to New York law
and waive its sovereign immunity. Since defaulting on those bonds
in 2001, Argentina has ignored those promises, waged a vicious
campaign against its creditors, and resisted every attempt by
creditors to engage in good-faith negotiations. ATFA hopes that
Argentina will see today's ruling as motivation to resolve its
financial obligations through good-faith negotiations and
discontinue its defiance of court judgments and the rule of law."
The Second Circuit's decision directly addressed Argentina's
uniquely defiant and disorderly treatment of its unpaid creditors
and U.S. courts. The decision cited Argentina's threats to pay
"not one dollar" to its unpaid creditors and to "not voluntarily
obey" the Court's orders, despite being fully able to pay. "It is
within this context that we review the amended injunctions for
abuse of discretion and, finding none, we affirm," the Court
wrote.
Importantly, the Court rejected Argentina's claims that upholding
the lower court's orders would force it to default on its current
debt. The Court cited the lower court's finding that Argentina
"has the financial wherewithal" to pay both holders of its current
debt and holders of its defaulted debt. The Court rightly decided
that it was "unwilling to permit Argentina's threats to punish
[holders of its current debt] to dictate the availability or terms
of relief [available to holders of its defaulted debt]."
The Court also rejected Argentina's claims that upholding the
lower court's orders would have a negative impact on future
sovereign restructurings. The Court called these claims,
"speculative, hyperbolic, and almost entirely of the Republic's
own making." The Court called this case "an exceptional one with
little apparent bearing on transactions that can be expected in
the future."
In fact, this ruling should serve to increase global economic
stability by discouraging sovereigns from attempting to follow
what the ratings agency Moody's called Argentina's "unique[ly]
unilateral and coercive approach to debt restructuring."
The Second Circuit appeared to agree, observing that "cases like
this one are unlikely to occur in the future because Argentina has
been a uniquely recalcitrant debtor," among other reasons.
On Aug. 23, ATFA renewed its calls for Argentina to sit down with
its creditors and reach a fair resolution of its defaulted debt.
===========
B R A Z I L
===========
BRASIL PHARMA: Moody's Downgrades CFR to Ba3; Outlook Stable
------------------------------------------------------------
Moody's America Latina downgraded Brasil Pharma's ratings to Ba3
from Ba2 on the global scale and to A2.br from Aa3.br on the
Brazilian national scale. The outlook for all ratings is stable.
Ratings downgraded:
- Corporate Family Rating: to Ba3 from Ba2 (global scale);
- BRL 100 million senior unsecured debentures due 2016: to Ba3
from Ba2 (global scale); to A2.br from Aa3.br (national scale);
- BRL 150 million senior unsecured debentures due 2017: to Ba3
from Ba2 (global scale); to A2.br from Aa3.br (national scale).
Ratings Rationale:
The downgrade on Brasil Pharma's ratings reflects mainly a longer
than expected integration period for its recent acquisitions
coupled with a weaker Brazilian macroeconomic environment, which
has led to pressures in profitability and working capital
requirements, and translated into weaker credit metrics. For the
last twelve months ended in June, 2013, the company's adjusted
leverage to EBITDA ratio was at 5.7x.
On the positive side, Brasil Pharma's ratings are supported by the
solid fundamentals of the drug retail industry in Brazil,
including the aging population, estimated stable long-term macro-
economic conditions and growing middle class, as well as by the
increasing sales of generic drugs. In addition, the ratings take
into account the company's sound strategy executed by a
professional management team and its well capitalized and
committed main shareholder, the BTG Pactual bank.
Even though Brasil Pharma has already taken many steps towards
integration, the whole process should only be completed by mid-
2014, which should allow for the capturing of synergies and
consequent gradual improvements in operating performance and
overall credit metrics.
The company's growth strategy remains aggressive, involving the
addition of 100 stores per year over the next couple of years. For
2013, however, the guidance was reduced to 70 stores, reflecting
an uncertain macro-economic environment and higher real estate
prices, according to the company. The risk of this expansion plan
is somewhat mitigated by significant equity funding from follow-on
deals or possible capital injections from BTG Pactual. In
addition, this capex plan is flexible and could be revised
downwards if necessary.
The stable outlook reflects Moody's expectations that Brasil
Pharma will be able to improve its efficiency and working capital
management, which should translate into higher profitability and
operating cash flows over the next few years. It also takes into
account that the company's growth strategy will not put further
pressure on leverage ratios, given the preference for equity-
funded acquisitions.
The ratings could experience upward pressure if the company is
able to consolidate its presence in the Brazilian drugstore sector
while improving its profitability. This will be the case if the
company delivers positive free cash flow, and if EBITA/interest
expense is above 3.0x. In addition, adjusted leverage considering
the capitalization of operating leases would need to remain below
4.0x.
The ratings could be lowered if the company fails to grow
organically or maintain EBITDA margins near their current level.
The ratings could also come under downward pressure if adjusted
leverage is sustained above 5.0x on a consistent basis or if
liquidity deteriorates. A large debt-funded acquisition could also
put downward pressure on the rating.
Founded in 2009 and headquartered in the state of Sao Paulo,
Brasil Pharma S.A. has the BTG Pactual bank as its main
shareholder. The company is among the three largest drugstore
chains in the country in terms of sales and had 727 owned stores
in the south, northeast, north and central-west regions of the
country as of as of June 30, 2013. Brasil Pharma also runs a
franchise business under the "Farmais" brand, with 433 stores as
of June 30, 2013. Net revenues for the LTM period ended June 30,
2013 amounted to BRL 3.0 Billion (approximately $ 1.3 Billion at
current exchange rates), with adjusted EBITDA margin of 7.8% and
adjusted gross leverage to EBITDA of 5.7x (both ratios including
the capitalization of operating leases).
The principal methodology used in rating Brasil Pharma was the
Global Retail Industry Methodology, published in June, 2011.
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.
JBS SA: Mulls Suing OppenheimerFunds for Defamation
---------------------------------------------------
Reuters reports that Brazil's JBS SA said it is considering suing
U.S. investment firm OppenheimerFunds for spreading potentially
libelous information about its leasing of a local poultry plant
owned by France's Doux.
Reuters, citing a statement released, relates that JBS SA said its
leasing of Doux's Frangosul assets in Brazil in May 2012 does not
violate any claims OppenheimerFunds might have on Doux's assets as
collateral for unpaid debts. JBS, which did not specify where it
would file a lawsuit, denied having bought the Doux assets,
according to Reuters.
Reuters notes that Art Steinmetz, president and chief investment
officer of OppenheimerFunds, told Bloomberg News that JBS's lease
of the Frangosul plant violates the fund's rights over the unit,
which was put up as collateral on a US$100 million defaulted loan.
Mr. Steinmetz, Reuters discloses, said the fact that JBS is 30-
percent owned by Brazilian federal government entities could spell
a potential risk for the fund's rights as a creditor.
JBS said in its statement that no state entity actively
participates in the company's management and strategy, the report
relates.
The issue underscores mounting worries among bond investors in
Brazil who are grappling with the impact of a slowing economy,
rising state intervention in the economy and rising legal
uncertainty in the country, Mr. Steinmetz says, notes the report.
JBS can renew the 10-year lease, which also gives it the option to
buy the local unit of the French poultry company, the report
added.
The New York-based fund is free to take any action under the law
to recover its debts from Doux, JBS said, adding that the leasing
of Frangosul by JBS "does not circumvent or jeopardize in any way
Oppenheimer's options to exercise its rights," Reuters relays.
"Therefore, any attempt on Oppenheimer's part to make JBS
responsible for debts assumed by Doux Frangosul shows a profound
lack of understanding in the basic principles of law and
characterizes a gross distortion of the facts, which JBS will
vigorously contest," the company said, the report adds.
OppenheimerFunds Inc. is a unit of Massachusetts Mutual Life
Insurance Co.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.
JBS SA: FB Participacoes Seeks Tender Offer of Vigor Shares
-----------------------------------------------------------
Vigor Alimentos S.A. and JBS S.A. disclosed that FB Participacoes
S.A., the controlling shareholder of Vigor and JBS, filed with CVM
and with BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e
Futuros ("BM&FBOVESPA"), a registration request of a public tender
offer of common shares issued by Vigor.
It is by means of the exchange for common shares issued by JBS,
plus R$0.010812573 per share of Vigor, an amount that corresponds
to the difference between the dividends paid by JBS and Vigor
since June 21, 2012 until the date in which the auction in stock
exchange will take place, considering that such amount will be
adjusted by the variation of the Interbank Deposit Rate
(Certificado de Deposito Interbancario - CDI) since the date of
the effective payment of such dividend by JBS until the auction
date, in accordance with the CVM Normative Instruction No. 361,
dated March 5, 2002, as amended ("Tender Offer").
Vigor and JBS will keep their shareholders and the market updated
on the next steps of the Tender Offer.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.
OSX BRASIL: Taps Marcelo Maia Gomes as New Chief Executive Officer
------------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that OSX Brasil SA
named a new chief executive officer as the company cuts costs and
prepares to deploy an oil platform that backs US$500 million in
bonds.
Marcelo Maia Gomes, who previously worked at a corporate
restructuring advisory, will replace Carlos Eduardo Sardenberg
Bellot as CEO, according to Bloomberg News.
Mr. Gomes, who holds degrees in business administration and
mechanical engineering, was advising the company on the cutbacks
as general director of Alvarez & Marsal Brasil, according to OSX's
regulatory filing, Bloomberg News notes.
Bloomberg News relates that OSX last month hired Credit Suisse AG
to look at potential asset sales as it seeks to redefine its
business strategy after its main client, Batista's OGX Petroleo &
Gas Participacoes SA (OGXP3), said July 1 that it may shut-down
its only producing field next year.
OSX in May announced that it was cutting back plans to build a
shipyard, and as part of the cut back plans, OSX terminated its
contract with Acciona SA (ANA) for the construction of the
shipyard, according to the Aug. 23 filing, Bloomberg News relays.
Bloomberg News discloses that the company's OSX-3 floating
production, storage and offloading vessel, or FPSO, was scheduled
to arrive in Rio on Aug. 24, it said in the filing.
The OSX-3 has since anchored in Rio de Janeiro, according to
Bloomberg vessel tracking data.
The OSX-3 is scheduled to be used at a field in which Malaysia's
Petroliam Nasional Bhd., or Petronas, also owns a stake. The
contract for the use of the OSX-3 guarantees $500 million in
dollar-denominated bonds due in 2015, Bloomberg News adds.
OSX 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
==========================
5:15 FUND LTD: Shareholder to Receive Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Fund, Ltd will receive on Sept. 12,
2013, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Name: Kellian Hutchinson
Telephone: (345) 815 1418
Facsimile: (345) 949 9877
5:15 MASTER FUND: Shareholder to Hear Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Master Fund, Ltd. will receive on
Sept. 12, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Name: Kellian Hutchinson
Telephone: (345) 815 1418
Facsimile: (345) 949 9877
5:15 TAIL MASTER: Shareholder to Hear Wind-Up Report on Sept. 12
----------------------------------------------------------------
The sole shareholder of 5:15 Tail Risk Master Fund, Ltd. will
receive on Sept. 12, 2013, at 11:40 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Name: Kellian Hutchinson
Telephone: (345) 815 1418
Facsimile: (345) 949 9877
5:15 TAIL RISK: Shareholder to Receive Wind-Up Report on Sept. 12
-----------------------------------------------------------------
The sole shareholder of 5:15 Tail Risk Fund, Ltd. will receive on
Sept. 12, 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:
Ogier
Name: Kellian Hutchinson
Telephone: (345) 815 1418
Facsimile: (345) 949 9877
7x7 OFFSHORE: Shareholders' Final Meeting Set for Sept. 27
----------------------------------------------------------
The shareholders of 7x7 Offshore, Ltd will hold their final
meeting on Sept. 27, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Wright
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
AL SALAMA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Al Salama Limited received on Aug. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
Russell Homer is the company's liquidator.
DUNCAN ACHILLE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Duncan Achille Mcgregor received on Aug. 19,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
FQ A-SQUARED: Shareholders' Final Meeting Set for Sept. 12
----------------------------------------------------------
The shareholders of FQ A-Squared Fund Ltd. will hold their final
meeting on Sept. 12, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
GOSTAV: Shareholders' Final Meeting Set for Sept. 30
----------------------------------------------------
The shareholders of Gostav will hold their final meeting on
Sept. 30, 2013, at 11:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Christopher Kennedy
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P. O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
KUONI MANAGEMENT: Shareholders' Final Meeting Set for Sept. 9
-------------------------------------------------------------
The shareholders of Kuoni Management Services Limited will hold
their final meeting on Sept. 9, 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:
Gene Dacosta
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
LEADERS FUND: Shareholders' Final Meeting Set for Sept. 5
---------------------------------------------------------
The shareholders of Leaders Fund will hold their final meeting on
Sept. 5, 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
e-mail: info@lindsay.ky
METWEST ENHANCED: Shareholders' Final Meeting Set for Sept. 12
--------------------------------------------------------------
The shareholders of Metwest Enhanced Talf Strategy Fund, Ltd. will
hold their final meeting on Sept. 12, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
TURKANA INVESTMENT: Shareholders' Final Meeting Set for Sept. 16
----------------------------------------------------------------
The shareholders of Turkana Investment Fund Ltd. will hold their
final meeting on Sept. 16, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949-8295
P. O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: JMA Calls for Measures to Stimulate Growth
-----------------------------------------------------
RJR News reports that the Jamaica Manufacturers Association (JMA)
is urging the government, to implement measures to stimulate
growth, amid indications that the economy contracted for a 6th
straight quarter.
The JMA made the call following news that the country passed the
first test, administered by the International Monetary Fund (IMF),
according to RJR News.
The report relates that the international lending agency announced
that Jamaica met its targets under the new agreement, and is on
track to get a second disbursement of US$30 million next month.
However, the report added that the passing of the test came with
continued contraction in the economy. The JMA said, that must be
corrected, and stated that the government needs to implement
policies that will stimulate investment, create well needed
employment and put Jamaica on a path for growth, the report
discloses.
===========
M E X I C O
===========
CORPGROUP BANKING: S&P Lowers Rating to 'BB-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long term ratings
on CorpGroup Banking S.A. (CG Banking) to 'BB-' from 'BB'.
Additionally, S&P removed the ratings from CreditWatch negative,
where it placed them on Oct. 10, 2012. The outlook is stable.
Standard & Poor's is correcting its senior unsecured ratings by
reinstating them after there were mistakenly withdrawn due to
technical issues.
"The rating action follows the downgrade of Corpbanca S.A. to
'BBB' from 'BBB+', CG Banking's most important cash contributor,"
said Standard & Poor's credit analyst Ivana Recalde. The ratings
on CG Banking reflect its heavy reliance on dividends from its
subsidiaries and its aggressive financial profile. CG Banking
increased its debt after it issued $500 million notes in February
2013. The long term structure of its debt (with bonds maturing in
2023), good position in the Chilean banking and insurance sectors,
and Corpbanca's healthy earnings capacity partially mitigate the
negative factors.
INVERSIONES CORPGROUP: S&P Lowers Rating to 'B+'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Inversiones CorpGroup Interhold Ltda. (Interhold) to 'B+' from
'BB-'. S&P also removed the ratings from CreditWatch negative,
where it placed them on Oct. 10, 2012. The outlook is stable.
Subsequently, S&P withdrew the ratings at the company's request.
"The rating action follows the downgrade of Corpbanca S.A. to
'BBB' from 'BBB+', Interhold's main cash contributor," said
Standard & Poor's credit analyst Ivana Recalde. It also reflects
the holding company's more aggressive financial risk profile as a
consequence of higher-than-expected debt levels to support its
growth strategy, amid a reduced cash stream from its banking unit
and pressures to upstream cash to service debt in different layers
of the group. Corpbanca has cut its dividend payout to 50%, from
100% during 2008-2012, in order to sustain its development plan.
Prior to the withdrawal, the ratings on Interhold reflected its
heavy reliance on dividends from Corpbanca and weak financial
profile deriving from its aggressive expansion strategy that
resulted in high debt and tight liquidity. Over the past few
years, Interhold has made several investments, including the
purchase of stakes in VTR GlobalCom S.A., and ING insurance assets
in Chile. It also acquired Banco Santander Colombia and Helm bank
through Corpbanca. These acquisitions have significantly
increased Interhold's debt. Its good position in the Chilean
banking and insurance sectors and Corpbanca's good earnings
capacity are positive credit factors that partially mitigate the
negative rating factors.
=====================
P U E R T O R I C O
=====================
EMPRESAS INTEREX: Files First Amended Plan & Disclosure Statement
-----------------------------------------------------------------
Empresas Interex, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a first amended disclosure statement
to provide for the following treatment of claims:
* The claim of DF Services, LLC, the Plan sponsor, estimated to
amount to US$7,547,006, is impaired. DF's claim will be satisfied
through the transfer of the Debtor's residential project on the
effective date of the Plan. In consideration of the transfer of
the Property, DF's claim will be reduced to US$6,870,728, and DF
will fund the 50% payment to be made to Holders of Allowed General
Unsecured Claims.
* The claim of the Debtor's shareholder, Universidad
Interamericana de Puerto Rico, estimated to amount to US$360,440,
is impaired, but is estimated to recover 100% of the allowed
amount. The Allowed Claim of the University, bearing an annual
interest at 2% over the prime rate, with a floor of 6%,
collateralized by a parcel of land of 1,598 square meters at PR-
830, Bayamon, Puerto Rico, will be paid on the basis of US$1,953
per month, including principal and interest at 4.25% per annum,
over a period of 25 years.
* Allowed General Unsecured Claims, estimated to total
US$175,694, are impaired and are estimated to recover 50% of the
total allowed amount. Holders of Allowed General Unsecured Claims
will be paid pro-rata from the US$87,847 to be provided by DF.
A full-text copy of the First Amended Disclosure Statement, dated
Aug. 19, 2013, is available for free at:
http://bankrupt.com/misc/EMPRESAS_ds0819.pdf
The Debtor is represented by Charles A. Cuprill, Esq. --
ccuprill@cuprill.com -- at CHARLES A. CUPRILL P.S.C. LAW OFFICES,
in San Juan, Puerto Rico.
About Empresas Interex Inc.
San Juan, Puerto Rico-based Empresas Interex Inc. is engaged in
the development, construction, and lease of real estate. One of
the Debtor's construction project is known as Ciudad Atlantis at
Hato Bajo Ward, Arecibo, Puerto Rico.
Empresas Interex filed for Chapter 11 bankruptcy (Bankr. D.P.R.
Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred
Caban Flores presides over the case. The company disclosed
US$11,412,500 in assets and US$9,335,561 in liabilities. The
Debtor is represented by CHARLES A. CUPRILL P.S.C. LAW OFFICES.
===============================
T R I N I D A D & T O B A G O
===============================
ARCELORMITTAL: Injured Steel Worker Cries Discrimination
--------------------------------------------------------
Trinidad and Tobago Newsday reports that the Steel Workers Union
has branded as "discrimination", a letter sent to one of its
members, electrician Curt Fletcher, after he appeared at a press
conference organized by the union to highlight the plight of
injured workers at the Point Lisas facility of Arcelo Mittal.
Mr. Fletcher, during a second press conference at SWU, Couva,
displayed a letter he received from the company dated August 20 in
which he was asked to explain why his services should not be
terminated "on the grounds of abandonment of employment given your
lack of co-operation in this matter," according to Trinidad and
Tobago Newsday.
However, the report notes that Mr. Fletcher said the company had
issued a "false accusation" of him not going to their doctor and
that the company doctor had refused to sign his injury leave
papers.
"I am asking them to stop making false accusations because I have
my proof which is my doctor's report," Trinidad and Tobago Newsday
quoted Mr. Fletcher as saying.
The report discloses that Mr. Fletcher said he was injured while
at the work site on July 12, when he and another worker was
attempting to move a 500 pound transformer and he injured his
lower back and right leg.
However, the report notes that in the company's letter, Mr.
Fletcher was asked to explain his "unauthorized absences from the
job for three days with effect from July 28, 2013 to the present,
refusal to present yourself to the company's medical consultant in
order for him to examine you with effect from July 20, 2013 after
being requested to do so by the company's health care
administrator and refusal to permit the company's medical
consultant to see the results from your personal medical
practitioner with effect from August 11, 2013 even though it was
agreed that the company would pay for the report and you agreed to
present the report."
The report relays that General Secretary, Lancelot Smart, said the
union was seeking the advice of its legal team. However, the
report notes that Arcelor Mittal's communications manager,
Mohammed Fazad, described the letter as one of its attempts to
contact Mr. Fletcher.
ArcelorMittal is the world's largest steel company. It operates
more than 60 integrated and minimill steel-making facilities in
over 20 countries. For the 12 months ended September 30, 2012,
ArcelorMittal shipped 84 million tonnes of steel and had sales of
US$87 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2013, Standard & Poor's Ratings Services said that it has
affirmed its 'BB+' long-term and 'B' short-term corporate credit
ratings on Luxembourg-registered steel group ArcelorMittal. The
outlook remains negative.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
EDENOR-B DNOR AR 1394532232 -3893195.32
EMP DISTRIB-ADR EDN US 1394532232 -3893195.32
EMP DISTRIB-ADR PWD1 GR 1394532232 -3893195.32
EDENOR-B US$ DNORD AR 1394532232 -3893195.32
EDENOR-B C/E DNORC AR 1394532232 -3893195.32
EMPRESA DISTRI-A 0122196D AR 1394532232 -3893195.32
EMPRESA DISTRI-C 0122368D AR 1394532232 -3893195.32
ENDESA COSTAN-A CECO1 AR 355868838 -87473853.3
ENDESA COSTAN- CECO2 AR 355868838 -87473853.3
CENTRAL COST-BLK CECOB AR 355868838 -87473853.3
ENDESA COSTAN- CECOD AR 355868838 -87473853.3
ENDESA COSTAN- CECOC AR 355868838 -87473853.3
ENDESA COSTAN- EDCFF US 355868838 -87473853.3
CENTRAL COSTAN-C CECO3 AR 355868838 -87473853.3
CENTRAL COST-ADR CCSA LI 355868838 -87473853.3
ENDESA COST-ADR CRCNY US 355868838 -87473853.3
CENTRAL COSTAN-B CNRBF US 355868838 -87473853.3
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
EDENOR-B EDN AR 1394532232 -3893195.32
EDENOR-B EDNC AR 1394532232 -3893195.32
EDENOR-B EDND AR 1394532232 -3893195.32
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
PETROLERA DEL CO PSUR AR 64304553.9 -1269120.56
BRAZIL
------
FABRICA TECID-RT FTRX1 BZ 66603693.6 -76419244.2
TEKA-ADR TEKAY US 407967021 -392649052
BOMBRIL BMBBF US 359985634 -12154088.6
TEKA TKTQF US 407967021 -392649052
TEKA-PREF TKTPF US 407967021 -392649052
VULCABRAS-RIGHT VULC1 BZ 656823700 -17327661.6
VULCABRAS-RIGHT VULC2 BZ 656823700 -17327661.6
VULCABRAS-RECEIP VULC9 BZ 656823700 -17327661.6
VULCABRAS-REC PR VULC10 BZ 656823700 -17327661.6
BATTISTELLA-RIGH BTTL1 BZ 158330518 -36518145.6
BATTISTELLA-RI P BTTL2 BZ 158330518 -36518145.6
BATTISTELLA-RECE BTTL9 BZ 158330518 -36518145.6
BATTISTELLA-RECP BTTL10 BZ 158330518 -36518145.6
AGRENCO LTD-BDR AGEN11 BZ 339244079 -561405855
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 246810937 -224879124
PET MANG-RIGHTS 3678569Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229292Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229296Q BZ 246810937 -224879124
LUPATECH SA LUPA3 BZ 754879275 -127862714
REDE EMP ENE ELE ELCA4 BZ 1175265498 -62202546.7
REDE EMP ENE ELE ELCA3 BZ 1175265498 -62202546.7
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL FPXE4 BZ 19416015.8 -489914902
SANESALTO SNST3 BZ 24630103.9 -10366431.8
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 359985634 -12154088.6
BOMBRIL-RIGHTS BOBR1 BZ 359985634 -12154088.6
LAEP-BDR MILK11 BZ 222902263 -255311019
AGRENCO LTD AGRE LX 339244079 -561405855
LAEP INVESTMENTS LEAP LX 222902263 -255311019
LUPATECH SA LUPAF US 754879275 -127862714
REDE ENERG-UNIT REDE11 BZ 1175265498 -62202546.7
CELGPAR GPAR3 BZ 224346590 -1034483191
RECRUSUL - RT 4529781Q BZ 48003655.5 -18502124.9
RECRUSUL - RT 4529785Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529789Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529793Q BZ 48003655.5 -18502124.9
REDE ENER-RT 3907727Q BZ 1175265498 -62202546.7
REDE ENER-RCT 3907731Q BZ 1175265498 -62202546.7
RECRUSUL-BON RT RCSL11 BZ 48003655.5 -18502124.9
RECRUSUL-BON RT RCSL12 BZ 48003655.5 -18502124.9
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 97868151.6 -91899413.1
TEXTEIS RENAU-RT TXRX2 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX9 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX10 BZ 97868151.6 -91899413.1
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
LUPATECH SA-RT LUPA11 BZ 754879275 -127862714
ALL ORE MINERACA AORE3 BZ 18737017.6 -11880129.6
B&D FOOD CORP BDFC US 14423532 -3506007
LUPATECH SA-ADR LUPAY US 754879275 -127862714
PET MANG-RT 4115360Q BZ 246810937 -224879124
PET MANG-RT 4115364Q BZ 246810937 -224879124
REDE ENER-RT REDE1 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE9 BZ 1175265498 -62202546.7
REDE ENER-RT REDE2 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE10 BZ 1175265498 -62202546.7
STEEL - RT STLB1 BZ 18737017.6 -11880129.6
STEEL - RCT ORD STLB9 BZ 18737017.6 -11880129.6
MINUPAR-RT 9314542Q BZ 136398462 -91947867.2
MINUPAR-RCT 9314634Q BZ 136398462 -91947867.2
PET MANG-RT 0229249Q BZ 246810937 -224879124
PET MANG-RT 0229268Q BZ 246810937 -224879124
RECRUSUL - RT 0163579D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0163580D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163582D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163583D BZ 48003655.5 -18502124.9
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 18737017.6 -11880129.6
MINUPAR-RT 0599562D BZ 136398462 -91947867.2
MINUPAR-RCT 0599564D BZ 136398462 -91947867.2
PET MANG-RT RPMG2 BZ 246810937 -224879124
PET MANG-RT 0848424D BZ 246810937 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810937 -224879124
PET MANG-RECEIPT RPMG10 BZ 246810937 -224879124
LAEP INVESTMEN-B 0122427D LX 222902263 -255311019
LAEP INVES-BDR B 0163599D BZ 222902263 -255311019
RECRUSUL - RT 0614673D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0614674D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614675D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614676D BZ 48003655.5 -18502124.9
TEKA-RTS TEKA1 BZ 407967021 -392649052
TEKA-RTS TEKA2 BZ 407967021 -392649052
TEKA-RCT TEKA9 BZ 407967021 -392649052
TEKA-RCT TEKA10 BZ 407967021 -392649052
LUPATECH SA-RTS LUPA1 BZ 754879275 -127862714
LUPATECH SA -RCT LUPA9 BZ 754879275 -127862714
MINUPAR-RTS MNPR1 BZ 136398462 -91947867.2
MINUPAR-RCT MNPR9 BZ 136398462 -91947867.2
RECRUSUL SA-RTS RCSL1 BZ 48003655.5 -18502124.9
RECRUSUL SA-RTS RCSL2 BZ 48003655.5 -18502124.9
RECRUSUL SA-RCT RCSL9 BZ 48003655.5 -18502124.9
RECRUSUL - RCT RCSL10 BZ 48003655.5 -18502124.9
PET MANG-RTS RPMG1 BZ 246810937 -224879124
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.9 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
BOMBRIL BOBR3 BZ 359985634 -12154088.6
BOMBRIL CIRIO SA BOBRON BZ 359985634 -12154088.6
BOMBRIL-PREF BOBR4 BZ 359985634 -12154088.6
BOMBRIL CIRIO-PF BOBRPN BZ 359985634 -12154088.6
BOMBRIL SA-ADR BMBPY US 359985634 -12154088.6
BOMBRIL SA-ADR BMBBY US 359985634 -12154088.6
BUETTNER BUET3 BZ 109743344 -29812083.5
BUETTNER SA BUETON BZ 109743344 -29812083.5
BUETTNER-PREF BUET4 BZ 109743344 -29812083.5
BUETTNER SA-PRF BUETPN BZ 109743344 -29812083.5
BUETTNER SA-RTS BUET1 BZ 109743344 -29812083.5
BUETTNER SA-RT P BUET2 BZ 109743344 -29812083.5
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
REDE ENERGIA SA REDE3 BZ 1175265498 -62202546.7
CAIUA SA ELCON BZ 1175265498 -62202546.7
REDE EMPRESAS-PR REDE4 BZ 1175265498 -62202546.7
CAIUA SA-PREF ELCPN BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCA6 BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCBN BZ 1175265498 -62202546.7
CAIUA SA-RTS ELCA2 BZ 1175265498 -62202546.7
CAIUA SA-DVD CMN ELCA11 BZ 1175265498 -62202546.7
CAIUA SA-RCT PRF ELCA10 BZ 1175265498 -62202546.7
CAIUA SA-DVD COM ELCA12 BZ 1175265498 -62202546.7
CAIUA ELEC-C RT ELCA1 BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCAN BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCA5 BZ 1175265498 -62202546.7
CAIVA SERV DE EL 1315Z BZ 1175265498 -62202546.7
CHIARELLI SA CCHI3 BZ 10063296.6 -79357620
CHIARELLI SA CCHON BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHI4 BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHPN BZ 10063296.6 -79357620
IGUACU CAFE IGUA3 BZ 241713948 -76084456.4
IGUACU CAFE IGCSON BZ 241713948 -76084456.4
IGUACU CAFE IGUCF US 241713948 -76084456.4
IGUACU CAFE-PR A IGUA5 BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGCSAN BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGUAF US 241713948 -76084456.4
IGUACU CAFE-PR B IGUA6 BZ 241713948 -76084456.4
IGUACU CAFE-PR B IGCSBN BZ 241713948 -76084456.4
SCHLOSSER SCLO3 BZ 57116502.2 -55719508.9
SCHLOSSER SA SCHON BZ 57116502.2 -55719508.9
SCHLOSSER-PREF SCLO4 BZ 57116502.2 -55719508.9
SCHLOSSER SA-PRF SCHPN BZ 57116502.2 -55719508.9
COBRASMA CBMA3 BZ 83714759.4 -2293331419
COBRASMA SA COBRON BZ 83714759.4 -2293331419
COBRASMA-PREF CBMA4 BZ 83714759.4 -2293331419
COBRASMA SA-PREF COBRPN BZ 83714759.4 -2293331419
D H B DHBI3 BZ 110495982 -162541773
DHB IND E COM DHBON BZ 110495982 -162541773
D H B-PREF DHBI4 BZ 110495982 -162541773
DHB IND E COM-PR DHBPN BZ 110495982 -162541773
DOCA INVESTIMENT DOCA3 BZ 273120342 -211736207
DOCAS SA DOCAON BZ 273120342 -211736207
DOCA INVESTI-PFD DOCA4 BZ 273120342 -211736207
DOCAS SA-PREF DOCAPN BZ 273120342 -211736207
DOCAS SA-RTS PRF DOCA2 BZ 273120342 -211736207
FABRICA RENAUX FTRX3 BZ 66603693.6 -76419244.2
FABRICA RENAUX FRNXON BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FTRX4 BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FRNXPN BZ 66603693.6 -76419244.2
HAGA HAGA3 BZ 19421487.9 -46077943.1
FERRAGENS HAGA HAGAON BZ 19421487.9 -46077943.1
FER HAGA-PREF HAGA4 BZ 19421487.9 -46077943.1
FERRAGENS HAGA-P HAGAPN BZ 19421487.9 -46077943.1
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
IGB ELETRONICA IGBR3 BZ 363687063 -27195507.3
GRADIENTE ELETR IGBON BZ 363687063 -27195507.3
GRADIENTE-PREF A IGBR5 BZ 363687063 -27195507.3
GRADIENTE EL-PRA IGBAN BZ 363687063 -27195507.3
GRADIENTE-PREF B IGBR6 BZ 363687063 -27195507.3
GRADIENTE EL-PRB IGBBN BZ 363687063 -27195507.3
GRADIENTE-PREF C IGBR7 BZ 363687063 -27195507.3
GRADIENTE EL-PRC IGBCN BZ 363687063 -27195507.3
HOTEIS OTHON SA HOOT3 BZ 253308748 -83119368.3
HOTEIS OTHON SA HOTHON BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOOT4 BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOTHPN BZ 253308748 -83119368.3
RENAUXVIEW SA TXRX3 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXON BZ 97868151.6 -91899413.1
RENAUXVIEW SA-PF TXRX4 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXPN BZ 97868151.6 -91899413.1
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
ESTRELA SA ESTR3 BZ 72008697.6 -116219949
ESTRELA SA ESTRON BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTR4 BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTRPN BZ 72008697.6 -116219949
WETZEL SA MWET3 BZ 102020563 -6073582.74
WETZEL SA MWELON BZ 102020563 -6073582.74
WETZEL SA-PREF MWET4 BZ 102020563 -6073582.74
WETZEL SA-PREF MWELPN BZ 102020563 -6073582.74
MINUPAR MNPR3 BZ 136398462 -91947867.2
MINUPAR SA MNPRON BZ 136398462 -91947867.2
MINUPAR-PREF MNPR4 BZ 136398462 -91947867.2
MINUPAR SA-PREF MNPRPN BZ 136398462 -91947867.2
NORDON MET NORD3 BZ 12386508.7 -33450200.1
NORDON METAL NORDON BZ 12386508.7 -33450200.1
NORDON MET-RTS NORD1 BZ 12386508.7 -33450200.1
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 48003655.5 -18502124.9
RECRUSUL SA RESLON BZ 48003655.5 -18502124.9
RECRUSUL-PREF RCSL4 BZ 48003655.5 -18502124.9
RECRUSUL SA-PREF RESLPN BZ 48003655.5 -18502124.9
PETRO MANGUINHOS RPMG3 BZ 246810937 -224879124
PETRO MANGUINHOS MANGON BZ 246810937 -224879124
PET MANGUINH-PRF RPMG4 BZ 246810937 -224879124
PETRO MANGUIN-PF MANGPN BZ 246810937 -224879124
RIMET REEM3 BZ 103098361 -185417655
RIMET REEMON BZ 103098361 -185417655
RIMET-PREF REEM4 BZ 103098361 -185417655
RIMET-PREF REEMPN BZ 103098361 -185417655
SANSUY SNSY3 BZ 192536335 -145445052
SANSUY SA SNSYON BZ 192536335 -145445052
SANSUY-PREF A SNSY5 BZ 192536335 -145445052
SANSUY SA-PREF A SNSYAN BZ 192536335 -145445052
SANSUY-PREF B SNSY6 BZ 192536335 -145445052
SANSUY SA-PREF B SNSYBN BZ 192536335 -145445052
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
TEKA TEKA3 BZ 407967021 -392649052
TEKA TEKAON BZ 407967021 -392649052
TEKA-PREF TEKA4 BZ 407967021 -392649052
TEKA-PREF TEKAPN BZ 407967021 -392649052
TEKA-ADR TKTPY US 407967021 -392649052
TEKA-ADR TKTQY US 407967021 -392649052
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 656823700 -17327661.6
VULCABRAS SA VULCON BZ 656823700 -17327661.6
VULCABRAS AZ-PRF VULC4 BZ 656823700 -17327661.6
VULCABRAS SA-PRF VULCPN BZ 656823700 -17327661.6
VULCABRAS-RT PRF VULC11 BZ 656823700 -17327661.6
LOJAS ARAPUA LOAR3 BZ 60020270.1 -3542047972
LOJAS ARAPUA LOARON BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOAR4 BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOARPN BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF 52353Z US 60020270.1 -3542047972
LOJAS ARAPUA-GDR 3429T US 60020270.1 -3542047972
LOJAS ARAPUA-GDR LJPSF US 60020270.1 -3542047972
BATTISTELLA BTTL3 BZ 158330518 -36518145.6
BATTISTELLA-PREF BTTL4 BZ 158330518 -36518145.6
SAUIPE SA PSEGON BZ 23615862 -840174.001
SAUIPE PSEG3 BZ 23615862 -840174.001
SAUIPE SA-PREF PSEGPN BZ 23615862 -840174.001
SAUIPE-PREF PSEG4 BZ 23615862 -840174.001
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
COLOMBIA
--------
PUYEHUE RIGHT PUYEHUOS CI 25722049 -4310587.75
PUYEHUE PUYEH CI 25722049 -4310587.75
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *