/raid1/www/Hosts/bankrupt/TCRLA_Public/140407.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
Monday, April 7, 2014, Vol. 15, No. 68
Headlines
A R G E N T I N A
CLISA-COMPANIA: S&P Lowers Rating to 'CCC'; Outlook Negative
B R A Z I L
OGX PETROLEO: Sees Steep Losses in 2013
C A Y M A N I S L A N D S
CONOCOPHILLIPS MENA: Placed Under Voluntary Wind-Up
EURO EQUITY: Creditors' Proofs of Debt Due April 14
HIGHLAND CREDIT: Commences Liquidation Proceedings
HIGHLAND CREDIT MASTER: Commences Liquidation Proceedings
MILLENIUM STRATEGIES: Creditors' Proofs of Debt Due April 14
MUNSUN CHINA: Shareholders' Final Meeting Set for April 15
PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due May 6
SAL 2000A: Placed Under Voluntary Wind-Up
SCOTFO 4: Commences Liquidation Proceedings
SWEETSOP TRADING II: Creditors' Proofs of Debt Due May 6
C O S T A R I C A
COSTA RICA: Fitch Assigns 'BB+' Rating to USD1BB Euro Bond Issue
D O M I N I C A N R E P U B L I C
XSTRATA PLC: Minister Confirms Gov't Will Not Allow Operations
J A M A I C A
* JAMAICA: Higher-Than-Expected Growth in Last Quarter of 2013
M E X I C O
MAXCOM TELECOMUNICACIONES: Moody's Hikes CFR to 'Caa1'
T R I N I D A D & T O B A G O
CL FINANCIAL: TT$1.8 Billion More for CLICO Bailout, Howai Says
X X X X X X X X X
BOND PRICING: For the Week From March 31 to April 4, 2014
- - - - -
=================
A R G E N T I N A
=================
CLISA-COMPANIA: S&P Lowers Rating to 'CCC'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on CLISA-
Compania Latinoamericana de Infraestructura & Servicios S.A.
(Clisa) to 'CCC' from 'CCC+'. The outlook remains negative.
The rating action reflects that, in S&P's view, Clisa's
refinancing risk is high and continues to increase, particularly
in light of the first payment of its $120 million bond that's due
at the end of 2014 in three equal annual installments. In
addition, the current devaluation of the local currency
significantly weakens the company's payment capacity, as about 53%
of its debt is denominated in foreign currency, while it generates
most of its cash flow in Argentine pesos.
Although S&P expects Clisa to continue posting positive free
operating cash flow generation in 2014, it won't be sufficient to
meet its large short-term maturities, which might hinder the
company's ability to meet the first payment on its bond. S&P
estimates the company's refinancing needs to be approximately $60
million in 2014. S&P expects the company to rely on a combination
of new bank loans or local bond issuances, or alternatively an
exchange of its $120 million bonds that S&P might view as
distressed.
===========
B R A Z I L
===========
OGX PETROLEO: Sees Steep Losses in 2013
---------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that troubled
Brazilian entrepreneur Eike Batista is setting new records.
After massive write-downs in estimated value, his flagship oil
company, OGX Petroleo e Gas Participacoes S.A., now known as Oleo
e Gas, posted a full-year loss of BRL17.4 billion (US$7.7 billion)
in 2013, the most for any Brazilian company in at least 27 years,
according to Daily Bankruptcy Review.
The report notes that Mr. Batista saw his wealth crash from more
than US$30 billion to less than US$1 billion after his oil firm
Oleo e Gas failed to meet production targets, leading to the
collapse of his empire of startup companies.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.
==========================
C A Y M A N I S L A N D S
==========================
CONOCOPHILLIPS MENA: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Feb. 26, 2014, the shareholders of Conocophillips Mena 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:
Trident Liquidators (Cayman) Ltd
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
e-mail: cayman@tridenttrust.com
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
EURO EQUITY: Creditors' Proofs of Debt Due April 14
---------------------------------------------------
The creditors of Euro Equity Strategy Fund SPC are required to
file their proofs of debt by April 14, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 28, 2014.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Name: George Bashforth
Telephone: +1 (345) 949 4900
c/o Appleby Trust (Cayman) Ltd.
75 Fort Street
P.O. Box 1350, George Town
Grand Cayman KY1-1108
Cayman Islands
HIGHLAND CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
On March 10, 2014, the shareholder of Highland Credit
Opportunities CDO Asset Holdings, 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:
Intertrust SPV (Cayman) Limited
c/o 190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
Telephone: +1 (345) 914 6365
HIGHLAND CREDIT MASTER: Commences Liquidation Proceedings
---------------------------------------------------------
On March 10, 2014, the shareholder of Highland Credit
Opportunities Master Assets Holdings, 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:
Intertrust SPV (Cayman) Limited
c/o 190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
Telephone: +1 (345) 914 6365
MILLENIUM STRATEGIES: Creditors' Proofs of Debt Due April 14
------------------------------------------------------------
The creditors of Millenium Strategies Fund SPC are required to
file their proofs of debt by April 14, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 28, 2014.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Name: George Bashforth
Telephone: +1 (345) 949 4900
c/o Appleby Trust (Cayman) Ltd.
75 Fort Street
P.O. Box 1350, George Town
Grand Cayman KY1-1108
Cayman Islands
MUNSUN CHINA: Shareholders' Final Meeting Set for April 15
----------------------------------------------------------
The shareholders of Munsun China Select Fund will hold their final
meeting on April 15, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on March 3, 2014.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due May 6
---------------------------------------------------------
The creditors of Passionfruit Trading II (Cayman) Limited are
required to file their proofs of debt by May 6, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 11, 2014.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
Mr. Philip C Pedro
HSBC International Trustee Limited
Compass Point
Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
SAL 2000A: Placed Under Voluntary Wind-Up
-----------------------------------------
On March 6, 2014, the shareholders of SAL 2000A 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:
Trident Liquidators (Cayman) Ltd
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
SCOTFO 4: Commences Liquidation Proceedings
-------------------------------------------
On March 11, 2014, the shareholder of Scotfo 4 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:
Markus Summer
Heilgkreuz 6, Vaduz, FL-9490
Liechtenstein
Telephone: +1 (345) 914 6365
SWEETSOP TRADING II: Creditors' Proofs of Debt Due May 6
--------------------------------------------------------
The creditors of Sweetsop Trading II (Cayman) Limited are required
to file their proofs of debt by May 6, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 10, 2014.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
Mr. Philip C Pedro
HSBC International Trustee Limited
Compass Point
Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
==================
C O S T A R I C A
==================
COSTA RICA: Fitch Assigns 'BB+' Rating to USD1BB Euro Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Costa Rica's USD1
billion euro bond issuance maturing on April 4, 2044. The bonds
have a coupon rate of 7.00%.
The proceeds will be used mainly to service foreign currency
denominated debt issued locally and abroad.
Key Rating Drivers
The rating is in line with Costa Rica's long-term foreign currency
Issuer Default Rating (IDR) of 'BB+' with a Stable Outlook.
Rating Sensitivities
The rating would be sensitive to any changes in Costa Rica's long-
term foreign currency IDR. Fitch affirmed Costa Rica's ratings at
'BB+' with a Stable outlook on Jan. 27 2014.
===================================
D O M I N I C A N R E P U B L I C
===================================
XSTRATA PLC: Minister Confirms Gov't Will Not Allow Operations
--------------------------------------------------------------
Dominican Today reports that Environment Minister Bautista Rojas
confirmed that the Dominican government will now not allow Xstrata
Nickel's Dominican Republic operations (Falcondo)'s planned mine
at Loma Miranda (central), based on the study submitted by the
Canadian company which Minister Rojas affirms has yet to produce a
new one.
Minister Rojas said regardless of the Senate's position, it will
not change the government's opposition to the mine, according to
Dominican Today.
The report notes that Minister Rojas' statement comes just one day
after 57 La Vega (east) Diocese priests headed by bishop Antonio
Camilo visited Congress on concerns that mining would be allowed
on Loma Miranda, for which the Catholic prelates urged the Senate
to declare the highlands a national park.
Opposition to the planned mine has spread on concerns of severe
environmental damage and harm to several rivers in the area, the
report relates.
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.
David 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.
=============
J A M A I C A
=============
* JAMAICA: Higher-Than-Expected Growth in Last Quarter of 2013
--------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(Statin) has released data showing the country's economy grew at a
faster pace than first thought in the last quarter of 2013.
New information revealed that the economy grew 1.8%. That was
faster than the preliminary estimates from the Planning Institute
of Jamaica (PIOJ) in February that the economy expanded at 1.4%
during the October-December quarter, according to RJR News.
Despite that improved performance, economic growth for all of
2013, was only 0.2%, RJR News notes.
===========
M E X I C O
===========
MAXCOM TELECOMUNICACIONES: Moody's Hikes CFR to 'Caa1'
------------------------------------------------------
Moody's Investors Service upgraded Maxcom Telecomunicaciones,
S.A.B. de C.V. (Maxcom) corporate family rating to Caa1 from Ca.
At the same time, Moody's assigned a Caa1 rating to its USD 175.7
million senior secured notes due 2020. The ratings outlook changed
to stable from negative.
Ratings Rationale
The upgrade was prompted by Maxcom's successful exchange of its
USD 200 million notes due 2014 into new notes due 2020, improving
the company's capital structure and liquidity by the injection of
MXN 2.2 bln. Following the exchange, the control of Maxcom was
transferred to a group of investors advised by Ventura Capital
Privado, S.A. de C.V. (Ventura), a Mexican private equity fund,
which after this transaction retained 54.9% of its shares.
On October 11, 2013 Maxcom completed a prepackaged Chapter 11
reorganization plan. The agreement included a capital injection of
up to 15% of bondholders outstanding debt position combined with
the repurchase of the 2020 notes at 85% of their nominal value of
USD 2.5 million, resulting in a total debt reduction of USD 24.3
million. This reduction also takes into consideration Maxcom's
notes previously reported under treasury for USD 22.9 mln.
Despite the improved liquidity, lower interest expenses and
comfortable debt maturity profile following the transactions,
Maxcom's ratings are constrained by the lack of a clear business
strategy at this point in time coupled with a challenging business
environment in Mexico given strong competition from larger and
better capitalized telcos and cable TV companies. In addition, the
company's debt and a significant part of its Capex are USD dollar
denominated,, , although Moodys assumes that bond coupon will be
fully hedge (56% has been contracted), the FX risk is not fully
mitigated.
Maxcom's current Caa1 ratings are also factoring in the company's
weak sales performance; small revenue size; and negative free cash
flow, calculated by Moody's at -7.7% of debt as of December 31,
2013. Maxcom's current leverage (at 3.7 times adjusted debt to
EBITDA for the same period) is adequate for its rating category.
The ratings could be downgraded in the case of perceived
deterioration in the company's liquidity or credit metrics.
Downward pressure would also be a consequence of the inability to
improve operating performance over the next 12 to 18 months.
An upgrade is unlikely in the near term. Longer term, upward
rating pressure could emerge with the development and successful
execution of a business strategy that proves able to improve
operating performance and sustain its market positioning. An
upgrade would also require the maintenance of adequate liquidity
of at least USD 80 mln in cash at hand, amount that it is
estimated to be sufficient to meet capex, financial interest,
taxes, and working capital needs.
Maxcom Telecomunicaciones, S.A.B. de C.V. (Maxcom), headquartered
in Mexico City, Mexico, is a facilities-based telecommunications
provider. It delivers last-mile connectivity to micro, small and
medium-sized businesses and residential customers (social classes
C and D) in Mexico. It provides local and long-distance voice,
data, high speed dedicated Internet access, paid TV, public
telephony and Voice over Internet Protocol telephony, as well as
service bundles. Maxcom launched commercial operations in May 1999
and is currently offering services in greater metropolitan Mexico
City, Puebla, Queretaro and San Luis Potosi and, on a selected
basis to business subscribers, in several cities in Mexico. After
the filing for bankruptcy on October 11, 2013, the company's
control was transferred to shareholder's advised by Ventura
Capital Privado, that currently retains 54.9% of its shares.
Revenues during the last twelve months ended in December 31, 2013
amounted to about USD 190 million with a 31.1 % EBITDA margin as
adjusted by Moodys.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: TT$1.8 Billion More for CLICO Bailout, Howai Says
---------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that a further TT$1.8
billion may be added to the TT$20.8 billion bailout bill for
collapsed insurance giant Colonial Life Insurance Company Ltd.
(CLICO), Finance Minister Larry Howai said.
This relates to settlement of a court judgment with respect to
CLICO customers who had executive flexible premium annuities
(EFPAs), according to Trinidad Express.
Minister Howai, the report notes, was responding to questions
during the Senate sitting on the resolution of matters surrounding
CL Financial, the parent company of CLICO.
The report discloses that Minister Howai said TT$20.8 billion was
injected into the local conglomerate to preserve the stability and
economy of the country.
Government is putting arrangements in place to reclaim this money
and was currently in discussions with CL Financial on this, the
report relays.
Minister Howai noted that CLICO and British American Insurance
Company were under the control of the Central Bank.
Minister Howai said CLICO Investment Bank was subject to
liquidation proceedings and therefore under the control of a
court-appointed liquidator, the report notes.
Minister Howai said the arbitration proceedings with respect to
another CL subsidiary, Methanol Holdings, were ongoing and
expected to be completed by the end of July, the report relays.
This arbitration will account for two thirds of the value of the
money advanced by the State.
In the interim, the report discloses, Minister Howai said
Government was in the process of completing general terms and
conditions of the agreement for repayment of EFPAs which should be
done by the end of June.
Minister Howai said the next major asset of CL Financial was its
TT$4 billion in shares of Republic Bank which will also be
utilized to assist in reclaiming the billions of dollars injected
into the failed conglomerate, the report adds.
About CLICO International
Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state. CLICO is a subsidiary of CL Financial
Limited. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.
Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.
Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.
=================
X X X X X X X X X
=================
BOND PRICING: For the Week From March 31 to April 4, 2014
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Aguas Andinas SA 4.15 12/1/2026 CLP 72.61
Aguas Andinas SA 4.15 12/1/2026 CLP 69.55
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 22.19
Argentina Bocon 2 1/3/2016 ARS 9.05
Argentina Bocon 2 3/15/2014 ARS 13.8
Argentina Boden Bonds 2 9/30/2014 ARS 55.13
Argentine International Bond 7.82 12/31/2033 EUR 67.75
Argentine International Bond 7.82 12/31/2033 EUR 66.7
Argentine International Bond 8.28 12/31/2033 USD 67.5
Argentine International Bond 1.18 12/31/2038 ARS 42.26
Argentine International Bond 8.28 12/31/2033 USD 70.5
Argentine International Bond 7.82 12/31/2033 EUR 67.63
Argentine International Bond 8.28 12/31/2033 USD 71.5
Argentine International Bond 4.33 12/31/2033 JPY 39.5
Argentine International Bond 4.33 12/31/2033 JPY 39.5
Argentine International Bond 0.45 12/31/2038 JPY 15.5
Argentine International Bond 8.28 12/31/2033 USD 69
Automotores Gildemeister SA 6.75 1/15/2023 USD 72.14
BA-CA Finance Cayman 2 Ltd 1.838 EUR 68.5
BCP Finance Co Ltd 5.543 EUR 50.75
BCP Finance Co Ltd 4.239 EUR 50.42
BES Finance Ltd 4.5 EUR 71.17
Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 57.38
Banco BVA SA 9.125 2/7/2014 USD 10.01
Banif Finance Ltd 1.663 EUR 44
Bank Austria Creditanstalt
Finance Cayman Ltd 2.156 EUR 68.25
Bolivarian Republic
of Venezuela 9.25 9/15/2027 USD 73.68
Bolivarian Republic of
Venezuela 7 3/31/2038 USD 60.12
CA La Electricidad
de Caracas 8.5 4/10/2018 USD 74.7
Caixa Geral De
Depositos Finance 1.064 EUR 41.14
Caixa Geral De
Depositos Finance 1.094 EUR 39
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 38.6
China Forestry
Holdings Co Ltd 10.25 11/17/2015 USD 36.5
China Precious Metal
Resources Holdings Co Ltd 7.25 2/4/2018 HKD 69.78
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 55.51
Cia Sud Americana
de Vapores SA 6.4 10/1/2022 CLP 65.75
Transener S.A 9.75 8/15/2021 USD 68
Transener S.A 9.75 8/15/2021 USD 67.13
City of Buenos
Aires Argentina 3.95 5/17/2019 USD 73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 56
ESFG International Ltd 5.753 EUR 59
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 66.5
Empresa Distribuidora
Y Comercializadora Norte 10.5 10/9/2017 USD 64.5
Empresa Distribuidora
Y Comercializadora Norte 9.75 10/25/2022 USD 63.63
Formosa Province of Argentina 5 2/27/2022 USD 71.25
Gol Finance 8.75 USD 67.5
Gol Finance 8.75 USD 67.38
Hidili Industry International
Development Ltd 8.6 11/4/2015 USD 75.63
Inversiones Alsacia SA 8 8/18/2018 USD 72.53
Inversora de Electrica
de Buenos Aires SA 6.5 9/26/2017 USD 43.75
MTR Corp Cayman Islands Ltd 3.25 3/12/2043 HKD 73.01
MTR Corp Cayman Islands Ltd 3.25 1/28/2043 HKD 72.13
Petroleos de Venezuela SA 6 11/15/2026 USD 55.75
Petroleos de Venezuela SA 5.37 4/12/2027 USD 53.25
Petroleos de Venezuela SA 5.25 4/12/2017 USD 72
Petroleos de Venezuela SA 9.75 5/17/2035 USD 70
Petroleos de Venezuela SA 9 11/17/2021 USD 73
Petroleos de Venezuela SA 5.5 4/12/2037 USD 50
Petroleos de Venezuela SA 6 11/15/2026 USD 55.16
Petroleos de Venezuela SA 9 11/17/2021 USD 71.46
Petroleos de Venezuela SA 9.75 5/17/2035 USD 68.66
Provincia del Chaco 4 11/4/2023 USD 62.38
Provincia del Chaco 4 12/4/2026 USD 33
Renhe Commercial Holdings
Co Ltd 13 3/10/2016 USD 69.13
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 72.38
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 69.88
Renhe Commercial
Holdings Co Ltd 11.75 5/18/2015 USD 72.38
SMU SA 7.75 2/8/2020 USD 73.03
SMU SA 7.75 2/8/2020 USD 72.63
Sifco SA 11.5 6/6/2016 USD 33.5
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 55.64
Venezuela International Bond 7.75 10/13/2019 USD 71.75
Venezuela International Bond 9 5/7/2023 USD 70
Venezuela International Bond 9.375 1/13/2034 USD 69.75
Venezuela International Bond 7 12/1/2018 USD 73.75
Venezuela International Bond 9.25 5/7/2028 USD 69
Venezuela International Bond 8.25 10/13/2024 USD 66
Venezuela International Bond 7.65 4/21/2025 USD 64.25
Venezuela International Bond 6 12/9/2020 USD 64.25
Venezuela International Bond 9.25 9/15/2027 USD 72.25
Venezuela International Bond 7 3/31/2038 USD 60.5
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 67
Virgolino de Oliveira
Finance Ltd 11.75 2/9/2022 USD 66.45
Virgolino de Oliveira
Finance Ltd 10.5 1/28/2018 USD 65
Virgolino de Oliveira
Finance Ltd 11.75 2/9/2022 USD 65.13
***********
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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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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