/raid1/www/Hosts/bankrupt/TCRLA_Public/140520.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 20, 2014, Vol. 15, No. 98
Headlines
A R G E N T I N A
EDENOR SA: Incurs ARS 738.6 Million Net Loss in 1stQ 2014
B R A Z I L
BRAZIL: Economists Cut Their 2014 Growth Forecast to Slowest Ever
MENDES JUNIOR: Fitch Affirms 'B+' IDR; Outlook Stable
OGX PETROLEO: Batista Presents Defense in Insider-Trading Suit
C A Y M A N I S L A N D S
47 DEGREES: Shareholders Receive Wind-Up Report
ASIAN CENTURY: Member to Hear Wind-Up Report on May 27
ASIAN CENTURY MASTER: Member to Hear Wind-Up Report on May 27
ASIAN CENTURY OFFSHORE: Member to Hear Wind-Up Report on May 27
CAPITAL GREEN: Shareholders' Final Meeting Set for May 26
COMNET COMPANY: Shareholders' Final Meeting Set for June 3
KEYSTONE PRIVATE: Creditors' Proofs of Debt Due May 31
MSR ASIA: Members' Final Meeting Set for June 2
POINT LOBOS: Shareholder to Hear Wind-Up Report on June 19
RYE SELECT: To Hold Meeting for Investors and Creditors on June 2
UBS CAPITAL: Shareholders' Final Meeting Set for May 28
VALLAR SERVICES: Shareholder to Hear Wind-Up Report on June 2
D O M I N I C A N R E P U B L I C
BANCO BHD: Fitch Affirms 'B' IDR; Outlook Stable
BANCO DE RESERVAS: Fitch Affirms 'B' IDR; Outlook Stable
BANCO MULTIPLE: Fitch Affirms 'B' IDR; Outlook Stable
J A M A I C A
UC RUSAL: Signals Pick-up in Global Demand for Metal
M E X I C O
ARENDAL: Fitch Affirms 'B' IDR; Outlook Stable
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Lack of $US Still Plaguing Business
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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EDENOR SA: Incurs ARS 738.6 Million Net Loss in 1stQ 2014
---------------------------------------------------------
EDENOR announced its results for the first quarter of 2014.
Net Sales increased 7.7 percent to ARS 900.6 million in the first
quarter of 2014 from ARS 836.4 million in the first quarter of
2013, mainly due to the increase in the volume of energy sold
partially offset by a decrease in the income from the Resolution
No. 347/12.
Net Loss increased ARS 228.1 million to a loss of ARS 738.6
million in the first quarter of 2014 from a loss of ARS 510.4
million in the same period of 2013, mainly due to the increase in
operating costs, negative exchange differences of ARS 260.9
million due to devaluation of US dollars in January 2014,
commercial interests accrued to CAMMESA of ARS 12.9 million and
ARS 18 million in income tax loss.
Adjusted EBITDA has decreased to a loss of ARS 201 million as of
March 31, 2014, vis a vis a loss of ARS 97.3 million for the same
period of 2013.
As of March 31, 2014, the Company had ARS 7.56 billion in total
assets, ARS 437.7 million in total equity and ARS 7.12 billion in
total liabilities.
A copy of the Report is available for free at:
http://goo.gl/jrCrO0
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012. Edenor reported a net loss of
ARS 291.38 million in 2011.
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B R A Z I L
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BRAZIL: Economists Cut Their 2014 Growth Forecast to Slowest Ever
-----------------------------------------------------------------
David Biller and Matthew Malinowski at Bloomberg News report that
economists covering the Brazilian economy cut their 2014 growth
forecast to the slowest ever as the central bank raises interest
rates to tame inflation.
The economy will expand 1.62 percent this year, compared with the
previous week's forecast of 1.69, according to the May 16 central
bank survey of about 100 analysts published, Bloomberg News
relays. Inflation will quicken to 6.43 percent by year end, the
survey also showed.
President Dilma Rousseff's administration has been struggling to
revive growth as above-target inflation slows demand, according to
Bloomberg News. Economic activity as reported by the central bank
contracted in March, as retail sales and industrial output shrank.
Traders expect the central bank to hold interest rates unchanged
this month after raising it nine consecutive times, swap rates
show, notes the report.
Retail sales in March unexpectedly contracted from February as
sales at supermarkets and supermarkets declined, the national
statistics agency said on May 15, Bloomberg News discloses. The
government reported a week earlier that industrial production fell
in the same month on a drop in capital goods output.
Brazil's consumer inflation as measured by the benchmark IPCA
index decelerated in April to 0.67 percent from 0.92 percent the
month prior, reports Bloomberg News.
Still, annual inflation quickened to 6.28 percent from 6.15
percent, Bloomberg News notes. Annual inflation has remained
above the central bank's 4.5 percent target during Rousseff's
entire term, Bloomberg News discloses.
The central bank on April 2 raised the Selic by 25 basis points to
11 percent, marking the ninth straight rate increase in efforts to
slow consumer prices. That's the highest borrowing cost level in
two years, and the most among major rate-setting nations in Latin
America, according to data compiled by Bloomberg.
MENDES JUNIOR: Fitch Affirms 'B+' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Mendes Junior Trading e Engenharia
S.A.'s (MJTE) Foreign and Local Currency Issuer Default Ratings
(IDR) at 'B+' and the National long-term rating at 'BBB+(bra)'.
The Outlook is Stable.
Key Rating Drivers
MJTE's ratings reflect its moderate business scale and
concentrated backlog on a small set of large projects linked with
public sector clients. It also lacks the conservative liquidity
policy necessary to support a growing business model that relies
on relevant working capital needs and is also exposed to the
intense volatility inherent to the heavy construction sector.
Other limiting factors for MJTE's credit include its restricted
access to the debt market, influenced by the historical contingent
liability linked with other subsidiaries of the Mendes Junior
Group, and its limited track record of debt issuance. The ratings
incorporate that MJTE will not increase the support to its
affiliates as part of the strategy to ring-fence its operations.
The analysis also considers the company's low leverage and that
MJTE will successfully manage to improve its debt maturity
schedule, improving its liquidity and its competitiveness to bid
on larger projects. The company also has a favorable volume of
backlog, equivalent to approximately two years of operations,
which is an important factor for sustaining its future cash
generation.
Expectation of No Additional Support to Affiliates
MJTE is the main operating company and cash generator of the
Mendes Junior Group. A credit concern is the exposure risk of
MJTE towards other affiliates, including Mendes Junior S.A. (MJE).
MJE is a non-operating company with significant debt liabilities
linked to litigation of asset receivables also under
jurisdictional discussion. The maintenance of MJE's legal and
administrative structure has been financed by resources from MJTE,
mainly obtained through the assignment of receivables. The amount
of this kind of support increased to BRL311 million as of Dec. 31,
2013, from BRL246 million by the end of 2012, which Fitch was not
expecting to occur.
Fitch also incorporates in the current IDRs no additional
financial support from MJTE to affiliates. The agency also
believes in potential cash inflow to MJE, given a favorable
jurisdictional decision regarding some of its receivables under
discussion, which should provide MJE with resources to support its
legal and administrative expenses. The implementation of ring-
fencing strategy, currently underway, should also limit the
support to affiliates through the establishment of financial and
non-financial covenants, which should also contribute to improving
company access to the credit market.
Tight Liquidity
MJTE's liquidity is tight in order to support its long business
financial cycle. By the end of December 2013, MJTE's cash
reserves were equivalent to BRL103 million, which covered 0.5x of
its short-term debt of BRL207 million. The limited liquidity
combined with a scenario of potentially growing working capital
needs imposes a challenge for the company in managing its
refinancing risk as it develops its operations. MJTE also has a
limited track record of accessing the debt market and has reported
high financial costs.
The company has the challenge to implement its financial strategy
of lengthening the debt maturity profile. By the end of December
2013, MJTE's total debt was BRL309 million, with 59% maturing in
2014 and the remaining portion in November 2015. Until 2011, the
company had more conservative coverage ratios of short-term debt
by cash and marketable securities of 1.2x in December 2011 and
4.5x in December 2010, which is positive in volatile sectors such
as heavy construction. Total debt is mostly secured by
receivables related to ongoing projects in its backlog.
Fitch expects MJTE to succeed in obtaining a more adequate debt
profile. The ratings incorporate that the company will restore
its short-term debt coverage ratios to levels that are more
consistent with the volatile nature of its business and closer to
those reported in previous years, important for avoiding future
pressure on its current ratings.
Adequate Leverage
MJTE has historically presented low leverage. In December 2013,
the company's leverage was adequate and equivalent to 1.8x,
measured by the total adjusted debt/EBITDA, and 1.2x on a net
basis. These metrics represent a slight improvement compared to
2012 figures of 2.0x and 1.4x, respectively. The company's total
debt proceeds have been mainly used to support its relevant
working capital needs. Fitch expects MJTE to continue growing
while maintaining net leverage below 2.0x.
Lower Working Capital Pressures on CFFO Expected
MJTE's operating cash flow from operations (CFFO) has been
pressured by the high volume of working capital needs. Fitch
expects lower working capital requirements with improving project
management procedures particularly on works developed for
Petrobras, the company's main client. In 2013, the company's CFFO
of BRL96 million benefited from positive working capital of BRL107
million from settlement of receivables with Petrobras related to
projects concluded in 2012 contributed BRL326 million. CFFO in
2013 favorably compares to negative CFFO of BRL81 million in 2012.
In 2013, free cash flow (FCF) was negative at BRL7 million, after
BRL68 million CAPEX and BRL35 million dividends.
The company's EBITDA margin is in line within the industry peers.
In 2013, the company reported EBITDA of BRL167 million and margin
of 9.5%, which compares to BRL114 million in 2012 and BRL57
million in 2011, with respective margins of 8.8% and 4.5%. The
results in 2011 were heavily affected by costs incurred and the
renegotiations with Petrobras regarding changes in the projects,
which resulted in revenue postponement.
Concentrated Backlog
At the end of 2013, MJTE's backlog was sizeable and totaled BRL5
billion, equivalent to approximately two years of operations and
stable compared to December 2012. The company's proven expertise
in project execution, mainly for Petrobras, and demand in the
construction sector should support the growth of MJTE's operations
in the next three years. Operations should also benefit from the
infrastructure bottlenecks in the country and the projects related
to the oil and gas industry.
Also at the end of 2013, the company's backlog was highly
concentrated, with 20% on projects for Petrobras and about 85%
linked with public sector clients. Of MJTE's backlog, the 10
largest projects represented 70% of its total backlog by December
2013. The expectation is that the company will benefit its EBITDA
margin and reduce backlog concentration through geographical
expansion, following its strategy of focusing on the development
of international projects in Africa and Latin America.
Rating Sensitivities
Deterioration in operating performance evidenced by prolonged
margin reduction, increased net leverage to ratios higher than
2.0x with the debt maturity profile concentrated in the short
term, or further support to affiliates, may lead to a negative
rating action.
A positive rating action is not likely in the short term. In the
medium term, it will depend on the company maintaining high
margins coupled with significant improvement on liquidity levels,
diversification of its backlog, and implementation of a robust
structure for ring-fencing the transfer of resources to
affiliates.
OGX PETROLEO: Batista Presents Defense in Insider-Trading Suit
--------------------------------------------------------------
Dan Horch, writing for The New York Times' DealBook, reported that
the onetime Brazilian billionaire Eike Batista has begun his
formal defense against the insider-trading allegations brought by
Brazil's main securities regulator, the C.V.M.
According to the report, federal prosecutors in the country are
also investigating Mr. Batista's actions. But Mr. Batista's
ultimate saving grace may be that no one in Brazil has ever gone
to jail for insider trading, and lawyers say that is unlikely to
change now. Based on the track record of previous cases, the worst
outcome Mr. Batista probably faces is a fine.
Ever since Mr. Batista's six publicly listed firms began their
stock market collapse last year, minority shareholders have
accused him of foul play, the report related.
This April, an internal committee at the C.V.M. recommended that
Mr. Batista be charged with insider trading and manipulating stock
market prices in his petroleum exploration company, OGX, the
report further related. The federal prosecutor's office
subsequently opened a criminal investigation into the case.
Mr. Batista sold 126.6 million shares in OGX last May and June,
the report added. On July 1, the company publicly acknowledged
that three of its most promising oil fields were probably not
viable, and its stock price plunged.
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
==========================
47 DEGREES: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of 47 Degrees North Innovation Fund Ltd. received
on May 5, 2014, 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
ASIAN CENTURY: Member to Hear Wind-Up Report on May 27
------------------------------------------------------
The member of Asian Century Quest Offshore Fund, Ltd. will hear on
May 27, 2014, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
ASIAN CENTURY MASTER: Member to Hear Wind-Up Report on May 27
-------------------------------------------------------------
The member of Asian Century Quest Smaller Companies Master Fund,
Ltd. will hear on May 27, 2014, at 11:05 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
ASIAN CENTURY OFFSHORE: Member to Hear Wind-Up Report on May 27
---------------------------------------------------------------
The member of Asian Century Quest Smaller Companies Offshore Fund,
Ltd. will hear on May 27, 2014, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Desiree Jacob
Telephone: (345) 815-1779
Facsimile: (345) 949-9877
CAPITAL GREEN: Shareholders' Final Meeting Set for May 26
---------------------------------------------------------
The shareholders of Capital Green Investments will hold their
final meeting on May 26, 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:
Jonathan Pierre
541 Prospect Drive, P.O. Box 12422
Grand Cayman KY1-1011
Cayman Islands
COMNET COMPANY: Shareholders' Final Meeting Set for June 3
----------------------------------------------------------
The shareholders of Comnet Company Limited will hold their final
meeting on June 3, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Miu, Te-Tse is the company's liquidator.
KEYSTONE PRIVATE: Creditors' Proofs of Debt Due May 31
------------------------------------------------------
The creditors of Keystone Private Equity Investments Limited are
required to file their proofs of debt by May 31, 2014, to be
included in the company's dividend distribution.
The company held the creditors' first meeting on May 16, 2014.
The company's liquidator is:
Russell Crumpler
P.O. Box 4467 Road Town
British Virgin Islands
c/o Deborah Bell
Telephone: +1 (284) 494 1134
Facsimile: +1 (284) 494 9009
MSR ASIA: Members' Final Meeting Set for June 2
-----------------------------------------------
The members of MSR Asia Acquisitions XVII, Inc. will hold their
final meeting on June 2, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
POINT LOBOS: Shareholder to Hear Wind-Up Report on June 19
----------------------------------------------------------
The shareholder of Point Lobos Partners Offshore, Ltd. will hear
on June 19, 2014, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
RYE SELECT: To Hold Meeting for Investors and Creditors on June 2
-----------------------------------------------------------------
The investors and creditors of Rye select Broad Market XL
Portfolio Limited will hold a meeting for investors and creditors
on June 2, 2014, at 10:00 a.m.
Creditors and investors are required to submit a completed proxy
by May 29, 2014, to participate in the meeting.
The company's liquidator is:
Eleanor Fisher
c/o Liam Hardie
Zolfo Cooper Suite 776
10 Market Street, Camana Bay
Grand Cayman KYI-9006
Cayman Islands
Telephone: (345) 814-4037
Facsimile: (345) 946-0082
e-mail: liam.hardie@zolfocooper.ky
UBS CAPITAL: Shareholders' Final Meeting Set for May 28
-------------------------------------------------------
The shareholders of UBS Capital Latin America LDC will hold their
final meeting on May 28, 2014, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
John T. Connors
c/o UBS AG Investment Bank
677 Washington Boulevard
8th Floor, Stamford
CT 06901
United States of America
Telephone: +1 (203) 719 4737
e-mail: john-t.connors@ubs.com
VALLAR SERVICES: Shareholder to Hear Wind-Up Report on June 2
-------------------------------------------------------------
The shareholder of Vallar Services Limited will hear on June 2,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Piers Dryden
Telephone: 815-1842
Facsimile: (345) 949-9877
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO BHD: Fitch Affirms 'B' IDR; Outlook Stable
------------------------------------------------
Fitch Ratings has affirmed Banco BHD (BHD) and its related
entities' BHD Valores Puesto de Bolsa (BHD Valores) and BHD
International Bank (Panama) - BHDIB ratings. The Rating Outlooks
are Stable. A complete list of ratings actions is provided at the
end of this press release.
KEY RATING DRIVERS BHD- IDRs, VRs, SUPPORT AND NATIONAL RATING
BHD's Viability Rating (VR), or standalone creditworthiness,
drives its long-term Issuer Default Ratings (IDR) and national
ratings. The bank's ratings do not consider any support,
resulting in a Support Rating of '5' and a Support Floor of 'NF'.
The bank's operating environment, asset quality and funding highly
influence its VR. Additionally, the bank's VR also considers its
sound franchise resilient profitability, adequate capitalization,
reserve cushion, and improving funding base. BHD's ratings are
constrained by the sovereign's ratings.
BHD's franchise is well-known and strong locally. The bank has
positioned itself as a highly competitive entity in the corporate
business segment. BHD has also successfully increased its
penetration in the fast growing and profitable retail segment,
which has widened its deposit base and reduced funding costs.
BHD improved its sound asset quality and continued to outperform
the Dominican market average in 2013. Nevertheless, this ratio
remained relatively high compared with international peers
(emerging market commercial banks with VR of 'b-/b/b+'). Past due
loans declined to 1.67% of total loans at year-end 2013 (YE13)
from 2.05% the year before, reflecting a nominal decline in
impaired loans and increased net charge-offs as well as
conservative credit origination policies and effective collection
efforts.
BHD's financial performance has been consistently strong driven by
high margins, sizable trading gains, adequate operating expense
control and moderate to low credit costs. Fitch expects a
favorable economic environment to result in higher and healthy
loan growth. Nevertheless, higher operational costs and lower
non-operating income related to the merger with Banco Multiple
Leon (BML) could hinder the bank's profitability in 2014.
Besides sound profitability and retention of about 50% of its net
income, the bank maintains ample reserve coverage thus creating a
strong capital/reserves cushion against unexpected losses. Fitch
core capital to risk-weighted assets ratio increased to 15.86%,
slightly higher than the median of international peers.
BHD's successful franchise, distribution network, and reputation
have allowed it to enjoy a well-diversified, stable and low-cost
funding base. The bank's deposit mix has changed over time as
demand deposits increased, while institutional funding has reduced
its participation.
Following an agreement between Centro Financiero BHD (CFBHD) and
Grupo Financiero Leon (GFL), the new entity, Centro Financiero BHD
Leon (CFBHDL) will merge BML and BHD, where the latter will be the
surviving entity. The brand 'Leon' will be integrated to the name
of the merged bank 'Banco BHD Leon'. This merger is subject to
regulatory and other approvals and is expected to be completed
during the first half of 2014. Fitch expects the merger to
benefit BHD with larger scale, important operational and financial
synergies, stronger and more diversified revenue sources, as well
as improved operating efficiency over the medium term.
KEY RATING DRIVERS BHD VALORES AND BHDIB - NATIONAL RATINGS
BHD Valores and BHDIB ratings reflect the operational and
financial support provided by BHD and its sole shareholder CFBHDL.
In Fitch's view, both entities are core for CFBHDL, as they are
key and integral part of its business and provide some financial
products to core clients. Furthermore, a clear commercial
identification among these entities with BHD and CFBHDL, and the
reputation risk at which they would be exposed in the case of
eventual troubles at these entities results in a high probability
of direct or indirect support by BHD and CFBHDL, should it be
required.
RATING SENSITIVITIES - BHD
An upgrade of the sovereign's ratings could lead to an upgrade of
BHD's ratings, if the bank sustains its current strong financial
performance and adequate capitalization. Deterioration in the
bank's capital metrics - such as Fitch core capital to risk-
weighted assets ratio below 8% - together with asset quality
deterioration and/or a disruptive merger process, could pressure
creditworthiness.
RATING SENSITIVITIES - BHD VALORES AND BHDIB
An upgrade in BHD's ratings could lead to an upgrade of BHD
Valores and BHDIB. A negative change in the capacity or
propensity of CFBHDL to provide support could pressure
creditworthiness.
PROFILE
BHD is the third largest commercial bank in the Dominican
Republic, with a 12% market share of total financial system assets
as of December 2013. BHD is 98% owned by CFBHD and is its largest
subsidiary. Other subsidiaries of CFBHD are BHD Valores, a
brokerage company with a growing investment banking business in
the Dominican market; BHDIB, a bank which operates under an
international license in Panama and offers USD denominated
financial services to Dominicans; and other minor financial
entities.
Fitch has affirmed the following ratings:
Banco BHD S.A.:
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--Foreign and local currency short-term IDR at 'B';
--Viability Rating at 'b';
--Support at '5';
--Support Floor at 'NF';
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.
BHD Valores Puesto de Bolsa, S.A.:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Short-term National senior unsecured debt rating at 'F1+(dom)'.
BHD International Bank (Panama), S.A:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.
BANCO DE RESERVAS: Fitch Affirms 'B' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Banco de Reservas de la Republica
Dominicana Banco de Reservas de la Republica Dominicana, Banco de
Servicios Multiples y Subsidiarias' (Banreservas) long-term
International Default Ratings (IDRs). The Ratings Outlook is
Stable. A complete list of rating actions is provided at the end
of this press release.
Fitch affirmed Banereservas' Viability Rating (VR) at 'b' as the
deterioration of the bank's financial profile through mid-2013 has
reversed as anticipated. The Stable Outlooks on Banreservas'
long-term IDRs and National rating are in line with those of the
sovereign.
KEY RATING DRIVERS - IDRs, VR, National Ratings and Subordinated
Notes
Banreservas' VR drives its IDR and National ratings. The
operating environment highly influences Banreservas' VR given the
challenges associated with operating in a small island economy
relative to banks operating in larger Latin American economies.
Other factors that weigh heavily on the bank's VR include its high
and volatile public sector exposure and low capital base.
Furthermore, swings in profitability and asset quality metrics
relative to both domestic and similarly rated international peers
(emerging market commercial banks with a VR of 'b-', 'b', or 'b+')
also drive the bank's VR.
The rating on Banreservas' subordinated notes is one notch below
its VR, reflecting one notch for loss severity, but no notches for
incremental non-performance risk relative to the bank's VR.
Fitch views the bank's capitalization as weak relative to domestic
and international peers, given its large public sector exposure
and lower reserve coverage of problem assets. Banreservas'
tangible common equity/tangible assets ratio of 6.6% as of
March 31, 2014, is the lowest among large Dominican banks as asset
growth significantly exceeded internal capital generation in 2013.
Banreservas' lower yield on its loan portfolio contributes to its
weak net interest margin (NIM) relative to other large domestic
banks. However, better efficiency and asset growth continued to
bolster profitability into the first quarter of 2014. The
profitability gap with the market average and international peers
has been narrowing. With a reduction in credit costs starting in
2014, the bank's operating ROAA is expected to remain between 2.0%
and 2.5% over the medium term.
Loan quality improved in 2013 reflecting a combination of charge-
offs, restructurings and robust loan growth. Private sector
impaired loans/gross private sector loans declined to 3.2% at end-
March 2014 from 10.9% at YE2012. Reserves for impaired loans also
increased slightly in nominal terms, which combined with lower
impaired loans led to an improvement in the bank's reserve
coverage of impaired loans to 143% from 64% during this same
period. Nevertheless, this ratio continued to compare unfavorably
to both large domestic and international peers.
The bank's liquidity was in line with domestic peers. Like most
emerging market banks, Banreservas has a significant negative
contractual maturity gap for assets and liabilities maturing in
less than one year. The cumulative gap for less than one year was
covered by the bank's liquid assets at the end of December 2013
(cash and other securities excluding treasury bonds). Similar to
other domestic banks, a high proportion of Banreservas' securities
holdings (47% at YE2013) were issued domestically by the Dominican
government. Fitch notes these can be of limited liquidity in a
stress scenario, given the shallow domestic debt market.
As of March 31, 2014, Banreservas was the largest bank out of 15
commercial and multiple service banks, with 28% of total financial
system assets. The bank is the government's main paying agent and
also holds the largest share of deposits in the system.
RATING SENSITIVITIES - IDRs, VRs, National Ratings and
Subordinated Notes
Changes in the IDRs and National ratings are contingent on
sovereign rating actions.
An unexpected deterioration in asset quality or profitability and
sustained high disbursements of income to the government that
pressures Banreservas' equity/assets ratio below 5.5% could
trigger a downgrade of its VR. Even in the event of a sovereign
upgrade, upside potential for Banreservas' VR is limited in the
medium term given important asset and liability concentrations and
the bank's comparatively weaker loan quality and capitalization.
The subordinated debt rating is sensitive to any change in
Banreservas' VR.
KEY RATING DRIVERS - Support and Support Rating Floor
The bank's systemic importance, its role as the government's main
paying agent and provider of domestic loans, results in an
equalization of its Support Rating Floor with the sovereign's LT
IDR of 'B'. Additionally, Fitch believes the government's
willingness to support Banreservas should it be required is
substantial given its 100% stake in the bank. '. However, the
Dominican Republic's speculative-grade rating limits the
sovereign's capacity of support, resulting in a Support rating of
'4'.
RATING SENSITIVITIES - Support and Support Rating Floor
Any changes to the bank's Support Rating and Support Rating Floor
will depend on future sovereign rating actions. Currently, the
Outlook on the Dominican Republic's long-term local- and foreign-
currency IDRs is Stable.
Fitch affirmed Banreservas' ratings as follows:
--Foreign and local currency IDRs at 'B'; Outlook Stable;
--Short-term foreign and local currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '4';
--Support Floor at 'B';
--Long-term subordinated notes at 'B-'
--National long-term rating at 'AA-(dom)'; Outlook Stable;
--National short-term rating at 'F1+(dom)'.
BANCO MULTIPLE: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Banco Multiple Leon (BML) and its
related entity's Valores Leon ratings. The Rating Outlook is
Stable. A complete list of ratings actions is provided at the end
of this press release.
KEY RATING DRIVERS BML-IDRs, VRs, SUPPORT AND NATIONAL RATING
Banco Multiple Leon (BML) Issuer Default Ratings (IDRs) reflect
the support provided by its shareholder Centro Financiero BHD Leon
(CFBHDL). On Jan. 31, 2014, Grupo Financiero Leon (GFL)
contributed its financial companies to Centro Financiero BHD
(CFBHD), thus BML became one of its core subsidiaries. Hence, the
IDRs and National Ratings for BML have been equalized with those
of Banco BHD. The operating environment, assets quality and
profitability highly influence the bank's Viability Rating (VR) of
'b-'.
CFBHDL will carry out the merger by absorption of BML and BHD,
where the latter will be the surviving entity and brand 'Leon'
will be integrated to the name of the merged bank 'Banco BHD
Leon'. This merger is subject to regulatory and other approvals
and is expected to be completed during the first half of 2014.
Upon completion, BML's ratings will be withdrawn.
BML's net interest margin is high and resilient. However,
provisioning expenses and high overhead costs pressured
profitability in 2013. ROAA declined to 0.97% at year-end 2013
(YE13), weaker than the Dominican average and regional peers
median (emerging market commercial banks with VRs of 'b-', 'b' and
'b+').
BML's asset quality has consistently improved over the last four
years, as a result of enhanced credit risk controls, but still lag
the Dominican market average and regional peers. Credit growth is
significantly lower than that of its peers, whereas net charge-
offs have shown a decreasing trend.
Adequate capitalization is based on moderate cash dividend payouts
and prudent growth. At YE13, the Fitch core capital to risk-
weighted assets ratio increased to 15.3%, similar to regional
peers median.
The subordinated debt rating reflects the expected support of
BML's new shareholder. However, the rating remains one notch
below the bank's national IDR given its subordination to all
senior creditors.
KEY RATING DRIVERS VALORES LEON - NATIONAL RATINGS
Valores Leon's ratings reflect the operational and financial
support provided by BML. In Fitch's view, the entity is important
to GFL, as it is a key and integral part of its business, and
provides some financial products to core clients.
RATING SENSITIVITIES-BML
BML's IDRs, VR, Support Rating and National Ratings will be
withdrawn once the merger with Banco BHD occurs. This is expected
to be completed during the first half of 2014. A change in the
capacity or propensity of CFBHDL to provide support could result
in a revision to BML's IDRs.
RATING SENSITIVITIES - VALORES LEON
Valores Leon's National Ratings will be withdrawn once the actual
merger with BHD Valores occurs. This is expected to be completed
during the first half of 2014. A change in the capacity or
propensity of BML to provide support could result in a revision to
Valores Leon's ratings.
PROFILE
BML ranked fifth out of 15 commercial banks in the Dominican
Republic, with a 5% market share by total assets at December 2013.
Since Feb. 1, 2014, GFL is 99.36% owned by CFBHDL.
Fitch has affirmed the following ratings:
Banco Multiple Leon SA:
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--Foreign and local currency short-term IDR at 'B';
--Viability Rating at 'b-';
--Support at '4';
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Long-term National subordinated debt at 'A+(dom)'.
Valores Leon S.A:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Long-term National senior unsecured debt at 'AA-(dom)'.
=============
J A M A I C A
=============
UC RUSAL: Signals Pick-up in Global Demand for Metal
----------------------------------------------------
RJR News reports that UC Rusal has seen its net loss in the first
three months of 2014 narrow sharply and signaled a pick-up in
global demand for the metal.
Losses for the January to March period totaled $325 million
compared to a US$2.7 billion loss in the previous quarter,
according to RJR News. Total revenue shrank $559 million to $2.1
billion year-on-year.
RJR News notes that Chief Executive Officer, Oleg Deripaska, said
cost cutting and curtailing of inefficient capacity had led to
significant improvement in the firm's bottom line.
UC Rusal has been hit by record-low aluminum prices triggered by
excess global supply and economic uncertainty and it suffered a
loss of US3.2 billion last year owing to tumbling prices and
restructuring costs. UC Rusal controls 65 per cent of Jamaica's
alumina production capacity and operates three of the island's
four alumina refineries, the report relates.
===========
M E X I C O
===========
ARENDAL: Fitch Affirms 'B' IDR; Outlook Stable
----------------------------------------------
Fitch Ratings has affirmed Arendal, S. de R.L. de C.V.'s (Arendal)
local and foreign currency Issuer Default Ratings (IDRs) at 'B'
and assigned a 'B(exp)/RR4' rating to its proposed issuance of up
to USD100 million under a medium-term note program. The expected
maturity of the first tranche is up to two years.
The Rating Outlook is Stable.
The proceeds from the issuance are expected to be used for general
corporate purposes. The company expects to issue USD75 million-
USD100 million in its first issuance under the program, with
subsequent financing of future projects to continue to be a
combination of individual project cash flows pledged to specific
debt instruments and subsequent issuances under the program.
Fitch estimates that unsecured debt could represent 40%-55% of
total debt.
Fitch has assigned an 'RR4' Recovery Rating to the proposed
issuance reflecting average recovery prospects given default.
'RR4' rated securities have characteristics consistent with
securities historically recovering 31%-50% of current principal
and related interest.
Arendal's ratings are supported by the company's track record and
technical experience in the Mexican heavy construction industry as
a recognized player in the construction of fluid transportation
systems and plants, its participation in both public and private
sector projects across Mexico, and its positive operating
performance despite a challenging economic environment.
Conversely, the ratings are limited by the characteristics of the
industry, which is highly linked to economic cycles, project
concentration of revenues and cash flow, as well as the current
process of institutionalization and adoption of corporate
governance practices.
KEY RATING DRIVERS:
Relevant Business Position
The company has a significant business position in the
construction of pipelines when measured in kilometers built during
the last few years. Arendal engages primarily in project
contracts that include full or partial engineering, procurement
and construction of pipelines and plants. Also, the company has
the capacity to execute projects across all of the Mexican
territory and to efficiently manage its technical and workforce
resources. Arendal's competitive advantage among industry peers
includes a historical project completion rate of 98% before or on
settled dates. Fitch considers that these elements can contribute
to Arendal maintaining its business position in the long term.
Revenue Diversification Potential
Fitch considers that the company's strategy to increase revenue
diversification could contribute to a reduction of business risks
and cash flow volatility over the long term. In Fitch's opinion,
Arendal's recent experience in the construction of the Federal
Prison will allow it to gradually participate in larger
infrastructure projects as well as in the construction of energy
projects and plants. Additionally, Arendal is expanding its
presence in the oil and gas services industry, which presents
attractive growth prospects. The company is likely to continue to
enter into joint ventures (JVs) or consortiums to serve different
projects that are expected to come on line in the near term, which
in turn will strengthen its business profile.
Project Concentration Risk
Arendal has gained increasingly larger projects over the years
which have helped the company grow rapidly, but this growth has
come with large-project concentration risks. A single large
project can at times represent 40% of revenues or more.
Additionally, the company's revenue mix is significantly oriented
toward the public sector, with the Federal Government (Secretaria
de Seguridad Publica) being its main customer during the last
three years. During 2013, Arendal generated 53% of its revenues
from contracts with Pemex. With the available backlog,
concentration in the public sector and revenues from Pemex as the
ultimate client will likely continue to represent a large portion
of the company's revenue source.
Fast-Growing Resilient Operations
In the last five years, the company has continued to grow
organically. As of Dec. 31, 2013, the company has more than
tripled its yearly revenues to MXN3,306 million from the MXN952
million pre-crisis levels in 2007. Compounded annual growth rate
(CAGR) of revenues and operating income for the last five years
ended Dec. 31, 2013 was 33% and 28%, respectively. These factors,
in Fitch's opinion, reflect management's ability to adjust its
operating and business strategies depending on economic
environment, and they also reflect management's ability to bid
for, secure and execute larger size contracts.
Growth Likely to Continue
Fitch expects Arendal to continue to grow rapidly in 2014
supported by a robust backlog and potentially from increased
availability of energy-related infrastructure projects in Mexico.
Fitch estimates Arendal's current backlog is over 1.7x 2013 sales.
In addition, Arendal recently obtained a project for the
construction of a gas plant in Veracruz, Mexico with a contract
value of MXN2.2 billion. Furthermore, in April, 2014, Arendal
entered a consortium formed with Odebrecht and Techint, into an
early-works agreement for engineering, procurement & construction
services for the Ramones II Norte project, a portion of a larger
project aiming to increase the supply of natural gas in Mexico via
the construction of a pipeline system extending from the U.S.
border city of Camargo, Tamaulipas to El Alto, Guanajuato. Such
agreement has potential to translate into future revenue for
Arendal.
Short-term Debt Financing
Projects will require larger investments in working capital and to
less extent capex and Fitch expects that most of these
requirements will be funded with debt. Arendal's financing
strategy has been primarily to raise new debt after securing a
project, allowing the company to match debt payments with specific
project revenues. Given that most projects have periods of
completion that range between 18-24 months, financing tends to be
short term, resulting in high levels of short-term debt.
Liquidity and profitability depend on timely collection of
accounts receivable and to a lesser extent on the availability of
credit lines or alternative financing to support working capital
needs.
Increasing Leverage
Fitch expects Arendal's leverage metrics to increase as a result
of financing the start-up of incremental construction engagements
and that future financing will continue to be a combination of
individual project cash flow pledged to specific debt instruments
and subsequent issuances under the program. Fitch also expects
that the company's long-term leverage measured as total
debt/EBITDA will be in the range of 4.5x to 5.0x. Total debt
including leases as of March 31, 2014 was MXN1,288 million, 66% of
which was guaranteed by project cash flows. As of the LTM ended
March 31, 2014, EBITDA/Interest Expense and total debt-to-EBITDA
ratios were 2.0 and 4.5x, respectively, compared to year-end
figures of 2.1x and 3.6x in 2013, 7.2x and 1.0x in 2012, and 5.6x
and 1.9x in 2011.
Liquidity
Poor FCF generation and reliance on short-term debt financing can
pressure the company's liquidity. Fitch expects high working
capital needs resulting from rapid growth to lead to negative FCF
in the medium term. However, sound cash flow generation after
interest paid and before net working capital requirements will be
considered a positive indicator of company performance. In its
base case, Fitch considers that the company's cash balance will
continue to be strong and recognizes that refinancing risk can be
partially mitigated by the company's access to bank lending mainly
as a result of the credit characteristics of the company's
receivables. Company cash as of March 31, 2014 was MXN718 million.
Recovery Prospects
In Fitch's opinion, under a stress scenario recovery of debt
instruments associated with pledged contracts would have access to
the existing accounts receivable to cover outstanding debt; the
remaining balances would form part of the mass of unsecured
creditors with average prospects of recovery between 31%-50%.
RATING SENSITIVITY:
The ratings could be negatively pressured by a combination of the
following factors, among others: Deterioration of Arendal's credit
metrics as a result of higher than expected competition which
pressures operating performance or, alternatively, delays in
collectability of receivables that pressure cash flow. A rating
downgrade could also be driven by limited access to financing
sources affecting the company's liquidity position.
Factors which could lead to positive rating actions include lower
project concentration, high level of repeat business or service
type contracts in conjunction with strong credit metrics,
liquidity, and full implementation of corporate governance
practices.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD & TOBAGO: Lack of $US Still Plaguing Business
------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Chamber of
Commerce believes it is time to collaborate on a solution for the
challenge being experienced by business people who say they now
have to "shop around" to get United States dollars.
In September 2013, the chamber said it spoke directly with some
members who indicated that they were again experiencing a severe
shortage of foreign exchange to meet their various companies'
operational needs and payments to their suppliers, the business
group said in a statement, according to Trinidad Express.
"These concerns we brought to the attention of the Governor of the
Central Bank. A follow up survey in 2014 has indicated that our
business community is continuing to be plagued by the lack of
available foreign exchange in US dollars in the local market," the
report quoted the chamber as saying.
In spite of the Central Bank's new system of allocation of US
dollars to the authorized dealers and despite the recent further
injection of US$50 million into the local foreign exchange market,
a third follow up survey with members has indicated that the
situation has not improved, it added, the report discloses.
"Some of our businesses are experiencing severe difficulties with
respect to meeting their foreign exchange needs to pay suppliers
for imported goods, which can have a detrimental impact on their
operations and viability of their businesses," the report quoted
Chamber Chief Executive Catherine Kumar as saying.
"Our members have also expressed some concern with the new
arrangement for allocation to the authorized dealers. The private
sector is now being advised to 'shop around' for foreign exchange,
but this is not an efficient way for them to conduct their
business. And even when this is done, their requirements are not
being met. Additionally, the business purchaser ends up paying a
higher rate for their US dollars," Ms. Kumar said, the report
relays.
Given the current scenario, the chamber said it will be hosting a
meeting on June 6 at the chamber building, Westmoorings which will
bring together the business community, the president of the
Bankers Association and the Governor of the Central Bank, to allow
direct conversation and understanding of each of the parties'
roles in the distribution of US dollars, the report adds.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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 * * *