/raid1/www/Hosts/bankrupt/TCRLA_Public/140114.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, January 14, 2014, Vol. 15, No. 9
Headlines
A R G E N T I N A
BUENOS AIRES: Moody's Gives B3 Local Curr. Rating to Class 6 Notes
GESTIONAR FCI: Moody's Assigns B-bf/Baa-bf.ar Bond Fund Rating
GRUPO SUPERVIELLE: Moody's Rates B3 LC Rating to New Senior Debt
TRANSPORTADORA DE GAS: S&P Rates $374MM Sr. Unsecured Notes 'CCC+'
* ARGENTINA: Bonds Plunge Most in Year on Investor Sentiment
B R A Z I L
OI SA: Merger With Portugal Telecom Hits Snag
C A Y M A N I S L A N D S
BATTERY PARK: Commences Liquidation Proceedings
BLACKSTONE PACIFIC: Commences Liquidation Proceedings
BLACKSTONE PARK: Commences Liquidation Proceedings
FLAGSTICK ENHANCED MASTER: Placed Under Voluntary Wind-Up
FLAGSTICK ENHANCED OFFSHORE: Placed Under Voluntary Wind-Up
GLASNOST ASSET: Commences Liquidation Proceedings
GLASNOST FEEDER: Commences Liquidation Proceedings
GLASNOST SPC: Commences Liquidation Proceedings
HOLLY POND: Placed Under Voluntary Wind-Up
KARSCH CAPITAL: Placed Under Voluntary Wind-Up
KARSCH CAPITAL II: Commences Liquidation Proceedings
KCM LONG: Placed Under Voluntary Wind-Up
KCM PLUS: Placed Under Voluntary Wind-Up
NORMAN INDUSTRIES: Placed Under Voluntary Wind-Up
PARAGON CAPITAL: Placed Under Voluntary Wind-Up
STRAT HSE 5: Commences Liquidation Proceedings
TEIP (CAYMAN): Placed Under Voluntary Wind-Up
TEIP ENVIRONMENTAL: Placed Under Voluntary Wind-Up
VIETNAM VALUE: Commences Liquidation Proceedings
VINTAGE ARGONAUT: Commences Liquidation Proceedings
C O L O M B I A
BANCO BAC: S&P Raises Issuer Credit Rating From 'BB+'
T R I N I D A D & T O B A G O
* T&T: Poor Productivity 'Driving Costs Up,' Minister Says
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BUENOS AIRES: Moody's Gives B3 Local Curr. Rating to Class 6 Notes
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 global local currency rating and A3.ar Argentina
National Scale Rating to Class 6 notes for up to USD150 million to
be issued by the City of Buenos Aires under their Local Financing
Program.
Ratings Rationale
The creation of the Local Financing Program was authorized by Law
4315 of 2012 and Laws 4810 and 4885 of 2013. The notes to be
issued under the program constitute direct, unconditional,
unsecured and unsubordinated obligations of the city, ranking at
all times pari passu without any preference among themselves.
The assigned ratings are in line with the city's local currency
debt ratings. The Class 6 notes to be issued under the program,
will be subscribed and payable in Argentine pesos at the specified
exchange rate and sold in the local capital market. As a result,
the US dollar will be a currency of reference and not a means of
payment. For that reason, the transaction is considered to be
denominated in local currency.
According to the term sheet reviewed by Moody's, Class 6 will
reach up to USD150 million, approximately 1.7% of the City's
revenues in 2014 and final maturity in six years. The notes will
pay interest at a fixed rate. After the issuance, Moody's
anticipates that the City of Buenos Aires' debt will reach 25% of
total revenues from 21% at the end of fiscal year 2012.
The assigned ratings are in line with the city's B3 (global scale)
and A3.ar (Argentina National Scale) local currency debt ratings.
What Could Change The Rating Up/Down
Moody's does not expect upward pressures on the City of Buenos
Aires' ratings in the near to medium term. The city could be
further downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Additionally, any action
taken by the federal government that would negatively affect the
ability of the city to repay its financial obligations could lead
to a further downgrade.
GESTIONAR FCI: Moody's Assigns B-bf/Baa-bf.ar Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
bond fund rating of B-bf/Baa-bf.ar to GestionAr FCI Abierto Pymes,
a new bond fund managed by Nativa SASGFCI. The rating, expressed
on both global and national rating scales, reflects Moody's
expectation that the Fund will maintain a weighted average credit
quality of its portfolio consistent with B global rating level.
The rating also reflects that it is a new fund that is managed by
a new asset manager, and hence has no track record. The Fund is
expected to be launched within the next two weeks.
The bond fund rating is also based on Moody's expectations that
the Fund will hold a minimum of 50% of its portfolio in securities
issued by SMEs and guaranteed by local financial guarantors (SGR),
the majority of them rated B2/B3 by Moody's. The balance of the
Fund portfolio is expected to be invested in rated corporate notes
and asset-backed securities, mostly issued by Argentinean SMEs.
"The key investors in the Fund are expected to be local insurance
companies, which, according to the local regulation, are obligated
to invest a portion of their assets in Argentinean SMEs,"
commented Moody's Assistant Vice President-Analyst, Carlos de
Nevares.
Gestionar SASGFI is a new local asset manager in the Argentinean
mutual fund industry, and the Fund will be the first financial
instrument managed by the fund advisor. However, the asset
manager's key partners, such as Cesar Tortorella and Hector
Orlando have a long track record in the Argentinean capital
markets, with specific experience in the SME financing industry.
GRUPO SUPERVIELLE: Moody's Rates B3 LC Rating to New Senior Debt
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B3 global local currency senior debt rating to Grupo Supervielle
S.A.'s twelfth expected issuance for an amount up to
ARS100 million, which will be due in 18 months, and thirteenth
expected issuance for an amount up to ARS100 million, which will
be due in 5 years. Both issuances together should not exceed
ARS100 million. At the same time, on the National Scale, Moody's
assigned A2.ar local currency debt rating to the expected
issuances.
The outlook on the ratings is negative following the negative
outlook on the sovereign ratings.
The following ratings were assigned to Grupo Supervielle S.A.:
Twelfth Issuance up to ARS100 million expected debt issuance:
B3 Global Local Currency Senior Debt Rating, negative outlook
A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook
Thirteenth Issuance up to ARS 100 million expected debt issuance:
B3 Global Local Currency Senior Debt Rating, negative outlook
A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from Grupo Supervielle's B3 global local currency
issuer rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
Moody's said that the B3 issuer rating captures GS's consistent
profitability indicators derived from its operating subsidiaries.
Incorporated in Argentina, Grupo Supervielle is the holding
company for a group of financial services companies, including
Banco Supervielle (rated E+, B2), Cordial Compa¤Ħa Financiera
(rated E+, B2); Tarjeta Autom tica S.A. (a credit card company,
unrated), Cordial Microfinanzas S.A. (a microfinance company,
unrated), Supervielle Asset Management S.A., Adval S.A. (call
center), and more recently, Espacio Cordial de Servicios. The B3
rating for the GS' debt is anchored on the B2 global deposit
rating of Banco Supervielle, the group's largest earnings
generator. In addition, the bank's expanding positioning and
market penetration in the commercial (SME) and consumer finance
segments were considered. Moody's said that the one-notch
differential between the B2 deposits rating for Banco Supervielle
and the B3 debt rating of GS reflects the structural subordination
of GS' bondholders to all liability holders of Banco Supervielle.
Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported assets of ARS1,571 million, and equity of
ARS1,239 million as of September 2013.
TRANSPORTADORA DE GAS: S&P Rates $374MM Sr. Unsecured Notes 'CCC+'
-------------------------------------------------------p----------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating to Transportadora de Gas del Sur S.A.'s (TGS) proposed
senior unsecured notes for up to $374 million due 2020 to be
offered in exchange for TGS' existing $374 million notes due 2017.
At the same time, S&P affirmed its 'CCC+' corporate credit rating
on TGS. The outlook remains negative.
The rating action follows TGS' plan to issue senior unsecured
notes for up to $374 million due 2020, which it expects to offer
in exchange for the existing senior unsecured notes due 2017. The
company intends to conduct this exchange to improve the maturity
profile of its debt. The new notes will amortize in four equal
installments in 2014, 2018, 2019, and 2020, compared with 2014,
2015, 2016, and 2017 under the current maturity schedule.
Following the completion of this transaction, S&P's forecast for
leverage for 2014 remains unchanged.
S&P considers TGS' proposed exchange to be a purely liability
management operation, rather than distressed, based on S&P's
belief that the bondholders that adhere to the exchange won't
receive less than originally promised. S&P also take into
consideration that regardless of the exchanged amount, TGS will
still make the May 2014 payment of about $93.5 million, which
shows its willingness and ability to continue honoring its
financial obligations in the short term. Finally, S&P believes
that even if the restructuring wouldn't occur, TGS will comply
with its financial obligations during the term of the existing
notes, given its good cash flow generating capacity and current
cash holdings of about $140 million.
* ARGENTINA: Bonds Plunge Most in Year on Investor Sentiment
---------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentine government
dollar bonds tumbled last week the most in a year after the state
pensions agency sold notes to prop up the parallel peso rate and
investors began to lose confidence in government measures.
Argentine bonds lost 7.3 percent last week, the biggest drop since
the five days ended Jan. 11, 2013, according to JPMorgan Chase &
Co.'s EMBIG index. Yields on global 2017 bonds surged 1.8
percentage points to 13.77 percent, the biggest jump in a year.
Similar notes in Latin America declined an average 0.3 percent
during the same period, Bloomberg News says.
Bloomberg News discloses that prices fell as the state pensions
agency Anses sold bonds to local investors, including 2018 notes
for the first time, in an attempt to strengthen the peso rate that
is implied from financial transactions, known as the blue-chip
swap. Investors also dumped the country's notes as the central
bank's foreign currency reserves and the parallel peso tumbled in
spite of government measures, reversing December gains, Bloomberg
News relays. The black market exchange rate, known as the dollar
blue, touched a record low 10.9 per dollar last week, Bloomberg
News relays.
"Not a good way to the start the year," Russell Dallen, the head
trader at Caracas Capital Markets, said in an e-mailed response to
questions. "We are seeing selling by local institutions, and
buyers who are skittish about the falling blue FX rate are staying
away," Bloomberg News quoted Mr. Dallen as saying.
===========
B R A Z I L
===========
OI SA: Merger With Portugal Telecom Hits Snag
---------------------------------------------
Christiana Sciaudon at Bloomberg News reports that Brazil's most
indebted telecommunications company Oi SA's merger with Portugal
Telecom SGPS SA hit a snag after minority shareholders won an
early victory in their fight for more favorable terms.
In a preliminary decision obtained by Bloomberg News, Brazilian
securities regulator CVM said Oi's controlling ownership group
can't participate in calculating the price of some assets involved
in the transaction. Oi and Portugal Telecom had planned to use
asset prices approved by their biggest investors to help determine
the distribution of shares in the new company, according to
Bloomberg News.
Bloomberg News notes that Oi Chief Executive Officer Zeinal Bava
is pushing for the merger to help the phone carrier compete with
America Movil SAB (AMXL) and Telefonica SA (TEF) in Brazil. If
the CVM upholds its technical staff's decision, Bava will have to
sweeten the proposal for non-controlling investors who have balked
at the dilution of their stock, Bloomberg News relates.
"This is a fundamental step in the merger, and they're going to
have to convince minority shareholders of the advantages of the
operation, or it won't happen," Bloomberg News quoted Raphael
Martins, a lawyer representing Oi investor Tempo Capital, as
saying. "If the base-case scenario for the merger is maintained,
there won't be an accord among shareholders for a capital
increase," Mr. Martins added, Bloomberg News relates.
Oi, based in Rio de Janeiro, had planned to raise at least BRL7
billion ($2.9 billion) by selling new shares -- diluting its stock
-- and to pay off $2 billion in debt for controlling shareholder
Telemar Participacoes SA, a holding company whose owners include
the Andrade-Gutierrez and Jereissati families, Bloomberg News
says.
Under the deal, Bloomberg News discloses that Portugal Telecom was
to participate in the capital increase by contributing all of its
assets, allowing itself to be absorbed in the new company.
Bloomberg News notes that while controlling holders will have
their debts paid off through the merger transaction, minority
shareholders who are getting diluted receive no payout. On top of
that, smaller investors saw their shares fall 50 percent in 2013.
Now they've gained a way to negotiate the terms of the deal, said
Martins, a partner at law firm Faoro & Fucci Advogados, told
Bloomberg by phone from Rio de Janeiro.
==========================
C A Y M A N I S L A N D S
==========================
BATTERY PARK: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Battery Park High Yield
Opportunity Strategic Fund, Ltd resolved to voluntarily liquidate
the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 30, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Keiran Hutchison
Robin Lee Mcmahon
c/o Barry MacManus
Telephone: (345) 814 8997
Facsimile: (345) 814 8529
Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
BLACKSTONE PACIFIC: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Blackstone Pacific
Opportunities Offshore Fund Ltd. 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:
Grant Jackson
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
BLACKSTONE PARK: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Blackstone Park Compass
Fund Ltd. 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:
Grant Jackson
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
FLAGSTICK ENHANCED MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Flagstick Enhanced
Credit Master Fund, Ltd. resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
FLAGSTICK ENHANCED OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Flagstick Enhanced
Credit Offshore Fund, Ltd. resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
GLASNOST ASSET: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost Asset Management
Ltd. resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
GLASNOST FEEDER: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost Feeder SPC resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
GLASNOST SPC: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost SPC resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
HOLLY POND: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 22, 2013, the sole member of Holly Pond Partners resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Ben Hart
Telephone: (345) 814 7770
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
KARSCH CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 19, 2013, the sole shareholder of Karsch Capital, Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
KARSCH CAPITAL II: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 19, 2013, the sole shareholder of Karsch Capital II, Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
KCM LONG: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 19, 2013, the sole shareholder of KCM Long Only Fund Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
KCM PLUS: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 19, 2013, the sole shareholder of KCM Plus, Ltd. resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
NORMAN INDUSTRIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 21, 2013, the shareholder of Norman Industries Ltd
resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
PARAGON CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Paragon Capital Offshore
Ltd resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
Name: Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
STRAT HSE 5: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 15, 2013, the member of
Strat HSE 5 AC Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.
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
TEIP (CAYMAN): Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 14, 2013, the sole shareholder of Teip (Cayman) Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
TEIP ENVIRONMENTAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 14, 2013, the sole shareholder of Teip Environmental
Investments resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Dec. 27, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
VIETNAM VALUE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 19, 2013, the shareholders of Vietnam Value Fund resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
VINTAGE ARGONAUT: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 22, 2013, the shareholders of Vintage Argonaut Offshore
Holdings Ltd resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
===============
C O L O M B I A
===============
BANCO BAC: S&P Raises Issuer Credit Rating From 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Banco BAC de Panama S.A. (formerly BBVA Panama
S.A. y Subsidiarias) to 'BBB-' from 'BB+' and its short-term
rating to 'A-3' from 'B'. At the same time, S&P removed them from
CreditWatch developing, where it placed them on July 25, 2013.
The outlook is stable.
The rating action follows the closing of Banco Bilbao Vizcaya
Argentaria's sale of Banco BAC de Panama to Grupo Aval and
reflects the bank's "core" status to its new ultimate parent,
Banco de Bogota S.A. y Subsidiarias (BBB-/Stable/A-3). Banco BAC
de Panama is currently operating under the BAC brand and will be
merged with BAC International Bank Inc. (BBB-/Stable/A-3), a
"core" subsidiary of Banco de Bogota, in the short term. S&P will
withdraw the ratings on Banco BAC de Panama once the merger is
completed.
Banco de Bogota is the second-largest bank in Colombia (its
Colombian operations account for about 70% of its total
consolidated loans) and through BAC International Bank has a solid
market position in many Central American countries. The ratings
on Banco de Bogota reflect S&P's view of its "strong" business
position, "moderate" capital and earnings, "adequate" risk
position, "average" funding and "adequate" liquidity, as S&P's
criteria define these terms. The bank's stand-alone credit
profile is 'bbb-'.
The stable outlook on Banco BAC de Panama reflects that of Banco
de Bogota as a result of its status as a "core" entity. The
ratings on Banco BAC Panama and BAC International Bank will move
in tandem with those of Banco de Bogota.
===============================
T R I N I D A D & T O B A G O
===============================
* T&T: Poor Productivity 'Driving Costs Up,' Minister Says
----------------------------------------------------------
Camille Bethel at Trinidad Express reports that Trinidad and
Tobago's low productivity levels are driving production costs up,
Minister of Labor Errol McLeod said.
"When we have low productivity levels then our costs are high.
Enough of us don't understand that low productivity levels are
high cost production. We must strive to get the value out of
every dollar that we spend, whether it is on wages, whether it is
on procurement of raw materials, goods and services," Trinidad
Express quoted Mr. McLeod as saying.
"If we are not competitive in that regard then we find ourselves
at the end of the line and hands outstretched waiting for a fish
that someone may be charitable enough to give us, rather than
seizing the opportunity to learn to fish," Mr. McLeod said, the
report notes.
The report relates that Mr. McLeod also pointed out that Small and
Micro Enterprises (SMEs)-which account for more than 90 per cent
of all businesses in the country-must work diligently to succeed
and recognize the importance of innovation in business in order to
be competitive.
Mr. McLeod said the Ministry of Labor and Small and Micro
Enterprises had to consider seriously the proposals that came
before it for the investment of capital towards businesses, the
report discloses.
Mr. McLeod said that Government represented the largest purchaser
of goods and services and therefore will help to provide the
market to contribute to the expansion of small and medium
enterprises in the country, the report notes.
The report adds that Mr. McLeod said the Expo provided the
opportunity for SMEs to display their skills services and network.
=================
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
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COBRASMA CBMA3 BZ 75975325.5 -2148311127
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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
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DOCAS SA DOCAON BZ 273120349 -211736213
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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
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ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
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ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
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ENDESA COSTAN- CECOD AR 355868840 -87473853.9
ENDESA COSTAN- CECOC AR 355868840 -87473853.9
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ESTRELA SA ESTR3 BZ 71379818.6 -111239805
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F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
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FER HAGA-PREF HAGA4 BZ 18875306.2 -40047314.2
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FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
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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
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IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
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IGUACU CAFE IGCSON BZ 219009123 -69129785
IGUACU CAFE IGUCF US 219009123 -69129785
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IGUACU CAFE-PR A IGCSAN BZ 219009123 -69129785
IGUACU CAFE-PR A IGUAF US 219009123 -69129785
IGUACU CAFE-PR B IGUA6 BZ 219009123 -69129785
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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
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IMPSAT FIBER-CED IMPT AR 535007008 -17164978
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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
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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 -5467518.00
***********
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
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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, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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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.
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