/raid1/www/Hosts/bankrupt/TCRLA_Public/140408.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, April 8, 2014, Vol. 15, No. 69
Headlines
A R G E N T I N A
ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
TMF TRUST: Moody's Rates ARS17.5MM Certificates 'C'
B R A Z I L
BROOKFIELD INCORPORACOES: Fitch Lowers IDR to 'B'; Outlook Stable
OGX PETROLEO: Bondholder Opposes Batista's Oil Firm Recovery Plan
SCHAHIN OIL: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
* BRAZIL: Firm Magnifies Focus on Distressed Debt
C A Y M A N I S L A N D S
ACUMA LIMITED: Commences Liquidation Proceedings
AGILITY HOLDINGS: Creditors' Proofs of Debt Due April 23
AURIUM REAL: Commences Liquidation Proceedings
CIHC LIMITED: Creditors' Proofs of Debt Due April 24
DEMI CORPORATE: Creditors' Proofs of Debt Due April 24
HITS AFRICA: Creditors and Contributories Hold First Meeting
HURLSTONE GENERAL: Commences Liquidation Proceedings
INNOFIDEI INC: Commences Liquidation Proceedings
LANCELOT FUND: Placed Under Voluntary Wind-Up
UTOPIA PARK: Creditors' Proofs of Debt Due April 15
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Lawmakers Approve US$1.5 Billion Bond
J A M A I C A
ADVENTURA PLAZA: JMB Selling Shops to Recover Debts
DIGICEL GROUP: Takes One of Three Bands on 700 MHz Spectrum
P A R A G U A Y
BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable
P U E R T O R I C O
PUERTO RICO: Finance Arm Hires Bankruptcy Lawyers
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
=================
ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' unsolicited
long-term foreign and local currency sovereign credit ratings and
its 'raBB+' national scale rating on the Republic of Argentina.
The outlook on the long-term ratings remains negative. At the
same time, S&P affirmed its short-term foreign and local currency
ratings on Argentina at 'C'. S&P also affirmed its transfer and
convertibility (T&C) assessment at 'CCC+'.
RATIONALE
Standard & Poor's sovereign credit ratings on Argentina reflect
fiscal and monetary rigidities and weak external liquidity, as
well as significant risks to debt service stemming from the
lawsuit in the U.S. courts over debt the government of Argentina
maintains in default. Falling international reserves, limited
access to market funding, high inflation, a de facto dual exchange
rate, and decelerating economic activity have all contributed to
worsen Argentina's credit profile over the last quarter of 2013
and early 2014.
The government's reliance on the central bank to finance a
significant share of its fiscal deficits in recent years has
undermined the effectiveness of monetary policy and contributed to
inflation, which has in turn eroded the real exchange rate. The
depreciation of the Argentine peso to $8 per U.S. dollar in
January this year from $6.50 helped stabilize the loss of
international reserves but will contribute to further inflation.
S&P estimates that inflation could be 35% this year. The
government faces a politically difficult task in reaching moderate
wage increases and in reducing subsidies this year to contain
inflation and avoid further loss of external liquidity. Failure
to contain and gradually reduce the rate of inflation, combined
with the government's track record of unorthodox economic policies
that have undermined investor confidence, could contribute to
further loss of foreign exchange reserves and greater
macroeconomic instability.
S&P expects gross external financing needs to represent 89% of
current account receipts plus usable reserves at year-end 2014.
Narrow net external debt will likely represent 78% of current
account receipts at the end of 2014. However, the uncertainty
surrounding economic policy and the balance of payments this year
means that S&P's estimates are subject to substantial volatility.
The combination of more restrictions on imports and rising
earnings from a likely bountiful harvest may generate an
improvement in the trade balance despite an increasing deficit in
the energy sector. Nevertheless, Argentina remains vulnerable to
a sudden loss of external liquidity, absent further steps to boost
investor confidence.
S&P projects real GDP will contract 1% this year, reflecting
higher interest rates, restrictions on some imports, and lower
activity in key sectors such as the automotive industry. S&P
expects economic volatility to continue in the next two years
given the fragility of the overall macroeconomic environment.
According to official figures, GDP grew 3% in 2013, up from 1.9%
in 2012. S&P estimates net general government debt to rise about
12% on average in the next three years, but this estimation is
subject to volatility because of uncertainty about GDP growth, the
exchange rate, and official inflation. S&P expects that
government debt could reach 50% of GDP by the end of 2014, up from
45% last year. About 59% of the debt is owed to public-sector
creditors, reducing the rollover risk. However, a similar share
of the debt is denominated in foreign currency, illustrating the
potential rise in the sovereign's debt burden in the event of
further exchange-rate depreciation.
The government has recently made some policy adjustments in the
face of worsening economic conditions, including introducing a new
measure of inflation that enjoys more market credibility, agreeing
to compensate Spain-based oil and gas company Repsol for the
expropriation of Argentine energy company YPF, and again
approaching the Paris Club of official bilateral creditors to
negotiate the defaulted debt owed to them. The government also
issued new bonds in local currency in the domestic market (Bonar
2017), the first voluntary issue since 2008. It has also
announced increases in utility tariffs and gasoline prices to
contain its subsidy bill, as well as letting the central bank
raise its policy interest rate. Such steps could presage a return
to international capital markets, alleviating very tight external
liquidity. Failure to boost external liquidity would raise the
risk of sovereign default, especially in light of the amortization
of a US$6 billion bond (Boden 2015) in October 2015.
In addition to economic constraints, the ratings on Argentina also
reflect the risk of an adverse court ruling in the U.S. that could
prevent the government from paying on debt issued under New York
law. The government could, under such an adverse ruling, offer a
debt exchange to allow payment to the creditors under Argentine
law, an outcome that we would view as a distressed exchange.
S&P's 'CCC+' T&C assessment reflects the risk that the government
could further tighten its exchange control regime to the extent
that it impairs the ability of the private sector to service its
foreign currency debt. The government already uses a variety of
exchange controls, and there is a wide disparity between the
official and parallel market exchange rates.
OUTLOOK
S&P could lower its rating on Argentina if external liquidity
worsens, further raising the risk of macroeconomic instability and
interruptions in debt service. Similarly, S&P could downgrade
Argentina if it perceives legal risks to debt servicing have
increased or have become more imminent. Among other developments,
a decision by the U.S. Supreme Court not to hear Argentina's
appeal of an earlier adverse lower court ruling could effectively
block the government's ability to service its debt. Moreover, the
implementation of a debt exchange proposal that makes alternative
payment arrangements that, in S&P's view, materially alter the
terms of the bond indentures to the detriment of creditors could
prompt a downgrade to 'SD' (selective default).
On the other hand, the ratings could stabilize if the imminent
legal threats to debt servicing were to diminish substantially and
if the government could make more progress in stabilizing the
economy and boosting its access to external liquidity to meet
substantial external debt amortization next year.
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
Argentina (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating CCC+/Negative/C
Argentina National Scale raBB+/Negative/--
Transfer & Convertibility Assessment CCC+
TMF TRUST: Moody's Rates ARS17.5MM Certificates 'C'
---------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 78, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. -- acting
solely in its capacity as Issuer and Trustee.
The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comisi¢n
Nacional de Valores, If any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.
ARS 232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Cr'ditos 78", rated Aa2.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)
ARS 17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 78", rated C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 23,520 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,005,915.53.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
Loss and Cash Flow Analysis:
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of Caa1/Ba1.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.
The model results showed 3.39% expected loss for the Floating Rate
Debt Securities and 78.47% for the Certificates.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.
Stress Scenarios:
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities would likely be downgraded to B2 (sf). The ratings
of the Certificates would be unchanged.
The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.
Potential Mapping Recalibration From Global Scale To National
Scale Ratings
With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.
Moody's National Scale Credit 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 credit 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 credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".
===========
B R A Z I L
===========
BROOKFIELD INCORPORACOES: Fitch Lowers IDR to 'B'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes
S.A. (Brookfield Incorporacoes) to 'B', from 'B+', as well as the
long-term national rating to 'BBB+(bra)' from 'A(bra)'. The
Rating Outlook for the corporate ratings is Stable. The full list
of rating actions is at the bottom of this press release.
KEY RATING DRIVERS
The ratings downgrade reflects the continued and sharp weakening
of Brookfield Incorporacoes' credit metrics. The company remains
showing high cash consumption, which implies an increased pressure
for refinancing of its corporate debt maturing in 2014 and 2015.
The company's operating result further deteriorated during 2013
and Fitch expects a final result for the year well below Fitch's
initial projections. Relevant volumes of cost adjustments and
high sales cancellations remain negatively pressuring the
company's operating margins, as the losses arising from the review
process of costs of projects under development and internal
controls have been greater than initial expectations, thus
generating greater uncertainties.
The Stable Outlook considers as important Fitch's assumption that
measures of financial re-equilibrium, to strengthen the company's
capital structure on a sustainable manner, are necessary and
therefore potentially should be implemented by the company within
a period of six months. It also considers a gradual recovery of
the company's operating results in the medium term, to levels
nearer the industry average. Frustrations regarding these
assumptions should result in new downgrading pressure.
Brookfield Incorporacoes' ratings continue supported by the
integration and support from the controlling shareholder,
Brookfield Asset Management (BAM, IDR 'BBB'), evidenced by the
BRL400 million capital increase in November 2012, and by the
recent announcement of a public offer for acquisition of the
shares in circulation in the market for the cancellation of its
registration as a public company. On an individual basis, without
the support and integration of the company's business with the
controlling group, Brookfield Incorporacoes' ratings would be
lower in more than one notch.
High Corporate Debt Maturities in 2014 and 2015
Brookfield Incorporacoes' liquidity is pressured by high corporate
debt maturities. At Sept. 30, 2013, the company reported cash and
equivalents of BRL950 million for a total debt of BRL4.0 billion,
of which BRL1.6 billion maturing up to end 2014 and BRL1.8 billion
up to end 2015. The obligations with corporate debt were BRL814
million and BRL1.2 billion, respectively. The company benefits
from the potential liquidity of receivables of concluded and sold
units not linked to debt amounting to BRL596 million. A potential
capitalization or partial monetization of its long term land bank
is fundamental to strengthen its cash reserve and reduce debt
refinancing pressures.
Leverage Should Remain High in the Short Term
Brookfield Incorporacoes' leverage remains high and should not
reduce to conservative levels in the short term. The weak EBITDA
generation resulted in high net debt/EBITDA ratio of 50.3x in the
LTM ended September 2013, well above Fitch's expectations and
industry peers. The recovery of EBITDA margin, slower than
initial expectations, should contribute to maintain high leverage
in 2014.
When analyzed under cash flow basis the company also remains
highly leveraged. The ratio total receivables on the balance
sheet plus total inventory plus revenue to be booked over net debt
plus acquisition of property for development plus cost to be
incurred of units sold also weakened, reaching 1.6x in September
2013, against 1.9x in December 2012 and 2.4x in December 2010.
Recovery of Operating Cash Generation in 2014
In LTM ended September 2013, Brookfield Incorporacoes reported
adjusted EBITDA of BRL80 million. Funds from operations (FFO)
were negative BRL322 million and cash flow from operations (CFFO)
negative BRL366 million, which have been pressured by the
company's low operating margins and high interest expense of its
debt. Since 2009, the company has reported negative CFFO due to
high working capital needs to support the business growth. The
low EBITDA reflects the negative impact of the recognition of
additional project costs of BRL207 million and BRL590 million of
sales cancellations.
Fitch expects that the combination of a greater volume of project
deliveries in 2013 and 2014, with the reduction of project
launches in 2013, and with measures to increase sales speed,
measured by pre sales net of sales cancellations over supply, and
the transfer of homebuyer credits to banks, contribute for a
recovery of operating cash generation in 2014 and mainly in 2015.
The company's cash flow should benefit from around BRL4.1 billion
of receivables maturing up to end 2014 and BRL2.0 billion in 2015.
Despite an expected higher volume of cash inflows in 2014, it does
not appear sufficiently robust to sustain a high volume of
corporate debt maturing over the next 15 months and, at the same
time, finance the cash needs for the company's growth.
Weak Operating Performance
Brookfield Incorporacoes operating results continue to be strongly
affected by costs above budget and by high volume of cancellations
of sales contracts. The company's sales speed remains weak and
below market average. The average ratio pre sales net of sales
cancellations/supply was of 14% by quarter, from January to
September 2013, compared with an average of 19% by quarter in
2012. This reduction reflects the high volume of sales
cancellations of BRl492 million in the first nine months of 2013
and BRL423 million in 2012, which was partially mitigated by the
resale of units object of sales cancellations. From January to
September 2013, around 60% of the units object of sales
cancellations were resold and the inventory of concluded units
represented 12% of the total inventory in September 2013.
Brookfield Incorporacoes has adopted a series of measures to
recover its operational efficiency. However, lower margin
projects are still in the conclusion phase and continue to
pressure its results. The company's strategy focuses on cash
generation, sales speed and transfer of homebuyer's credits to
banks, which Fitch considers positive for the current moment of
the company, despite the negative impact on its operating margins.
The recovery of these margins should be gradual given the industry
long cycle, but they should remain pressured by potential cost
adjustments and sales cancellations in the short term. In the LTM
ended September 2013, the company reported adjusted EBITDA margin
of only 2.3%.
RATING SENSITIVITIES
The ratings of Brookfield Incorporacoes can be negatively affected
by continued cash consumption by the company, and by the
maintenance of operating margins at current levels over the next
18 months. Frustrations regarding an improvement of the company's
capital structure over the next six months can pressure the
ratings. Positive rating actions are not expected in the short
term.
Fitch has taken the following rating actions:
Brookfield Incorporacoes
-- Long-term foreign and local currency IDRs downgraded to 'B'
from 'B+';
-- Long-term national rating downgraded to 'BBB+(bra)' from
'A(bra);
-- BRL366 million second debenture issuance, final maturity in
2016, downgraded to 'BBB+(bra)'from 'A(bra);
-- BRL300 million third debenture issuance, final maturity in
2016, downgraded to 'BBB+(bra)'from 'A(bra)';
-- BRL300 million fourth debenture issuance, final maturity in
2016, downgraded to 'BBB+(bra)' from 'A(bra)'.
-- BRL300 million third debenture issuance, first series of
BRL150 million due in 2015, downgraded to 'BBB+(bra)' from
'A(bra);
-- BRL300 million fourth debenture issuance, first series of
BRL76.76 million maturing 2015 downgraded to 'BBB+(bra)'from
'A(bra)'.
OGX PETROLEO: Bondholder Opposes Batista's Oil Firm Recovery Plan
-----------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy News reports that a creditor
of Brazilian businessman Eike Batista's struggling oil company,
OGX Petroleo e Gas Participacoes S.A., now known as Oleo e Gas,
opposed the firm's judicial recovery plan, a move that will delay
the firm's exit from bankruptcy.
Cayman Island-based Autonomy Master Fund Ltd. said in a filing
with the Brazilian corporate court that smaller bondholders have
been treated unfairly, according to Daily Bankruptcy News.
The report notes that one of the complaints is that they weren't
given an opportunity to participate in a new round of funding for
the firm, according to the document.
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.
SCHAHIN OIL: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Schahin
Oil & Gas Ltd. (Schahin O&G) to negative from stable. S&P also
affirmed its 'BB+' corporate credit rating on the company.
The negative outlook reflects S&P's view of a higher refinancing
risk at the holding company level given the medium tenor of the
maturity profile that could pressure the company's liquidity in
the next 18 months.
"In 2013, the company postponed a corporate bond issuance due to
market conditions. Proceeds from that bond were intended mainly
to refinance existing debt at the holding and subsidiaries level
and to extend its maturity profile. After cancelling the bond
issuance, management raised medium-term loans that it mostly used
to cancel the 2013 and 2014 maturities at the holding level and to
repay subordinated debt at two operating subsidiaries," said
Standard & Poor's credit analyst Candela Macchi. As of March
2014, Schahin O&G had a single loan due October 2015 at the
holding company level. Although S&P understands that the company
is looking to extend its maturity profile, it's currently unclear,
therefore, S&P believes refining risk has increased.
* BRAZIL: Firm Magnifies Focus on Distressed Debt
-------------------------------------------------
Vinod Sreeharsha, writing for The Wall Street Journal, reported
that the investment firm Jive Investments Holding Ltd., which
acquired some of Lehman Brothers Brazilian assets in 2010, is
raising a new $100 million distressed debt fund focused on
nonperforming corporate loans, according to people briefed on the
firm's plans.
According to the report, Jive, which is based in Sao Paulo,
expects to close the offshore fund this year, possibly as early as
the end of May, said these people, who spoke on the condition of
anonymity because they were not authorized to discuss the plans. A
Jive representative declined to comment.
The new fund is distinct from the distressed real estate funds
that Jive already runs, the report related. Its structure is also
expected to be more traditional, with Jive acting as the general
partner and the largely foreign investors as limited partners. The
firm is in advanced discussions with United States and British
backers, one person said.
The move is likely to jump-start a still nascent market, the
report further related. Brazil has few sellers of distressed
assets, especially nonperforming corporate loans. While foreign
banks, in particular Citigroup and Banco Santander Brasil, have
led the way, Brazil's highly liquid banks have so far not felt
pressure to follow suit.
Still, KPMG estimates sales of loan portfolios in Brazil are $10
billion to $20 billion a year, the report said. In addition to
Jive, big players in the market here include Discovery, owned by
BTG Pactual, and RCB Investimentos.
==========================
C A Y M A N I S L A N D S
==========================
ACUMA LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On March 11, 2014, the shareholder of Acuma Limited resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Jean-Marc Lesieur
10 Market St., Suite 711, Camana Bay
Grand Cayman, KY1-9006
Cayman Islands
Telephone: 916 7948
AGILITY HOLDINGS: Creditors' Proofs of Debt Due April 23
--------------------------------------------------------
The creditors of Agility Holdings Limited are required to file
their proofs of debt by April 23, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 13, 2014.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands KY1-1102
AURIUM REAL: Commences Liquidation Proceedings
----------------------------------------------
On March 23, 2014, the shareholder of Aurium Real Estate Holdings
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Reverio Capital Limited
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
CIHC LIMITED: Creditors' Proofs of Debt Due April 24
----------------------------------------------------
The creditors of CIHC Limited are required to file their proofs of
debt by April 24, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 10, 2014.
The company's liquidators are:
Benjamin Booker
Jill Nelson
c/o P.O. Box 1043
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0050
DEMI CORPORATE: Creditors' Proofs of Debt Due April 24
------------------------------------------------------
The creditors of Demi Corporate Investments Ltd are required to
file their proofs of debt by April 24, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 28, 2014.
The company's liquidator is:
Company Managers Ltd.
Rue du Rhone 59
1204 Geneva
Switzerland
HITS AFRICA: Creditors and Contributories Hold First Meeting
------------------------------------------------------------
The creditors and contributories of Hits Africa Ltd. held their
first meeting on April 7, 2014.
The company's liquidator is:
Mr. Keiran Hutchison
c/o Barry MacManus
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 814 8997
Facsimile: (345) 814 8529
HURLSTONE GENERAL: Commences Liquidation Proceedings
----------------------------------------------------
On March 12, 2014, the shareholder of Hurlstone General
Contractors Ltd. resolved to voluntarily liquidate the company's
business.
The company's liquidator is:
Michael Pearson
c/o Caroline Moore
Fund Solution Services Limited
Harbour Centre, 2nd Floor
42 North Church Street, George Town
Grand Cayman
Cayman Islands
Telephone: +1 (345) 947 5855
Mail to:
10 Market Street #769, Camana Bay
Grand Cayman KY1-9006
Cayman Islands
e-mail: caroline.moore@fundsolutionservices.com
INNOFIDEI INC: Commences Liquidation Proceedings
------------------------------------------------
On March 13, 2014, the shareholder of Innofidei Inc. 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:
Yuan Kai Tsai
Telephone: +8610 8215 1933
Facsimile: +8610 8215 1813
11th Floor, No. 79
Sec. 1, Hsin Tai Wu Road
His Chi, Taipei Hsien
Taiwan, Province of China
LANCELOT FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 10, 2014, the
shareholders of The Lancelot Fund 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
UTOPIA PARK: Creditors' Proofs of Debt Due April 15
---------------------------------------------------
The creditors of Utopia Park Ltd. are required to file their
proofs of debt by April 15, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 10, 2014.
The company's liquidator is:
Jehangir Pocha
Dubai International Financial Centre
Gate Village 4, Level 5
P.O. Box 506807 Dubai
United Arab Emirates
Telephone: +9714 358 6700
Facsimile: +9714 358 6900
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Lawmakers Approve US$1.5 Billion Bond
---------------------------------------------------------
Dominican Today reports that the Senate passed two bills in two
consecutive roll calls for the Finance Ministry to issue a US$1.5
billion bond and RD$33.6 million in securities, to contract public
debt for that amount.
The bond and securities are consigned in this year's Budget and
would be used in social programs and government commitments,
according to Dominican Today.
The report notes that the first bond authorizes the Finance
Ministry to seek a maximum nominal amount of US$1.5 billion or its
equivalent in Dominican pesos, according to the exchange rate in
effect.
The bills now go to the Chamber of Deputies where approval is
expected given the ruling PLD party's control of the lower house,
Dominican Today says.
=============
J A M A I C A
=============
ADVENTURA PLAZA: JMB Selling Shops to Recover Debts
---------------------------------------------------
Jamaica Gleaner reports that eighteen shops at Adventure Plaza in
Portmore have been put up for sale by the Jamaica Mortgage Bank
(JMB), to recover outstanding debts to the bank.
"Under the normal course of business, if an entity is selling
anything under the power of sale, it means that the entity has an
interest and is attempting to sell it to retrieve what they owe,"
said JMB's general manager, Courtney Wynter, according to Jamaica
Gleaner.
"I'm not able to say much or anything about the sale," the report
quoted Mr. Wynter as saying.
The report notes that the state-owned bank had earlier cited
banker-client confidentiality when asked about the nature of the
deal with Adventure Plaza Limited.
The bank lends to developers, but it also operates a secondary
mortgage market.
"JMB does not have any bad loans within our SMM (secondary
mortgage market) portfolio, however, to the extent that there are
delinquent loans within our overall portfolio, the JMB will
aggressively move to recover all outstanding amounts," Mr. Wynter
said, the report notes.
Adventure Plaza is located on the northern side of East Trade Way
in Portmore. The eighteen shops for sale are located on two
floors, each ranging between 53 square meters and 180 square
meters in size. Company documents for Adventure Plaza Limited
cite Laurel Bennett, Nellita Bennett, Karen Bennett McLeod and
Michelle Marcus-Bennett as directors, with Nellita as top
shareholder with 500 of 1,000 units.
DIGICEL GROUP: Takes One of Three Bands on 700 MHz Spectrum
-----------------------------------------------------------
RJR News reports that after a year of trying to sell three bands
on the 700 megahertz spectrum, Technology Minister Phillip
Paulwell disclosed that the government had finally managed to sell
one of the bands to Digicel Group Limited.
RJR News notes that Minister Paulwell explained that the offers
received from various interested parties "were way below the 25
(million); people were coming to us at ten!"
Minister Paulwell has asserted that he will maintain the price of
the other two bands at the US$25 million mark and is inviting
other companies to bid for them, according to RJR News.
The money, which has already been paid by Digicel Group for its
band, helped the country meet its key primary surplus target for
the 2013/2014 fiscal year, RJR News relates.
About Digicel Group
Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets. The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.
As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.
===============
P A R A G U A Y
===============
BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit and senior unsecured debt ratings on Banco Regional
S.A.E.C.A. (Banco Regional). The outlook remains stable.
The ratings on Banco Regional reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity (as S&P's criteria define these terms). The
'BB-' issuer credit rating on the bank reflects its 'bb-' stand-
alone credit profile (SACP), as it does not incorporate any
external support. The bank is 40% owned by Rabobank Financial
Institutions Development B.V., but controlled by local
shareholders.
The stable outlook reflects S&P's expectation that the bank will
continue to expand its operations in the Paraguayan market while
maintaining a strong business position, and adequate liquidity (in
levels rather in line with peers in the country). S&P expects the
bank to register a RAC ratio above 3% and to maintain manageable
asset quality metrics including restructured loans and relatively
low charge-offs (of about 1%). Rating upside is limited at this
point, and will depend on improvements in sovereign ratings and in
economic and industry risks for the Paraguayan banking industry,
all other credit factors being equal. S&P could lower the ratings
on the bank if the ratings on the sovereign deteriorate or if
economic and industry risks for Paraguayan banks increase.
Ratings could also be negatively affected by a weakening in
capitalization metrics (with RAC ratios declining to levels below
3%) resulting from a more aggressive than expected growth strategy
of the bank; and by a deterioration in risk position derived from
consistently adverse conditions in the agribusiness segment (in
terms of weather and/or international commodity prices), with
recurrent increases in restructured loans and credit losses.
=====================
P U E R T O R I C O
=====================
PUERTO RICO: Finance Arm Hires Bankruptcy Lawyers
-------------------------------------------------
Michael Corkery, writing for The New York Times' DealBook,
reported that Puerto Rico's fiscal agent has hired another well-
known restructuring law firm, raising the specter that the
financially troubled island is preparing to revamp its finances.
According to the report, the Government Development Bank for
Puerto Rico, which oversees all of the commonwealth's debt deals,
said it had hired Cleary Gottlieb Steen & Hamilton.
The development bank declined to say whether Cleary had been hired
as part of an effort to restructure the commonwealth's debt, the
DealBook related.
"The G.D.B. regularly solicits advice and counsel from a number of
legal and financial advisers with respect to financing plans and
other related matters," a spokesman for the development bank said
in a statement, the report further related. "Cleary Gottlieb
Steen & Hamilton were engaged by the G.D.B. as part of these
ongoing efforts."
The hiring of Cleary, which was first reported by The Wall Street
Journal, comes as Puerto Rico tries to jump-start a flagging
economy while also digging out from a mountain of municipal bond
debt, the report said.
=================
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
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GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
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HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *