/raid1/www/Hosts/bankrupt/TCRLA_Public/140513.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, May 13, 2014, Vol. 15, No. 93
Headlines
A R G E N T I N A
PETROBRAS ARGENTINA: Concessions in Patagonia Extended for 10yrs
PETROBRAS ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
YPF SA: Quarterly Profit More Than Doubles After Repsol's Exit
B E L I Z E
BELIZE: IMF Issues Statement at Conclusion of Article IV Mission
B R A Z I L
GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Debt Rating to B1
OGX PETROLEO: Eike Batista Says Brazil Court Froze $55.2 Million
C A Y M A N I S L A N D S
ASIA EQUITY: Creditors' Proofs of Debt Due June 4
CONOCOPHILLIPS LNG: Placed Under Voluntary Wind-Up
FMCP EMERGING: Creditors' Proofs of Debt Due June 5
FMCP EMERGING MASTER: Creditors' Proofs of Debt Due June 5
NE ASIA MASTER: Placed Under Voluntary Wind-Up
NE ASIA OFFSHORE: Placed Under Voluntary Wind-Up
PADMORE LTD: Placed Under Voluntary Wind-Up
SANTA ROBERTA: Placed Under Voluntary Wind-Up
SANTA ROMANA: Placed Under Voluntary Wind-Up
WMA-WEALTH: Creditors' Proofs of Debt Due June 4
J A M A I C A
DIGICEL GROUP: Customers Experience Service Outage
M E X I C O
BANCO MONEX: S&P Affirms BB+ Rating; Outlook Stable
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
PETROBRAS ARGENTINA: Concessions in Patagonia Extended for 10yrs
----------------------------------------------------------------
Merco Press reports that the Argentine unit of Brazilian state-
controlled oil giant Petrobras has signed an agreement with the
Patagonian province of Rio Negro that extends its three
concessions in that region for 10 years.
The new deal was inked after the company renegotiated its
contractual conditions with the provincial government, according
to Merco Press.
"Petrobras Argentina plans to invest an estimated total of 819
million dollars in hydrocarbon exploration and production from the
effective date of the agreement to the new expiration of the
concessions," the company said in a statement obtained by the news
agency.
The agreement, which still requires the approval of the provincial
legislature, establishes "the payment of a fixed bonus of 92.8
million and the payment of a complementary contribution equivalent
to 3.5% of hydrocarbon output (in addition to a 12% royalty
payment)," the company said, the report notes.
"Petrobras Argentina also will invest an additional 18.5 million
in infrastructure and equipment for health and educational
institutions and state agencies," it added, Merco Press relates.
Merco Press discloses that the provincial government and Petrobras
Argentina renegotiated the conditions for oil and gas development
in Rio Negro after the provincial legislature passed a new
hydrocarbons law in 2012.
The new regulations affect concessions held by 10 companies in 23
areas of northwestern Rio Negro, Merco Press says.
The report notes that the goal of the new regulations and the
renegotiation of the contracts is "to increase hydrocarbon
reserves and production" and "boost investments in exploration,"
the provincial government said.
Petrobras Argentina is the first of those companies to reach an
agreement with Rio Negro's government.
Petrobras Argentina is an oil producer and natural gas producer in
Rio Negro.
PETROBRAS ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' foreign
currency ratings on Petrobras Argentina S.A. (PESA). The outlook
remains negative.
The 'BBB-' issue-level rating on PESA's $300 million 2017 bond
equals the corporate credit rating on the parent, Petroleo
Brasileiro S.A. - Petrobras (Petrobras; BBB-/Stable/--) due to its
full and unconditional payment guarantee.
S&P's 'CCC+' foreign currency ratings on PESA mainly reflect its
opinion that the company won't be able to honor potential foreign
currency nonguaranteed obligations under a scenario of
restrictions to access foreign currency and/or restrictions on
transferring money abroad. As a result, S&P's foreign currency
ratings on PESA are the same as its T&C assessment for Argentina.
YPF SA: Quarterly Profit More Than Doubles After Repsol's Exit
--------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that YPF SA said first-
quarter profit more than doubled on higher oil and gas production.
Net income increased to ARS2.88 billion (US$360 million), or
ARS7.34 a share, in the quarter from ARS1.26 billion, or ARS3.2, a
year earlier, Buenos Aires-based YPF said in a statement to
Argentina's regulator, according to Bloomberg News. YPF beat an
estimate of 5.68 pesos per share by Raymond James analyst Santiago
Wesenack, according to data compiled by Bloomberg.
President Cristina Fernandez de Kirchner's government gave Repsol
SA bonds on May 9 with a market value of US$4.67 billion for the
YPF nationalization, Bloomberg News discloses. Since the
expropriation, YPF secured a venture with Chevron Corp. to jointly
develop part of Vaca Muerta, a Connecticut-sized formation in
southern Argentina considered the world's second-largest shale gas
deposit and fourth-largest shale oil field which helped the
company to boost crude and gas production, Bloomberg News notes.
"We have hired consultants to help us produce a new strategic plan
for the future," Daniel Gonzalez, YPF's chief financial officer,
told investors on an earnings conference call, Bloomberg News
relates. "I can't provide an estimate of when we will come up
with a new plan as we are just beginning the process," Mr.
Gonzales said, Bloomberg News adds.
Mr. Gonzalez declined to provide well costs for the shale area
saying it will be provided in the future, notes Bloomberg News.
YPF and Neuquen province have agreed to extend until 2048 the
concession that represents 3 percent of Vaca Muerta where it is
jointly developing shale with Chevron, Bloomberg News notes. YPF
will need to renegotiate other Vaca Muerta concessions with owner
Neuquen province, Bloomberg News relates.
Concession Dispute
"There is a dispute between YPF and the provinces, especially
Neuquen, where Vaca Muerta is located, that is hitting the shares
and not being communicated to the market," Carlos Aszpis, an
equity strategist at Schweber & Cia. Sociedad de Bolsa SA, said in
a telephone interview with Bloomberg News.
Quarterly crude output increased 6.8 percent from a year earlier,
YPF said, Bloomberg News relates. Natural gas production rose 19
percent to 37.2 million cubic meters a day. Total output gained
11 percent. Argentina seized the 51 percent YPF stake in April
2012 after claiming that Madrid-based Repsol failed to replace
reserves and output was declining, Bloomberg News notes.
Repsol Departure
In exchange for the bonds, Repsol is dropping all legal action
against Argentina. The Spanish producer had threatened to sue any
companies that partnered with YPF in Argentina while it sought
compensation for the nationalization, Bloomberg News recalls.
The compensation, paid with bonds totaling US$5.32 billion in
nominal value maturing as late as 2033, is less than half the
US$10.5 billion the company sought initially, Bloomberg News
notes. Repsol, which won't be able to get more than US$5 billion
if it sells the bonds before maturity, on May 6 sold a 12 percent
stake in YPF through Morgan Stanley for US$1.3 billion, Bloomberg
News discloses.
The report, citing Mr. Aszpis, says YPF rallied as much 10 percent
the following day as investors celebrated the departure of the
hostile shareholder.
"Repsol's departure is very good news for YPF as it is much better
to have several funds holding 12 percent than one single holder of
such a stake," Bloomberg News quoted Mr. Azpiz as saying. "The
company won't have board members against management, which is what
any minority shareholder wants."
Repsol will keep a stake of less than 0.5 percent after the
disposal, Bloomberg News notes.
YPF said it set aside ARS465 million for a dividend payment to be
determined later this year, Bloomberg News adds.
YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 1, 2014, Fitch Ratings expects to assign a rating of 'B-
/RR4' to YPF S.A.'s (YPF) proposed senior unsecured debt issuance
for up to US$1 billion with a 10-year maturity and amortizations
in years eight (30%), nine (30%) and 10 (40%).
===========
B E L I Z E
===========
BELIZE: IMF Issues Statement at Conclusion of Article IV Mission
----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Jacques Bouhga-
Hagbe visited Belize during April 28-May 9 to hold discussions in
the context of the country's 2014 Article IV Consultation. At the
conclusion of the visit, Mr. Bouhga-Hagbe issued the following
statement:
"The Belizean economy is estimated to have grown by only 0.7
percent in 2013 mainly because of continued decline in oil
production and weak agricultural output, especially sugarcane and
citrus. Inflation eased to 0.5 percent from 1.3 percent a year
ago, as commodity price pressures abated. Private sector credit
grew by 3.8 percent (y/y) in March 2014. While declining, Non-
Performing Loans (NPLs) remained high at 17.6 percent of total
loans at end 2013. The banking system's capital buffers improved
and weaknesses in the system are being addressed. The external
current account deficit widened to 4.5 percent of GDP up from 1.2
percent in 2012, as exports of oil and agricultural products fell
sharply, while imports of fuel and electricity picked up.
"Nonetheless, international reserves improved to 4.3 months of
imports (up from 3.3 months at end-2012) owing mainly to
PetroCaribe financing and private capital inflows. The primary
fiscal surplus for FY2013/14 is estimated to have fallen to 1
percent of GDP, from 1.4 percent of GDP in FY2012/13. Revenue
collection was better than budgeted, as robust tax revenues more
than offset the decline in non-tax revenues. However, substantial
increases in wages and salaries, transfers and interest payments
drove up current expenditure. Capital expenditures were higher
than budgeted because of the need to rebuild the infrastructure
that was badly damaged by rain.
"Over the medium-term, real GDP growth is expected to hover around
2.5 percent a year as declining oil production would be offset by
higher output of other commodity exports, tourism and
construction. Inflation is projected to remain low owing to the
exchange rate peg and subdued inflation in trading partners. The
authorities' medium-term policy plans would maintain the primary
surplus around 1 percent of GDP, as in 2013, which could lead to
significant increases in public debt as a share of GDP, especially
if a court decision calls for the payment of compensation to the
former owners of the recently nationalized companies.
"Risks continue to be tilted to the downside as additional
external vulnerabilities could arise from a protracted period of
weak growth in advanced economies or complications with
PetroCaribe financing. New oil discoveries and growth-enhancing
projects that are currently being implemented or envisaged could
mitigate these risks.
"In this context, the mission pointed to the benefits of a more
ambitious fiscal stance to create credible policy buffers that
would help address downside risks. This could be achieved by a
combination of revenue, expenditure, public financial management,
and debt management measures. The mission also expressed the view
that current efforts to further strengthen the banking system
should continue. There are also significant gains to the adoption
of growth-enhancing reforms, such as allowing for quicker judicial
resolution of contract disputes and making it easier to start a
new business and to register property. Greater flexibility in
labor markets, especially working hours, and greater
liberalization of the economy would foster Belize's
competitiveness.
"The mission expresses its gratitude to the authorities for their
openness, cooperation, assistance, and hospitality."
During its visit, the IMF team met with Prime Minister Dean
Barrow, Financial Secretary Joseph Waight, Central Bank Governor
Glenford Ysaguirre, other government and central bank officials,
representatives of the private sector, labor unions and members of
the opposition.
===========
B R A Z I L
===========
GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Debt Rating to B1
----------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured debt
rating of General Shopping Finance Limited to B1 from Ba3 and the
subordinated debt rating of General Shopping Investments Limited
to B3 from B2. The rating outlook remains stable.
Ratings Rationale
According to Moody's, the downgrade reflects General Shopping's
aggressive strategic profile and pressured credit metrics.
Excluding the effect of foreign exchange fluctuations related to
its US dollar denominated perpetual bonds General Shopping has
maintained high effective leverage (54% at YE13 vs. 46% at YE11),
high net debt to EBITDA (6.5x at YE13 vs. 4.5x at YE11) and high
levels of secured debt (28% of gross assets at YE13 vs. 17% at
YE11). General Shopping has also maintained a low fixed charge
ratio of approximately 1x.
The stable credit outlook reflects Moody's expectation that these
credit statistics will remain under pressure in the short-term and
are more consistent with a B1 rating. Furthermore, General
Shopping continues to maintain a sizeable development pipeline
that represents 16% of gross assets, adding volatility and risk to
its earnings and capital structure.
General Shopping benefits from a high and stable occupancy,
consistent year-over-year rent growth and a defensible position in
the state of Sao Paolo. These strengths, however, are mitigated by
the deceleration in growth of retail sales for the sector as a
whole, continued increase in new supply of malls, particularly in
the state of Sao Paulo, and the potential for continued
adjustments to monetary policy resulting in higher interest rates
are key credit concerns. In addition, other challenges include the
company's modest size and lease-up risk associated with Parque
Shopping Sulacap, that opened in 2013, and the three greenfield
developments that have yet to come online.
Moody's stated that an upgrade would reflect General Shopping
achieving a stable fixed charge coverage of around 1.5x, effective
leverage below 50% (excluding the effect of foreign exchange
fluctuations) and secured debt levels in the mid-teens (as a
percentage of gross assets) all on a consistent basis. A rating
downgrade would occur should secured debt levels reach 35% of
gross assets, fixed charge coverage remains consistently in the
low 1.0x range, and/or net debt to EBITDA remains consistently
above 7.0x (excluding the effect of foreign exchange
fluctuations). Negative ratings action would also occur should the
company experience any difficulty with the execution and lease-up
of newly delivered malls or the malls currently in the pipeline.
The following ratings were downgraded with a stable outlook:
General Shopping Finance Limited -- senior unsecured debt
rating to B1 from Ba3
General Shopping Investments Limited -- subordinated debt
rating to B3 from B2
The last rating action with respect to General Shopping was on
February 27, 2012 when Moody's assigned a (P)B2 rating to the
proposed US dollar perpetual subordinated notes issuance of
General Shopping Investments Limited with a stable outlook.
Concurrently, Moody's affirmed General Shopping Finance Limited's
Ba3 senior unsecured debt rating with a stable ratings outlook.
General Shopping Brasil S.A. [BOVESPA: GSHP3] is headquartered in
Sao Paulo, Brazil. The company owns interests in 18 shopping
centers in which it has a proportional interest of approximately
75%. These shopping centers have an aggregate of 357,860 square
meters (m2) of gross leasable area (GLA) and focuses on serving
the class B and C consumer. At December 31, 2013 General Shopping
reported total assets of approximately R$2.2 billion, and equity
of approximately R$125 million.
OGX PETROLEO: Eike Batista Says Brazil Court Froze $55.2 Million
----------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy News reports that troubled
businessman Eike Batista confirmed that a Brazilian court has
frozen part of his assets, following a request by prosecutors in
Rio de Janeiro state.
In a note to the market, a spokeswoman for Mr. Batista confirmed
he was formally informed of the decision taken by the court
earlier last week and said that BRL122 million (US$55.2 million)
of his assets deposited at Brazilian investment bank BTG Pactual
have been frozen, according to Daily Bankruptcy News.
As reported in the Troubled Company Reporter-Latin America on
May 12, 2014, Luciana Magalhaes at Bloomberg News said that
Prosecutors in Rio de Janeiro state have asked a Brazilian court
to freeze the assets of businessman Eike Batista as a
precautionary measure, a spokesman for the public prosecutors
said.
Daily Bankruptcy Review said that Brazilian entrepreneur Eike
Batista said he isn't concerned about a reported criminal
investigation into the collapse of his once-highflying oil
company.
Reuters said that Brazil's federal police have opened an
investigation into former billionaire Eike Batista for financial
crimes, including insider trading, manipulation of markets and
money laundering, Brazilian media reported.
If the police probe leads to criminal charges against Mr. Batista,
it would be yet another major blow for a businessman once hailed
as Brazil's model entrepreneur and symbol of its economic success,
according to Reuters.
Mr. Batista's EBX oil, mining and logistics empire, which two
years ago was valued at US$60 billion, collapsed last year in a
mountain of debt and massive filings for bankruptcy protection,
Reuters noted.
Brazil's securities commission, CVM, announced that Mr. Batista
was under investigation for insider trading as chairman of his
now-bankrupt oil-producing company Oleo and Gas Participacoes SA,
formerly known as OGX, and its sister company, shipbuilder OSX
Brasil SA, Reuters disclosed.
The police probe will focus on the sale of shares last year in oil
producer OGX before the company informed the market that much of
its reserves were not commercially viable, Folha de S. Paulo
newspaper said, Reuters related.
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.
==========================
C A Y M A N I S L A N D S
==========================
ASIA EQUITY: Creditors' Proofs of Debt Due June 4
-------------------------------------------------
The creditors of Asia Equity Partners Limited are required to file
their proofs of debt by June 4, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 4, 2014.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
CONOCOPHILLIPS LNG: Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 21, 2014, the shareholders of Conocophillips LNG, Ltd.
resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, George Town Grand Cayman KY1-1103
Cayman Islands
FMCP EMERGING: Creditors' Proofs of Debt Due June 5
---------------------------------------------------
The creditors of FMCP Emerging Markets Hedged Fund Ltd are
required to file their proofs of debt by June 5, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 8, 2014.
The company's liquidator is:
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
c/o Christopher Smith
Telephone (345) 947 4700
FMCP EMERGING MASTER: Creditors' Proofs of Debt Due June 5
----------------------------------------------------------
The creditors of FMCP Emerging Markets Hedged Master Fund Ltd are
required to file their proofs of debt by June 5, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 8, 2014.
The company's liquidator is:
KRyS Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237 Grand Cayman KY1-1205
c/o Christopher Smith
Telephone (345) 947 4700
NE ASIA MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 16, 2014, the
shareholder of NE Asia Value Master Fund, Ltd resolved to
voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
NE ASIA OFFSHORE: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on April 16, 2014, the
shareholder of NE Asia Value Offshore Partners, Ltd resolved to
voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
PADMORE LTD: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on April 17, 2014, the
shareholder of Padmore Ltd resolved to voluntarily wind up the
company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
SANTA ROBERTA: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 15, 2014, the
shareholder of Santa Roberta Shipping Company Limited resolved to
voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
SANTA ROMANA: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on April 17, 2014, the
shareholder of Santa Romana Shipping Company Limited resolved to
voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
WMA-WEALTH: Creditors' Proofs of Debt Due June 4
------------------------------------------------
The creditors of WMA-Wealth Management Advisory Ltd are required
to file their proofs of debt by June 4, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on April 15, 2014.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
=============
J A M A I C A
=============
DIGICEL GROUP: Customers Experience Service Outage
--------------------------------------------------
Trinidad and Tobago Newsday reports that Digicel Group Limited has
apologized to customers for a service outage.
Digicel Group noted their technicians were working hard to resolve
the issue in the shortest possible time, apologized for the
inconvenience and thanked customers for their patience, according
to Trinidad and Tobago Newsday.
Digicel Group posted that the cause of the service disruption had
been identified and their technicians were on location working to
resolve the issue, the report notes.
Digicel Group advised that their technicians had addressed the
root cause of the issue, the report relates. Digicel reported
that voice and SMS services were fully functional but they were
aware that some customers may still have been experiencing
difficulty in using data services, the report adds.
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.
===========
M E X I C O
===========
BANCO MONEX: S&P Affirms BB+ Rating; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
(Banco Monex). The outlook is stable.
S&P's ratings on Banco Monex reflect its "strong" capital and
earnings, its "moderate" business and risk positions, as well as
S&P's assessment of "below average" funding and "adequate"
liquidity (as S&P's criteria defines these terms). The bank's
stand-alone credit profile (SACP) is 'bb+'.
S&P's bank criteria use its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR). S&P's anchor for a commercial bank
operating only in Mexico is 'bbb'. In S&P's view, the main risk
for the banks operating in Mexico is economic risk. This is due
to the population's low income level (from a global perspective)
and the decrease in payment capacity amid a low level of domestic
savings. In addition, banks face challenges associated with
lending within a legal framework that is still establishing a
track record of creditor rights. However, underwriting standards
have improved. Additionally, S&P do not view any asset bubbles in
the Mexican economy. Industry risk is not as high, because of
conservative regulation, but supervision still needs to improve.
Healthy competitive dynamics drive the lending system. Funding is
based on stable deposits, and the domestic debt markets are
rapidly expanding. S&P classifies the Mexican government as
supportive to its banking system because of past experience and
its belief that it has the capacity to help banks withstand
problems.
S&P continues to view Banco Monex's business position as
"moderate." "The assessment mainly reflects the bank's less-
diversified revenue base, compared with the industry's average,
which could weaken its business stability," said Standard & Poor's
credit analyst Barbara Carreon. Although its loan portfolio
continues to grow, income from the bank's national and
international foreign exchange (FX) business continues to drive
revenue generation. The bank continues to maintain a leading
position in the FX sector in Mexico despite the intense
competition in this market. However, it remains vulnerable to
market conditions--such as trading volumes and margins--that could
affect the bank's profitability. The bank's credit business
represents less than 0.2% in terms of the Mexican banking
industry's total loans. In S&P's view, Banco Monex has adequate
management despite the bank's aggressive loan portfolio growth
prospects because it plans to targets less risky business segments
for its FX and credit operations.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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