/raid1/www/Hosts/bankrupt/TCRLA_Public/131210.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 10, 2013, Vol. 14, No. 244
Headlines
A R G E N T I N A
ARGENTINA: U.S. Urges Supreme Court to Review Debt Case
B R A Z I L
INVESTIMENTOS E PARTICIPACOES: S&P Assigns 'BB' Global Scale CCR
C A Y M A N I S L A N D S
ASCEND II TRADING: Commences Liquidation Proceedings
COOLMORE SPMA: Commences Liquidation Proceedings
GLC GLOBAL: Commences Liquidation Proceedings
GLC SYSTEMATIC FEEDER I: Commences Liquidation Proceedings
GLC SYSTEMATIC TRADING: Commences Liquidation Proceedings
LYNX II FEEDER: Commences Liquidation Proceedings
LYNX II TRADING: Commences Liquidation Proceedings
MA ASCEND II: Commences Liquidation Proceedings
MA CANYON: Commences Liquidation Proceedings
MA COOLMORE: Commences Liquidation Proceedings
MA GLC GLOBAL: Commences Liquidation Proceedings
MA GLC SYSTEMATIC: Commences Liquidation Proceedings
MA LYNX II: Commences Liquidation Proceedings
MA PGR: Commences Liquidation Proceedings
PGR FEEDER I: Commences Liquidation Proceedings
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: San Juan Province to Get US$35MM IDB Loan
J A M A I C A
PAN-CARIBBEAN SUGAR: Forks Out US$30 Mil. to Replace Mill Bearings
M E X I C O
VALUE SA: Moody's Affirms Global Local Currency Ratings at 'Ba3'
P A R A G U A Y
PARAGUAY: S&P Affirms Sovereign Sovereign Credit Rating at 'BB-'
T R I N I D A D & T O B A G O
PCS NITROGEN: Fires Long-Time Employees to Reduce Workforce
* TRINIDAD AND TOBAGO: To Get US$18MM IDB Loan for IT Services
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: U.S. Urges Supreme Court to Review Debt Case
-------------------------------------------------------
Daily Bankruptcy Review, citing Agence France-Presse, reports that
the U.S. government has urged the Supreme Court to intervene in
Argentina's fight over paying up on its defaulted debt, saying a
lower court ruling against the country was wrong.
As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2013, Bloomberg News said that Argentina lost its bid for
a rehearing of a federal appeals court ruling against it in
litigation over $1.5 billion in the nation's defaulted bonds. The
U.S Court of Appeals for the Second Circuit in Manhattan on
Nov. 18 rejected Argentina's request that a larger panel of
circuit judges reconsider a decision that a three-judge panel
reached in August, according to Bloomberg News.
Bloomberg News related that the three judges upheld a lower-court
injunction barring Argentina from paying holders of its
restructured debt if it fails to pay a group of investors that
hold defaulted bonds, led by Elliott Management Corp.'s NML
Capital and Aurelius Capital Management LP. The ruling leaves a
possible appeal to the U.S. Supreme Court as Argentina's last
chance at reversing a decision it said threatens the country with
a new default, Bloomberg News noted. The appeals court delayed
enforcement of the August ruling, allowing Argentina to continue
paying holders of its restructured debt while it seeks Supreme
Court review, Bloomberg News relayed.
Argentina in 2001 defaulted on a record $95 billion of foreign
debt. Holders of more than 90 percent of the bonds agreed to take
new exchange bonds in 2005 and 2010, at a deep discount, Bloomberg
News said. The court also denied requests by groups holding
restructured bonds to reconsider the case, Bloomberg News added.
The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-cv-06978, U.S. District Court, Southern District of New York
(Manhattan). The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).
===========
B R A Z I L
===========
INVESTIMENTOS E PARTICIPACOES: S&P Assigns 'BB' Global Scale CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' global scale
and 'brA+' national scale corporate credit ratings to
Investimentos e Participacoes em Infraestrutura S.A. (Invepar).
The outlook is stable.
The ratings on Invepar reflect the company's "satisfactory"
business risk profile and "aggressive" financial risk profile. In
recent years, Invepar has significantly increased its
participation in transportation infrastructure projects in Brazil,
taking advantage of the government's several concession programs
aimed at improving the country's public transportation services
and infrastructure. Invepar has built a very diversified
portfolio, which includes toll roads, urban mobility projects, and
the largest airport in Latin America, the GRU Airport in Sao
Paulo. The sharp increase in new projects in its portfolio has
led to a significant need for financing, mostly through new debt
issuances, resulting leveraged credit metrics. Although S&P
expects these projects to ramp up and boost cash flow generation
in the next one to three years, S&P also believes Invepar will
continue to actively participate in new public bidding processes.
As a result, its credit metrics will only slightly improve.
==========================
C A Y M A N I S L A N D S
==========================
ASCEND II TRADING: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Ascend II Trading Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
COOLMORE SPMA: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Coolmore SPMA Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GLC GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Global Macro SPMA Limited resolved to voluntarily liquidate
the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GLC SYSTEMATIC FEEDER I: Commences Liquidation Proceedings
----------------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Systematic Feeder I Limited resolved to voluntarily liquidate
the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GLC SYSTEMATIC TRADING: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
GLC Systematic Trading Limited resolved to voluntarily liquidate
the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
LYNX II FEEDER: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Lynx II Feeder I Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
LYNX II TRADING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
Lynx II Trading Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA ASCEND II: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Ascend II Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA CANYON: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Canyon VRF Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA COOLMORE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Coolmore Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA GLC GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA GLC Global Macro Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA GLC SYSTEMATIC: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA GLC Systematic Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA LYNX II: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA Lynx II Limited resolved to voluntarily liquidate the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA PGR: Commences Liquidation Proceedings
-----------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
MA PGR Limited resolved to voluntarily liquidate the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
PGR FEEDER I: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 7, 2013, the members of
PGR Feeder I Limited resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: San Juan Province to Get US$35MM IDB Loan
---------------------------------------------------------------
The Dominican Republic's San Juan Province will strengthen its
productive capacity, competitiveness, and environmental and
financial sustainability with the help of a US$35 million loan
from the Inter-American Development Bank.
The province's producers currently confront obstacles that limit
their ability to convert to new crops and develop market linkages.
The IDB program aims to address these limitations by improving
access of producers and entrepreneurs to credit services and
markets, reducing transportation costs in the province's road
network, and optimizing irrigation systems.
The program includes measures to facilitate access to credit for
producers on feasible terms as well as finance public investments.
These investments, primarily in irrigation and roads, are expected
to trigger boosts in productivity and improve market access.
Program activities are designed to improve productivity and
exports of producers participating in the program, as well as
reduce transport time and costs and improve irrigation systems for
users.
The IDB loan is for a term of 181/2 years with a grace period of
12 years and an interest rate based on LIBOR. Local counterpart
contribution totals US$3.3 million.
=============
J A M A I C A
=============
PAN-CARIBBEAN SUGAR: Forks Out US$30 Mil. to Replace Mill Bearings
------------------------------------------------------------------
RJR News reports that Pan-Caribbean Sugar Company has forked out
US$30 million to replace the mill bearings which were stolen from
the Monymusk Estate earlier this year.
The 26 stolen bearings, each weighing half a ton, were valued at
J$28 million, according to RJR News.
The report notes that a statement from Pan Caribbean said the new
bearings have arrived in the island and will be quickly installed
to ensure the timely start of the Monymusk factory for the
2013/2014 Sugar Crop.
The company is still offering a 100-thousand dollar reward for the
recovery of the stolen bearings, the report relays.
As reported in the Troubled Company Reporter-Latin America on
March 22, 2013, RJR News said that the majority of the 178 workers
whose positions were made redundant by Pan Caribbean Sugar Company
have received their separation packages. The Bustamante
Industrial Trade Union (BITU) said a small number of persons are
yet to be paid, according to RJR News. The report related that
this is expected to be done before the end of the month, according
to Harold Brown, BITU deputy island supervisor. Mr. Brown, the
report noted, said there is an agreement with Pan Caribbean Sugar
that could be beneficial to the displaced workers in the future.
===========
M E X I C O
===========
VALUE SA: Moody's Affirms Global Local Currency Ratings at 'Ba3'
----------------------------------------------------------------
Moody's de Mexico affirmed Value, S.A. de C.V. Casa de Bolsa's
long- and short-term global local currency Ba3/Not-Prime issuer
ratings, and changed the outlook to stable from positive. At the
same time, Moody's affirmed Value's A3.mx/MX-2 long- and short-
term Mexican National Scale ratings. The outlook on these ratings
is also stable.
Ratings Rationale:
Moody's noted that the Ba3 rating reflects the broker dealer's
stable performance that derives from a low-risk business model and
a highly capitalized operation. Particularly important is Value's
success in leveraging its agency trading business to support its
franchise value as reflected by its good core earnings generation
and comfortable levels of pre-tax margins over time. The ratings
are also underpinned by Value's good track record of operations ,
successful niche business and conservative risk management.
In changing the outlook to stable from positive, Moody's cited the
increasing competition in Value's niche segment of asset
management and brokerage services to high net worth individuals,
which will limit the company's expansion and earnings generation.
Value's less diversified operation and distribution capacity
relative to its larger, international peers --as reflected in
narrow geographic focus in two major Mexican cities-- is likely to
constrain business growth potential. Moreover, because of its
predominantly domestic brokerage business, Value is also less
likely to benefit from growing interest by foreign investors for
Mexican assets. Conversely, management's conservative risk profile
and the company's focus on agency trading in money markets provide
comfort that Value will adhere to its low-risk business model.
Moody's also notes that the decision-making process at Value is
concentrated in a handful of key executives, which may result in
potential key-man risks. Moreover, the brokerage house's family-
based ownership structure raises concerns of potential corporate
governance risks.
Value is primarily engaged in agency trading in the money markets,
and is also active in the distribution of mutual funds.
Proprietary trading is of low relevance for Value thus the firm
bears a low-risk profile overall.
Value is headquartered in Monterrey, NL; Mexico. As of 30
September 2013 it reported MXN 715 million in pre-tax earnings and
held MXN 77 billion of assets under management.
The long-term Mexican National Scale ratings of A.mx indicate
issuers or issues with above-average creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-2 indicate above average ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.
The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's and Value); year-end 2012 and 2011 audited financial
statements (source: Value, audited by PricewaterhouseCoopers, S.
C., and Moody's); financial statements and information on market
position (source: CNBV); regulatory capital information (source:
CNBV).
===============
P A R A G U A Y
===============
PARAGUAY: S&P Affirms Sovereign Sovereign Credit Rating at 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign
and local currency long- and short-term sovereign credit ratings
on the Republic of Paraguay. The rating outlook remains stable.
The 'BB' transfer and convertibility assessment remains unchanged.
RATIONALE
Paraguay's developing political institutions, less developed and
volatile economy, and limited monetary flexibility constrain the
ratings. The ratings are supported by its solid fiscal position,
low government debt burden, and sound external indicators, though
there are inconsistencies in the external data.
Despite the improvements in the country's economic fundamentals,
still-developing institutional capacity--as highlighted in areas
such as debt management and financial supervision--remains a
rating constraint. Given Paraguay's still-evolving political
institutions, economic prospects remain vulnerable to political
dynamics and, therefore, more uncertain. President Horacio
Cartes' ability to maintain a unified base within the Colorado
Party (Partido Colorado, in Spanish) is a key political challenge.
Even though Cartes was elected with the support of the largest
traditional party in Paraguay, he is not necessarily considered a
core member of the party. Ongoing discussions to appoint key
positions in the Administration will still require tough
negotiations between the president and his party.
Standard & Poor's expects the government to have a fiscal deficit
of less than 2% of GDP in 2013. S&P expects the deficit to
decline over time, based on the implementation of different fiscal
measures, including a Fiscal Responsibility Law and measures aimed
at improving tax collection. The passage of these pieces of
legislation constitutes an advance in institutionalizing economic
policymaking in Paraguay, but implementation is equally important.
Paraguay has a long tradition of containing fiscal imbalances,
which historically has maintained government debt at very low
levels. Net general government debt is estimated at 6% of GDP in
2013. At the same time, the country's external indicators appear
to have strengthened as a result of solid export growth (except in
2009 and 2012) and rising usable official reserves, which now
cover more than three months of current account payments.
Paraguay's external liquidity is based on the expectation that
gross external financing requirements will reach 83% of current
account receipts plus usable reserves in 2013. The authorities
have recently revised the country's international investment
position to include the external liabilities of the two large
binational hydroelectric dams. This has moved Paraguay into a
sizable net external liability position and has made the stocks
more consistent with the balance of payments flows. However, S&P
has decided not to incorporate these changes into its data
analysis until the process has concluded and because of the nature
of the dams' debt. The creditors of the debt are the same
government owners, and the debt is payable with the export of the
energy produced in the dams.
The high level of dollarization in the economy (a high proportion
of depository corporation claims is in dollars, roughly 45% as of
mid-2013) and a history of central bank deficits have constrained
Paraguay's monetary flexibility. The latter were a function of
nonperforming loans to government-owned entities and financial
institutions and were largely incurred prior to the 1995 charter
prohibiting such practices. The government capitalized the
central bank over the past year by issuing a perpetual bond for
$890 million with the aim of solving this long-standing issue. In
addition, the Paraguayan economy depends highly on agriculture and
international trade, which leaves it more exposed to fluctuations
in world commodity prices, weather, and the economic prospects of
its key trading partners. Nonetheless, S&P expects a very strong
harvest in 2013, after a difficult 2012 marked by drought, to push
real GDP per capita growth to more than 10% in 2013. S&P expects
real GDP per capita growth to decelerate starting in 2014,
averaging 3% over the next three years. This growth should boost
Paraguay's low GDP per capita above US$4,000.
OUTLOOK
The stable outlook reflects S&P's view that there is less than a
one-in-three chance that it would change the rating over the next
year as institutional challenges, low economic development, and
external vulnerabilities offset the promise of the new
government's fiscal reform agenda. The ambitious fiscal reform
agenda of the new Administration of President Cartes is likely to
face significant implementation challenges that could jeopardize
its ability to improve external and fiscal dynamics and make them
less vulnerable to political events.
S&P could raise the ratings if the government continues to improve
economic institutions via better external and fiscal performance.
The rating could also benefit from important investment projects,
which would further boost growth prospects and external
indicators. Additional reform measures in the areas of debt
management and financial supervision would also improve rating
prospects. On the other hand, rapid credit growth that impairs
external and fiscal flexibility or leads to financial sector
problems could lead to a downgrade.
"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed
decision," S&P said.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Paraguay (Republic of)
Sovereign Credit Rating BB-/Stable/B
Transfer & Convertibility Assessment BB
Senior Unsecured BB
===============================
T R I N I D A D & T O B A G O
===============================
PCS NITROGEN: Fires Long-Time Employees to Reduce Workforce
-----------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that PCS Nitrogen
Trinidad Ltd has fired more than a dozen long-standing employees
as the company moves to reduce its workforce.
Potash Corporation of Saskatchewan (PotashCorp), the Canadian
parent company, also disclosed that it is taking steps to reduce
its workforce in Canada, the United States and Trinidad and Tobago
by 18 per cent, according to Trinidad Express.
PCS Nitrogen's employees, some of whom have been employed for
three decades, were handed termination letters, with immediate
effect, the report notes.
The report notes that PotashCorp issued a statement that the
company expects to reduce the workforce by region.
The company stated that approximately 440 people would be laid off
in Saskatchewan, 130 in New Brunswick, 350 in Florida, 85 in North
Carolina and 40 workers in other US locations and
Trinidad, the report relates.
The company explained that a significant portion of fertilizer
demand comes from developing market growth which has been less
robust than expected, the report relays.
Trinidad Express notes that PotashCorp stated that the company had
identified necessary changes to respond to market conditions;
reduce costs to enhance the global competitive position of the
company; and maintain operational flexibility in potash to meet
anticipated future demand growth.
"This is a difficult day for our employes and our company. While
these are the steps we must take to run the sustainable business
and protect the long-term interests of all our stakeholders, these
decisions are never easy. We understand the impact is not only on
our people, but also in the communities where we work and live,
and PotashCorp will work hard to help those affected through this
challenging time," the report quoted PotashCorp President and
Chief Executive officer Bill Doyle as saying.
PotashCorp is a crop nutrient company and plays an integral role
in global food production.
PCS Nitrogen Trinidad Ltd is located on the Pt Lisas Industrial
Estate.
* TRINIDAD AND TOBAGO: To Get US$18MM IDB Loan for IT Services
--------------------------------------------------------------
Trinidad and Tobago will receive an US$18 million loan from the
Inter-American Development Bank (IDB) to help the country expand
its ability to offer global information technology-enabled
services (ITeS).
The project aims to help position Trinidad and Tobago as a
regional hub for the provision of global IT services by providing
training, investment promotion and branding, and capacity building
to improve the business climate and regulations.
Trinidad is well positioned to capitalize on a worldwide trend
toward outsourcing of IT services. The country ranks well
regionally for the quality of its educational system, including
math and science knowledge and management training. Its English-
speaking population is equipped with the necessary language skills
required by the industry. In addition, the country's IT
infrastructure is considered among the best in the region.
Because the country's small population means the talent pool is
limited, the project includes creation of a Global Services
Internationalization Hub to provide training and support services
adapted to the needs of local companies and international
investors. The project finances the lease of a building to
establish physical space for the hub, creating opportunities for
collaborative work and innovation, which will enable Small and
Medium Enterprises (SMEs) to increase their export capacity.
Additionally, the project includes creation of a marketing and
branding strategy and engagement with Trinidad and Tobago's
diaspora population in order to promote the country's image as a
reliable provider of global ITeS.
The IDB loan is for 25 years, with a grace period of 5-1/2 years,
with an interest rate based on LIBOR.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
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 * * *