/raid1/www/Hosts/bankrupt/TCRLA_Public/131203.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, December 3, 2013, Vol. 14, No. 239
Headlines
A R G E N T I N A
EDENOR SA: Board Approves Merger with Emdersa Holding
PROVINCE OF SALTA: Fitch Affirms B- Long-term Currency Ratings
B A H A M A S
ULTRAPETROL (BAHAMAS): Shareholders Re-Elect 7 Directors
C A Y M A N I S L A N D S
BRASCAN REAL: Shareholders' Final Meeting Set for Dec. 6
DYNASTY HOLDINGS: Members Receive Wind-Up Report
FAXTOR HG 2007-1: Shareholders' Final Meeting Set for Dec. 6
FOISON ASIA: Shareholders Receive Wind-Up Report
FRANKLIN CLO I: Shareholders' Final Meeting Set for Dec. 6
GOLDEN HORSE: Members Receive Wind-Up Report
HEMISPHERE CDO: Shareholders' Final Meeting Set for Dec. 6
NELSON RE: Shareholder to Receive Wind-Up Report on Dec. 9
PEGASUS FUND: Members' Final Meeting Set for Dec. 2
PEM LTD: Shareholders' Final Meeting Set for Dec. 6
REGAL NATURAL: Shareholders' Final Meeting Set for Dec. 13
SURFER'S PARADISE: Shareholders Receive Wind-Up Report
SV SPECIAL: Shareholders' Final Meeting Set for Dec. 4
THE INVESTCORP: Shareholders' Final Meeting Set for Dec. 18
VINCENT INVESTMENT: Shareholders' Final Meeting Set for Dec. 12
C H I L E
SECUREALERT INC: To Provide GPS Devices to Gendarmeria de Chile
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Trade Trumps Tension at Haiti Border
J A M A I C A
DIGICEL GROUP: Sees Dip in Revenue for July to September Quarter
M E X I C O
BANCO AHORRO: S&P Affirms 'B' Rating; Outlook Positive
T R I N I D A D & T O B A G O
CL FIN'L: Minister Points Out Lessons From Company Crisis
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Finalizes Accord With Gazprombank
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
EDENOR SA: Board Approves Merger with Emdersa Holding
-----------------------------------------------------
Edenor S.A.'s Board of Directors held a meeting and resolved to
approve basic and consolidated merger special balance sheets of
Edenor S.A., in connection with the merger of Emdersa Holding
S.A., as merged company, and Edenor S.A., as merging and surviving
company, and further resolved to approve the relevant Merger
Prospectus and Plan of Merger, ad referendum of their approval by
the Shareholders' Meeting.
Furthermore, it resolved to call a General Extraordinary
Shareholders' Meeting to be held on Dec. 20, 2013, at 11:30 a.m.,
at Ortiz de Ocampo 3302, Ground Floor, Building 4, City of Buenos
Aires (not at the Company's corporate office), to consider the
items of the agenda to be formally and timely submitted to the
above-referenced Commission and Stock Exchange.
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.
The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.
PROVINCE OF SALTA: Fitch Affirms B- Long-term Currency Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Province of Salta's (PS) ratings as
follows:
-- Long Term Foreign Currency Rating at 'B-', Outlook Negative
-- Long Term Local Currency Rating at 'B-'. Outlook Negative
-- Secured notes Long Term Rating at 'B-'
Key Rating Drivers:
In line with Fitch's methodologies and criteria, PS's ratings are
capped by Argentina's Country Ceiling, which was last affirmed
together with the sovereign ratings on 22 November 2013 at 'B-'
with Negative Outlook.
The ratings reflect the province's increasing operating
expenditure and weak socio-economic profile that are balanced by
its ability to manage operating spending pressure and manageable
debt. The province is increasing both provincial staff and
provision of social services which are highly exposed to inflation
pressure. However, the province has managed to post adequate
operating margins and has political room to apply austerity
measures during financial stress. In addition, it is able to fund
public investment without incurring significant new borrowings.
Due to inflation pressure and stricter control on tax collection,
PS's current revenues increased to ARP9.5bn in 2012 from ARP1.6bn
in 2005, outpacing provincial economic growth. Similar to other
Argentinean sub-nationals, PS?s revenue structure is pro-cyclical
and dependent on federal transfers despite having tax-setting
power and collecting hydrocarbon royalties. Federal current
transfers received in 2012 accounted for 70.1% of PS's current
revenues and since 2005 this ratio has never been below 60%,
compared with the national median of 50.7%.
Due to the inflation effect on salaries and the higher provision
of social services, PS's expenditure structure has become more
rigid and concentrated on operating spending: mainly on personnel
costs and current transfers made to municipalities. Staff costs
jumped to ARP5.3bn in 2012 from ARP1.6bn in 2008, absorbing 55.8%
of current revenues in 2012 compared with 44.1% in 2008. Despite
the increasing operating costs PS managed to keep its operating
margin, notwithstanding a decline in 2012, at adequate levels,
reflecting fiscal discipline and an ability to manage salary
demands.
As expected by Fitch, in 2012 the amount of debt of the province
increased which, coupled with the decline in the operating margin,
increased debt and sustainability indicators. However, they remain
well below the provincial average and are consistent with its
current ratings. Further, most of its debt is in local currency
and at fixed interest rates, and 40.3% of its debt is with the
federal government, which Fitch considers as a friendly creditor.
Moreover, according to the projections provided by the PS, a
recovery of financial performance by end-2013 should improve its
debt metrics.
Due to the high inflationary environment in Argentina, it is
difficult for Fitch to make projections of the province's
operating revenues and expenses, and to accurately estimate its
operating margins. Nevertheless, according to the projections for
2013 provided by PS, the administration will seek to maintain
healthy operating margins. In Fitch's opinion, the administration
has the ability to manage operating spending pressure.
In 2012, the only public entity with outstanding debt was REMSA
with ARP80.5m under a financial trust. Although this is off-
balance debt, all debt service is being covered by the province
and this debt is therefore included in "other Fitch classified
debt" in the agency's calculation. The provincial pension fund is
not a direct contingency for the PS as it depends on the federal
government for repayment.
In March 2012, PS issued USD185m 10-year notes secured by its oil
and gas royalties. Following the repayment in December 2012 of the
bond issued under the "Salta Hydrocarbon Royalty Trust",
hydrocarbon royalties were assigned as collateral to USD185m bond.
In September 2013, the sixth service of quarterly interest was
paid at a fixed rate of 9.5% per annum. Up to this date, debt
service had an average coverage of 2.28x. The first amortization
payment will take place in December 2013, after the end of the
grace period of 21 months. Taking into consideration the capital
payment, Fitch estimates the royalties will be insufficient to
serve the debt in certain periods.
Also, the structure has, as credit enhancement, a reserve account
equivalent to the next debt service payment, which would be funded
gradually according to the terms of the transaction documents. On
18 September 2013, the account was made up of a dollar amount of
USD4,394,192, in a foreign account and a pesos amount of
$30,558,826 ($19,414,374 fixed within Macro Bank and $11,130,532
in the account) in a local account, which is equivalent to 100% of
the first service of capital. According to data as of September
2013, the indicators mentioned in the trust agreement have been
fulfilled, and the trigger events are, therefore, not active.
PS is one of the 24 Argentinean provinces, located in the
northwestern region of the country. Its population is estimated at
1.2 million, accounting for 3% of Argentina's population. The
province's GDP per capita in 2010 represented 32.5% of the
national median, due to a low developed provincial economy and
fairly weak socio-economic indicators. The current governor is
Juan Manuel Urtubey, who is running his second mandate in a row
with a majority in the provincial assembly. Mr. Urtubey's
government aims to widen coverage of social services and public
investment, combined with strong incentives for private economic
activity.
Key Assumptions and Sensitivities:
The Negative Outlook on the ratings reflects the high correlation
between the credit risk of the sovereign and the sub-national. A
downgrade of the Country Ceiling could result in a downgrade in
the province's ratings. Also, higher pressure on debt service
payment, due to a sharp increase in debt or a sharp decline in
operating margins, could adversely affect the ratings.
Any change in the rating of the province could impact on the
rating of the bond in the same direction. If there is an
improvement in the Argentine hydrocarbon market conditions, Fitch
will revise its potential positive impact on the bond rating,
albeit constrained by the Country Ceiling.
=============
B A H A M A S
=============
ULTRAPETROL (BAHAMAS): Shareholders Re-Elect 7 Directors
--------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed the results of the annual
general meeting of its shareholders.
At the meeting, the following proposals were approved and adopted:
1) the approval of the audited financial statements and the
report of the Auditors thereon for the fiscal year ended
December 31, 2012,
2) the re-election of the seven existing Directors of the
Company,
3) the ratification and confirmation of acts, transactions and
proceedings of Directors, Officers and Employees of the
Company, and
4) the indemnification of Directors, Officers and Employees of
the Company.
Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.
* * *
As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.
==========================
C A Y M A N I S L A N D S
==========================
BRASCAN REAL: Shareholders' Final Meeting Set for Dec. 6
--------------------------------------------------------
The shareholders of Brascan Real Estate CDO 2004-1, Ltd will hold
their final meeting on Dec. 6, 2013, at 10:15 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
DYNASTY HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Dynasty Holdings Limited received on Nov. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
FAXTOR HG 2007-1: Shareholders' Final Meeting Set for Dec. 6
------------------------------------------------------------
The shareholders of Faxtor HG 2007-1. will hold their final
meeting on Dec. 6, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345) 949-8244
Facsimile: (345) 949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
FOISON ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Foison Asia Fund received on Nov. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gene Dacosta
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
FRANKLIN CLO I: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Franklin CLO I, Limited will hold their final
meeting on Dec. 6, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345) 949-8244
Facsimile: (345) 949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
GOLDEN HORSE: Members Receive Wind-Up Report
--------------------------------------------
The members of Golden Horse Investments Limited received on
Nov. 26, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
HEMISPHERE CDO: Shareholders' Final Meeting Set for Dec. 6
----------------------------------------------------------
The shareholders of Hemisphere CDO (Cayman Islands No.1) Limited
will hold their final meeting on Dec. 6, 2013, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
David Dyer
Telephone: (345) 949-8244
Facsimile: (345) 949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
NELSON RE: Shareholder to Receive Wind-Up Report on Dec. 9
----------------------------------------------------------
The shareholder of Nelson Re Ltd. will receive on Dec. 9, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Dena Thompson
Laura Mclaughlin
Telephone: 914-2267/ 914-2264
Facsimile: 949-6021
PO Box 10233
171 Elgin Avenue, George Town
Willow House, 3rd Floor, Cricket Square
Grand Cayman KY1 -1002
Cayman Islands
PEGASUS FUND: Members' Final Meeting Set for Dec. 2
---------------------------------------------------
The members of Pegasus Fund Limited will hold their final meeting
on Dec. 2, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
PEM LTD: Shareholders' Final Meeting Set for Dec. 6
---------------------------------------------------
The shareholders of Pem Ltd. will hold their final meeting on
Dec. 6, 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:
Raymond E. Whittaker
Telephone: (345) 946-5125
Facsimile: (345) 946-5126
FCM LTD.
P.O. Box 1982 Grand Cayman KY-1104
Cayman Islands
REGAL NATURAL: Shareholders' Final Meeting Set for Dec. 13
----------------------------------------------------------
The shareholders of Regal Natural Resources Fund will hold their
final meeting on Dec. 13, 2013, at 8:30 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
SURFER'S PARADISE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Surfer's Paradise Acquisition Corporation
received on Nov. 26, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Rachel Williams
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 3302
Facsimile: +1 (345) 949 8258
SV SPECIAL: Shareholders' Final Meeting Set for Dec. 4
------------------------------------------------------
The shareholders of SV Special Gold Ltd. will hold their final
meeting on Dec. 4, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Kellian Hutchinson
Telephone: (345) 815-1418
Facsimile: (345) 949-9877
THE INVESTCORP: Shareholders' Final Meeting Set for Dec. 18
-----------------------------------------------------------
The shareholders of The Investcorp Index-Linked Product SPC will
hold their final meeting on Dec. 18, 2013, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
VINCENT INVESTMENT: Shareholders' Final Meeting Set for Dec. 12
---------------------------------------------------------------
The shareholders of Vincent Investment Properties Ltd. will hold
their final meeting on Dec. 12, 2013, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Evania Ebanks
Telephone: (345) 949-5122
Facsimile: (345) 949-7920
Boundary Hall, Cricket Square
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
=========
C H I L E
=========
SECUREALERT INC: To Provide GPS Devices to Gendarmeria de Chile
---------------------------------------------------------------
SecureAlert Chile SpA, a wholly-owned subsidiary of SecureAlert,
Inc., entered into a 41-month agreement with the Gendarmeria de
Chile (the Republic of Chile's uniformed prison service) to
provide electronic (GPS and residential) monitoring of offenders
and other services to the Chilean government. The Agreement must
now be formally approved by the office of the Comptroller General
of the Republic of Chile.
The Agreement calls for the Company's subsidiary to deliver and
put into service up to 9,400 electronic monitoring (GPS) devices
over a 41 month period. The Company was required under the
Agreement, to post a performance bond under the Agreement in the
approximate amount of US$3,400,000. In addition the Company's
subsidiary will design and construct a real-time monitoring and
data center to be staffed by Chilean government employees.
Training for the monitoring center personnel will also be provided
by the Company's subsidiary. The maximum sum to be paid for the
services provided by the Company's subsidiary is approximately
US$70,000,000, at current exchange rates, over the term of the
Agreement.
About SecureAlert
Sandy, Utah-based SecureAlert, Inc., markets and deploys offender
management programs, combining patented GPS tracking technologies,
fulltime 24/7/365 intervention-based monitoring capabilities and
case management services.
Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the fiscal year ended Sept. 30, 2012, citing
losses, negative cash flows from operating activities, notes
payable in default and an accumulated deficit, which conditions
raise substantial doubt about its ability to continue as a going
concern.
The Company's balance sheet at June 30, 2013, showed
$27.63 million in total assets, $9.73 million in total
liabilities, and $17.90 million in total equity.
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Trade Trumps Tension at Haiti Border
----------------------------------------------------------
Dominican Today reports that Dajabon's cross-border market has
eased tensions among Haitians and Dominicans, as merchants from
both sides hawk products and merchandise as always, but this time
with numerous troops posted at the bridge across the Masacre
River.
Haitians began crossing into Dajabon (northwest) on foot and in
vehicles to purchase mostly pastas, cooking oil and vegetables,
while according to Defense Minister Sigfrido Pared, trade was cut
in half at Jimani's market (west) and shuttered in Pedernales
(southwest), according to Dominican Today.
The report relates that Border Security (CESFRONT) agents and Army
troops frisked some Haitians with suspicious profiles prior to
their entry into Dominican territory.
Merchants Upbeat
The report notes that Freddy Morillo, head of Dajabon's merchants
association said trade has been normal so far, but didn't rule out
future incidents. "We're in contact with our Haitian colleagues
coordinating measures to avert disturbances in the course of the
market," Mr. Morillo said, the report relates.
Haitian truckers also crossed into Dominican territory without
incident, after threats to boycott the market on alleged abuses
from their Dajabon and Santiago counterparts, the report adds.
=============
J A M A I C A
=============
DIGICEL GROUP: Sees Dip in Revenue for July to September Quarter
----------------------------------------------------------------
RJR News reports that movements in the value of the Jamaican
dollar and currencies in two other markets have contributed to a
decline in total group revenues at Digicel Group.
Revenues at Digicel Group, which is owned by businessman Denis
O'Brien, fell US$7 million to US$691 million the three months to
the end of September, according to RJR News.
The report relates that Irish Times newspaper said the information
is contained in financial statements sent to Digicel Group
bondholders.
Despite underlying growth of two per cent, the company blamed a
fall against the dollar in the currencies of Haiti, Papua New
Guinea and Jamaica for the dip in sales, RJR News notes.
In Jamaica, revenues fell by nine per cent to US$107 million, the
report relates.
Digicel Group said its underlying revenues had grown by one per
cent, and added that the Jamaican dollar had fallen by 12 per
cent, the report notes.
While revenues fell slightly, it was an improved performance on
the previous three months to the end of June, when Digicel Group
made a net loss of about US$11 million, the report adds.
Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2013, Fitch assigned a 'B' Issuer Default Rating on
Digicel Limited's proposed US$700 million senior notes due 2021.
Proceeds from the issuance are expected to be used to refinance
DL's US$510 million senior notes due 2014 and for general
corporate uses. The Issuer Default Rating (IDR) of DL and
its parent, Digicel Group Limited, is 'B'. The Rating Outlook is
===========
M E X I C O
===========
BANCO AHORRO: S&P Affirms 'B' Rating; Outlook Positive
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
global scale and 'mxBBB-/MxA-3' national scale issuer credit
ratings on Banco Ahorro Famsa S.A. Institucion de Banca Multiple
(BAF). The outlook is positive.
The ratings on BAF reflect its core status to its parent Mexico-
based retailer Grupo Famsa S.A.B. de C.V. (Grupo Famsa;
B/Positive/--). The bank has a "weak" business position,
"adequate" capital and earnings, "moderate" risk position,
"average" funding, and "adequate" liquidity, as S&P's criteria
define these terms. The issuer credit ratings on BAF are limited
by the rating of its parent, Grupo Famsa, given that the bank is
considered a captive operation closely linked with the group.
BAF's stand-alone credit profile (SACP) is 'bb'.
"The issuer credit rating on BAF is three notches below its SACP,
reflecting the ratings on Grupo Famsa. BAF's business activities
are mainly related to the group and most of BAF's products are
offered through Famsa stores, other subsidiaries' customers, and
suppliers. The significant integration between the bank and the
group generates strategies, growth, and risk management that
benefit BAF," said Standard & Poor's credit analyst Ricardo Grisi.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Minister Points Out Lessons From Company Crisis
---------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Finance Minister Larry Howai said the Colonial Life Insurance
Company Limited (Clico)/ CL Financial Limited crisis were the
result of a lack of adherence to the proper corporate governance
practices.
Minister Howai said this crisis has taught the country that the
State and private sectors must be held to the same level of
accountability at all times, according to Trinidad and Tobago
Newsday.
The report relates that observing the lack of sound risk
management and corporate governance practices played a major role
in the world financial crisis of 2008, Minister Howai said: "At
home, we had the unfortunate experience of the CL Financial
debacle."
While Minister Howai welcomed the Code and its objectives,
Minister Howai said it was important to remember that "that the
best rules amount to nothing if they are not adhered to or
enforced," the report notes.
The report relates that Minister Howai said while many persons in
TT believe the private sector cannot be held to the same level of
accountability as the State sector, both the 2008 world financial
meltdown and "our own experience with CL Financial has taught us
differently."
Meanwhile, the report discloses that Attorney General Anand
Ramlogan said that Government hopes to receive the final report of
the Clico/HCU Commission of Enquiry report before Easter.
The government is currently considering a proposed new CL
Financial shareholders agreement, the report adds.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state. CLICO is a subsidiary of CL Financial
Limited. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.
Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.
Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Finalizes Accord With Gazprombank
---------------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that OAO Gazprombank
signed a US$1 billion loan for the Petrozamora joint venture in
Venezuela to increase crude production and expand infrastructure.
Petroleos de Venezuela SA and Gazprombank finalized the accord in
Caracas attended by PDVSA President Rafael Ramirez and Gazprombank
executives Boris Ivanov and Alexander Muranov. The eight-year
loan will be used to almost double Petrozamora's production to
104,000 barrels a day from 63,000 barrels, according to Bloomberg
News.
"The deal shows that despite the problems and challenges Venezuela
is still able to secure enough financial support to move forward
with its oil projects," Tissot Associate Consultant Roger Tissot
told Bloomberg News in a phone interview from British Columbia.
PDVSA has a 60 percent stake in the Petrozamora project in Western
Venezuela while Gazprombank owns the rest. The venture was formed
in May 2012 to explore and produce from oil fields Lagunillas
Tierra and Bachaquero Tierra in western Venezuela's Zulia state.
"Since constituting Petrozamora we have spent two years opening
offices and building up personnel," Gazprombank Vice President
Muranov told reporters, Bloomberg News relates. "Now that we have
the project financed we can concentrate on increasing production",
Mr. Muranov added, Bloomberg News says.
Mr. Ramirez, also Venezuela's oil minister, said the financing
accord with Gazprombank is one of five between international
partners totaling US$10 billion that aim to increase production to
678,000 barrels a day from 365,000 barrels, Bloomberg News notes.
Still, Mr. Ramirez told reporters Venezuela cut its 2014 oil
output target to 3 million barrels a day from 4 million to
maintain its OPEC production quota for next year, Bloomberg News
discloses.
Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons. The company was founded in 1975 and is based in
Caracas, Venezuela.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 20, 2013, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B+'. The outlook
remains negative.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
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.
***********
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 * * *