/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140422.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 22, 2014, Vol. 15, No. 76 Headlines B R A Z I L BROOKFIELD INCORPORACOES: Posts Fifth Straight Quarterly Loss C A Y M A N I S L A N D S ARGO LIMITED: Shareholders' Final Meeting Set for April 29 ASSET MANAGERS: Shareholders' Final Meeting Set for April 29 BATEAU LIMITED: Shareholder to Hear Wind-Up Report on May 16 CHEYNE REAL: Creditors' Proofs of Debt Due May 8 DISTACOM: Shareholders' Final Meeting Set for April 28 DMG INC: Shareholders' Final Meeting Set for May 6 FOREFRONT LIMITED: Shareholder to Hear Wind-Up Report on May 5 KENT FUNDING III: Shareholder to Hear Wind-Up Report on May 16 NOVELL (CAYMAN): Shareholders' Final Meeting Set for April 30 TELLUS LIMITED: Shareholders' Final Meeting Set for April 29 C H I L E MASISA S.A.: S&P Assigns Preliminary 'BB-' ICR; Outlook Stable J A M A I C A JAMAICA: Bank Loans up in February T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Gov't Spends TT$20MM to Help Farmers, Fishermen X X X X X X X X X Large Companies With Insolvent Balance Sheets - - - - - =========== B R A Z I L =========== BROOKFIELD INCORPORACOES: Posts Fifth Straight Quarterly Loss ------------------------------------------------------------- Reuters reports that Brazilian homebuilder Brookfield Incorporacoes SA posted a fifth straight quarterly loss, missing analyst estimates by a wide margin, as the troubled homebuilder continued to struggle with sales cancellations and asset impairments in the fourth quarter. The result leaves Brookfield behind its peers as it struggles to return to profitability following an overly aggressive expansion plan that led to hefty cost overruns and project delays, according to Reuters. Reuters notes that the company booked a net loss of BRL424.97 million (US$193 million) in the fourth quarter, compared with a revised shortfall of BRL29.59 million a year earlier, according to a securities filing. Three analysts polled by Reuters had forecast a BRL23.7 million loss in the period, on average, while one analyst had forecast a BRL3 million profit. Net revenue tumbled 30 percent to BRL570.9 million on a year-on- year basis after sales suffered, the report notes. Inflation and more expensive property development continued to weigh on the company, with costs related to real estate development and sales climbing 7.5 percent to BRL644.75 million in the quarter from the same period a year earlier, the report relates. Net debt edged up to 146.8 percent of shareholder equity in the fourth quarter, compared with 97.7 percent in the year-earlier period, Reuters says. Cash holdings dropped 23 percent in the same period, the report discloses. Brookfield posted losses before interest, taxes, depreciation and amortization of BRL385.76 million, compared with an average estimate of a gain of BRL104 million in the Reuters survey. The gauge is known as EBITDA and measures the ability of a company to generate profits from its operations. In February, Brookfield announced that its controlling shareholder, Brookfield Brasil Participacoes, plans to buy out minority shareholders and delist the company from the BM&FBovespa stock exchange, the report adds. Brookfield Incorporacoes S.A., together with its subsidiaries, provides integrated real estate services in Brazil. The company designs and develops residential and office projects for its own behalf and third parties; purchases, negotiates, and sells real properties; and provides construction and engineering services. * * * As reported in the Troubled Company Reporter-Latin America on April 21, 2014, Moody's America Latina has downgraded the corporate family ratings assigned to Brookfield Incorporacoes S.A. (Brookfield) to B1 from Ba3 on the global scale and to Baa2.br from A3.br on the Brazilian national scale. At the same time, Moody's downgraded to B1/Baa2.br from Ba3/A3.br the ratings assigned to the company's fourth senior unsecured debentures issuance in the amount of BRL300 million issued by Brookfield in August 2011. All the ratings remain under review for downgrade. ========================== C A Y M A N I S L A N D S ========================== ARGO LIMITED: Shareholders' Final Meeting Set for April 29 ---------------------------------------------------------- The shareholders of Argo Limited will hold their final meeting on April 29, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 ASSET MANAGERS: Shareholders' Final Meeting Set for April 29 ------------------------------------------------------------ The shareholders of Asset Managers (China) Fund Co., Ltd. will hold their final meeting on April 29, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 BATEAU LIMITED: Shareholder to Hear Wind-Up Report on May 16 ------------------------------------------------------------ The shareholder of Bateau Limited will hear on May 16, 2014, at 8:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 CHEYNE REAL: Creditors' Proofs of Debt Due May 8 ------------------------------------------------ The creditors of Cheyne Real Estate Opportunities Fund Inc. 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 21, 2014. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: RD Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Kareem Robinson Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348, George Town Grand Cayman KY1-1108 Cayman Islands DISTACOM: Shareholders' Final Meeting Set for April 28 ------------------------------------------------------ The shareholders of Distacom Communications (Cayman) Limited will hold their final meeting on April 28, 2014, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Lau Wai Ming Raymond Lam Suk Kam c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands DMG INC: Shareholders' Final Meeting Set for May 6 -------------------------------------------------- The shareholders of DMG Inc. will hold their final meeting on May 6, 2014, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 35 FOREFRONT LIMITED: Shareholder to Hear Wind-Up Report on May 5 -------------------------------------------------------------- The shareholder of Forefront Limited will hear on May 5, 2014, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kim Chan Su Tower II, Admiralty Center Room 1808, 18th Floor 18 Harcourt Road, Admiralty Hong Kong Telephone: +852 2528 9899 Facsimile: +852 2804 1004 KENT FUNDING III: Shareholder to Hear Wind-Up Report on May 16 -------------------------------------------------------------- The shareholder of Kent Funding III, Ltd will hear on May 16, 2014, at 8:45 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidators are: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 NOVELL (CAYMAN): Shareholders' Final Meeting Set for April 30 ------------------------------------------------------------- The shareholders of Novell (Cayman) IP CR Ltd will hold their final meeting on April 30, 2014, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Ltd. Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 TELLUS LIMITED: Shareholders' Final Meeting Set for April 29 ------------------------------------------------------------ The shareholders of Tellus Limited will hold their final meeting on April 29, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 ========= C H I L E ========= MASISA S.A.: S&P Assigns Preliminary 'BB-' ICR; Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its preliminary 'BB-' issuer credit rating to Masisa S.A. The outlook is stable. At the same time, S&P assigned its preliminary 'BB-' issue rating to the company's proposed $300 million notes. "The rating on Masisa mainly reflects the company's "fair" business risk profile and "aggressive" financial risk profile, as our criteria define these terms," said Standard & Poor's credit analyst Diego Ocampo. The company's business risk profile incorporates its exposure to Argentina (Unsolicited Ratings, CCC+/Negative/C) and Venezuela (B- /Negative/B); operations in these countries contribute about 50% of Masisa's consolidated EBITDA. Mitigating factors include Masisa's solid position in the markets in which it operates and its vertically integrated business model, which allows the company to reduce its dependence on retailers and result in less volatile operating profitability than those of its peers operating in the wood panels business. S&P's "aggressive" financial risk profile assessment reflects the company's extensive use of debt to fund growth; its exposure to volatile currencies, specifically the Argentine peso and Venezuelan bolivar; and its ambitious growth model. The likelihood of significant currency depreciation in Argentina and Venezuela, given their high inflation rates and the increasing current accounts deterioration represents a short-term risk for Masisa, since a significant depreciation could weaken cash flows and cash balances in those countries. However, the company's pro forma debt schedule is manageable, even under harsh scenarios in those economies, and the remaining cash generation and other cash sources should more than cover cash needs. The stable outlook reflects S&P's expectation that Masisa's pro forma manageable debt schedule will lessen its medium-term reliance on foreign cash flows, specifically those coming from Argentina and Venezuela, while expanding its businesses in less risky jurisdictions. S&P could consider an upgrade if the company reduces its exposure to risky jurisdictions to less than 20% of its consolidated EBITDA, while maintaining debt-to-EBITDA ratios (excluding those of risky jurisdictions) of less than 4.0x. S&P could lower the rating if higher debt to fund the company's Mexican operations or an unexpected acquisition results in a debt- to-EBITDA ratio persistently greater than 5.0x or if either one triggers a deterioration in the company's liquidity position to "less than adequate" or even "weak" as defined by S&P's criteria. ============= J A M A I C A ============= JAMAICA: Bank Loans up in February ---------------------------------- RJR News reports that Jamaica's commercial banks have reported that their loan portfolio recovered in February, after dipping in January. Total loans and advances in February by commercial banks totaled J$365 billion, according to RJR News. The report notes that it was up from the J$359 billion in loans on the books of commercial banks in January. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD & TOBAGO: Gov't Spends TT$20MM to Help Farmers, Fishermen ------------------------------------------------------------------ Sue-Ann Wayow at Trinidad Express reports that almost TT$20 million is being spent by the State to compensate farmers for loss of produce and to encourage further agricultural development. Food Production Minister Devant Maharaj said that 1,620 cheques for incentives and flood relief will be distributed to farmers and fishermen, according to Trinidad Express. Minister Maharaj was speaking at a ceremony to distribute 986 incentive cheques and 23 flood claim cheques. Those cheques were included in the 1,620 figure, Minister Maharaj said, the report relates. The report discloses that the cheques were distributed to people in the counties of Victoria, Mayaro, Nariva and St Patrick. Since the Agricultural Incentive Program was revised, Minister Maharaj said there was more interest shown in the sector, the report notes. ================= X X X X X X X X X ================= Large Companies With Insolvent Balance Sheets --------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 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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 * * *