/raid1/www/Hosts/bankrupt/TCRLA_Public/130910.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, September 10, 2013, Vol. 14, No. 179
Headlines
A R G E N T I N A
EDENOR: Reveals Second Quarter 2013 Results
EDENOR: Moody's Downgrades CFR and Sr. Unsecured Rating to Caa3
* Moody's Rates Two Convexity-Managed Bond Funds 'B-bf'
B R A Z I L
GOL LINHAS: Upgrades to Sabre Technology
OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
OGX PETROLEO: Taps Davis Polk to Represent in Talks With Creditors
C A Y M A N I S L A N D S
AQUA PRO: Shareholder to Hear Wind-Up Report on Sept. 25
CANYON CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 24
T3 CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 4
TEMAGAMI OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 17
UNIVERSAL SOLUTIONS: Shareholder to Hear Wind-Up Report on Oct. 11
J A M A I C A
* JAMAICA: Has Made it Through The Worst, Finance Minister Says
M E X I C O
TRANSPORTADORA GAS: Fitch Affirms Issuer Default Ratings at 'CCC'
P E R U
* To Strengthen Public Mgmt. Control Systems With US$20MM IDB Loan
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
EDENOR: Reveals Second Quarter 2013 Results
-------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. disclosed its
results for the second quarter of 2013.
According to Resolution 250/13 issued by the Secretary of Energy
on May 15, 2013, as of June 30, 2013, the Company recorded an
income of Ps. 2,212.6 million from partial recognition of its
costs under the Cost Monitoring Mechanism, exhibited under the
line "Recognition of major costs - Resolution SE 250/13" within
the Income Statement, which by no means implies a tariff increase
and solely represents a compensation of expenses incurred by the
Company in the past.
A full text copy of the company's financial report is available
free at:
http://is.gd/gzn0Py
All figures are stated in Argentine Pesos and have been prepared
in accordance with International Financing Reporting Standards
("IFRS").
Solely for the convenience of the reader, Peso amounts as of and
for the period ended June 30, 2013, have been translated into U.S.
Dollars at the buying rate for U.S. Dollars quoted by Banco de la
Nacion Argentina (Banco Nacion) on June 30, 2013 of Ps. 5.388.
EDENOR: Moody's Downgrades CFR and Sr. Unsecured Rating to Caa3
---------------------------------------------------------------
Moody's Latin America has downgraded Edenor's corporate family and
senior unsecured ratings to Caa3 from Caa1 and its national scale
rating to Caa3.ar from Ba3.ar. The outlook for all ratings is
negative.
Ratings Rationale:
The downgrade has been prompted by Edenor's continued weak
operating performance in the first half of 2013, inadequate cash
generation along with extremely poor liquidity. The negative
outlook reflects the liquidity constraints the company will
continue to face over coming quarters should the current frozen
tariff position of the company not change.
Edenor's ratings were placed under review on May 2013 after the
company reported accumulated losses that as of March 31 amounted
to ARS 510 million and which as of that date had consumed Edenor's
net worth completely. The review also incorporated the company's
weak cash generation and its inability to fund its day to day cash
needs.
As of June 2013, even though from an accounting point of view
Edenor was able to reverse the previous negative net worth
position at the end of the first quarter, the company's operating
expenses during the second quarter continued to grow causing its
margins to decline and cash generation capability to weaken
further. Only through the substantial reduction of its energy
payments to Cammesa the company was able to sustain its day to day
cash needs. With its tariffs frozen, the company will obviously
need to continue its partial payments to Cammesa and probably
reduce them even further to cover its cash needs, including
operating expenses, capital expenditures and interest on its debt.
The continued absence of a workable cost recovery mechanism (CMM)
in a climate of high inflation has clearly hurt Edenor's
profitability and cash generation. The provisional mechanism by
which the Energy Secretariat has allowed Edenor to retain funds
from the Program for the Rational Use of Electric Power (PUREE),
has become less effective in protecting Edenor's cash flows from
its growing SG&A expenses. In addition, the fixed charge
introduced at the end of last year into Edednor's tariffs (Res.
247) has proven to be totally inadequate in offsetting the ongoing
inflation driven increase in the company's costs and expenses.
For the first half of the year, the fixed charge collected from
Edenor's customers amounted to approximately ARS 250 million while
the increase in operating costs and expenses during the same
period was over ARS 400 million.
Although the company faces no significant debt maturities near
term since most of its debt is not due until 2022 and interest
payments amount to only US$16 million twice a year (next payment
in October), it is at this point highly uncertain how much longer
the company will be able or willing to service its debt. Based
upon the company's cash position at the end of June and the
assumption that future energy payments to Cammesa are reduced
further, the company should be able to make the next two interest
payments this coming October and next April.
The negative outlook reflects Moody's view that Edenor's margins
and cash flows will continue to deteriorate given the continued
cost pressures and the lack of a workable mechanism to recover
those increased costs.
If Edenor's cash generation continues its downward trend and
additional cost pressures are not addressed by an increase or
adjustment to its tariffs the ratings will, most likely, be
downgraded further.
In light of the negative rating outlook and current constraining
factors, near-term prospects for the rating to be upgraded are
extremely limited. A rating upgrade will require the company to
be able to recover its increased costs and begin to reverse the
negative operating margin trend and negative cash generation on a
sustainable basis.
Empresa Distribuidora y Comercializadora Norte S.A (Edenor),
headquartered in Buenos Aires, Argentina, is the country's largest
electricity distribution company. For the last twelve months
ending, June 2013, Edenor reported total revenues of ARS 2.9
billion (approximately US$520 million).
Edenor's ultimate parent, Pampa Energia S.A. (not rated), is the
largest, fully-integrated electricity company in Argentina.
Through its subsidiaries, the company is engaged in the
generation, transmission and distribution of electricity within
the country. Pampa has an installed capacity of approximately
2,187 MW, which represents about 8% of the country's installed
capacity. It also co-controls Transener (not rated), the largest
high-voltage electricity transmission system in Argentina.
* Moody's Rates Two Convexity-Managed Bond Funds 'B-bf'
-------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to two fixed-income funds managed
by Convexity SA SGFCI in Argentina. The global scale and national
scale ratings assigned are as follows:
- Convexity Renta Fija Argentina FCI; rating B-bf/A-bf.ar.
- Convexity FCI Abierto Pymes; rating B-bf/A-bf.ar.
Rating Rationale:
"The fund ratings are based on Moody's evaluation of each of the
funds historical composition and the expectation that Convexity
will continue to maintain maturity-adjusted weighted average
credit quality profiles in a similar manner. Looking at the
funds' histories, their maturity-adjusted weighted average credit
quality profiles are comparable to those of similarly rated peers,
"said Moody's lead analyst Carlos de Nevares.
The principal methodology used in this rating was the Moody's Bond
Fund Rating Methodology published in May 2013.
Convexity SA SGFCI, a new asset manager from local and independent
brokerage group. As of June 2013 Convexity manages approximately
AR$41,0 million in Assets under Management (AUM) or approximately
US$7.7 millions
===========
B R A Z I L
===========
GOL LINHAS: Upgrades to Sabre Technology
----------------------------------------
Travel Agent News reports that GOL Linhas Aereas Inteligentes has
selected Sabre's market intelligence solution to leverage up-to-
date global passenger traffic data from more than 40 industry
sources and across air travel merchandising channels.
The technology agreement gives the airline an understanding of
passenger demand data to help drive more revenue, including the
personalization of the experience for frequent flyers and
corporate travelers while creating business opportunities in their
busiest routes, Sabre said, according to Travel Agent News.
Through the Sabre AirVision Market Intelligence implementation the
airline will have a consolidated and up-to-date picture of all
global markets for analysis, the report notes. The information is
comprised of a combination of historical flights and booking data
to determine new markets and drive more revenue, identify actual
market share and analyze competitors' performance, the report
relates.
Gol Linhas Aereas Inteligentes SA (NYSE:GOL) is a low-cost, low-
fare airline providing service on routes connecting all of
Brazil's cities and from Brazil to cities in South America
and select touristic destinations in the Caribbean.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes. Fitch also assigned a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.
OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
-----------------------------------------------------------------
Luciana Magalhaes, writing for Daily Bankruptcy Review, reported
that Brazilian businessman Eike Batista may seek arbitration
against the decision made by his oil and gas company OGX Petroleo
e Gas Participacoes SA management, which on Sept. 6 demanded $1
billion in new capital from the controlling shareholder.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2. The rating outlook remains negative.
OGX PETROLEO: Taps Davis Polk to Represent in Talks With Creditors
------------------------------------------------------------------
Emily Glazer and Luciana Magalhaes writing for the Wall Street
Journal report that unnamed sources said OGX Petroleo e Gas
Participacoes SA tapped lawyers at Davis Polk & Wardwell LLP to
represent it in talks with creditors even as a split emerged
between the struggling oil firm's managers and its controlling
shareholder.
Restructuring advisers for OGX and its creditors are expected to
meet in New York today, Sept. 10, 2013, to discuss the next steps
as the oil company faces a huge debt load and operational
problems, some of these people said, according to WSJ.
The WSJ notes that Davis Polk, which is based in New York, has
previously worked with OGX and other firms in Eike Batista's EBX
Group, advising them on corporate work, according to the firm's
website. Mr. Batista owns just over 50% of OGX.
The WSJ relates that OGX, the flagship firm in Mr. Batista's
industrial group, ran into trouble after failing to meet
production targets, sending shocks through the interlinked group.
OGX has since discontinued the development of most of its oil
fields, notes the report.
The WSJ discloses that the oil firm has some US$3.6 billion in
bonds outstanding. The value of the bonds has fallen to below 20
cents on the dollar, indicating that investors aren't expecting to
recover much of their initial investment, the report added.
The WSJ relays that OGX is expected soon to propose a debt
restructuring in which bonds would be swapped for shares and the
firm would try to raise fresh capital to help fund operations.
The WSJ notes that the company said it hired advisers at
Blackstone Group LP to consider options to make it financially
viable again.
The WSJ discloses that on Sept. 6, 2013, managers demanded Mr.
Batista honor a commitment made in October 2012 to provide an
extra $1 billion in capital should it be needed, including US$100
million immediately. But the tycoon has balked, saying in a
letter to OGX's management that he questions "the circumstances,
form, content, validity and other legal aspects" of the firm's
request, says the report.
Mr. Batista also said in the letter that if the two sides can't
settle their disagreement in 60 days, he will seek arbitration,
The WSJ relays.
The report added that Fitch Ratings cited Mr. Batista's resistance
in cutting its credit rating on OGX to C from triple-C. OGX needs
new investment to increase production output and operating cash
flow, but absent fresh capital it is likely to default on its
debts "in the near future," Fitch said, The WSJ adds.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participacoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2. The rating outlook remains negative.
==========================
C A Y M A N I S L A N D S
==========================
AQUA PRO: Shareholder to Hear Wind-Up Report on Sept. 25
--------------------------------------------------------
The shareholder of Aqua Pro of Cayman Ltd will receive on
Sept. 25, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Robert R. Kershaw
3592 Willow Lane
Thousand Oaks
California, CA91361, USA
Telephone: +1 (310) 516 9911
Facsimile: +1 (310) 833 4336
CANYON CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 24
--------------------------------------------------------------
The shareholder of Canyon Capital CDO 2001-1 Limited will receive
on Sept. 24, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
Hugh Dickson is the company's liquidator.
T3 CAYMAN: Shareholder to Hear Wind-Up Report on Oct. 4
-------------------------------------------------------
The shareholder of T3 Cayman Holdings Ltd. will hear on Oct. 4,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
TEMAGAMI OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 17
-----------------------------------------------------------------
The shareholder of Temagami Offshore Fund, Ltd. will receive on
Sept. 17, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Gene Dacosta
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
UNIVERSAL SOLUTIONS: Shareholder to Hear Wind-Up Report on Oct. 11
------------------------------------------------------------------
The shareholder of Universal Solutions Limited will receive on
Oct. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: Has Made it Through The Worst, Finance Minister Says
---------------------------------------------------------------
Caribbean360.com reports that Jamaica Finance Minister, Dr. Peter
Phillips said the period of difficulty for the country may be over
as Jamaica has passed the worst as far as the effects of the
structural adjustments are concerned.
However, the report relates that Minister Phillips cautioned that
the country is not yet out of the woods.
Minister Phillips, the report relays, said it will take some time
before all the productive and new productive activities which are
going to take the country out of the difficulty will get started.
The Finance Minister cautioned that the process of simply getting
an idea and moving that idea to a plan will take some time, the
report notes.
Concerning news of a rise in unemployment and declines in some
sectors, Minister Phillips expressed optimism that the economy
will experience growth this fiscal year in keeping with
projections agreed on with the International Monetary Fund (IMF),
the report discloses.
The Finance Minister also signaled that Jamaicans will be spared
from increased taxes over the next few years as the focus will
remain on increasing the tax base, the report relates.
===========
M E X I C O
===========
TRANSPORTADORA GAS: Fitch Affirms Issuer Default Ratings at 'CCC'
-----------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Transportadora Gas del Norte S.A.'s
(TGN) at 'CCC' and its long-term national scale rating at
'CCC(arg)'. In addition, Fitch has affirmed TGN's national Equity
Rating at Primera Clase Nivel 4.
Key Rating Drivers
Limited Ability to Generate Cash: The company's ability to
generate cash has been severely affected by a tariff structure
frozen since 1999, inflation, limitations on natural gas exports,
and peso depreciation. Absent a tariff increase, or any
additional source of funds, TGN's EBITDA is expected to be
negative by year end 2013 and to increase in magnitude over the
next few years.
Weak Credit Profile Following Debt Restructuring: On Aug. 8, 2012,
the company reached consent with 88.04% of the bondholders to
restructure its debt and proceeded to issue USD170.45 million
notes due in 2019 and USD56.8 million claim protection notes which
matured on Aug. 22, 2013. In December 2012, TGN issued USD48.9
million notes due in 2017, to restructure a portion of the debt in
default (discussed below). Fitch anticipates that TGN's ability
to face interest payments on the new debt will be extremely
limited due to its weak operating performance, which is reflected
in its 'CCC' rating. The 'RR4' Recovery Rating on the notes
indicates a recovery prospect of 31%-50%. Fitch notes that
interest is expected to capitalize during the first three years
with a portion capitalizing in year four.
Uncertain Regulatory Environment: Tariffs have remained frozen
since 1999. Although the government ratified a 20% tariff
increase in April 2010, the regulatory entity (ENARGAS) has failed
to approve the new tariff scheme. Should such tariffs be invoiced
by TGN, the funds received would be administered by a special fund
and would be used to finance capital expenditures.
Debt in Default: As of June 2013, outstanding notes in default
amount to USD6.3 million of principal which initially matured in
December 2012, but which TGN defaulted on in December 2008. The
'C' rating of the 2012 notes reflects exceptionally high levels of
credit risk. The 'RR5' indicates the expectation of below-average
recovery prospects given default.
As of June 2013, TGN had USD233 million of financial debt with 95%
consisting of long-term debt; all its debt is denominated in US
dollars. TGN's cash position at the end of June, 2013 was USD91
million. During 2012, TGN's EBITDA decreased to USD18 million
from USD48 million in 2010. Cash generation is expected to
continue to deteriorate on the back of frozen tariffs, increasing
costs, and the reduction in its export revenues. Capital
expenditures decreased to a record low of USD10 million in 2012
from USD15 million in 2011. TGN had built up cash during the
suspension of principal and interest payments, prior to its debt
restructuring in 2012. The company is expected to use such funds
to finance working capital needs and operating cost structure.
Rating Sensitivities
A material deterioration in its liquidity position that affects
TGN's ability to meet operating costs and/or the non-payment of
interest or principal would lead to a negative rating action. An
adequate tariff review that restores TGN's economic equilibrium
could potentially result in a positive rating action.
Fitch has affirmed TGN's ratings as follows:
-- USD250 million notes Series A at 'C/RR5' and national scale
rating at 'D(arg)';
-- USD 250 million notes Series B at 'C/RR5' and national scale
rating at 'D(arg)';
-- USD 170.45 million Step-up Notes at 'CCC/RR4/CCC(arg)' ;
-- USD 49.9 million notes at 'CCC(arg)';
-- Equity rating at Primera Clase Nivel 4
Fitch has also withdrawn the rating of TGN's USD56.8 million Claim
Protection Notes (rated 'CCC/RR4/CCC(arg)' which expired on
Aug. 22, 2013.
TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total gas
consumption. The Argentine government has intervened into TGN's
administration since December 2008. The designated government's
interventor is responsible for supervising all actions related to
the public service. TGN's main shareholders are Gasinvest S.A.
(56.35%) and Blue Ridge Investments LLC (23.53%), while 20% is
floating in the market. Gasinvest S.A. is in turn owned by
Tecpetrol Internacional SL (27.24%), Total Gas y Electricidad
Argentina S.A (20.60%), Total Gasandes (6.63%), Compania General
de Combustibles S.A. (27.24%), RPM Gas S.A. (18.29%).
=======
P E R U
=======
* To Strengthen Public Mgmt. Control Systems With US$20MM IDB Loan
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan for
US$20 million to strengthen the Peruvian government's National
Control System (NCS), which is responsible for conducting
governmental oversight in the context of challenges posed by the
country's growing economic development and the resulting increase
in public expenditure, as well as Peru's ongoing process of
decentralization.
In recent years, the Office of the Comptroller General of the
Republic has significantly enhanced its capacity with a new
management model. However, major challenges remain. Only 14
percent of local governments are subject to effective control,
compared to 75 percent of the national government.
The project seeks to strengthen the consolidation process of the
NCS in order to reduce the gap between demand for oversight and
its availability in Peru's regions and municipalities. The
project supports new roles for government oversight, going beyond
the traditional after the fact controls to a focus on supporting
management and improvement of the efficiency of spending and
prevention capabilities.
In this way, the project supports the development of capacity to
improve the performance of control systems in line with efforts to
foster budgeting by results. The project pays particular
attention to strengthening internal control of public entities.
Expected results include increasing the rate of recommendations
made in financial compliance audits implemented by public
institutions, increasing coverage of control in local governments,
and supporting the adoption of budgeting for results.
More than 2,500 public entities are subject to the NCS, including
more than 1,960 local entities and 175 public enterprises.
The loan has an interest rate based on LIBOR with a disbursement
period of 66 months and a bullet payment due in March 2021. Local
counterpart financing totals US$20 million.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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 * * *