/raid1/www/Hosts/bankrupt/TCRLA_Public/140304.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, March 4, 2014, Vol. 15, No. 44
Headlines
B R A Z I L
BIOSEV'S: Moody's Cuts Corp. Family Rating to B1; Outlook Stable
CIMENTO TUPI: S&P Affirms 'B' CCR & Revises Outlook to Stable
ENERGISA S.A.: Moody's Affirms Ba2 CFR; Outlook Negative
MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Ratings
C A Y M A N I S L A N D S
ARROWHEAD FUND: Commences Liquidation Proceedings
ASIAN CENTURY MASTER: Placed Under Voluntary Wind-Up
ASIAN CENTURY OFFSHORE: Placed Under Voluntary Wind-Up
ASIAN CENTURY SMALLER: Placed Under Voluntary Wind-Up
CLAY HOUSE: Placed Under Voluntary Wind-Up
FRIDAY INTERNATIONAL: Members to Hear Wind-Up Report on March 11
GLOBAL TECH: Shareholder to Hear Wind-Up Report on March 11
MYRIAGON SPECIAL: Shareholder to Hear Wind-Up Report on March 14
OMV ANAGUID: Shareholder to Hear Wind-Up Report Today
OMV SOUTH: Shareholder to Hear Wind-Up Report Today
PALO ALTO MASTER: Members to Hear Wind-Up Report on March 27
PALO ALTO OFFSHORE: Members to Hear Wind-Up Report on March 27
ROYAL BANK: Shareholder to Hear Wind-Up Report on March 5
RUSSVET FUND: Placed Under Voluntary Wind-Up
SHERIDAN OPPORTUNITY: Creditors' Proofs of Debt Due March 12
SHORT STOP 2: Placed Under Voluntary Wind-Up
SLJ MACRO: Members to Receive Wind-Up Report on March 10
SLJ MACRO MASTER: Members to Receive Wind-Up Report on March 10
TESLA INC: Creditors' Proofs of Debt Due Today
XRAY FUND: Shareholder to Hear Wind-Up Report on April 3
C O S T A R I C A
COSTA RICA REPUBLIC: S&P Affirms 'BB' Sovereign Credit Rating
D O M I N I C A N R E P U B L I C
XSTRATA PLC: Hundreds March Toward National Palace Against Mine
M E X I C O
EMPRESAS ICA: Revenue Drops 16% to Ps. 7,729MM in 4Q13
* Greenberg Traurig Names First Mexico City Office Shareholder
P E R U
INKIA ENERGY: Fitch Affirms 'BB' Issuer Default Ratings
P U E R T O R I C O
PUERTO RICO: Moody's Assigns (P)Ba2 Rating on $3.5BB GO Bonds
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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B R A Z I L
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BIOSEV'S: Moody's Cuts Corp. Family Rating to B1; Outlook Stable
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Moody's Investors Service has downgraded Biosev's corporate family
ratings to B1 from Ba3. The outlook for the rating is stable.
Ratings downgraded as follows:
Issuer: Biosev S.A.
Corporate Family Rating: B1 (global scale) from Ba3 (global scale)
The outlook for the ratings is stable.
Ratings Rationale
The downgrade in Biosev's ratings reflects the reduction in
liquidity observed in the past few quarters. With the cancellation
of the proposed issuance of USD 500 million notes due 2020, an
important supporter of the first time rating assigned in September
2013 since it would be used to lengthen the company's amortization
schedule and ultimately improve its liquidity profile, Biosev
posted a cash position of BRL 422 million in the 4Q13, sufficient
to cover only 25% of its reported short-term debt of BRL 1,720
million. This adds to already foreseen challenges of ramping up
capacity utilization and high capital expenditure to maintain crop
productivity.
The downgrade incorporates the increased risks inherent to
operating with limited financial flexibility in a volatile
industry such as the sugar and ethanol. Although Moody's recognize
that the company may at times carry a small cash pool relative to
short term obligations, the B1 ratings also incorporate Biosev's
proven good access to the debt market to refinance its short-term
maturities (which are mostly related to trade finance loans) and
Louis Dreyfus Commodities Group (LDC) financial support to the
company through advanced payments on production (of up to USD 400
million), which currently provides a BRL 710 million readily
available liquidity source. Additionally, at the end of December
2013, Biosev had BRL 613 million in readily market inventories
(finished products) that can be considered an alternative
liquidity source.
Supporting the ratings are the company's strong business profile
as the second largest sugar and ethanol producer in Brazil by
crushing capacity and good geographic diversity that mitigates
weather related events. The good corporate governance standards,
conservative approach to risk management and effective hedging
policies are additional positive considerations. The high idle
capacity (23.3% in the 9M14) resulting from past weather events
and our expectation of gradual recovery over the next 12-24 months
are also incorporated in the ratings.
The stable outlook reflects our view that the company is
competitively positioned to grow production along with the sugar
and ethanol market in Brazil over the mid-term and that, over
time, it will be able to improve its operating margins as a result
of increased capacity utilization; thus reducing current leverage
(Debt/EBITDA of 4.7x) and improving its overall credit metrics. It
also considers that the company will successfully refinance its
short term maturities and improve its liquidity profile and that,
going forward, as a possible market consolidator, it would
undertake any acquisition plan in a prudent manner in order not to
impact its credit metrics.
An upgrade would require an improvement in the company's liquidity
profile, with cash in hands consistently covering the company's
short-term debt maturities. Quantitatively, an upgrade would
require Debt to EBITDA to remain below 4.0x and EBITA/Interest
Expense to be sustained above 2.5x.
A downgrade could result from the inability to improve operating
performance or if liquidity deteriorates further. Quantitatively
this would be the case if EBITA/Interest Expense remains below
1.0x, CFO/Net Debt falls below 10% or Debt/EBITDA is sustained
above 5.0x.
The principal methodology used in this rating was the Global
Protein and Agriculture Industry published in May 2013.
Biosev is the second largest sugar and ethanol producer in Brazil.
With a sugarcane crushing capacity of 37.9 million tons, the
company generated BRL 4.4 billion in revenues for the LTM period
ended in December 2013. About 76% of the company's sugar sales
volumes are exported to large international trading houses.
Domestically, the company commercializes sugar through two
regional brands and key clients include large domestic and
international food and beverage companies. Around 80% of the
company's ethanol production is sold domestically to large
retailers such as Petrobras, Raizen, Ipiranga and Ale.
The company is a part of the Louis Dreyfus Commodities Group (LDC)
(unrated), which has over 160 years of experience in the global
commodities market, over 70 years presence in Brazil, and is a
major player in the sugar, rice, cotton, orange juice, soybeans
and derivatives, corn and wheat markets, among others.
CIMENTO TUPI: S&P Affirms 'B' CCR & Revises Outlook to Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
corporate credit and issue-level ratings on Cimento Tupi S.A.
(Tupi). At the same time S&P lowered its national scale rating on
the company to 'brBB+' from 'brBBB-' and S&P revised the outlook
on both scales to stable from positive.
The rating actions are based on the company's recent weaker than
expected operating and financial performance, which will likely
delay improvement in the company's credit metrics during the next
six months, which S&P initially expected and therefore limits any
rating upside.
S&P's 'B' rating on Tupi is derived from a 'b' anchor due to its
"vulnerable" business risk and "aggressive" financial risk
profiles. There is no impact from the rating modifiers.
Tupi faced production delays related to the ramp up of operations
in the recently finalized expansion in the Pedra do Sino Plant,
where the company planned to concentrate all its cement
operations. Two other plants were brought on line but their
operations did not fully compensate for the period that Pedra do
Sino was offline in terms of operating efficiency, which kept the
company from boosting operational cash-flows and reducing debt as
S&P had anticipated. Plant production is now normalized and all
plants are operating at predicted levels.
The depreciation in the Brazilian real had a negative impact on
the company's dollar-denominated debt. As a result, S&P expects
the company to report highly leveraged cash-flow and leverage
metrics for the upcoming release of fiscal 2013 results, with
total debt to EBITDA at about 7.0x and funds from operations (FFO)
to debt below 10%. Although these metrics would be consistent
with a "highly leveraged" financial risk profile, S&P views this
as temporary and that during 2014 the company should report
indicators that are aligned with S&P's "aggressive" assessment.
"The expanded Pedra do Sino plant is now fully operational;
therefore, we expect higher volumes and stronger operating
efficiencies in 2014. As a result of significantly lower expected
capital expenditures, we believe the company should generate
positive free operating cash-flow of at least R$70 million that
the company will likely use to reduce debt, said Standard & Poor's
credit analyst Felipe Speranzini.
ENERGISA S.A.: Moody's Affirms Ba2 CFR; Outlook Negative
--------------------------------------------------------
Moody's America Latina Ltda affirmed Energisa S.A. (Energisa)'s
corporate family ratings of Ba2 on the global scale and Aa3.br on
the Brazilian national scale. Moody's also affirmed the ratings of
the BRL400 million senior unsecured amortizing debentures issued
in July 2012 in two tranches, one of 5 and the other 7 years. At
the same time, Moody's changed the outlook to negative from stable
for all Energisa's ratings.
The Ba2/Aa3.br corporate family ratings reflect Energisa's
adequate credit metrics for the rating category, its relatively
stable cash flow from its distribution businesses, experienced
management and good access to the local banking and capital
markets.
The ratings are constrained by the company's planned relatively
sizeable capital expenditures mainly in the riskier generation
sector and the risks associated with the operation of wind farms
and biomass power plants. Potential liquidity pressure from the
acquisition of expected higher cost energy due to the current
hydrology conditions in the country and the historical high
distribution of dividends further constrain the ratings.
Another constraint is related to the uncertainties as to whether
Energisa will be able to effectively reduce the operating costs
and turn around the acquired distribution utilities of the Rede
group which historically have been very inefficient and are
located in sparsely inhabited areas.
The negative outlook reflects the impact that the acquisition of
Rede group, expected to be concluded over the next couple of
months, will have on the company's leverage and liquidity. The
negative outlook also reflects the uncertainties regarding ability
of Energisa's management to continue to secure the long term
financing and equity capital in a timely and adequate manner to
fund the capital expenditures at the level of the operating
subsidiaries and lengthen their debt profile.
Moody's will keep monitoring Energisa's financial and operating
performance over the short to medium horizon to evaluate its cash
flow generation and liquidity position, as well as its ability to
turnaround and stabilize the distribution assets it is scheduled
to acquire from the Rede group.
Consequently, Moody's do not foresee any rating upgrade in the
short-to-medium term given the expected deterioration in credit
metrics arising from this acquisition.
The rating could be downgraded if: (i) the Company is not able to
continue secure financing at attractive terms for its generation
projects; (ii) the construction activity results in material
delays and/or cost-overruns that could negatively impact cash
flow; and/or (iii) the company is not able to raise adequate
resources in terms of tenor and amount to pay the acquisition, re-
schedule the debt and make the necessary investments in the assets
of Rede group, if the acquisition is completed; and (iv) the
Company chooses to finance its growth strategy with higher than
anticipated leverage, which would result in the ratio of retained
cash flow (CFO Pre-W/C minus Dividends) to debt dropping below
10%, and/or cash flow interest coverage (as measured by [CFO Pre-
W/C plus Interest Expense]/Interest Expense) falling below 2.5x
for an extended period.
Headquartered in the city of Cataguases in the State of Minas
Gerais, Energisa S.A. is a holding company that controls five
electricity distribution utilities in four Brazilian states
(ParaĦba, Sergipe, Minas Gerais and Rio de Janeiro) attending
approximately 2.6 million customers in the regulated market.
Energisa also controls three small hydro power plants with 43 MW
installed capacity, a wind power plant with 150MW installed
capacity and a 175MW biomass plant of which 60MW is currently
operating. Additionally, the Company controls an energy trading
company and a service company.
In the first nine months of 2013, Energisa's power distribution
business represented approximately 86% of the consolidated
revenues and 85% of the EBITDA, the commercialization of energy 7%
of the revenues and 2% of the EBITDA, the power generation
business 3% of the revenues and 7% of the EBITDA with the
remaining businesses representing 4% of revenues and 6% of the
EBITDA, respectively. Energisa is listed on the Brazilian stock
exchange (BM&FBOVESPA) and is controlled by the Botelho family.
The principal methodology used in this rating was Regulated
Electric and Gas Utilities Rating Methodology published in
December 2013.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".
MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the local and foreign currency Issuer
Default Ratings (IDR) of Magnesita Refratarios S.A.'s (Magnesita)
at 'BB' and National Scale Ratings at 'A+(bra)'. Fitch Ratings has
also assigned an 'A+(bra)' rating to Magnesita's debentures
issuance of BRL400 million due 2018. The issuance proceeds will be
used to refinance existing debt. The corporate Rating Outlook is
Stable.
Key rating drivers:
Solid Business Profile; Vertical Integration:
Magnesita's ratings are supported by its low-cost and vertically
integrated business model, allowing for an industry-leading EBITDA
margin close to 15% on EBITDA of BRL376 million during the last 12
months ended Sept. 30 2013. The company's core business is
refractory solutions, comprising 89% of BRL2.5 billion in revenues
during the period, followed by its services business line (6%),
and its minerals segment (5%). The ratings are also backed by the
company's long-life mine reserves, geographical diversification,
position as the world's third largest refractory manufacturer in a
highly fragmented market, and strong liquidity profile. The
company has strong long-term relationships with customers
throughout the world, having exported their products to over 75
countries in 2013. As of Sept. 30, 2013, the company had
approximately 850 customers, including the largest Brazilian steel
producers, as well as leading Brazilian and international cement
producers.
Resilient EBITDA Margins; High Exposure to Steel Sector
The company has a customer concentration in the cyclical steel
industry, which accounted for 73% of consolidated revenues in
2013. Magnesita has been able to maintain stable EBITDA margins
despite the volatile results of the steel sector since 2008,
although its large exposure to this sector has resulted in modest
organic growth with LTM EBITDA generation of BRL376 million at
Sept. 30, 2013 compared to BRL339 million in 2011. Magnesita plans
to diversify its revenues through its minerals segment by
expanding into profitable graphite sales in order to increase
sales volumes through geographical diversification. At present,
the growth in cement and industrial refractories has not yet
materialized enough to benefit operating cash flow generation. The
global refractory industry remains highly fragmented and Fitch
expects consolidation to take place in the future.
Working Capital Pressures Free Cash Flow (FCF) in 2013, Expected
to Be One-Off Event
Changes implemented in the company's commercial strategy during
2013 pressured its working capital requirements. This was mainly
related to building-up inventory levels at new points of sales in
regions such as the Middle East and South East Asia. During LTM
September 2013, working capital needs increased to BRL136 million
compared to BRL16 million in 2012. As a result, cashflow from
operations (CFFO) reached a very low BRL35 million in the LTM
September 13, a significant decline from BRL175 million reported
in 2012.
Fitch expects the low CFFO in 2013 to be a one-off event,
improving to around BRL180 million in 2014 under its Base Case.
Higher capex has also pressured Magnesita FCF generation in 2012
and during 2013. As of the LTM to Sept. 30 2013, Magnesita
exhibited FCF of negative BRL181 million following capex of BRL199
million and dividends of BRL9 million. The company ended 2012 with
FCF of negative BRL101 million after capex of BRL259 million and
dividends of BRL17 million. This was a significant decline from
FCF of BRL246 million in 2011. The company's dividend policy has
remained conservative, at the minimum 25%.
Leverage Peak in 2013; Improvements Expected in 2014
Magnesita's cash balance eroded significantly during 2013 due to
negative FCF, a number of small acquisitions, and the
discontinuation of a joint venture operation in China. Compounding
this was the BRL devaluation which led to further deterioration in
Magnesita's net leverage ratios. As of Sept. 30, 2103, the
company's total and net adjusted debt-to-LTM EBITDA ratios, on a
pro-forma basis including acquisitions, were 5.3x and 4.2x,
respectively, compared to 6.1x and 3.8x by year-end 2012. Fitch
includes the company's post-employment obligations of BRL254
million in Magnesita's total adjusted debt and also BRL33 million
as off-balance-sheet debt related to future obligations from
acquisitions. Foreign exchange risk for the company is partially
mitigated due to its geographic diversification, resulting in
approximately 70% of its 2013 EBITDA being generated in foreign
currency compared to 76% of its debt being denominated in USD and
EUR.
Fitch's Base Case indicates adjusted EBITDA generation at around
BRL428 million for 2014, with EBITDA margins around 15.5%. FCF is
expected to be negative by around BRL30 million following capex
and dividends for the year, with FFO interest coverage at about
1.7x and net adjusted debt-to-EBITDA improving to around 3.8x.
Refractories are expected to continue to make up 88% of revenues,
while services and minerals 6% of revenues each.
Strong Liquidity:
Magnesita's liquidity position indicates comfortable headroom for
the rating category, ending Sept. 30, 2013 with BRL456 million of
cash and marketable securities compared to short-term debt of
BRL75 million. Short-term debt was just 4% of total adjusted debt
of BRL2.1 billion for the period. Liquidity ratios are strong with
cash-to-short-term debt at 6.1x and cash plus CFFO-to-short-term
debt at 4.8x. Magnesita's debt amortization schedule is very
manageable with BRL75 million of short-term and BRL568 million
spread over the next four years. The company's cash position is
enough to meet all current debt maturities through 2017.
Minerals Segment Expansion Still in Early Stages:
Magnesita's strategy to diversify its revenues by expanding its
other business units, especially its minerals segment, should not
materialize prior to 2017. The potential to develop graphite sales
is considerable given the growing demand for this raw material for
use in rechargeable batteries coupled with export restrictions
from China. Graphite is a very profitable business opportunity for
Magnesita in relation to the company's low-cost position for
production. Magnesita's capex plan includes a project to develop
its graphite output to 40,000 metric tons per year by 2017, after
which Fitch expects the minerals segment to contribute 15%% of
consolidated revenues.
Rating Sensitivities:
A Negative Outlook or downgrade could take place following a
prolonged downturn in the cyclical steel and cement markets that
hampers production volumes globally to levels that severely affect
the company's financial performance. Another potential negative
driver would be a large debt-funded acquisition, increasing net
debt-to-EBITDA above 4.0x on a sustained basis. Magnesita also
operates in a highly fragmented market that makes acquisitions a
likely event risk.
A positive rating action could be driven by sustained improvement
in net adjusted debt-to-EBITDA to below 3.0x alongside stronger
coverage ratios, such as FFO interest coverage above 4.0x,
combined with growth in the company's scale as a global player in
refractories.
Fitch has affirmed the following ratings:
Magnesita Refratarios S.A.
-- Long-term IDR at 'BB';
-- Local currency long-term IDR at 'BB';
-- National long-term rating at 'A+(bra)'.
Magnesita Finance Ltd
-- Long-term IDR at 'BB';
-- Local currency long-term IDR at 'BB';
-- Senior unsecured rating at 'BB'.
==========================
C A Y M A N I S L A N D S
==========================
ARROWHEAD FUND: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 28, 2014, the sole shareholder of Arrowhead Fund 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 liquidators are:
Edel Andersen
Roger Priaulx
Telephone: (345) 815 8532
Facsimile: (345) 945 3470
c/o Genesis Trust & Corporate Services Ltd.
P.O. Box 448 Midtown Plaza
Elgin Avenue, George Town
Grand Cayman KY1-1106
Cayman Islands
ASIAN CENTURY MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Jan. 17, 2014, the sole shareholder of Asian Century Quest
Smaller Companies Master Fund, Ltd. resolved to voluntarily wind
up the company's operations.
Only creditors who were able to file their proofs of debt by
March 3, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ASIAN CENTURY OFFSHORE: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Jan. 17, 2014, the sole shareholder of Asian Century Quest
Offshore Fund, Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
March 3, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ASIAN CENTURY SMALLER: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 17, 2014, the sole shareholder of Asian Century Quest
Smaller Companies Offshore Fund, Ltd. resolved to voluntarily wind
up the company's operations.
Only creditors who were able to file their proofs of debt by
March 3, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
CLAY HOUSE: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Jan. 31, 2014, the
shareholder of Clay House 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:
Robert P. Shaw
Calle 20b Sur. No.27-237, Casa 106
Medellin, Antioquia, Colombia
Telephone: 57 311 229 8057
FRIDAY INTERNATIONAL: Members to Hear Wind-Up Report on March 11
----------------------------------------------------------------
The members of Friday International Corporation will hear on
March 11, 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:
H&J Corporate Services (Cayman) Ltd.
c/o Campbell Law
Telephone: 1345 914 4628
GLOBAL TECH: Shareholder to Hear Wind-Up Report on March 11
-----------------------------------------------------------
The shareholder of Global Tech Co., Ltd. will receive on March 11,
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:
Sun, Dai-Yun
5th Floor., No. 48, Wuquan Rd.
Wugu Dist., New Taipei City 248
Taiwan, (R.O.C.)
Telephone: +886 2 2299 1558
Facsimile: +886 2 2299 3767
MYRIAGON SPECIAL: Shareholder to Hear Wind-Up Report on March 14
----------------------------------------------------------------
The shareholder of Myriagon Special Situations will receive on
March 14, 2014, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Transcontinental Fund Administration, Ltd.
c/o Claudia Woerheide
Telephone: (345) 949-5013; Facsimile: (345) 946-4654
Governors Square, Office Suite 4-213-6
23 Lime Tree Bay Ave, West Bay
Grand Cayman
Cayman Islands
OMV ANAGUID: Shareholder to Hear Wind-Up Report Today
-----------------------------------------------------
The shareholder of OMV Anaguid Ltd. will receive today, March 4,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Sebastian Schleicher
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
OMV SOUTH: Shareholder to Hear Wind-Up Report Today
---------------------------------------------------
The shareholder of OMV South Tunisia Ltd. will receive today,
March 4, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Sebastian Schleicher
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
PALO ALTO MASTER: Members to Hear Wind-Up Report on March 27
------------------------------------------------------------
The members of Palo Alto Technology Master Fund, L.P. will receive
on March 27, 2014, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
PALO ALTO OFFSHORE: Members to Hear Wind-Up Report on March 27
--------------------------------------------------------------
The members of Palo Alto Technology Offshore Ltd. will receive on
March 27, 2014, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
ROYAL BANK: Shareholder to Hear Wind-Up Report on March 5
---------------------------------------------------------
The shareholder of Royal Bank of Canada International Currencies
Fund Limited will receive on March 5, 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:
Rob McMahon
c/o Mr. Robert Crockett
Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman
Cayman Islands KY1 -1106
Telephone +1 (345) 814 8986
RUSSVET FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Jan. 31, 2014, the
shareholder of Russvet Fund 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
SHERIDAN OPPORTUNITY: Creditors' Proofs of Debt Due March 12
------------------------------------------------------------
The creditors of Sheridan Opportunity Fund, Ltd are required to
file their proofs of debt by March 12, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 31, 2014.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
SHORT STOP 2: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Jan. 23, 2014, the
shareholder of Short Stop 2 Limited 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
SLJ MACRO: Members to Receive Wind-Up Report on March 10
--------------------------------------------------------
The members of SLJ Macro Fund will receive on March 10, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SLJ MACRO MASTER: Members to Receive Wind-Up Report on March 10
---------------------------------------------------------------
The members of SLJ Macro Master Fund will receive on March 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TESLA INC: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of Tesla, Inc. are required to file their proofs of
debt by today, March 4, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Jan. 16, 2014.
The company's liquidator is:
Marcos Donnabella Camano
R. Gomes de Carvalho, 615
Sao Paulo - SP
CEP 047388-001
Brazil
Telephone: +55 11 98389 1569; or +55 11 98389 1571
Facsimile: [+55 11 3285 4111]
XRAY FUND: Shareholder to Hear Wind-Up Report on April 3
--------------------------------------------------------
The shareholder of Xray Fund will receive on April 3, 2014, at
4:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
==================
C O S T A R I C A
==================
COSTA RICA REPUBLIC: S&P Affirms 'BB' Sovereign Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
Costa Rica. The outlook remains stable. S&P also affirmed its
'BBB-' transfer and convertibility (T&C) assessment.
Rationale
The ratings on the Republic of Costa Rica balance the country's
limited monetary, fiscal, and exchange-rate flexibility with good
prospects for long-term GDP growth, a stable political system, and
relatively high social development.
Rigid spending commitments have contributed to fiscal erosion in
recent years, reflected in larger budget deficits and a rising
government debt burden. S&P estimates the general government's
fiscal deficit could be about 6% of GDP in 2014 and may continue
to rise in the future, absent prompt corrective measures. As a
result, net general government debt may approach 37% of GDP in
2014, compared with 24% in 2010. S&P projects that interest
payments may consume almost 10% of general government revenues
this year and next, reflecting the higher stock of debt. The
combination of heavy government borrowing and central bank losses
(resulting from issuing debt to sterilize capital inflows in
recent years) weakens the management of monetary policy, limiting
the central bank's ability to shift toward a more flexible
exchange rate. The recent marked depreciation of the currency,
while addressing some of the real appreciation of the last four
years, highlights some of the potential risks of currency
mismatches in the financial system. However, the recent rise in
central bank reserves, which reached $7.3 billion in 2013--an
increase of more than $2.5 billion in two years--provides more
leeway for the central bank to transition gradually toward greater
exchange-rate flexibility.
Continued growth of foreign direct investment (FDI) and
nontraditional exports has largely limited the negative impact of
fiscal deficits on Costa Rica's external liquidity. FDI, much of
it destined for export sectors of the economy, has funded 90% of
the country's current account deficit on average in recent years.
However, higher global interest rates could result in greater
balance of payments vulnerability in the absence of corrective
fiscal policy.
The Costa Rican economy has grown well in recent years, despite
weak external conditions. Per capita GDP growth was likely 3.2% on
average during 2010-2013 and is likely to remain between 2%-3% in
2014 and in the coming two years. FDI, as well as a growing
supply of skilled labor, has allowed Costa Rica to successfully
diversify its economy, developing an increasingly sophisticated
export sector in manufacturing and commercial services to
complement commodity production (mostly banana and coffee) and
tourism.
OUTLOOK
The stable outlook is based on S&P's expectation of an orderly
transition to a new administration after the second round of the
presidential elections in April 2014. The broad contours of the
country's growth strategy are likely to remain similar after the
change in administration.
The ability of the new administration to promptly correct the
projected rising fiscal deficits will be key for sovereign
creditworthiness. Failure to arrest the deteriorating trend in
fiscal deficits in a timely manner would result in a higher debt
burden and potentially increased external vulnerability, leading
to a lower rating.
A fiscal correction, especially through reforms to the mechanism
for setting public-sector salaries, through other steps to contain
current spending, and through a potential shift to a value-added
tax over the next couple of years, would help contain the growth
of government debt. Such steps, along with greater exchange-rate
flexibility and continued good GDP growth, could reduce external
vulnerability and gradually lower the share of dollar-denominated
loans and deposits in the Costa Rican economy. The resulting
increase in the country's ability to absorb negative external
shocks could lead to a higher rating.
In accordance with S&P's 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.
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
Costa Rica (Republic of)
Sovereign Credit Rating BB/Stable/B
Transfer & Convertibility Assessment BBB-
Senior Unsecured BB
===================================
D O M I N I C A N R E P U B L I C
===================================
XSTRATA PLC: Hundreds March Toward National Palace Against Mine
---------------------------------------------------------------
Dominican Today reports that hundreds of people from across the
country, mostly from the capital, began a march-pilgrimage from
Loma Miranda (central) to the National Palace.
The protesters demand that the Government designates the
ecological reserve a National Park and reject Xstrata Nickel
Falcondo's planned mine, which they affirm will cause serious
damage to the ecosystem, according to Dominican Today. The report
relates that leftist, religious and community groups stage the
protest and denounced complicity by officials.
Police keep watch over the hundreds of people part in the march,
which is slated to make stops in the towns of Bonao, Villa
Altagracia and Pedro Brand, the report notes.
However, the report discloses that protesters who support the mine
marched through the streets of Bonao, headed by several lawmakers,
retailers and professionals, who claiming that exploitation of
Loma Miranda would create jobs.
As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
Mr. Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today. But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.
Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership. Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.
Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.
===========
M E X I C O
===========
EMPRESAS ICA: Revenue Drops 16% to Ps. 7,729MM in 4Q13
------------------------------------------------------
Empresas ICA, S.A.B. de C.V. disclosed its unaudited results for
the fourth quarter of 2013.
Sustaining the trends shown earlier in the year, ICA generated
Adjusted EBITDA of Ps. 1,262 million in the fourth quarter of
2013, an increase of 401% as compared to 4Q12. The Adjusted
EBITDA margin was 16.3%. Operating income was Ps. 812 million, as
compared to a loss in 4Q12. Revenues in 4Q13 decreased 16% to Ps.
7,729 million, reflecting a lower level of work execution and a
slowdown in the construction sector.
A full text copy of the company's financial results is available
free at:
http://is.gd/2i1IlM
Headquartered in Mexico City, Empresas ICA, S.A.B. de C.V. is an
engineering, procurement and construction company in Mexico and
the provider of construction services to both public and private-
sector clients.
As reported in the Troubled Company Reporter-Latin America on
Jan. 8, 2014, Standard & Poor's Ratings Services affirmed its 'B+'
global scale and 'mxBBB' national scale corporate credit ratings
on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P
affirmed the 'B' issue-level rating on the company's senior
unsecured notes due 2017 and 2021. The recovery rating of '5' on
the notes, indicating expectation of moderate (10% to 30%)
recovery in the event of a payment default, remains unchanged.
The outlook is negative.
* Greenberg Traurig Names First Mexico City Office Shareholder
--------------------------------------------------------------
The international law firm Greenberg Traurig, after more than
doubling the number of attorneys in Mexico since the inception of
its Mexico City office in 2011, remains committed to empowering
its shareholders there to become true local competitors and
leaders in the community, while also serving the needs of clients
globally.
In another step in that direction, and following the lead of its
local leadership team, Greenberg Traurig has now supplemented its
well-known strengths in corporate, energy, real estate, telecoms,
media and other areas by naming its first Mexico City office
shareholder in litigation, a practice for which the firm is so
well known globally. Greenberg Traurig has elevated Litigator
Jose Antonio Vazquez Cobo to the position of Shareholder from Of
Counsel.
"The quality and vision of our team in the Mexico City office
continues to garner the trust of our clients. Our office today is
stronger, more cohesive and more committed to the excellence and
culture of the Greenberg Traurig family than ever," said
Luis Rubio Barnetche, Managing Shareholder of Greenberg Traurig's
Mexico City office. "Our local team includes top-ranked, globally
recognized practitioners who have come to understand that there
are few global firms of Greenberg Traurig's strength and
stability, and continuity of leadership, whose senior leaders are
not just about numbers and really have a personal interest in the
success of its local shareholders while still empowering them on
the ground."
"We are very proud of our people in the Mexico City office. They
deserve all the credit for what has been achieved in a very short
period, and it is just the beginning," said Richard A. Rosenbaum,
Chief Executive Officer of Greenberg Traurig. "We stand fully
behind them as they become the very best in Mexico City while
playing an integral role in Greenberg Traurig's award-winning
Latin America Practice."
"These lawyers are representative of the Global Practice at
Greenberg Traurig: we are not about numbers, we are about
excellence and finding collaborative solutions for our clients
across borders worldwide," said Patricia Menendez-Cambo, who is
Chair of the firm's Global Practice Group and Co-Chairs the Global
Energy & Infrastructure Practice.
"Being recognized and appreciated for your commitment to your
clients, as well as to the overall culture of a firm, is a great
achievement in and of itself. Being selected for elevation to
shareholder at Greenberg Traurig is one of the proudest moments of
my career thus far," said Vazquez Cobo. "There is tremendous
value in being truly full-service at the local level and I look
forward to expanding our regional reach in the area of litigation
exponentially." Greenberg Traurig's Litigation Department
comprises more than 600 litigators in the firm's offices
throughout the United States and in Latin America and Europe.
"We are very excited to be able to contribute in a very real and
tangible way to Greenberg Traurig's historically strong and
high-caliber global real estate practice. Mexico City has
tremendous opportunities for our clients here, in the United
States, Europe, Asia and the Middle East, with great synergies
particularly with Israeli companies and investors," said
Shareholder Daniel Saltzberg Koris, who heads the Mexico Real
Estate Practice Group.
"Our culture is in fact a collective commitment to delivering the
highest quality service at the best value to clients on a global
scale. I look forward to continuing to serve our dynamic team and
clients," said Corporate & Securities Shareholder Hugo Lopez Coll.
The Greenberg Traurig Mexico City team regularly works with
clients on a wide range of matters, including: energy;
telecommunications; global trade and investment; civil and
commercial litigation; arbitration and alternative dispute
resolution; business reorganization and bankruptcy; real estate;
labor and employment; competition/antitrust; infrastructure; tax
and administrative litigation; food and drug regulation; as well
as corporate matters. Members of the team have been recognized by
the most significant ranking organizations for their work not only
in Mexico, but also beyond. Since the office was established,
members have participated in the following accolades, among
several other individual honors, including high-level rankings in
Chambers and Partners guides and The Legal 500, Best Lawyers in
Mexico and Euromoney directories in a wide range of practice areas
and jurisdictions:
A Law360 "Real Estate Practice Group of the Year"
Acquisition International magazine "Most Trusted Law Firm of the
Year-Mexico" Award
Acquisition International magazine "Overall Law Firm of the Year-
Mexico" Award
Chambers USA Award for Excellence in Real Estate
DealMakers "Law Firm of the Year-Mergers & Acquisitions-Mexico"
Award
Euromoney "Deal of the Year - Project Finance" Award
InterContinental Finance "Mergers & Acquisitions Firm of the
Year-Mexico" Award
LatinFinance magazine "Structured Financing Deal of the Year"
Award
Latin Lawyer magazine "Deal of the Year-Restructuring" Award
Lawyers World Law Awards, "Mergers & Acquisitions Firm of the
Year-Mexico"
The Legal 500 United States "Top Tier" Firm in Real Estate Ranking
"Doing business in Mexico presents unique opportunities that
require experience, a cohesive team and the ability to work with
clients in a wide range of industries," said Corporate &
Securities Shareholder Luis Octavio Nunez, who recently led a team
of attorneys from Mexico City representing Schroders Asset
Management in negotiations with AFORE Banamex resulting in the
first asset management mandate for a Mexican pension fund. "We
were able to accomplish this historic transaction, which may set
precedent for future mandates with other pension funds and asset
managers, because of how well we work together as one firm."
"Greenberg Traurig's Mexico City office has a strong
infrastructure and M&A practice but it really goes beyond being
great lawyers and receiving awards. It is about the range of our
network and the breadth of resources to provide legal services to
international clients seeking to enter the Mexican and other
Latin American markets, as well as those already established
across the region," said Shareholder Juan Manuel Gonzalez Bernal,
who has actively participated in capital markets transactions
since 2000.
The upcoming constitutional reforms in Mexico will have clients
calling on our Mexico City office Energy Practice Group
Shareholders Nicolas Borda and Pedro Javier Resendez Bocanegra.
Borda has been ranked by Chambers Latin America Guide as Band 1 in
energy and natural resources in Mexico, and currently chairs the
Energy Committee of the National Association of Corporate Counsels
(ANADE). Resendez Bocanegra has broad experience in governmental
affairs, assisting clients in the process of implementing and
contracting infrastructure projects in Mexico and other Latin
American countries.
Greenberg Traurig Mexico City
In Mexico City, Greenberg Traurig attorneys have proven experience
and have been key contributors to major national projects in
Mexico, as well as having held positions in Mexican government
offices and regulatory agencies. In addition, the team has played
a role in shaping current Mexican jurisprudence in key judicial
procedures that have set legal precedents in important sectors of
the Mexican economy.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP -- http://www.gtlaw.com-- is an
international, multi-practice law firm with approximately 1750
attorneys serving clients from 36 offices in the United States,
Latin America, Europe, the Middle East and Asia. Greenberg
Traurig is among the Top 10 law firms on The National Law
Journal's 2013 NLJ 350, an annual ranking of the largest firms in
the U.S.
Greenberg Traurig's Mexico City office is operated by Greenberg
Traurig, S.C., an affiliate of Greenberg Traurig, P.A. and
Greenberg Traurig, LLP.
=======
P E R U
=======
INKIA ENERGY: Fitch Affirms 'BB' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Inkia Energy's Ltd (Inkia) foreign and
local currency Issuer Default Ratings (IDRs) at 'BB'. Fitch has
also affirmed its rating for the company's USD450 million of
senior unsecured notes due in 2021 at 'BB'. The Rating Outlook is
Stable.
Inkia' ratings are supported by the solid credit profile of its
most important subsidiary, Kallpa, which is an 870 MW (megawatt)
Peruvian thermoelectric generation company. Kallpa's credit
quality is supported by its contractual position and competitive
cost structure; Inkia has a 75% participation in Kallpa. Inkia's
ratings also incorporate the geographic diversification of its
assets, large expansion projects, and expected improvements in its
financial profile following the completion of these projects.
Key Rating Drivers
Credit Profile Linked to Kallpa:
Kallpa Generacion S.A.'s (Kallpa) credit quality is supported by
its competitive cost structure and contracted position. Kallpa has
several power purchase agreements (PPAs) with regulated and
unregulated users. These PPAs represent approximately 87% of its
firm energy for the period 2014-2021 and add to cash flow
stability and predictability given the fixed payments and fuel
cost pass-through clauses. The company has secured 100% of its
natural gas needs under long-term gas supply contracts through
2022. Kallpa's PPAs have fuel cost pass-through clauses and are
linked to the U.S. dollar, reducing exposure to foreign exchange
risk and supporting cash flow stability and predictability.
In August 2012, Kallpa completed its expansion project, which
increased the plant's installed capacity to 870 MW from 581 MW and
improved its efficiency through the installation of a 289 MW
combined-cycle unit. Kallpa's financial profile improved as a
result of this expansion. The company has recently acquired Las
Flores, a 193 MW simple-cycle gas power plant located 3Km from
Kallpa's plant. The transaction is expected to close in April
2014, after approval of the Peruvian antitrust authority, and will
add USD114 million of new debt. By 2015 and after the acquisition
is completed, leverage at this subsidiary level should range
between 2.5x and 3.0x. This subsidiary is estimated to have
accounted for more than 60% of Inkia's consolidated EBITDA in
2013.
High Leverage driven by growth strategy:
Inkia's stand-alone financial profile has historically been weak
for the rating category and leverage is expected to remain high
for the foreseeable future. Following the completion of Kallpa's
expansion project, Inkia's consolidated financial profile started
improving to a level consistent with the assigned rating. As of
Sept. 30, 2013, Inkia's consolidated leverage, as measured by
total senior debt to EBITDA, decreased to 4.2x from 4.8x at the
end of 2012. During the next two to three years, leverage is
expected to weaken as the company issues between USD750 million
and USD800 million of new debt, mostly to finance its projects
Cerro del Aguila (CdA) and Samay I. Consolidated leverage metrics
could then return to approximately 3.5x to 4.0x, absent additional
investment programs that can perpetuate the company's high
consolidated leverage.
Adequate Liquidity Position:
Inkia's ratings reflect the strong liquidity profile it maintained
during its expansion process. The company's consolidated cash
position amounted to USD312 million as of Sept. 30, 2013.
Liquidity is supported by its cash on hand, readily monetizable
assets, as well as dividends and disbursements, which range
between USD20 million and USD30 million, from its different
subsidiaries. Inkia owns 21% of Edegel, which is the largest
generation company in Peru, with a current market capitalization
of approximately USD2.2 billion.
The company also benefits from favorable access to the local
capital markets to finance investment projects at the subsidiary
level. Currently, the company has a syndicated bank facility for
USD591 million to finance the construction of the Cerro del Aguila
hydroelectric generation plant (project finance debt). Inkia also
benefits from the financial flexibility provided by intercompany
debt with its ultimate shareholder as this subordinated debt does
not carry a fixed amortization schedule and does not share
collateral (shares on assets) with Inkia's bonds.
Debt Structurally Subordinated:
Inkia's debt is structurally subordinated to debt at the operating
companies. Total debt at the subsidiary level amounted to
approximately USD529 million, or 54% of total consolidated
adjusted debt, as of Sept. 30, 2013. The bulk of this debt is
represented by notes issued by Kallpa to fund the capacity
expansion. This project finance-like debt has a standard covenants
package including dividend restrictions and limitations on
additional indebtedness. Specifically, Kallpa is restricted from
paying dividends if its debt service coverage ratio (DSCR) falls
below 1.2x. Fitch expects Kallpa's DSCR will be approximately 1.6x
in 2014.
Portfolio of projects with stable cash generation profile:
Cerro del Aguila is a 510MW hydro plant with long-term PPAs for
approximately 402 MW starting in 2018. The project is estimated to
cost USD910 and Inkia expects to fund this project, in which it
has a 74.9% participation, with approximately 65% debt and the
balance with equity. The plant would likely benefit from an
existing reservoirs in the Mantaro river basin; Inkia estimates a
capacity factor close to 80% for this plant. Samay I is a 600MW
dual-fuel power plant, which will operate initially as a cold
reserve plant. It will receive fixed capacity payments for 20
years. The plant has the potential to increase its cash generation
if a gas pipeline that is currently being promoted by the Peruvian
government is built. Existing PPAs will provide both projects with
solid and stable cash flows. Inkia participation in Samay I is
also 74.9%. Fitch expects a significant improvement in the
financial profile of the issuer after these projects start
generating cash flows in 2016.
Asset Diversification:
The ratings also take into consideration the company's geographic
diversification. Excluding its Peruvian operations, Inkia
generated approximately 25% of its consolidated EBITDA (plus
dividends) as of the last 12 months (LTM) ended Sept. 30, 2013
from assets located in Bolivia (rated 'BB-' by Fitch), Chile
('A+'), the Dominican Republic ('B'), and El Salvador ('BB-').
Over the past few years, cash flow from these assets was of
strategic importance for Inkia. After the completion of Kallpa's
expansion, these assets will represent smaller portion of cash
distributions to the holding company.
Rating Sensitivities
Negative Drivers: A negative rating action could be triggered by a
combination of: Inkia pursuing additional opportunities in
generation without an adequate amount of additional equity; if
consolidated leverage does not decrease to below 4.0x after Cerro
del Aguila and Samay I commence operations; the company implements
a dividend policy while leverage is high; or the company's asset
portfolio becomes more concentrated in countries with high
political and economic risk.
Positive Drivers: Although a positive rating action is not
expected in the near future, any combination of the following
could be considered: the Peruvian operation's cash flow
contribution increasing beyond current expectations and/or
leverage declines materially.
=====================
P U E R T O R I C O
=====================
PUERTO RICO: Moody's Assigns (P)Ba2 Rating on $3.5BB GO Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned a rating of (P) Ba2, with a
negative outlook, to the Commonwealth of Puerto Rico's planned
issuance of up to $3.5 billion 2014 A General Obligation Bonds.
The bonds, which are scheduled to price in the next few weeks,
would provide liquidity to repay internal loans from the
Government Development Bank for Puerto Rico (GDB), the
commonwealth's fiscal agent, as well as to refund the
commonwealth's general obligation variable rate bonds and
terminate related swaps.
Issue: 2014 A General Obligation Bonds; Rating: (P)Ba2; Sale
Amount: $3,500,000,000; Expected Sale Date: 3/11/2014; Rating
Description: General Obligation
Summary Rating Rationale
The Ba2 rating is provisional because documents are not finalized,
and the authorizing legislation for the current issue allows these
bonds to include atypical terms and conditions. Moody's expect
the transaction's conditions to provide for New York legal
jurisdiction in the event of litigation related to the bonds, as
discussed further below, but the full extent of any investor-
requested terms remains unknown. Moody's will finalize the rating
following an evaluation of actual bond terms, conditions and
amount of proceeds. A material change in terms or amounts could
also result in a change in ratings on the commonwealth's
outstanding debt.
Supporting the Ba2 rating is the fact that the current
administration has taken notable steps to rein in debt and
spending, to reform the retirement systems, and to promote
economic growth. The Ba2 rating also reflects our belief that the
commonwealth will raise enough cash in the upcoming financing to
enable it to maintain an adequate liquidity profile through the
end of 2015. Failure to raise sufficient funds in this transaction
for Puerto Rico's pressing liquidity needs would have severe
implications for the commonwealth's credit profile, and could
result in a multi-notch downgrade.
The Ba2 rating negative outlook is also based on chronic deficit
financing, pension underfunding, and budgetary imbalance, along
with seven years of economic recession and uncertain prospects for
future economic growth. These factors, over a long period, have
driven up Puerto Rico's debt and fixed costs, narrowed its
liquidity, and hampered its bond-market access. Puerto Rico faces
years of difficult decisions, as its debt and pension costs climb.
Credit Strengths
Political and economic links to the US, with benefit of the
nation's strong financial, legal, and regulatory systems
Large economy, with gross product exceeding that of 15 US states
and population exceeding that of 22 US states
Broad legal powers to raise revenues, adjust spending programs,
and borrow to maintain solvency
Major actions to stabilize commonwealth finances, including
significant reform to main pension system, and tax increases to
reduce budget deficit
Credit Challenges
Ongoing economic weakness due to long-term decline in dominant
manufacturing sector, decreased competitiveness as a result of
expired federal tax benefits, high energy costs, declining
population and high unemployment
Weak internal liquidity with reliance on external financing
Very large unfunded pension liabilities relative to revenues,
even after major reforms to two main plans that helped reduce
cash-flow pressure
Very high government debt, equal to more than 50% of gross
domestic product
Multi-year trend of large general fund operating deficits
relative to revenues, financed by deficit borrowing
Outlook
The rating outlook is negative, based on our expectation of
continued economic stagnation or decline. The outlook also
incorporates continuing demands on liquidity, increased
refinancing risk and constrained market access.
What Could Make The Rating Go Up
Moody's do not expect the rating to go up in the near term
What Could Make The Rating Go Down
Failure to raise sufficient funds in the current offering to
provide adequate liquidity through 2015
Inclusion of burdensome terms in the current transaction
Indication that the commonwealth is actively considering debt
restructuring or other strategies adverse to bondholders
Evidence of significant further weakening of GDB liquidity
Continued economic weakness resulting in declining revenues and
accelerated out-migration of residents
=================
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.
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