/raid1/www/Hosts/bankrupt/TCRLA_Public/140225.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, February 25, 2014, Vol. 15, No. 39
Headlines
B R A Z I L
CENTRAIS ELETRICAS: Fitch Affirms 'B-' Issuer Default Ratings
COSAN SA: To Split Into Energy, Logistic Units in ALL-America Deal
C A Y M A N I S L A N D S
CHAMP MARLIN: Creditors' Proofs of Debt Due Feb. 27
CLIFF COMPANY: Commences Liquidation Proceedings
DILSTON TRADE: Placed Under Voluntary Wind-Up
EASTERN ADVISORS: Shareholders Receive Wind-Up Report
ESTATE HOLDING: Placed Under Voluntary Wind-Up
FORETREND INVESTMENTS: Placed Under Voluntary Wind-Up
GMS CHINA: Members Receive Wind-Up Report
GULLIVER MARINE: Placed Under Voluntary Wind-Up
JH INTERNATIONAL: Sole Member Receives Wind-Up Report
PARTNER INVESTMENT: Placed Under Voluntary Wind-Up
PINGUINO LTD: Placed Under Voluntary Wind-Up
QUARTET THREE: Shareholders Receive Wind-Up Report
QUARTET TWO: Shareholders Receive Wind-Up Report
SEMPER GLOBAL: Commences Liquidation Proceedings
SEMPER GOVERNMENT: Commences Liquidation Proceedings
SOLUS CORE: Shareholder to Receive Wind-Up Report on May 15
SOLUS CORE FUND: Shareholder to Receive Wind-Up Report on May 15
SVG INVESTMENTS: Shareholder Receives Wind-Up Report
UFFA INTERNATIONAL: Placed Under Voluntary Wind-Up
VISUAL CHINA: Members to Receive Wind-Up Report on Feb. 26
J A M A I C A
JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
* JAMAICA: Dollar Slide Hurting Equities Market Says Data
T R I N I D A D & T O B A G O
* TRINIDAD & TOBABGO: Minister Says State Contractors Will Be Paid
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
===========
B R A Z I L
===========
CENTRAIS ELETRICAS: Fitch Affirms 'B-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Centrais Eletricas do Para S.A.
(Celpa)'s ratings (Celpa) as follows:
-- Foreign and Local currency Issuer Default Ratings (IDRs) at
'B-';
-- National scale rating at 'BB+(bra)'.
Fitch has also revised the Rating Outlook to Positive from Stable.
KEY RATING DRIVERS
Celpa's ratings reflect its still high financial leverage and
reduced operating cash generation. Fitch believes that the
company's progress, achieved mainly in the third quarter of 2013,
is in accordance with the agency's initial expectations.
The ratings also incorporate how the extended debt maturity
schedule and reduced financial cost benefit the company's credit
profile. Fitch views as positive Celpa's parent Equatorial Energia
S.A. (Equatorial)'s support through capital injections,
capitalization of debts and loans guarantee. Regulatory risk of
the power sector is considered moderate and hydrological risk in
the sector is currently above average.
The Positive Outlook reflects Fitch's expectation that Celpa will
succeed in its challenge to improve operational efficiency,
particularly with regards to the high level of energy losses. It
also incorporates potential new capitalization of debt from the
parent, bringing its credit metrics to more conservative levels.
Weak Cash Generation to Improve
Fitch expects Celpa to generate a more robust operational cash
generation in the coming years. The company's credit metrics were
weak for the rating category until September 2013. Equatorial, the
new shareholder that acquired Celpa on November 2012, has been
taking several actions to improve the company's operational and
financial performance, which still need to mature. In the last
twelve months ended on September 2013, EBITDA was negative at
BRL331 million. Improvements achieved along 2013 took the EBITDA
of the third quarter of 2013, excluding the non-recurring items
and regulatory assets, to a positive BRL69 million. The agency
expects an EBITDA of around BRL350 million and a net leverage of
9.0x in 2014, declining to 5.0x - 6.5x at the following three
years.
Lengthened Debt Maturity Profile
Celpa's debt profile benefits from an extended maturity schedule,
low financial cost and reduced foreign exchange risk as a result
of the debt renegotiation under the bankruptcy protection process.
At the end of September 2013, short-term debt of BRL673 million
represented 24% of total debt of BRL2.8 billion, with 50% maturing
beyond 2018. The company further improved its debt maturity
profile in the last quarter of 2013 through a BRL375 million bank
loan to refinance short-term debt and is expected to have no cash
disbursement regarding its BRL150 million of short-term debt with
Equatorial. Based on both actions, the pro forma short-term debts
is reduced to BRL148 million.
The company presents a moderate liquidity level. The company
reported cash and marketable securities of BRL376 million at the
end of the third quarter of 2013, covering its short-term debt of
BRL673 million by 0.6x. For the same period, the cash + FFO-to-
short-term debt and cash + CFFO-to-short-term debt ratios were not
applicable, since the company's FFO and CFFO were negative in the
LTM ended on September 2013. On a pro forma basis, taking into
account the short-term debt lengthening and excluding the
intercompany loans, the short-term debt coverage increases to
2.5x.
Positive Shareholder Support
Equatorial has already injected BRL690 million in cash at Celpa as
equity contribution since November 2012, which has benefited its
liquidity position. In addition, the shareholder has capitalized
BRL433 million of an intercompany loan and is guaranteeing the
BRL375 million bank loan raised by Celpa in November 2013, with
the proceeds used to refinance short-term debt. Celpa reported
intercompany loans of BRL406 million with Equatorial at the end of
September 2013, which is not expected to be paid and could be used
to improve the company's capital structure. At the end of the
third quarter of 2013, Equatorial reported robust liquidity
position, with BRL616 million in cash and marketable securities
position and no debt on an individual basis.
FCF to Remain Negative
Celpa's free cash flow (FCF) should remain negative at least in
the next couple of years. The company's capital expenditures are
expected to be high in 2014 in order to support the ambitious
operational improvements expected for the coming years. In the LTM
ended on Sept. 30, 2013, cash flow from operations (CFFO) and free
cash flow (FCF) were negative at BRL642 million and 709 million,
respectively. The cash flow performance from 2015 on will largely
depend on the result of the tariff review process, which is
expected to have a net positive effect to the company.
Challenging Loss Reduction
The reduction of energy losses is an important challenge for
Celpa. The company's cash flow generation has been negatively
impacted by energy losses above the maximum levels established by
the regulatory agency and contemplated in its tariffs to end
consumers. Actions to reduce losses started effectively in August
2013 within this new management team period, with recent positive
results still limited. In the LTM ended September 2013, energy
losses of 36.5% compares unfavorably with regulatory losses of
28.5%. On a quarterly basis, Celpa reduced its losses to 36.1% in
the third quarter of 2013 from 37% in the fourth quarter of 2012.
Positively, Equatorial has a good track record in loss reduction
in its other subsidiary Companhia Energetica do Maranhao (Cemar -
National Long-term rating 'AA-(bra)').
Rating Sensitivities
The ratings can benefit from improvements in Celpa's operational
cash flow as expected, supported by losses reduction, combined
with growth of energy volumes invoiced and positive results in
cost control measures, which would result in more conservative
credit metrics. The ratings would be negatively impacted in case
of Celpa fails to improve its operating efficiency and cash flow
generation, resulting in a leverage reduction below Fitch's
expectations.
COSAN SA: To Split Into Energy, Logistic Units in ALL-America Deal
------------------------------------------------------------------
Bloomberg News reports that Cosan SA Industria & Comercio plans to
split into an energy and a logistics unit as it takes over ALL-
America Latina Logistica SA.
The company will merge its Rumo train operator with ALL-America
Latina, the companies said in regulatory filings, according to
Bloomberg News. Shareholders of Rumo will hold a 36.5 percent
stake in the new company and name most board members, while ALL's
shareholder will own 63.5 percent.
Cosan will split into Cosan Energia and Cosan Logistica, and Cosan
Ltd. will be the parent to both. The two companies will be listed
in Sao Paulo.
About Cosan SA
Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, through its subsidiaries, engages in the production and
sale of sugar and ethanol primarily in Brazil, Europe, the Middle
East, Asia, and North America. Cosan S.A. is a subsidiary of
Cosan Limited. The company was founded in 1936 and is
headquartered in Sao Paulo, Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2013, Standard & Poor's Ratings Services affirmed its 'BB'
corporate credit and debt ratings on Cosan S.A. Industria e
Comercio (Cosan), its subsidiary, Cosan Combustiveis e
Lubrificantes, and on its parent company, Cosan Ltd. The outlook
on the corporate credit ratings is positive.
==========================
C A Y M A N I S L A N D S
==========================
CHAMP MARLIN: Creditors' Proofs of Debt Due Feb. 27
---------------------------------------------------
The creditors of Champ Marlin Holdings Limited are required to
file their proofs of debt by Feb. 27, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 17, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
CLIFF COMPANY: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Jan. 14, 2014, the
shareholders of Cliff Company SPC, Ltd. resolved to voluntarily
liquidate the company's business.
The company's liquidator is:
Graham Manchester
Marsh Management Services Cayman Ltd.
Governors Square, Building 4, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 1051, Grand Cayman
Cayman Islands
DILSTON TRADE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 6, 2014, the sole shareholder of Dilston Trade Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 28, 2014, 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
EASTERN ADVISORS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Eastern Advisors Capital, Ltd. received on
Feb. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Giles S. Eyre
405 Lexington Avenue, 32nd Floor
New York
New York 10174
United States of America
Telephone: +1 (212) 984 2339
e-mail: giles@easternadvisors.com
ESTATE HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 16, 2014, the shareholders of Estate Holding Cayman
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 28, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Poon Wai Hung, Richard
Harbour Centre, Room 1409
25 Harbour Road
Wanchai
Hong Kong
FORETREND INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 16, 2014, the sole shareholder of Foretrend Investments
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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
GMS CHINA: Members Receive Wind-Up Report
-----------------------------------------
On Feb. 19, 2014, the members of GMS China Management Holdings
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
William W. Gerrity
Telephone: 858-369-7000
Facsimile: 858-369-7099
c/o Gerrity Group
977 Lomas Santa Fe Drive Ste A
Solana Beach, California 92075
GULLIVER MARINE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 14, 2014, the shareholders of Gulliver Marine Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 18, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Khairul E. Astwood
20 Villet Drive, East Setauket, NY 11733
U.S.A.
Telephone: 631.689.8523
Facsimile: 631.675.618
JH INTERNATIONAL: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of JH International Limited received on Jan. 8,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
P.O. Box 71, Road Town Tortola
British Virgin Islands
PARTNER INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 16, 2014, the sole shareholder of Partner Investment Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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
PINGUINO LTD: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 16, 2014, the sole shareholder of Pinguino Ltd. resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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
QUARTET THREE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Quartet Three Limited received on Feb. 20,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
QUARTET TWO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Quartet Two Limited received on Feb. 20, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Phang Thim Fatt
8 Shenton Way #18-01
Singapore 068811
SEMPER GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 15, 2014, the sole shareholder of Semper Global
Opportunistic Mortgage Strategy 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:
Semper Capital Management, L.P.
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
SEMPER GOVERNMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 15, 2014, the sole shareholder of Semper Government/Credit
Fixed Income 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:
Semper Capital Management, L.P.
c/o Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
SOLUS CORE: Shareholder to Receive Wind-Up Report on May 15
-----------------------------------------------------------
The shareholder of Solus Core Opportunities Intermediate Fund Ltd
will receive on May 15, 2014, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
SOLUS CORE FUND: Shareholder to Receive Wind-Up Report on May 15
----------------------------------------------------------------
The shareholder of Solus Core Opportunities Fund Ltd will receive
on May 15, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
SVG INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of SVG Investments Ltd received on Feb. 13, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Probitas Limited
Equitas Limited
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
UFFA INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 6, 2014, the sole shareholder of Uffa International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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
VISUAL CHINA: Members to Receive Wind-Up Report on Feb. 26
----------------------------------------------------------
The members of Visual China Holding Limited will receive on
Feb. 26, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Leung, Ming Shu
Dian Tong Creative Square
Building 2, Area A, No. 7
Jiuxianqiao North Street
Chaoyang District, Beijing 100015
China
Telephone: +8610 57950333
Facsimile: +8610 56920112
=============
J A M A I C A
=============
JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to the Series
2013-1 notes issued by Jamaica Diversified Payment Rights Company
in light of an additional $25 million issuance under such series
as follows:
-- $125 million Series 2013-1 notes at 'BB', Outlook Stable.
Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis in accordance with the transaction
documents. The expected final payment date is March 15, 2018 with
the option to extend the legal maturity date up to three years.
The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ; long-term local currency (LC)
Issuer Default Rating (IDR) of 'B-'; Outlook Negative). DPRs are
defined as electronic or other messages utilized by financial
institutions to instruct NCBJ to make a payment to a beneficiary.
KEY RATING DRIVERS
The affirmation reflects (i) the credit quality of NCBJ and its
going concern assessment score of 'GC1'; (ii) coverage levels
which include a significant portion of domestically originated
receivables or flows considered more susceptible to diversion;
(iii) the transaction structure, which helps mitigate transfer and
convertibility risk; and (iv) the level of future flow debt to
total liabilities and long-term funding.
NCBJ is the largest bank by total assets in the Jamaican banking
system. The bank was well positioned to manage the fallout from
the government's recent debt restructuring, but the Negative
Outlook on its ratings reflects downside risks for a more
challenging operating environment if the government is not
successful at implementing its IMF programme.
Considering the amended outstanding debt size, the expected
quarterly debt service coverage ratio (DSCR), calculated according
to the transaction documents, is 41.3x maximum quarterly debt
service. The calculation considers average quarterly flows through
designated depository banks (DDBs) for the past three years and
excludes 65% of flows from certain entities which have large
levels of domestic flows and/or are considered more susceptible to
diversion.
The transaction structure benefits from notice and acknowledgment
agreements signed with DDBs, Bank of New York Mellon, Citibank,
HSBC, Barclays Bank PLC, and Wells Fargo, which irrevocably
instruct them to deposit DPR flows into offshore accounts
controlled by the indenture trustee. The percentage of DPR flows
processed by DDBs has averaged over 90% of total DPRs since 2007.
The program's total outstanding future flow debt represents 3.35%
of NCBJ's total liabilities. While NCBJ's future flow debt as a
percentage of total liabilities is similar to that of many future
flow programs in the region, the debt represents 100% of long-term
funding, which is considerably higher.
RATING SENSITIVITIES
The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' LC IDR could lead to a downgrade on the
notes. In addition, severe reductions in coverage levels could
also result in rating downgrades.
* JAMAICA: Dollar Slide Hurting Equities Market Says Data
---------------------------------------------------------
RJR News reports that new data show the continuing slide in the
value of the Jamaican dollar and investor uncertainty are having a
dampening effect on the local equities market.
The Jamaica Stock Exchange, JSE, main index declined during the
December quarter and the Bank of Jamaica said this should be
viewed against the background of increased monthly returns on
foreign currency investments being a more attractive option to
investors, according to RJR News.
The report relates that the data said the decrease also occurred
in the context of uncertainty regarding Jamaica's structural
reforms and the country's performance in relation to IMF
benchmarks.
According to the BoJ's quarterly monetary policy report, the JSE
Main Index fell by 4.6 percent during the December quarter
following a 2-point-7 percent decline during the previous three
months, RJR News says.
The report notes that this performance was in contrast to a 5.6
percent increase for the corresponding period in 2012.
===============================
T R I N I D A D & T O B A G O
===============================
* TRINIDAD & TOBABGO: Minister Says State Contractors Will Be Paid
------------------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Minister of Works
and Infrastructure Dr. Surujrattan Rambachan has assured that
contractors who have completed State jobs will be paid.
The report relates that Mr. Rambachan said the projects were
currently being audited to verify the work was completed.
Mr. Rambachan was responding to a group of contractors who staged
a protest outside Bhupsingh Park, Penal, where Prime Minister
Kamla Persad-Bissessar was attending the annual Siparia Women's
Association's Kiddies Carnival competition on Feb 21.
The report notes that the contractors demanded outstanding
payments for several projects, including rehabilitation work
throughout the Chaguanas West constituency during the by-election
last July.
The group held up placards calling on the ministers of Food
Production and Works and Infrastructure to explain why they have
not yet received payments, the report relates.
The report discloses that spokesperson for the contractors, Danny
Persad, said they were attempting to meet Minister Persad-
Bissessar to discuss their concerns.
The report added that Mr. Persad, owner of JDR Construction Ltd,
said the contractors were hired to work on 289 projects valued at
TT$116 million.
Mr. Persad said several attempts to contact Rambachan and Food
Production Minister Devant Maharaj have proved futile.
"No one has contacted us since the protest. We have not received
any money and we are not getting any appointments with the
ministers to discuss our concerns," the report quoted Mr. Persad
as saying.
Mr. Persad said the contractors needed the money to pay loans,
credit cards and hardware suppliers, among other expenses, the
report adds.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
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 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
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
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
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
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 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
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 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
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
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
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 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
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 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
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 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
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 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
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 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2014. 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 * * *