/raid1/www/Hosts/bankrupt/TCRLA_Public/140415.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 15, 2014, Vol. 15, No. 74
Headlines
A R G E N T I N A
RCI BANQUE: Moody's Downgrades Long-Term Issuer Rating to B1
B E R M U D A
STRATUS TECHNOLOGIES: Moody's Assigns 'B2' Corp. Family Rating
B R A Z I L
OGX PETROLEO: Batista Denies Using Inside Information
PARANAPANEMA SA: Moody's Assigns Ba3 CFR; Outlook Stable
C A Y M A N I S L A N D S
ANTHRACITE BALANCED (JR-47): Creditors' Proofs of Debt Due May 8
ANTHRACITE BALANCED (JR-52): Creditors' Proofs of Debt Due May 8
ASSET MANAGERS: Creditors' Proofs of Debt Due April 28
DMG INC: Creditors' Proofs of Debt Due April 28
HUTCHIN HILL MASTER: Commences Liquidation Proceedings
HUTCHIN HILL OFFSHORE: Commences Liquidation Proceedings
HUTCHIN HILL TRADING: Commences Liquidation Proceedings
NOBEL BRAZIL: Creditors' Proofs of Debt Due May 1
PANORAMA MEDIA: Creditors' Proofs of Debt Due April 28
TELLUS LIMITED: Creditors' Proofs of Debt Due April 28
D O M I N I C A N R E P U B L I C
XSTRATA NICKEL: Takes Mine Case to Media as Opponents Surge
P E R U
CAMPOSOL S.A.: Discloses Commencement of Consent Solicitation
CAMPOSOL S.A.: Moody's Assigns B3 Rating to $75MM Add-on Notes
T R I N I D A D & T O B A G O
HILTON HOTELS: Workers to 'Rest' if Demands Are Not Met
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
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RCI BANQUE: Moody's Downgrades Long-Term Issuer Rating to B1
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term issuer
rating of RCI Banque Sucursal Argentina to B1 from Ba3, whilst at
the same time maintaining its stable outlook.
Ratings Rationale
RCI Banque Sucursal Argentina is a branch of RCI Banque (Baa3
stable, D+/baa3 stable), the auto captive bank of the Renault
Group (Renault S.A., Ba1 stable). While RCI Banque's long-term
debt and deposit ratings are Baa3, the issuer rating of its branch
in Argentina is capped by the local currency deposit ceiling
assigned to the country, which has been lowered to B1 from Ba3.
What Could Change The Rating Up / Down
Any further lowering of Argentina's local currency deposit ceiling
would trigger a downgrade of the rating for RCI Banque Sucursal
Argentina, as the rating of all banks are capped by the country's
local currency deposit ceiling. In addition, any downgrades of the
rating on RCI Banque to a lower level than the country ceiling,
would result in a downgrade of the ratings on RCI Banque Sucursal
Argentina.
Any increase of Argentina's local currency deposit ceiling would
likely result in a similar rating change for RCI Banque Sucursal
Argentina, as Argentina's local currency deposit ceiling is
currently positioned four notches below RCI Banque.
Principal Methodology
The principal methodology used in this rating was Global Banks
published in May 2013.
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B E R M U D A
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STRATUS TECHNOLOGIES: Moody's Assigns 'B2' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned corporate family and
probability of default ratings ("CFR" and "PDR", respectively) of
B2 and B3-PD, respectively, to Stratus Technologies Bermuda Ltd.
("Stratus"). Concurrently, Moody's assigned B2 ratings to the
proposed $20 million senior secured revolving credit facility due
2019 and $225 million first lien term loan due 2021. The rating
outlook is stable.
The proceeds from the financing will be used by an affiliate of
Siris Capital Group, LLC to acquire Stratus in a transaction
valued at about $352 million. Upon the closing of the transaction,
the existing ratings for Stratus Technologies Bermuda Ltd. (old)
will be withdrawn.
Ratings Rationale
Moody's views Stratus' small scale and the challenges associated
with the business transition from a declining legacy platform
business to more of a software focus to be key factors in the B2
CFR. Currently, Stratus is in the midst of a product transition
from the declining legacy Continuum servers to the ftServer lines
and the newer software offerings. While high-availability software
has considerable growth prospects with the trend towards
virtualized environments and cloud computing, Stratus faces
substantial competition for a relatively nascent offering. To
accelerate software revenue, Stratus will likely need to invest
heavily in sales and technological capabilities, which could weigh
on profits over the next several years.
The stable outlook reflects Moody's view that Stratus will
generate adjusted EBITDA greater than $50 million with modest free
cash flow over $20 million for the fiscal year ending February
2015. Moody's anticipates that revenues will remain flat as the
growth in software will generally offset the declines in the
legacy server business.
The ratings could be upgraded if Stratus were to achieve at least
mid-single digit organic revenue growth with operating margins
maintained at over 20%, and reduce leverage to below 4 times
(Moody's adjusted debt/EBITDA) on a sustained basis. The ratings
could be downgraded if Stratus were to experience significant
declines in revenue (greater than 10%), negative cash flow, or
higher financial leverage in excess of low 5 times on a Moody's
adjusted basis.
The following first-time ratings/assessments were assigned:
Corporate Family Rating -- B2
Probability of Default Rating -- B3-PD
Senior Secured Revolving Credit Facility -- B2 (LGD3, 35%)
Senior Secured First Lien Term Loan -- B2 (LGD3, 35%)
The following ratings of Stratus Technologies Bermuda Ltd. (old)
will be withdrawn upon close:
Corporate Family Rating -- Caa1
Probability of Default Rating -- Caa1-PD
Senior Secured Notes due 2015 -- B3 (LGD-3, 35%)
The principal methodology used in this rating was the Global
Technology Hardware Industry Methodology published in October
2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Stratus Technologies Bermuda Ltd., with projected annual revenues
over $200 million, is a provider of fault-tolerant server and
software products and related services for mission-critical
applications.
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B R A Z I L
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OGX PETROLEO: Batista Denies Using Inside Information
-----------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that Eike Batista,
the Brazilian former billionaire, denied having used inside
information when selling stock of his oil company last year amid
an investigation by the nation's securities regulator.
Mr. Batista sold shares of the oil unit, then known as OGX
Petroleo e Gas Participacoes SA, because they were pledged as
collateral for maturing loans of his holding company EBX Group
Co., EBX said in an e-mailed statement obtained by Bloomberg News.
Mr. Batista, Bloomberg News notes, will explain the case and
present his defense as the Brazilian market regulator, or CVM,
still needs to reach a verdict, it said.
"At no point was there bad faith or use of privileged information
by the controller of OGX," EBX said in the April 11 statement,
Bloomberg News relates. "The share sale questioned by the
technical area of CVM took place because those shares were
compromised in maturing debt to creditors of EBX. The proceeds
from the sale were used to pay back these debts," Bloomberg News
relays.
CVM is investigating whether Mr. Batista, as controlling
shareholder and chairman of OGX, failed to comply with insider
trading rules and for alleged price manipulation, the regulator
said in a statement April 11, Bloomberg News notes. The entity is
also probing eight additional procedures against companies that
were part of Batista's conglomerate, CVM said, Bloomberg News
discloses.
Mr. Batista sold 70.5 million shares of OGX between May 24 and May
29, 2013, his first divestment in the company, OGX said on June
10, three weeks before announcing the cancellation of offshore
projects and the possible closure of its only producing wells,
Bloomberg News recalls. OGX stock and bonds plummeted to record
lows after the July 1 announcement. The oil producer filed for
bankruptcy protection in October as most of its oil deposits once
valued by Batista at US$1 trillion turned out to be duds,
Bloomberg News notes.
Mr. Batista, once Brazil's richest person, has been divesting
stakes in his oil, logistics, utility and shipping ventures since
May as missed targets, mounting debt and accumulating losses
forced him to cancel projects and sell business assets, Bloomberg
News relays. The entrepreneur also sold some of his luxury assets
including an Embraer Legacy 600 private jet, Bloomberg News notes.
"Eike Batista was the biggest individual shareholder of OGX, with
the biggest capital invested in the company, and the shareholder
that lost the most when its business plan failed," lawyer Darwin
Correa, who is representing Batista in the case, said in the
statement obtained by Bloomberg News. "The accusation doesn't
resist a careful analysis of the facts and that will be proved
during the process," Mr. Correa added, Bloomberg News report.
About OGX Petroleo
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.
PARANAPANEMA SA: Moody's Assigns Ba3 CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
to Paranapanema S.A. The outlook for the rating is stable.
Ratings assigned as follows:
Paranapanema S.A.
Corporate Family Rating: Ba3
The outlook for the rating is stable
Ratings Rationale
Paranapanema's Ba3 ratings reflect the company's leading position
in the Brazilian copper market, as well as its large scale and
partially-integrated operations that include access to high-grade
copper, its efficient logistics, and its long-term relationship
with copper suppliers and clients. The ratings also reflect
Paranapanema's exposure to the cyclicality of global copper
markets and foreign exchange, which has historically resulted into
margins and cash flows volatility. The ratings incorporate our
expectations that challenging fundamentals in the copper industry
will continue to pressure Paranapanema's credit metrics, as the
copper market is expected to be in a surplus position in 2014,
prices remain under downward pressure and new copper projects are
coming on stream in the next couple of years.
Constraining the ratings are the still weak operating performance,
partially resulting from strong competition from imports in the
past few years and heavy capital expenditures for capacity
expansion, which have pressured the company's free cash flow.
Imports remain a threat, but government measures such as
equalization of VAT taxes and the devaluation of the local
currency (BRL) should continue to help hinder imports. Exposure to
copper prices and foreign exchange volatility also constrain the
ratings.
Paranapanema's credit metrics are expected to improve supported by
the recent investments in capacity expansion. The company's large
capex has been directed to expansion of smelting capacity to
280.000 tons per year and to a new plant for seamless copper tubes
production. With this new plant, total production capacity for
copper tubes will increase from 16.000 to 36.000 per year. The
focus on cost reduction is also incorporated in the rating.
The stable outlook reflects Moody's belief that Paranapanema will
benefit from the positive fundamentals of the infrastructure
sector in Brazil, supported by investments in logistics,
transportation, roads, and homebuilding, and that the company will
be able to post Ebitda margins above 6% on a sustained basis,
despite relatively weak copper markets.
The ratings could be upgraded if Paranapanema is able to improve
operating performance such that adjusted EBITA to interest expense
is sustained above 3.5x ( 2.6x at the end of 2013) and free cash
flow to debt sustained at above 7.5% (-40.1% at the end of 2013).
An improved liquidity profile and a lower concentration of debt in
the short term could support positive rating actions. All ratios
incorporate Moody's standard adjustments.
On the other hand, the ratings could be downgraded if
Paranapanema's liquidity profile deteriorates or if its capital
structure weakens, with adjusted Debt to Ebitda above 4.5x (3.2 x
at the end of 2013) for a continued period. Performance falling
below our expectations, indicated by free cash flow to debt below
5% (-40.1% at the end of 2013), could also lead to negative rating
actions.
The principal methodology used in this rating was Global
Manufacturing Industry published in December 2010.
Paranapanema S.A. (Pranapanema) is the largest refined copper
producer in Brazil, with an annual smelting production capacity of
280,000 tons. The company is also a leading producer of semi-
finished copper products, including wires, tubes, rolling, rods
and bars. In 2013, Paranapanema reported consolidated revenues of
BRL 5.5 billion ( USD 2.6 billion converted by the average foreign
exchange rate for the period). The company has four industrial
facilities in Brazil -- one in the state of Bahia, one in Espirito
Santo and two in the state of Sao Paulo.
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C A Y M A N I S L A N D S
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ANTHRACITE BALANCED (JR-47): Creditors' Proofs of Debt Due May 8
----------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-47) Limited are
required to file their proofs of debt by May 8, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 18, 2014.
The company's liquidator is:
Simon Conway
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
ANTHRACITE BALANCED (JR-52): Creditors' Proofs of Debt Due May 8
----------------------------------------------------------------
The creditors of Anthracite Balanced Company (JR-52) Limited are
required to file their proofs of debt by May 8, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 18, 2014.
The company's liquidator is:
Simon Conway
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
ASSET MANAGERS: Creditors' Proofs of Debt Due April 28
------------------------------------------------------
The creditors of Asset Managers (China) Fund Co., Ltd. are
required to file their proofs of debt by April 28, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 21, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
DMG INC: Creditors' Proofs of Debt Due April 28
-----------------------------------------------
The creditors of DMG Inc. are required to file their proofs of
debt by April 28, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 17, 2014.
The company's liquidator is:
Wenge Xiao
Unit 5209
Fortune Heights
No.7 Dongsanhuan Middie Road
Chaoyang District, Beijing
PRC
Telephone: 8610 8565 3333
Facsimile: 8610 8565 3555
HUTCHIN HILL MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Master Fund Ltd resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Hutchin Hill Capital Credit Manager, LP
c/o Joseph Lanzillotti
Hutchin Hill Capital
142 West 57th Street, 15th Floor
New York, NY 10019
United States of America
Telephone: +1 (646) 616-2083
e-mail: joseph.lanzillotti@hutchinhill.com
HUTCHIN HILL OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------------
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Offshore Fund Ltd resolved to voluntarily liquidate the
company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Hutchin Hill Capital Credit Manager, LP
c/o Joseph Lanzillotti
Hutchin Hill Capital
142 West 57th Street, 15th Floor
New York, NY 10019
United States of America
Telephone: +1 (646) 616-2083
HUTCHIN HILL TRADING: Commences Liquidation Proceedings
-------------------------------------------------------
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Trading Vehicle 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:
Hutchin Hill Capital Credit Manager, LP
c/o Joseph Lanzillotti
Hutchin Hill Capital
142 West 57th Street, 15th Floor
New York, NY 10019
United States of America
Telephone: +1 (646) 616-2083
NOBEL BRAZIL: Creditors' Proofs of Debt Due May 1
-------------------------------------------------
The creditors of Nobel Brazil Fund SPC are required to file their
proofs of debt by May 1, 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:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PANORAMA MEDIA: Creditors' Proofs of Debt Due April 28
------------------------------------------------------
The creditors of Panorama Media Investments Limited are required
to file their proofs of debt by April 28, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on March 17, 2014.
The company's liquidator is:
Jie Zhang
Room 1202, No. 5 Building, No. 54
Dongsanhuan South Road
Chaoyang District
Beijing, PRC
Telephone: 8610 8565 3333
Facsimile: 8610 8565 3555
TELLUS LIMITED: Creditors' Proofs of Debt Due April 28
------------------------------------------------------
The creditors of Tellus Limited are required to file their proofs
of debt by April 28, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 20, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
XSTRATA NICKEL: Takes Mine Case to Media as Opponents Surge
-----------------------------------------------------------
Dominican Today reports that Xstrata Nickel's plan to expand its
Dominican Republic mine faces mounting opposition from sectors
ranging from grass roots movements to the powerful Catholic
Church, for which its new president appears to have launched a
media campaign to make its case to an ever-skeptic country.
However, Xstrata Nickel Falcondo Chief Executive Officer David
Soares also appears willing to play hardball when hinting that the
Canadian company could force Dominican Republic into international
arbitration if its plan to mine Loma Miranda fails, according to
Dominican Today.
Mr. Soares, the report notes, questioned the push by opponents who
seek the creation of a national park at the site noting that the
area not only doesn't meet the requirements for such designation
but also the fact they own one third of Loma Miranda's land since
1969.
"In the event our property is declared as national park we would
have to analyze the legal aspect and how it would influence
mining. If so we would analyze it and determine our legal
actions. Those who know our agreement with the State know that we
have mechanisms within those contracts to talk to the State and
reach an agreement, but I don't think that we will reach that
point. We don't want to speak about international arbitration,"
the report quoted Mr. Soares as saying.
Meanwhile, the report relays that Mr. Soares affirmed that
Falcondo would earn US$6.4 billion net profits from a sustained
operation at Loma Miranda during 20 years, of which the State
would receive US$5.4 billion and the Canadian miner just US$1.0
billion.
Mr. Soares, the report discloses, said more than US$1.7 billion
would be tax revenue and dividends to the Government; more than
US$700 million in investment; more than US$800 million in
purchases to Dominican suppliers; more than US$700 million in
salaries and perks to local employees; and more than US$1.5
billion in savings to the national power grid.
"As a result of the 50% income tax rate and its 10% stake, the
State is our biggest partner, and 55% of our profits are paid to
the Dominican Government," Mr. Soares said, cautioning that in the
issue of Loma Mirada pitting environmentalists, lawmakers and
religious sectors against Falcondo, the State is judge and jury,
the report adds.
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P E R U
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CAMPOSOL S.A.: Discloses Commencement of Consent Solicitation
-------------------------------------------------------------
Camposol S.A. has commenced a solicitation of consents upon the
terms and subject to the conditions set forth in a Notice of
Consent Solicitation and the related Consent Form, each dated as
of April 8, 2014, to a proposed waiver of certain provisions of
the Indenture, dated as of February 2, 2012, among the Company,
Camposol Holding Ltd., as Parent Guarantor, Campoinca S.A. and
Marinazul S.A., as Subsidiary Guarantors, and Wells Fargo Bank,
National Association, as trustee, registrar, transfer agent and
paying agent, governing its 9.875% Senior Notes due 2017 (the
"Notes") (CUSIP Nos. 134638AA3 (Rule 144A Global Note) and
P19189AA0 (Regulation S Global Note); ISIN Nos. US134638AA39 (Rule
144A Global Note) and USP19189AA04 (Regulation S Global Note)).
The Company is soliciting Consents from the holders of the Notes
to waive the covenant contained in Section 4.1(a)(i) of the
Indenture, "Limitation on Indebtedness and Disqualified Stock," so
as to permit the Company to incur up to US$75 million in principal
amount of new indebtedness on or before May 15, 2014, to fund its
planned capital expenditures, including investments in
plantations, particularly blueberries and shrimp plantations, as
well as investments to expand its infrastructure. If the covenant
in Section 4.1(a)(i) of the Indenture is not waived as set forth
in the Notice, the financial test set forth in the Indenture would
not be satisfied in connection with the new indebtedness and the
new indebtedness would not be Permitted Indebtedness.
The Solicitation will expire at 5:00 p.m., New York City time, on
April 16, 2014, or such later time and date to which the
Solicitation is extended (such time and date, the "Expiration
Time"), unless earlier terminated. The Solicitation is subject to
customary conditions, including, among other things, the receipt
of valid Consents with respect to a majority in aggregate
principal amount of the outstanding Notes prior to the Expiration
Time (which Consents have not been validly revoked prior to the
earlier of the execution of the supplemental indenture (the
"Supplemental Indenture") giving effect to the Proposed Waiver and
the Expiration Time).
In the event that each of the conditions to the Solicitation
described in the Notice are satisfied, including, but not limited
to, the receipt of the Requisite Consents and the satisfaction of
the financing condition, the Company will pay to each person who
is the holder of record of Notes as of 5:00 p.m., New York City
time, on April 7, 2014, who has delivered a valid Consent in
respect of such Notes prior to the Expiration Time (and has not
validly revoked its Consent prior to the earlier of the execution
of the Supplemental Indenture and the Expiration Time), US$5.00 in
cash for each US$1,000 principal amount of such Notes in respect
of which a valid Consent was so delivered (and was not validly
revoked). The Company will pay the Consent Fee at such time as
all of the conditions enumerated in the Notice have been satisfied
or waived by the Company. Holders of Notes who deliver Consents
but validly revoke their Consent in accordance with the Notice
prior to the earlier of the execution of the Supplemental
Indenture and the Expiration Time, or who deliver Consents after
the Expiration Time, will not receive a Consent Fee. Subject to
applicable law, the Solicitation may be abandoned or terminated
for any reason at any time, including after the Expiration Time
and prior to the Proposed Waiver becoming operative, as described
below, whether or not the Requisite Consents have been received,
in which case any Consents received will be voided and no Consent
Fee will be paid to any Holders.
If the Requisite Consents are received prior to the Expiration
Time (which Consents have not been validly revoked prior to the
earlier of the execution of the Supplemental Indenture and the
Expiration Time), the Company, the Parent Guarantor and each
Subsidiary Guarantor intend to execute the Supplemental Indenture
promptly following the receipt of the Requisite Consents, which
may be before the Expiration Time. If the Supplemental Indenture
is entered into by the Company, the Parent Guarantor, the
Subsidiary Guarantors and the Trustee and all of the other
conditions to the Solicitation are satisfied or waived by the
Company, the Proposed Waiver will become operative and will bind
all Holders of the Notes, including those that did not give their
Consent. If the Requisite Consents are not received prior to the
Expiration Time, the Supplemental Indenture will not be executed,
the Proposed Waiver will not become operative and the Consent Fee
will not be paid.
The Company has engaged Credit Suisse Securities (USA) LLC and
Santander Investment Securities, Inc. to act as Solicitation
Agents and D.F. King & Co., Inc. to act as Information and
Tabulation Agent for the Solicitation.
About Camposol S.A.
Camposol is the leading agro industrial company in Peru, the
largest exporter of white asparagus and the largest producer of
Hass avocadoes in the world as measured by the number of planted
hectares. It is involved in the harvest, processing and marketing
of high quality agricultural products such as avocadoes,
asparagus, grapes, mangoes, peppers, artichokes, tangerines and
blueberries; which are exported to key markets in Europe, the
United States and Asia.
CAMPOSOL S.A.: Moody's Assigns B3 Rating to $75MM Add-on Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Camposol
S.A.'s proposed up to USD 75 million add-on to its backed senior
unsecured notes due in 2017. The rating outlook is stable. The
proceeds of the notes will be used to satisfy the company's
capital expenditure program and for general corporate purposes.
Ratings Assigned:
Issuer: Camposol S.A.
Up to USD 75 million Backed Senior Unsecured notes: B3
Outlook: Stable
Ratings Unchanged:
Issuer: Camposol S.A.
USD 125 million Backed Senior Unsecured notes: B3.
Outlook: Stable
Issuer: Camposol Holding Plc.
Corporate Family Rating: B3
Outlook: Stable
Ratings Rationale
The B3 ratings reflect the company's small operating scale and
limited historical track record in its current business model. The
ratings also consider the sensitivity of the operations to the
volatility of the agribusiness industry, as well as cyclical
variations in demand for its food products. In addition, the
26,700 hectares of plantations owned by the company, out of which
8,200 are currently planted, are concentrated along the Northern
Peruvian coast, which exposes its operations to weather and
disease-related risks.
The ratings are supported by the company's position as the largest
fully integrated agribusiness corporation in Peru that includes
production, packaging and distribution of agricultural products.
The rating reflects Camposol's large holdings of arable land as
well as its diversified product mix comprised of a varied range of
fruits and vegetables which allows the company to drive growth
through expansion and product mix shifts without substantial
additional capital expenditures needs.
The stable ratings outlook is based on Moody's expectation that
Camposol will improve earnings trends over the near term,
especially in the growing avocadoes segment, which is benefiting
from tight global supply. The stable outlook also reflects our
assumption that the company will be able to fund its substantial
near-term investment program without increasing negative free cash
flow or requiring material further external funding.
An upgrade of the ratings could result if Camposol continues to
strengthen revenues while maintaining its operating margins.
Quantitatively, upward momentum could result if Camposol's total
adjusted debt to EBITDA is sustained below 3 times on a 3-year
average basis (4.7 times for the fiscal year ending December 2013)
and retained cash flow to adjusted net debt is sustained above 15%
on a 3-year average basis (17.6% for the fiscal year ending
December 2013).
A downgrade of the ratings could result from a prolonged slowdown
in its end markets that caused sustained agribusiness price
declines and a deterioration in operating margins. Quantitatively,
a downgrade in the ratings or outlook could be caused if adjusted
debt/EBITDA rises above 5.0x or EBITDA to interest expense is less
than 1.5 times on a 3-year average basis, both for an extended
period of time.
Camposol is a private company headquartered in Peru. The company
plants, harvests, processes and exports avocadoes, white and green
asparagus (fresh, frozen and preserved), blueberries, mangoes,
peppers, table grapes and shrimps for the fiscal year ending
December 2013, the company reported total revenues of USD 231
million.
The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.
===============================
T R I N I D A D & T O B A G O
===============================
HILTON HOTELS: Workers to 'Rest' if Demands Are Not Met
-------------------------------------------------------
Janelle de Souza at Trinidad and Tobago Newsday reports that
Hilton workers may take "a couple days rest" over the next few
weeks if their demands for the removal of the General Manager,
Leroy Brown, a full audit of the Hilton, and the reinstatement of
approximately 60 part-time workers are not met.
On March 6, about 60 workers were issued letters saying they were
removed from the work roster for the next 90 days, with the
possibility of an extension of the period, according to Trinidad
and Tobago Newsday.
Communication Workers' Union (CWU) Secretary General, John Julien
said if the matter was not resolved, workers may be forced to take
action during the hotel's busy Easter Season, the report notes.
Mr. Julien noted there would be several banquet sessions at Hilton
and there may not be anyone to cook or serve food, the report
relates.
The report discloses that Mr. Julien said the union delivered a
four-page letter to Minister of Labour and Small and Micro
Enterprise Development, Errol Mc Leod highlighting the issue, yet
the Minister said he had not received their correspondence. In
addition, Mr. Julien said the union delivered a letter to the
Ministry asking Mc Leod to address the matter as a Trade Dispute
but there was no response or even an acknowledgment, the report
relays.
Mr. Julien also noted that the union was expected to meet with the
Ministry on April 25 to address a separate trade dispute and said
if there is no resolution of the matter of the 60 part-time
workers by then, the matter would have to go to the Industrial
Court, the report says.
Hilton Hotels & Resorts is an international chain of full service
hotels and resorts.
=================
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
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *