/raid1/www/Hosts/bankrupt/TCRLA_Public/130917.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 17, 2013, Vol. 14, No. 184
Headlines
A R G E N T I N A
BANCO COLUMBIA: Poor Performance Prompts Moody's to Cut Ratings
BANCO FINANSUR: Moody's Assigns (P)B3 Rating to Sr. Debt Program
CORDIAL COMPANIA: Moody's Rates New Debt Program '(P)B2'
* ARGENTINA: To Get US$1.2BB IDB Credit Line for Railroad System
* S&P Lowers Ratings on 4 Argentine Banks to 'CCC+'
* S&P Lowers Rating on Buenos Aries, Argentinean Provinces to CCC+
* S&P Downgrades Ratings on 11 Argentine Corporates
B E R M U D A
TUCKER'S POINT RESORT: Goes Into Receivership, Owes US$130 Million
B R A Z I L
BANCO PINE: Moody's Upgrades Deposit Ratings One Notch to Ba1
OGX PETROLEO: Eike Batista Says Angra Helping With Restructuring
OSX BRASIL: Bondholders Sign Accord to Protect Rights
C A Y M A N I S L A N D S
AOI COMMODITIES: Shareholders' Final Meeting Set for Oct. 18
BLACK RHINO: Shareholder to Hear Wind-Up Report on Oct. 7
BLUEGOLD GENERAL: Shareholders' Final Meeting Set for Oct. 18
FORTITUDE CAPITAL: Shareholder to Hear Wind-Up Report on Oct. 18
GBP FUNDING 2007-A: Shareholders' Final Meeting Set for Oct. 1
GULF STREAM: Shareholders' Final Meeting Set for Oct. 17
HARTVILLE RE: Shareholder to Hear Wind-Up Report on Oct. 14
HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
HILL POND: Shareholder to Hear Wind-Up Report on Oct. 7
RUTLEY CARPOOL: Shareholders' Final Meeting Set for Oct. 18
SCARAB HOLDING: Shareholders' Final Meeting Set for Oct. 18
SECQUAERO INVESTMENT: Shareholders' Final Meeting Set for Oct. 24
SHELF LIFE: Shareholder to Hear Wind-Up Report on Oct. 7
SMITH BREEDEN: Shareholders' Final Meeting Set for Oct. 2
J A M A I C A
NATIONAL COMMERCIAL BANK: Cuts 41 More Jobs
M E X I C O
NICOLAS ROMERO: Moody's Lowers Rating on MXN180-Mil. Loan to B1
* Servicing Transfer No Impact on Proyectos Adamantine's Ratings
P A R A G U A Y
BANCO BILBAO: S&P Affirms 'BB-' Rating; Outlook Stable
T R I N I D A D & T O B A G O
CARONI LIMITED: 4,000 Former Workers Has Yet To Get Promised Lots
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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BANCO COLUMBIA: Poor Performance Prompts Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Latin America downgraded the bank financial strength
rating (BFSR) of Banco Columbia S.A. (Columbia) to E from E+
(plus), lowering the baseline credit assessment (BCA) to caa2 from
b3. Moody's also lowered the global local-and foreign currency
deposit ratings to Caa2/Not Prime, from B3/Not Prime and Caa1/Not
Prime, respectively. In the Argentinean national scale, Moody's
downgraded the deposit ratings to B1.ar from A3.ar and Ba1.ar
respectively. Moody's also downgraded the senior unsecured
multicurrency MTN debt program's local and foreign currency
ratings to (P)Caa2 from (P)B3, and to B1.ar from A3.ar, and
affirmed the short term Not Prime local and foreign currency
global deposits ratings.
The outlook on the bank's BFSR, deposit, and debt ratings remain
negative, given the bank's weak expected performance over the
coming quarters.
The following ratings of Banco Columbia were downgraded:
Bank Financial Strength Rating: to E from E+, negative outlook
Long- and short-term global local-currency deposits: to Caa2/Not
Prime from B3/Not Prime, negative outlook
Long- and short-term foreign-currency deposits: to Caa2/Not Prime,
from Caa1/Not Prime, negative outlook
Long- term global local-and foreign currency MTN debt rating: to
(P)Caa2 from (P)B3, negative outlook
Long-term National Scale local-currency deposit rating: to B1.ar
from A3.ar, negative outlook
Long-term National Scale foreign-currency deposit rating: to B1.ar
from Ba1.ar, negative outlook
Long-term National Scale local-and foreign currency MTN debt
rating: to B1.ar from A3.ar, negative outlook
The following ratings were affirmed:
Short term local and foreign currency deposits at NP
Ratings Rationale:
In lowering Columbia's standalone rating by two notches, Moody's
noted the deterioration of the banks' creditworthiness, and
particularly the weakening of its asset quality, profitability,
and earnings power generation, evidenced by the modest net income
reported in its last fiscal year ended June 2013. Columbia's poor
profits in June 2013, which declined by nearly 96% year-over year,
derived from higher-than-expected credit costs and write offs,
combined with lower business volumes and high operating expenses,
despite still-high net interest margin of 27.6%.
Moody's said that because Columbia lends predominantly to low and
medium income households, its loan portfolio is inherently
vulnerable to credit losses in a less benign economic environment
of high inflation that reduces consumer's purchasing power, as it
has been the case in Argentina. The sharp rise in delinquency
ratios, which reached 15.6% of total loans in June 2013, up from
10.9% in YE2012, reflects the deterioration in the on-balance
consumer finance portfolio, combined with sizable securitizations
and loan sales of higher quality loans. Moreover, because of much
higher securitizations volumes, the bank's on-balance loan book
contracted 12.2% over the past 12 months, thus exacerbating
already poor asset quality metrics. As a result, Columbia
increased provisions by 80% against loan losses, which
significantly affected net income. Despite the asset quality
deterioration, however, the bank's reserve coverage of problem
loans continued to weaken, and accounted for only 45.3% of non-
performing loans as of June 2013, down from 48.9% in YE2012.
Moody's said that in light of the bank's risky targeted client
base and continued asset quality deterioration amidst decelerating
credit conditions and business growth, Columbia's capitalization
will likely remain under pressure. As of June 2013, the reported
Tier 1 capital ratio was 9.8%, but Moody's expects the bank's
capital cushion to decline. Moreover, Columbia faces harsh
competition from peers, which may affect its ability to build
quality loans and revenues, despite its strong loan-generation
capability.
Moody's noted that a key rating driver is the vulnerability of the
bank's funding structure, which is very short-term and primarily
derived from institutional investors and recurrent loan
securitizations, a profile that exposes the bank to volatility in
the cost and availability of funding. Core deposits accounted for
78% of total funding, of which 58% are short-term time deposits.
In that regard, Moody's notes that Columbia's balance sheet is
predominantly short-term, with 60% of the bank's lending portfolio
due within one month, a profile that poses significant operating
costs and commercial efforts in order to rebuild its balance
sheet, with consequent effect on its cost to income ratio.
The negative outlook on the bank's ratings reflects Moody's view
of Columbia's weaken expected performance over the coming
quarters, which may lead to further profitability pressures, which
in turn could weaken the bank's capital levels.
The principal methodology used in this rating was the Global Banks
Industry Methodology published in May 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.
BANCO FINANSUR: Moody's Assigns (P)B3 Rating to Sr. Debt Program
----------------------------------------------------------------
Moody's Latin America assigned a (P)B3 global local currency
senior debt rating to Banco Finansur's senior debt program up to
the amount of ARS 200 million, and a B3 global local currency
senior debt rating to Banco Finansur's first expected issuance for
an amount up to ARS 60 million, which will be due in 18 months. At
the same time, on the National Scale, Moody's assigned A2.ar local
currency debt rating to the program and the expected issuance.
The outlook on all ratings is negative, following the negative
outlook on the sovereign ratings.
The following ratings were assigned to Banco Finansur's:
ARS 200 million Senior debt program:
(P)B3 Global Local Currency Debt Rating, negative outlook.
A2.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.
First issuance up to ARS 60 million:
B3 Global Local Currency Debt Rating, negative outlook.
A2.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.
Ratings Rationale:
Moody's explained that the local currency senior unsecured debt
rating derives from Banco Finansur's B3 global local currency
deposit rating. Finansur's B3 global deposits rating captures the
bank's small franchise, focused on small and medium-sized
companies chiefly through receivables, and retail banking, and its
steady funding sources and adequate asset quality indicators.
However, key risks incorporate the bank's weak profitability
indicators, and the highly competitive market where the bank
operates, which adds pressure to financial margins.
Banco Finansur is headquartered in Buenos Aires, Argentina, and it
had assets of ARS 1,2 billion and deposits of ARS 843 million, as
of June 2013.
The principal methodology used in this rating was Global Banks
published in May 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.
CORDIAL COMPANIA: Moody's Rates New Debt Program '(P)B2'
--------------------------------------------------------
Moody's Latin America assigned a (P)B2 global local currency
senior debt rating to Cordial Compania Financiera S.A.'s senior
debt program up to an amount of ARS 500 million, and a B2 global
local currency senior debt rating to Cordial Compania Financiera
S.A.'s class I and II expected bond issuances for an amount up to
ARS 150 million, which will be due in 270 days and 18 months,
respectively. Both expected issuances together should not exceed
Ar$150 million. At the same time, on the National Scale, Moody's
assigned Aa3.ar local currency debt rating to the program and both
expected issuances.
The outlook on all ratings is negative, following the negative
outlook on the sovereign ratings.
The following ratings were assigned to Cordial Compania Financiera
S.A.:
ARS 500 million Senior debt program:
(P)B2 Global Local Currency Debt Rating, negative outlook.
Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.
Class I expected issuance of a maximum amount of ARS 150 million:
B2 Global Local Currency Debt Rating, negative outlook.
Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.
Class II expected issuance of a maximum amount of ARS 150 million:
B2 Global Local Currency Debt Rating, negative outlook.
Aa3.ar Argentina National Scale Local Currency Debt Rating,
negative outlook.
Ratings Rationale:
Moody's explained that the local currency senior unsecured debt
rating derives from Cordial's B2 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
The B2 global deposit rating derives from Cordial's baseline
credit assessment (BCA) of b3, and incorporates the high
probability of parental support from its shareholder, Banco
Supervielle, currently rated B2. Cordial's rating incorporates its
niche market focus for consumer finance products, chiefly personal
loans, credit cards and the insurance services deriving from its
strategic alliance with Wal-Mart. However, the ratings also
captures Cordial's customer base, which is sensitive to economic
cycles, as well as its loan quality, which has generated high
provisioning costs, thus hurting profitability.
Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS 1,261 million of total assets and ARS
193 million of shareholders' equity as of June 2013.
The principal methodology used in this rating was Global Banks
Methodology published in May 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.
* ARGENTINA: To Get US$1.2BB IDB Credit Line for Railroad System
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a conditional
credit line for US$1.2 billion to finance a program to improve
metropolitan railroads in Argentina. The Bank also approved the
first loan in the credit line for US$300 million for the Plaza
Constitucion La Plata branch of the General Roca Railroad, which
will benefit 2.4 million people in the Buenos Aires metropolitan
area.
The overall objective of the conditional credit line is to help
Argentina upgrade its metropolitan railroads to increase urban
public transport services and improve the quality of life.
The General Roca branch improvements will improve and electrify
passenger service over a distance of 52.6 kilometers. The
project's objective is to reduce travel times and accidents and
improve reliability, in this way increasing ridership in the
Buenos Aires?La Plata corridor.
In the first year of electrified operation, the Plaza
Constitucion La Plata branch will carry an estimated 55 million
passengers. The 9 million people using buses and automobiles are
expected to switch to the railroad, which will help to reduce
traffic congestion and pollution.
Riders on the General Roca line are among the poorest passengers
in the metropolitan railroad system, which is normally used by
low-income people.
Works to be financed by the loan include the rehabilitation and
improvement of track, placement of artwork, upgrading of stations,
implementation of a new signaling and communications system, a
maintenance shop, and underpasses.
The beneficiaries are the residents of the municipalities of
Avellaneda, Quilmes, Berazategui, Ensenada and La Plata, which
comprise the rail line's corridor.
The conditional credit line for up to US$1.2 billion has a term of
10 years and a counterpart contribution of US$300 million.
The first loan under this credit line for up to US$300 million has
a term of 25 years, with a five-year grace period, and an interest
rate based on LIBOR. The local counterpart contribution is US$200
million.
* S&P Lowers Ratings on 4 Argentine Banks to 'CCC+'
---------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale issuer
credit ratings on Banco Hipotecario S.A., Banco Patagonia S.A.,
Banco de Galicia y Buenos Aires S.A., and Banco de la Provincia de
Buenos Aires S.A. to 'CCC+' from 'B-'. In addition, S&P removed
the ratings on Banco de la Provincia de Buenos Aires from
CreditWatch with negative implications, where S&P placed them on
July 4, 2013. The outlook on the ratings is negative.
The downgrade of Argentina is based on increased risks to debt
service stemming from a lawsuit over the debt the government still
maintains in default. The lawsuit could result in the
interruption of payments on bonds currently under New York
jurisdiction, or it could prompt Argentina to undertake a debt
exchange that S&P could view as distressed. Under S&P's criteria,
those outcomes would lead it to lower its rating on Argentina to
'SD' for selective default. Although neither outcome is certain,
S&P believes that there is at least a one-in-three chance of
either occurring within the coming 12 months.
S&P rarely rates financial institutions above the foreign currency
ratings on the countries where they operate because it considers
it unlikely that these institutions would remain unaffected by
developments in their domestic economy. Also, all the financial
institutions operating in Argentina could face indirect effects of
a sovereign downgrade. This is because S&P believes a sovereign
downgrade is normally associated with, or could lead to, a weaker
operating environment for financial institutions, which would very
likely affect their creditworthiness. These trends could harm the
credit fundamentals of these four banks. S&P will continue to
monitor their financial condition closely.
The negative outlook on the banks reflects the outlook on
sovereign ratings. S&P could further lower its rating on
Argentina if it perceives that legal risks to its debt servicing
have increased or have become more imminent. Among other
developments, a decision by the U.S. Supreme Court not to hear the
appeal or the implementation of an exchange proposal that makes
alternative payment arrangements that, in S&P's view, materially
alter the terms of its bond indentures to the detriment of
creditors could prompt a downgrade. On the other hand, if the
U.S. Supreme Court agreed to hear the case or if S&P perceived the
legal risks had moderated, the ratings could stabilize. A
revision the sovereign outlook to stable will trigger a similar
rating action on the four Argentine banks.
* S&P Lowers Rating on Buenos Aries, Argentinean Provinces to CCC+
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign currency
global scale ratings on the city of Buenos Aires and the provinces
of Buenos Aires, Cordoba, and Mendoza to 'CCC+' from 'B-'. The
outlook is negative.
In addition, S&P lowered its global scale ratings on the provinces
of Salta's and Neuquen's amortizing notes to 'CCC+' from 'B-'. At
the same time, S&P removed them from CreditWatch negative.
Also, S&P kept the 'B-' local currency global scale ratings on the
City of Buenos Aires and the provinces of Buenos Aires, Cordoba,
and Mendoza on CreditWatch negative.
These rating actions follows the downgrade of Argentina and its
transfer and convertibility assessment and reflects the close
linkage between the sovereign and the local regional governments
(LRGs) in Argentina. According to S&P's criteria, the foreign
currency global scale ratings on LRGs are capped at the T&C level,
which in the case of Argentina is now 'CCC+'. The local currency
ratings on Argentinean LRGs could be above the sovereign ratings
if any LRG meets a set of conditions and special characteristics.
In such cases, an LRG exhibits sufficient operational and
financial flexibility to deal with the sovereign and country
risks, even in a stress scenario. S&P will assess if there's a
measurable likelihood that any of the Argentinean LRGs' credit
characteristics will remain stronger than those of the sovereign
in a scenario of economic and political stress.
In addition to facing similar economic challenges, all Argentinean
LRGs share critical links with the central government through its
significant revenue distribution (the coparticipation transfers,
which account for about 40% of rated LRGs' total revenues, and
discretional transfers), direct financing of infrastructure
projects, and authorization for the LRGs to issue new debt.
S&P lowered its ratings on Argentina because of increased risks to
debt service stemming from a lawsuit over the debt the government
still maintains in default. The lawsuit could result in the
interruption of payments on bonds currently under New York
jurisdiction, or it could prompt Argentina to undertake a debt
exchange that S&P could view as distressed. Under S&P's criteria,
those outcomes would lead S&P to lower its rating on Argentina to
'SD' for selective default. Although neither outcome is certain,
S&P believes that there is at least a one-in-three chance of
either occurring within the coming 12 months.
The negative outlook on the foreign currency global scale rating
on the city of Buenos Aires and the provinces of Cordoba, Mendoza,
and Buenos Aires reflects the outlook on the sovereign.
S&P will resolve the CreditWatch listing on the local currency
global scale ratings on these four entities by assessing whether
they meet the conditions to be rated above the sovereign in the
local currency within the next three months.
* S&P Downgrades Ratings on 11 Argentine Corporates
----------------------------------------------------
Standard & Poor's Ratings Services lowered the foreign currency
ratings on the following Argentine entities:
-- Aeropuertos Argentina 2000 S.A. (AA2000);
-- Transportadora de Gas del Sur S.A. (TGS);
-- Hidroelectrica Piedra del Aguila S.A. (HPDA);
-- CAPEX S.A.;
-- Alto Palermo S.A.;
-- Alto Parana S.A.;
-- CLISA-Compania Latinoamericana de Infraestructura &
Servicios S.A.;
-- IRSA Inversiones y Representaciones S.A.;
-- Petrobras Argentina S.A.; and
-- RAGHSA S.A.
The outlook on the foreign currency global scale ratings on
AA2000, TGS, HPDA, CAPEX, Alto Palermo, CLISA, IRSA, and RAGHSA
remains negative. At the same time, S&P placed its foreign
currency global scale ratings on Alto Parana and Petrobras
Argentina and its local currency global scale ratings on all
entities (except on Petrobras Argentina) on CreditWatch with
negative implications.
In addition, S&P lowered its local and foreign currency ratings on
Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (IMPSA) and its
fully-owned subsidiary, WPE International Cooperatief U.A.
(WPEIC), to 'B-' from 'B'. At the same time, S&P placed these
ratings on CreditWatch negative.
The rating actions and CreditWatch listing follows the downgrade
of the Republic of Argentina and our transfer and convertibility
assessment (T&C) on it to 'CCC+' from 'B-'. The outlook on the
sovereign remains negative.
The downgrade of Argentina was primarily based on increased risks
to debt service stemming from a lawsuit over the debt the
government still maintains in default. S&P's 'CCC+' T&C
assessment reflects the risk that Argentina's government could
tighten further its exchange control regime to the extent that the
ability of the private sector to service its foreign currency debt
becomes impaired. Argentina already makes use of a range of
exchange controls, and there is a wide disparity between the
official and parallel market exchange rate.
S&P lowered its foreign currency ratings on AA2000, TGS, HPDA,
CAPEX, Alto Palermo, CLISA, IRSA, and RAGHSA to 'CCC+' from 'B-'.
S&P believes that none of these entities would be able to continue
honoring their foreign currency obligations under potential
restrictions to access to foreign currency and/or restrictions on
the ability to transfer money abroad. As a result, S&P's foreign
currency ratings on these entities are at the same level as its
T&C risk assessment for Argentina.
As a result of the sovereign downgrade, S&P also placed the local
currency rating on these eight entities on CreditWatch negative
until it can further assess the impact of a sovereign default on
the Argentine entities' local currency payment capacity. The
CreditWatch listing indicates a 50% chance of a potential
downgrade. S&P expects to resolve this CreditWatch listing in the
next 90 days incorporating, the entities' ability to generate (or
finance) enough local currency resources to honor all their
financial obligations under more stressful conditions associated
with a potential sovereign default.
S&P lowered its foreign currency ratings on Alto Parana and
Petrobras Argentina to 'B-' from 'B' and placed them on
CreditWatch negative. S&P believes that these two entities
benefit from factors that might help them continue honor their
financial obligations under more restrictive capital controls. In
particular, a significant portion of their obligations is fully
guaranteed by their respective parents. Nevertheless, the
CreditWatch listing indicates a 50% chance of a potential further
one-notch downgrade. S&P expects to resolve the CreditWatch
listing during the next 90 days by reassessing their parents'
ability to provide additional extraordinary and timely support if
needed under more stressful sovereign and T&C situations.
Finally, the downgrade of IMPSA is due to its weakening financial
performance and credit metrics amid still-limited cash
contributions from its operations in Brazil and significant
exposure to Argentina. S&P expects to resolve the CreditWatch
listing on IMPSA in the next 90 days by reassessing to what extent
the company would be able to withstand stressful conditions in a
hypothetical sovereign default and T&C restrictions. The partly
offsetting factors include the company's sizable operations in
Brazil and its low cross-border debt allocated in Argentina.
The negative outlook on the foreign currency ratings on all these
entities (except on Alto Parana, IMPSA, and Petrobras Argentina)
mirrors that of the Republic of Argentina. It also reflects S&P's
views that credit quality for the corporate sector in the country
may continue to deteriorate based on a weaker operating
environment (including high inflation and gradual devaluation of
the local currency), a challenging refinancing scenario, increased
regulatory risk, and higher uncertainties regarding the ability to
access foreign currency.
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B E R M U D A
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TUCKER'S POINT RESORT: Goes Into Receivership, Owes US$130 Million
------------------------------------------------------------------
Caribbean360.com reports that Tucker's Point, one of recession-hit
Bermuda's top resorts, with a debt of more than US$130 million,
has been placed into receivership.
The announcement of the receivership is seen as a fresh blow for
the island's struggling tourism industry and Tourism Minister
Shawn Crockwell admitted government was "disappointed" by the
news, according to Caribbean360.com.
"We had hoped it could have been avoided. Despite rising
occupancy rates, the resort operation has been struggling for
years with significant debt challenges," Mr. Crockwell said,
adding "although we are not aware of all the details, we are
encouraged by the fact that Rosewood Hotels & Resorts has agreed
to continue operating the luxury property on a business-as-usual
basis. . . . It is a sign of confidence by one of the world's
leading hoteliers," notes the report.
The 88-room hotel employs an estimated 300 people. Roy Bailey and
Keiran Hutchison, of Ernst & Young Bermuda, confirmed they have
been appointed joint receivers of Bermuda Properties Ltd and
certain subsidiaries, which own the Tucker's Point resort,
according to Caribbean360.com
The report relates that they stressed the receiverships were to
effect a financial restructuring and the resort would continue to
operate as normal.
Mr. Bailey said the loan outstanding to HSBC, Bermuda's largest
bank, is more than US$100 million, and the majority of some US$50
million is owed to leading insurers Argus and Bermuda Fire &
Marine, a level of debt too high for resort to support, the report
relays.
The report notes that International group Rosewood Hotels &
Resorts will continue to operate Tucker's Point. Mr. Bailey said
all bookings would be honored and staff would continue in their
jobs, the report added.
Caribbean360.com says that Ernst & Young teams have already been
to the resort -- which opened in 2009 on the site of the former
Marriott Hotel -- to begin meeting staff.
Mr. Crockwell said the "setback" offered an opportunity to
restructure the resort's financial situation, the report notes.
"Rosewood Tucker's Point is an outstanding property -- world-class
in its setting and facilities -- whose best days are ahead, and
government will work with management and staff to support its
future success," the report quoted Mr. Crockwell as saying.
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B R A Z I L
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BANCO PINE: Moody's Upgrades Deposit Ratings One Notch to Ba1
-------------------------------------------------------------
Moody's Investors Service has raised Banco Pine S.A.'s baseline
credit assessment (BCA) to ba1, from ba2, and upgraded the bank's
long-term global local and foreign currency deposit ratings to
Ba1, from Ba2. At the same time, Moody's also upgraded the long-
term foreign-currency senior unsecured debt rating to Ba1, from
Ba2, the long-term foreign-currency subordinated debt rating to
Ba2, from Ba3, and the long-term Brazilian national scale deposit
rating to Aa2.br, from A1.br. Pine's bank financial strength was
also upgraded to D+, from D. Moody's affirmed the short-term
global local and foreign currency deposit ratings at Not Prime and
the short-term Brazilian national scale deposit rating of BR-1.
The outlook on all ratings is now stable.
The following ratings of Banco Pine were upgraded:
Long-term global local-currency deposit rating: to Ba1 from Ba2,
stable outlook
Long-term foreign-currency deposit rating: to Ba1 from Ba2, stable
outlook
Long-term Brazilian national scale deposit rating: to Aa2.br from
A1.br, stable outlook
Long-term foreign-currency senior unsecured debt rating: to Ba1
from Ba2, stable outlook
Long-term foreign-currency subordinated debt rating: to Ba2 from
Ba3, stable outlook
Bank financial strength: to D+ from D, stable outlook
The following ratings of Banco Pine were affirmed:
Short-term global local-currency deposit rating of Not Prime
Short-term foreign-currency deposit rating of Not Prime
Short-term Brazilian national scale deposit rating of BR-1
Ratings Rationale:
In upgrading Pine's ratings, Moody's acknowledged the relative
stability of its financial metrics, and particularly its asset
quality, profitability and capitalization, which benefit from the
business and earnings diversification derived from the bank's
broader franchise. Having shifted its focus towards the corporate
and upper-middle commercial lending segments, Pine added
investment banking and derivatives capabilities to complement its
product offering and boost earnings generation, while leveraging
customers' coverage and demand. The consolidation of the bank's
strategic positioning has resulted in a track record of
profitability and asset quality, which contrasts with the more
volatile performance of other mid-size peer banks.
Moody's noted that as Pine continues to grow its wholesale banking
operations, its balance sheet will likely reflect the lower risk
and lower profitability that is associated with corporate lending.
More recently, margins have narrowed in line with lower policy
rates and increased competition, a trend that also reflects the
subdued economic conditions that have led to more cautious loan
origination. Pine's revenue generation, however, has been boosted
by fee-based earnings from its complementary business lines,
including investment banking and client derivatives, which
combined accounted for 36.5% of earnings in June 2013. Moreover,
contained credit and operating costs also support the bank's
profitability.
Nevertheless, Pine's single loan concentrations measured against
its core earnings and Tier 1 capital are particularly large
relative to peers, and will likely remain high in light of its
increasingly corporate business focus. Sizable concentrations
exposes the bank's balance sheet to potential asset quality and
earnings volatility in case of stress, and are a key constrain to
ratings, Moody's said. In this context, Pine's capital and
reserves buffers seem appropriate to absorb unexpected loan and
investment losses that could derive from potentially more volatile
assets and earnings, according to Moody's stress scenarios. Pine's
capitalization ratios benefit from lower regulatory risk weighting
for corporate loans, and from a relatively low leverage that could
support further growth. In addition, they incorporate minority
participation of international shareholders such as Germany's DEG
(Deutsche Investitions-und Entwicklungsgesellschaft mbH) and
France's ProParco (Societe de Promotion et de Participation pour
la Cooperation Economique).
Moody's noted management's efforts to diversify the bank's funding
sources and reduce balance sheet tenor mismatches, therefore,
limiting liquidity risk, which is a positive development. However,
the bank's funding remains predominantly wholesale-based, and
therefore, expensive and confidence-sensitive, which is an
intrinsic limitation to the ratings.
The stable outlook on the ratings reflects Moody's assessment of
limited probability of upward movement over the outlook horizon,
and incorporates the expectation that Pine's business model and
earnings performance will continue to support internal capital
generation, while it manages to maintain healthy asset quality.
The rating could come under pressure if Pine experiences sudden
asset quality deterioration as a result of distressed large
exposures. Also, outsized earnings volatility resulting from
increased risk appetite or control issues in the bank's
alternative business could negatively affect the ratings.
The last rating action on Pine was on August 23, 2012, when
Moody's affirmed Pine's bank financial strength at D, long-term
global local and foreign currency deposit ratings at Ba2, long-
term global foreign currency senior and subordinated debt ratings
at Ba2 and Ba3, respectively, and long-term Brazilian national
scale deposit rating at A1.br. The outlook on all ratings was
changed to positive from stable.
The principal methodology used in rating this bank was "Global
Banks" published on 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 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.
Banco Pine S.A. is headquartered in Sao Paulo, Brazil. As of June
30, 2013, the bank had total assets of approximately BRL10.5
billion ($4.7 billion) and equity of BRL1.26 billion ($570
million).
OGX PETROLEO: Eike Batista Says Angra Helping With Restructuring
----------------------------------------------------------------
Paulo Winterstein, writing for Daily Bankruptcy News, reports that
Brazilian businessman Eike Batista confirmed he hired Angra
Partners to advise his EBX Group as OGX Petroleo e Gas
Participaaoes S.A. weathers financial difficulties.
However, Mr. Batista denied there were conflicts between Angra and
company executives, Daily Bankruptcy News reports.
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.
OSX BRASIL: Bondholders Sign Accord to Protect Rights
-----------------------------------------------------
Reuters, citing the Estado de S. Paulo newspaper, reports that
investors holding about US$300 million of shipbuilder OSX Brasil
SA's debt signed an agreement to protect their rights in case the
company controlled by Brazilian tycoon Eike Batista is unable make
bond payments.
The accord was signed by seven large investment funds with about
US$200 million in OSX bonds and other investors holding about
US$100 million, Estado said, without naming a source, according to
Reuters. OSX has US$500 million in international bonds
outstanding, the paper said, the report notes.
Reuters relates that under the agreement, the signatories have
agreed not to sell their holdings, the paper reported.
The newspaper said OSX debt is trading at about 80 percent of face
value, notes the report. That compares with less than 20 percent
for Oil Company OGX's bonds, Reuters relays. Despite being
dependent on OGX for its revenue, OSX debt is outperforming OGX
debt because OSX pledged the OGX-3 FPSO as collateral against non-
payment, note the report.
Reuters says lower than expected output at OGX's offshore fields
led to a meltdown in the value of OGX, OSX and other companies in
Batista's EBX energy, port, shipbuilding and mining group. A more
than 90 percent drop in the value of most of the six EBX Group
companies in the last year has also reduced Batista's ability to
keep investing in EBX companies, most of which are start-ups with
little or no revenue, says Reuters.
Reuters notes that the OGX-3 oil production ship recently arrived
in Rio de Janeiro from Singapore to work in OGX's Tubarao Martelo
offshore oil field. OSX bondholders are looking at how to seize
ownership of the ship if needed, Estado said, Reuters 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 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
==========================
AOI COMMODITIES: Shareholders' Final Meeting Set for Oct. 18
------------------------------------------------------------
The shareholders of AOI Commodities Offshore Ltd will hold their
final meeting on Oct. 18, 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:
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
BLACK RHINO: Shareholder to Hear Wind-Up Report on Oct. 7
---------------------------------------------------------
The shareholder of Black Rhino Fund, Ltd. will receive on Oct. 7,
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:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
BLUEGOLD GENERAL: Shareholders' Final Meeting Set for Oct. 18
-------------------------------------------------------------
The shareholders of Bluegold General Partner Inc. will hold their
final meeting on Oct. 18, 2013, at 9:30 a.m., to receive 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
FORTITUDE CAPITAL: Shareholder to Hear Wind-Up Report on Oct. 18
----------------------------------------------------------------
The shareholder of Fortitude Capital Extension (Caymans) Fund will
receive on Oct. 18, 2013, at 9:00 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
GBP FUNDING 2007-A: Shareholders' Final Meeting Set for Oct. 1
--------------------------------------------------------------
The shareholders of GBP Funding 2007-A will hold their final
meeting on Oct. 1, 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:
Alan Levy
c/o Barnaby Gowrie
Telephone: +1 (345) 914 6365
GULF STREAM: Shareholders' Final Meeting Set for Oct. 17
--------------------------------------------------------
The shareholders of Gulf Stream Finance Limited will hold their
final meeting on Oct. 17, 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:
Westport Services Ltd.
c/o Gillian Allan
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
HARTVILLE RE: Shareholder to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------
The shareholder of Hartville Re will receive on Oct. 14, 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:
RSM Cayman Ltd.
Harbour Place, 2nd Floor
George Town, PO Box 10311
Grand Cayman KY1-1003
Cayman Islands
HIGHBRIDGE MANAGED: Shareholder to Hear Wind-Up Report on Oct. 18
-----------------------------------------------------------------
The shareholder of Highbridge Managed Portfolio Feeder, Ltd. will
receive on Oct. 18, 2013, at 8:45 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
HILL POND: Shareholder to Hear Wind-Up Report on Oct. 7
-------------------------------------------------------
The shareholder of Hill Pond Fund, Ltd. will receive on Oct. 7,
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:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
RUTLEY CARPOOL: Shareholders' Final Meeting Set for Oct. 18
-----------------------------------------------------------
The shareholders of Rutley Carpool (Cayman) Limited will hold
their final meeting on Oct. 18, 2013, at 9:15 a.m., to receive 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
SCARAB HOLDING: Shareholders' Final Meeting Set for Oct. 18
-----------------------------------------------------------
The shareholders of Scarab Holding Limited will hold their final
meeting on Oct. 18, 2013, at 9:45 a.m., to receive 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
SECQUAERO INVESTMENT: Shareholders' Final Meeting Set for Oct. 24
-----------------------------------------------------------------
The shareholders of Secquaero Investment Management (Cayman) Ltd
will hold their final meeting on Oct. 24, 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 House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
SHELF LIFE: Shareholder to Hear Wind-Up Report on Oct. 7
--------------------------------------------------------
The shareholder of Shelf Life Fund will receive on Oct. 7, 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:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
SMITH BREEDEN: Shareholders' Final Meeting Set for Oct. 2
---------------------------------------------------------
The shareholders of Smith Breeden Short Duration Ltd will hold
their final meeting on Oct. 2, 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:
Smith Breeden Associates Inc.
c/o Barnaby Gowrie
Telephone: +1 (345) 914 6365
=============
J A M A I C A
=============
NATIONAL COMMERCIAL BANK: Cuts 41 More Jobs
-------------------------------------------
Jamaica Observer reports that National Commercial Bank Jamaica
(NCB) let go 41 employees in its latest round of redundancies on
Sept. 13, 2013.
After a critical review of its business mode, the bank said it
embarked on a number of supporting strategic initiatives,
according to Jamaica Observer.
"To position the NCB Group to respond to a volatile, uncertain and
dynamic environment, we embarked on an organizational
transformation strategy dedicated to these initiatives. . . . A
major component of our transformation efforts has the been the
development of a lean operating model, a comprehensive review of
our operating processes and procedures and the subsequent design
and implementation of the staffing mix required to support the
reconfigured model," said a statement issued by the banking group
on Sept. 13, the report notes.
The report relates that prior to the redundancies the banking
group had 2,469 staff, not including the 254 at Advantage General
Insurance, which is being acquired by NCB.
The report discloses that Rickert Allen, NCB senior general
manager of group human resources, said the positions that are
being affected range across all categories from tellers up to
senior managers.
"While it is a difficult decision, since it affects the lives of
members of our team, we believe it is the best decision to ensure
our sustainability and the attainment of our aspirations," said
the bank, the report adds.
===========
M E X I C O
===========
NICOLAS ROMERO: Moody's Lowers Rating on MXN180-Mil. Loan to B1
---------------------------------------------------------------
Moody's de Mexico downgraded the debt ratings on the MXN 180
million enhanced loan from Banco Interacciones to the Municipality
of Nicolas Romero to B1 (Global Scale, local currency) from Ba3,
and to Baa2.mx (Mexico National Scale) from Baa1.mx.
The MXN 180 million enhanced loan is payable through a trust
(Monex F/201), to which the municipality has pledged the flows and
rights of 20% of its federal participation transfers. The loan is
denominated in Mexican pesos and has a maturity of 15 years at an
interest rate composed of the 28-day Mexican Interbank Interest
Rate (TIIE) plus a spread.
Ratings Rationale:
The downgrade reflects the effect of the increase in the loan
amount to MXN 180 million from the original MXN 150 million
contracted in 2010. The addendum to the original contract that
allowed the increase kept the same legal enhancements and clauses.
The increase in the loan with no change to the maturity date leads
to a deterioration in the debt service coverage under Moody's base
case and stress scenarios to 1.1x and 1.0x, respectively.
Moreover, the loan has moderate reserve levels that represent a
cushion of 1.5 months against payment delays.
What Could Change The Ratings Up/Down
An upgrade of the Municipality of Nicolas Romero's issuer ratings
would likely result in an upgrade of the ratings on the loan. Debt
service coverage significantly exceeding Moody's forecasts could
also exert upward pressure on the rating.
Conversely, the debt ratings could face downward pressure if debt
service coverage levels fall materially below Moody's
expectations. Given the links between the loan and the credit
quality of the obligor, a downgrade of the Municipality of Nicolas
Romero could also exert downward pressure on debt ratings for this
loan.
The principal methodologies used in this rating were Enhanced
Municipal and State Loans in Mexico published on January 2011 and
Regional and Local Governments published on 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.
* Servicing Transfer No Impact on Proyectos Adamantine's Ratings
----------------------------------------------------------------
Moody's de Mexico stated that its ratings of the mortgage-backed
securities would not be downgraded or withdrawn as of September
13, 2013, only as a result of the execution of Proyectos
Adamantine, S.A. de C.V.'s ("Proyectos Adamantine") proposal to
transfer the primary servicing of certain mortgage loans from
Credito Inmobiliario S.A. de C.V. ("CI") to Adamantine Servicios
S.A. de C.V. ("Adamantine Servicios ") (the "Proposed Amendment").
Moody's notes that the procedures and formalities set out in the
documents of the structures should be followed in order to approve
Proyectos Adamantine's proposal, as master servicer, to appoint
Adamantine Servicios as substitute primary servicer prior to the
execution of a new servicing agreement.
The affected certificates and their ratings are as follows:
- MXMACFW 07-3U Class A Certificates B3 (sf) (Global Scale, Local
Currency), B1.mx (sf) (Mexican National Scale); underlying ratings
Ca (sf) (Global Scale, Local Currency), Ca.mx (sf) (Mexican
National Scale)
- MXMACFW 07-4U Class B Certificates C (sf) (Global Scale, Local
Currency), C.mx (sf) (Mexican National Scale)
- MXMACFW 07-5U Class A Certificates B3 (sf) (Global Scale, Local
Currency), B1.mx (sf) (Mexican National Scale); underlying ratings
C (sf) (Global Scale, Local Currency), C.mx (sf) (Mexican National
Scale)
- MXMACFW 07-6U Class B Certificates C (sf) (Global Scale, Local
Currency), C.mx (sf) (Mexican National Scale)
In response to Proyectos Adamantine's request, Moody's analyzed
the credit impact of the Proposed Amendment. Moody's opinion, as
of this date, reflects only the credit impact of the Proposed
Amendment. At this time, the Proposed Amendment will not, in and
of itself, result in a reduction or withdrawal of the current
credit ratings on the Obligations. It is not a determination by
Moody's as to whether any such amendments could have any adverse
effect on any security holder that is not related to credit risk.
Further, this opinion does not preclude the possible future
downgrade or withdrawal of the current ratings for any reason.
Moody's opinion was based in part on information provided by
Proyectos Adamantine and the expected impact of a servicing
transfer on pool performance, mortgage collections, and the
trust's ability to meet timely interest payments on the affected
securities.
In order to assess the magnitude of the risks, Moody's considered
the following key factors and evaluated how they apply to the
specific circumstances of each transaction: a) the concentration
of Credito Inmobiliario serviced loans in the different
securitized pools to determine the extent of the potential
interruption to mortgage collections, b) MBIA's financial
guarantee for the benefit of the senior certificates MXMACFW 07-3U
and MXMACFW 07-5U covering interest payment shortfalls and c) the
incentives to align Proyectos Adamantine' interests with those of
investors given its ownership of the residual certificates.
Moody's also considered Proyectos Adamantine's role as master
servicer of the two affected transactions. Proyectos Adamantine's
role is expected to facilitate the servicing transfer process
given its familiarity with Credito Inmobiliario's historical loan-
by-loan servicing data.
===============
P A R A G U A Y
===============
BANCO BILBAO: S&P Affirms 'BB-' Rating; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long term
and 'B' short term ratings on Banco Bilbao Vizcaya Argentaria
Paraguay S.A. (BBVA Paraguay). The outlook is stable.
The ratings on BBVA Paraguay reflect the bank's "strong" business
position, "weak" capital and earnings, "adequate" risk position,
"average" funding, and "adequate" liquidity, as defined by S&P's
criteria.
S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. S&P's anchor for a commercial bank
operating only in Paraguay is 'b+'. S&P's economic risk score on
Paraguay is '10', based on its view that Paraguay's economy
depends largely on agriculture and international trade, and its
monetary flexibility is limited. S&P's industry risk score on
Paraguay is '7', reflecting its belief that the Paraguayan
financial system has an aggressive risk appetite, as demonstrated
by rapid credit growth, and that the scope of supervision is
limited. Despite a significant increase in domestic credit during
the past four years, the economy still has relatively low
leverage.
S&P believes BBVA Paraguay is a moderately strategically important
subsidiary for its Spain-based parent, Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; BBB-/Negative/A-3), which owns 99.99% of
the bank's equity. "BBVA Paraguay's strategy and operations are
aligned to those of its parent. BBVA Paraguay's subsidiary status
means that the credit rating on the bank could be one notch higher
than its stand-alone credit profile (SACP) of 'bb-', said Standard
& Poor's credit analyst Ivana Recalde. Nevertheless, the credit
rating on the bank is limited by the foreign currency rating on
Paraguay (BB-/Stable/B), given its exposure to the Paraguayan
economy.
===============================
T R I N I D A D & T O B A G O
===============================
CARONI LIMITED: 4,000 Former Workers Has Yet To Get Promised Lots
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Nirvan Maharaj, All
Trinidad General Workers Trade Union (ATGWTU) president general,
said an estimated 4,000 ex-Caroni workers have not received either
their agricultural or residential plots of lands promised to them
following the closure of Caroni Limited in 2003.
Mr. Maharaj was responding to statements by Lands and Marine
Affairs Minister, Jairam Seemungal, who, at a lease distribution
ceremony on September 11, accused former Caroni workers of being
their own hindrance to obtaining residential and agricultural
plots, according to Trinidad and Tobago Newsday. The lands were
part of the Voluntary Separation of Employment Packages (VSEP)
offered to former Caroni workers.
The report notes that Mr. Maharaj laid the blamed at the previous
PNM Administration and the People's Partnership Government saying
both had breached the 2007 Deyalsingh judgment which ordered each
ex-Caroni worker be allotted a two-acre agricultural plot and
residential lot.
Mr. Maharaj, the report relates, said the union was prepared to
provide Mr. Seemungal with a document outlining the "failure" of
State agencies, such as Caroni (1975) Limited and EMBD, to provide
infrastructure such as drainage, irrigation systems, crossings and
ponds "to facilitate a smooth transition for ex-Caroni workers
after the closure of the sugar industry".
===============
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)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 18737018.1 -11880129.9
ALL ORE MINERACA STLB3 BZ 18737018.1 -11880129.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256.1 -17154462.1
ARTHUR LAN-DVD P ARLA12 BZ 11642256.1 -17154462.1
ARTHUR LANGE ARLA3 BZ 11642256.1 -17154462.1
ARTHUR LANGE SA ALICON BZ 11642256.1 -17154462.1
ARTHUR LANGE-PRF ARLA4 BZ 11642256.1 -17154462.1
ARTHUR LANGE-PRF ALICPN BZ 11642256.1 -17154462.1
ARTHUR LANG-RC C ARLA9 BZ 11642256.1 -17154462.1
ARTHUR LANG-RC P ARLA10 BZ 11642256.1 -17154462.1
ARTHUR LANG-RT C ARLA1 BZ 11642256.1 -17154462.1
ARTHUR LANG-RT P ARLA2 BZ 11642256.1 -17154462.1
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454013 -52992212
BATTISTELLA BTTL3 BZ 174796731 -28588662.7
BATTISTELLA-PREF BTTL4 BZ 174796731 -28588662.7
BATTISTELLA-RECE BTTL9 BZ 174796731 -28588662.7
BATTISTELLA-RECP BTTL10 BZ 174796731 -28588662.7
BATTISTELLA-RI P BTTL2 BZ 174796731 -28588662.7
BATTISTELLA-RIGH BTTL1 BZ 174796731 -28588662.7
BIOMM SA BIOM3 BZ 11534236.1 -12761895.5
BIOMM SA-PREF BIOM4 BZ 11534236.1 -12761895.5
BIOMM SA-RT BIOM1 BZ 11534236.1 -12761895.5
BIOMM SA-RT BIOM2 BZ 11534236.1 -12761895.5
BIOMM SA-RTS BIOM9 BZ 11534236.1 -12761895.5
BIOMM SA-RTS BIOM10 BZ 11534236.1 -12761895.5
BOMBRIL BMBBF US 322039321 -20271461.5
BOMBRIL FPXE4 BZ 19416016 -489914907
BOMBRIL BOBR3 BZ 322039321 -20271461.5
BOMBRIL CIRIO SA BOBRON BZ 322039321 -20271461.5
BOMBRIL CIRIO-PF BOBRPN BZ 322039321 -20271461.5
BOMBRIL HOLDING FPXE3 BZ 19416016 -489914907
BOMBRIL SA-ADR BMBPY US 322039321 -20271461.5
BOMBRIL SA-ADR BMBBY US 322039321 -20271461.5
BOMBRIL-PREF BOBR4 BZ 322039321 -20271461.5
BOMBRIL-RGTS PRE BOBR2 BZ 322039321 -20271461.5
BOMBRIL-RIGHTS BOBR1 BZ 322039321 -20271461.5
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 97892219.8 -29984241.8
BUETTNER SA BUETON BZ 97892219.8 -29984241.8
BUETTNER SA-PRF BUETPN BZ 97892219.8 -29984241.8
BUETTNER SA-RT P BUET2 BZ 97892219.8 -29984241.8
BUETTNER SA-RTS BUET1 BZ 97892219.8 -29984241.8
BUETTNER-PREF BUET4 BZ 97892219.8 -29984241.8
CAF BRASILIA CAFE3 BZ 160938144 -149281093
CAF BRASILIA-PRF CAFE4 BZ 160938144 -149281093
CAFE BRASILIA SA CSBRON BZ 160938144 -149281093
CAFE BRASILIA-PR CSBRPN BZ 160938144 -149281093
CAIUA ELEC-C RT ELCA1 BZ 1068602117 -71011565.8
CAIUA SA ELCON BZ 1068602117 -71011565.8
CAIUA SA-DVD CMN ELCA11 BZ 1068602117 -71011565.8
CAIUA SA-DVD COM ELCA12 BZ 1068602117 -71011565.8
CAIUA SA-PREF ELCPN BZ 1068602117 -71011565.8
CAIUA SA-PRF A ELCAN BZ 1068602117 -71011565.8
CAIUA SA-PRF A ELCA5 BZ 1068602117 -71011565.8
CAIUA SA-PRF B ELCA6 BZ 1068602117 -71011565.8
CAIUA SA-PRF B ELCBN BZ 1068602117 -71011565.8
CAIUA SA-RCT PRF ELCA10 BZ 1068602117 -71011565.8
CAIUA SA-RTS ELCA2 BZ 1068602117 -71011565.8
CAIVA SERV DE EL 1315Z BZ 1068602117 -71011565.8
CELGPAR GPAR3 BZ 224346596 -1034483222
CELPA CELP3 BZ 1983995394 -26345832
CELPA-PREF A CELP5 BZ 1983995394 -26345832
CELPA-PREF B CELP6 BZ 1983995394 -26345832
CELPA-PREF C CELP7 BZ 1983995394 -26345832
CELPA-RCT CELP9 BZ 1983995394 -26345832
CELPA-RTS CELP1 BZ 1983995394 -26345832
CENTRAL COST-ADR CCSA LI 355868840 -87473853.9
CENTRAL COSTAN-B CRCBF US 355868840 -87473853.9
CENTRAL COSTAN-B CNRBF US 355868840 -87473853.9
CENTRAL COSTAN-C CECO3 AR 355868840 -87473853.9
CENTRAL COST-BLK CECOB AR 355868840 -87473853.9
CIA PETROLIFERA MRLM3 BZ 377602206 -3014291.81
CIA PETROLIFERA MRLM3B BZ 377602206 -3014291.81
CIA PETROLIFERA 1CPMON BZ 377602206 -3014291.81
CIA PETROLIF-PRF MRLM4 BZ 377602206 -3014291.81
CIA PETROLIF-PRF MRLM4B BZ 377602206 -3014291.81
CIA PETROLIF-PRF 1CPMPN BZ 377602206 -3014291.81
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75975325.5 -2148311127
COBRASMA SA COBRON BZ 75975325.5 -2148311127
COBRASMA SA-PREF COBRPN BZ 75975325.5 -2148311127
COBRASMA-PREF CBMA4 BZ 75975325.5 -2148311127
D H B DHBI3 BZ 110495985 -162541778
D H B-PREF DHBI4 BZ 110495985 -162541778
DHB IND E COM DHBON BZ 110495985 -162541778
DHB IND E COM-PR DHBPN BZ 110495985 -162541778
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
EDENOR-B DNOR AR 1394532241 -3893195.34
EDENOR-B EDN AR 1394532241 -3893195.34
EDENOR-B EDNC AR 1394532241 -3893195.34
EDENOR-B EDND AR 1394532241 -3893195.34
EDENOR-B C/E DNORC AR 1394532241 -3893195.34
EDENOR-B US$ DNORD AR 1394532241 -3893195.34
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
EMP DISTRIB-ADR EDN US 1394532241 -3893195.34
EMP DISTRIB-ADR PWD1 GR 1394532241 -3893195.34
EMPRESA DISTRI-A 0122196D AR 1394532241 -3893195.34
EMPRESA DISTRI-C 0122368D AR 1394532241 -3893195.34
ENDESA COST-ADR CRCNY US 355868840 -87473853.9
ENDESA COSTAN- CECO2 AR 355868840 -87473853.9
ENDESA COSTAN- CECOD AR 355868840 -87473853.9
ENDESA COSTAN- CECOC AR 355868840 -87473853.9
ENDESA COSTAN- EDCFF US 355868840 -87473853.9
ENDESA COSTAN-A CECO1 AR 355868840 -87473853.9
ESTRELA SA ESTR3 BZ 71379818.6 -111239805
ESTRELA SA ESTRON BZ 71379818.6 -111239805
ESTRELA SA-PREF ESTR4 BZ 71379818.6 -111239805
ESTRELA SA-PREF ESTRPN BZ 71379818.6 -111239805
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18875306.2 -40047314.2
FERRAGENS HAGA HAGAON BZ 18875306.2 -40047314.2
FERRAGENS HAGA-P HAGAPN BZ 18875306.2 -40047314.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18875306.2 -40047314.2
HOTEIS OTHON SA HOOT3 BZ 227432125 -70780169.8
HOTEIS OTHON SA HOTHON BZ 227432125 -70780169.8
HOTEIS OTHON-PRF HOOT4 BZ 227432125 -70780169.8
HOTEIS OTHON-PRF HOTHPN BZ 227432125 -70780169.8
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 219009123 -69129785
IGUACU CAFE IGCSON BZ 219009123 -69129785
IGUACU CAFE IGUCF US 219009123 -69129785
IGUACU CAFE-PR A IGUA5 BZ 219009123 -69129785
IGUACU CAFE-PR A IGCSAN BZ 219009123 -69129785
IGUACU CAFE-PR A IGUAF US 219009123 -69129785
IGUACU CAFE-PR B IGUA6 BZ 219009123 -69129785
IGUACU CAFE-PR B IGCSBN BZ 219009123 -69129785
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 54968258.7 -3370955902
LOJAS ARAPUA LOARON BZ 54968258.7 -3370955902
LOJAS ARAPUA-GDR 3429T US 54968258.7 -3370955902
LOJAS ARAPUA-GDR LJPSF US 54968258.7 -3370955902
LOJAS ARAPUA-PRF LOAR4 BZ 54968258.7 -3370955902
LOJAS ARAPUA-PRF LOARPN BZ 54968258.7 -3370955902
LOJAS ARAPUA-PRF 52353Z US 54968258.7 -3370955902
LUPATECH SA LUPA3 BZ 684389276 -151417630
LUPATECH SA LUPAF US 684389276 -151417630
LUPATECH SA -RCT LUPA9 BZ 684389276 -151417630
LUPATECH SA-ADR LUPAY US 684389276 -151417630
LUPATECH SA-RT LUPA11 BZ 684389276 -151417630
LUPATECH SA-RTS LUPA1 BZ 684389276 -151417630
MINUPAR MNPR3 BZ 119382337 -92195102.2
MINUPAR SA MNPRON BZ 119382337 -92195102.2
MINUPAR SA-PREF MNPRPN BZ 119382337 -92195102.2
MINUPAR-PREF MNPR4 BZ 119382337 -92195102.2
MINUPAR-RCT 9314634Q BZ 119382337 -92195102.2
MINUPAR-RCT 0599564D BZ 119382337 -92195102.2
MINUPAR-RCT MNPR9 BZ 119382337 -92195102.2
MINUPAR-RT 9314542Q BZ 119382337 -92195102.2
MINUPAR-RT 0599562D BZ 119382337 -92195102.2
MINUPAR-RTS MNPR1 BZ 119382337 -92195102.2
NORDON MET NORD3 BZ 11154278.4 -30655920.5
NORDON METAL NORDON BZ 11154278.4 -30655920.5
NORDON MET-RTS NORD1 BZ 11154278.4 -30655920.5
NOVA AMERICA SA NOVA3 BZ 21287490.2 -183535537
NOVA AMERICA SA NOVA3B BZ 21287490.2 -183535537
NOVA AMERICA SA NOVAON BZ 21287490.2 -183535537
NOVA AMERICA SA 1NOVON BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVA4 BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVA4B BZ 21287490.2 -183535537
NOVA AMERICA-PRF NOVAPN BZ 21287490.2 -183535537
NOVA AMERICA-PRF 1NOVPN BZ 21287490.2 -183535537
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON 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
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 64304554.3 -1269120.57
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23274759.4 -4575396.32
PUYEHUE RIGHT PUYEHUOS CI 23274759.4 -4575396.32
RECRUSUL RCSL3 BZ 41210099.9 -18423894.9
RECRUSUL - RCT 4529789Q BZ 41210099.9 -18423894.9
RECRUSUL - RCT 4529793Q BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0163582D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0163583D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0614675D BZ 41210099.9 -18423894.9
RECRUSUL - RCT 0614676D BZ 41210099.9 -18423894.9
RECRUSUL - RCT RCSL10 BZ 41210099.9 -18423894.9
RECRUSUL - RT 4529781Q BZ 41210099.9 -18423894.9
RECRUSUL - RT 4529785Q BZ 41210099.9 -18423894.9
RECRUSUL - RT 0163579D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0163580D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0614673D BZ 41210099.9 -18423894.9
RECRUSUL - RT 0614674D BZ 41210099.9 -18423894.9
RECRUSUL SA RESLON BZ 41210099.9 -18423894.9
RECRUSUL SA-PREF RESLPN BZ 41210099.9 -18423894.9
RECRUSUL SA-RCT RCSL9 BZ 41210099.9 -18423894.9
RECRUSUL SA-RTS RCSL1 BZ 41210099.9 -18423894.9
RECRUSUL SA-RTS RCSL2 BZ 41210099.9 -18423894.9
RECRUSUL-BON RT RCSL11 BZ 41210099.9 -18423894.9
RECRUSUL-BON RT RCSL12 BZ 41210099.9 -18423894.9
RECRUSUL-PREF RCSL4 BZ 41210099.9 -18423894.9
REDE EMP ENE ELE ELCA4 BZ 1068602117 -71011565.8
REDE EMP ENE ELE ELCA3 BZ 1068602117 -71011565.8
REDE EMPRESAS-PR REDE4 BZ 1068602117 -71011565.8
REDE ENERGIA SA REDE3 BZ 1068602117 -71011565.8
REDE ENERG-UNIT REDE11 BZ 1068602117 -71011565.8
REDE ENER-RCT 3907731Q BZ 1068602117 -71011565.8
REDE ENER-RCT REDE9 BZ 1068602117 -71011565.8
REDE ENER-RCT REDE10 BZ 1068602117 -71011565.8
REDE ENER-RT 3907727Q BZ 1068602117 -71011565.8
REDE ENER-RT REDE1 BZ 1068602117 -71011565.8
REDE ENER-RT REDE2 BZ 1068602117 -71011565.8
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 89516044.1 -84915135
RENAUXVIEW SA-PF TXRX4 BZ 89516044.1 -84915135
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 22323863.1 -3810831.28
SANSUY SNSY3 BZ 180592889 -139972527
SANSUY SA SNSYON BZ 180592889 -139972527
SANSUY SA-PREF A SNSYAN BZ 180592889 -139972527
SANSUY SA-PREF B SNSYBN BZ 180592889 -139972527
SANSUY-PREF A SNSY5 BZ 180592889 -139972527
SANSUY-PREF B SNSY6 BZ 180592889 -139972527
SAUIPE PSEG3 BZ 18741726.8 -4445594.67
SAUIPE SA PSEGON BZ 18741726.8 -4445594.67
SAUIPE SA-PREF PSEGPN BZ 18741726.8 -4445594.67
SAUIPE-PREF PSEG4 BZ 18741726.8 -4445594.67
SCHLOSSER SCLO3 BZ 57116503.7 -55719510.4
SCHLOSSER SA SCHON BZ 57116503.7 -55719510.4
SCHLOSSER SA-PRF SCHPN BZ 57116503.7 -55719510.4
SCHLOSSER-PREF SCLO4 BZ 57116503.7 -55719510.4
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 18737018.1 -11880129.9
STEEL - RT STLB1 BZ 18737018.1 -11880129.9
TEKA TKTQF US 371193871 -375865470
TEKA TEKA3 BZ 371193871 -375865470
TEKA TEKAON BZ 371193871 -375865470
TEKA-ADR TEKAY US 371193871 -375865470
TEKA-ADR TKTPY US 371193871 -375865470
TEKA-ADR TKTQY US 371193871 -375865470
TEKA-PREF TKTPF US 371193871 -375865470
TEKA-PREF TEKA4 BZ 371193871 -375865470
TEKA-PREF TEKAPN BZ 371193871 -375865470
TEKA-RCT TEKA9 BZ 371193871 -375865470
TEKA-RCT TEKA10 BZ 371193871 -375865470
TEKA-RTS TEKA1 BZ 371193871 -375865470
TEKA-RTS TEKA2 BZ 371193871 -375865470
TEXTEIS RENA-RCT TXRX9 BZ 89516044.1 -84915135
TEXTEIS RENA-RCT TXRX10 BZ 89516044.1 -84915135
TEXTEIS RENAU-RT TXRX1 BZ 89516044.1 -84915135
TEXTEIS RENAU-RT TXRX2 BZ 89516044.1 -84915135
TEXTEIS RENAUX RENXON BZ 89516044.1 -84915135
TEXTEIS RENAUX RENXPN BZ 89516044.1 -84915135
VARIG PART EM SE VPSC3 BZ 83017833.2 -495721727
VARIG PART EM TR VPTA3 BZ 49432124.7 -399290401
VARIG PART EM-PR VPTA4 BZ 49432124.7 -399290401
VARIG PART EM-PR VPSC4 BZ 83017833.2 -495721727
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 591011112 -26163506.4
VULCABRAS AZ-PRF VULC4 BZ 591011112 -26163506.4
VULCABRAS SA VULCON BZ 591011112 -26163506.4
VULCABRAS SA-PRF VULCPN BZ 591011112 -26163506.4
VULCABRAS-RCT VULC9 BZ 591011112 -26163506.4
VULCABRAS-REC PR VULC10 BZ 591011112 -26163506.4
VULCABRAS-RECEIP 0853207D BZ 591011112 -26163506.4
VULCABRAS-RIGHT 0853205D BZ 591011112 -26163506.4
VULCABRAS-RIGHT VULC2 BZ 591011112 -26163506.4
VULCABRAS-RT PRF VULC11 BZ 591011112 -26163506.4
VULCABRAS-RTS VULC1 BZ 591011112 -26163506.4
WETZEL SA MWET3 BZ 95682256.3 -5467518.71
WETZEL SA MWELON BZ 95682256.3 -5467518.71
WETZEL SA-PREF MWET4 BZ 95682256.3 -5467518.71
WETZEL SA-PREF MWELPN BZ 95682256.3 -5467518.71
***********
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 * * *