/raid1/www/Hosts/bankrupt/TCRLA_Public/140617.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, June 17, 2014, Vol. 15, No. 118
Headlines
A R G E N T I N A
BUENOS AIRES: Moody's Assigns Caa1 Global Scale Debt Rating
TRANSPORTADORA DEL GAS: Total Said Discussing Sale of Stake
B R A Z I L
OGX PETROLEO: Brazilian Court Clears Restructuring Plan
C A Y M A N I S L A N D S
ADDED ALPHA: Shareholder to Receive Wind-Up Report on June 30
ARTEMIS HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
GUANAY FINANCE: Fitch Affirms BB+ Rating on USD450MM Senior Notes
HCP BEIJING: Shareholders' Final Meeting Set for June 25
LYNDHURST HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
MJC FINANCE: Shareholder to Receive Wind-Up Report on July 18
ORION CONSTELLATION: Shareholder to Hear Wind-Up Report on June 24
OYSTER POINT: Shareholder to Receive Wind-Up Report on July 18
RIO REAL: Shareholder to Hear Wind-Up Report on June 30
THE MARINER: Shareholders' Final Meeting Set for June 25
ZINSURERE INC: Shareholders' Final Meeting Set for June 30
E C U A D O R
ECUADOR: Greylock Says It Negotiated Defaulted Bond Buyback
ECUADOR: Fitch Assigns 'B(EXP)' Rating to US$-Denom. Global Bonds
J A M A I C A
JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
H O N D U R A S
* HONDURAS: IMF Concludes 2014 Article IV Consultation
M E X I C O
CEMEX SAB: Environment Agency OKs Waste Plant in UK
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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BUENOS AIRES: Moody's Assigns Caa1 Global Scale Debt Rating
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Caa1 global scale local currency rating and Baa1.ar
Argentina national scale rating in local currency to Class 8 and
Class 9 notes for a total amount of USD90 million to be issued by
the City of Buenos Aires under their Local Financing Program.
Ratings Rationale
The creation of the Local Financing Program was authorized by Laws
4315, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013 and by Law
4949 of 2014. The notes to be issued under the program constitute
direct, unconditional, unsecured and unsubordinated obligations of
the city, ranking at all times pari passu without any preference
among themselves.
The assigned ratings are in line with the city's Caa1 (global
scale) and Baa1.ar (Argentina national scale) local currency debt
ratings. The Class 8 notes to be issued under the program, will be
denominated in US dollars but subscribed and payable in Argentine
pesos at the specified exchange rate and sold in the local capital
market. As a result, the US dollar will be a currency of reference
and not a means of payment. For that reason, the transaction is
considered to be denominated in local currency. On the other hand
Class 9 will be both denominated and payable in ARG Pesos.
According to the term sheet reviewed by Moody's, Classes 8 and 9,
will reach up to USD90 million, approximately 1.2% of the City's
total revenues budgeted for 2014. Class 8 will pay interest at a
fixed rate whereas Class 9 will bear variable interest rate. Both
classes have will have a maturity of 2 years. After the issuance
of these 2 classes, Moody's anticipates that the City of Buenos
Aires' total debt will reach approximately 28% of total expected
revenues from 25% at the end of fiscal year 2013.
The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.
What Could Change The Rating Up/Down
Moody's does not expect upward pressures on the City of Buenos
Aires' global ratings in the near to medium term. Conversely,
further systemic deterioration, or a sharp deterioration in the
City's idiosyncratic risks --especially a sharp increase in the
debt to revenues ratio-would exert downward pressure on the
ratings assigned.
The principal methodology used in this rating was Regional and
Local Governments published in January 2013.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in June 2014 "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
TRANSPORTADORA DEL GAS: Total Said Discussing Sale of Stake
-----------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Total SA (FP) is
holding talks to sell its indirect stake in Transportadora del Gas
del Norte, three people with knowledge said.
Proceeds from the sale of the Argentine unit of the Paris-based
company will be used to boost oil and natural gas exploration in
Argentina, two of the people, who asked not to be identified, as
talks are private, said, according to Bloomberg News.
Total Austral said Oct. 24 that it would lead a $1.2 billion
project to produce gas in southern Argentina, Bloomberg News
notes. On April 7, Total Americas Director Ladislas Paszkiewicz
said the company was seeking lower costs to boost shale investment
in Argentina's Vaca Muerta formation, the report relates.
Gasinvest SA is the holding company that has a 56 percent stake in
TGN. Total's partners in Gasinvest include Tenaris SA (TEN)
controlled Tecpetrol SA and Cia. General de Combustibles, or CGC,
owned by Argentina's richest billionaire Eduardo Eurnekian.
Transportadora del Gas del Norte is a gas pipeline operator in
Argentina.
As reported in Troubled Company Reporter-Latin America on
Sept. 12, 2012, Fitch Ratings has upgraded Transportadora Gas del
Norte's (TGN) foreign and local currency Issuer Default Ratings
(IDRs) to 'CCC' from 'D'. Fitch has also assigned TGN's USD170.45
million new step up notes and USD56.8 million claim protection
notes a 'CCC' final rating, with a recovery rating of 'RR4'. The
national scale rating was also upgraded to 'CCC(arg)' from
'D(arg)'.
===========
B R A Z I L
===========
OGX PETROLEO: Brazilian Court Clears Restructuring Plan
-------------------------------------------------------
Luciana Magalhaes, writing for The Wall Street Journal, reported
that a Rio de Janeiro court ratified the restructuring plan for
the oil company of Brazilian businessman Eike Batista, according
to the firm's lawyer.
"The plan has been ratified without any changes," lawyer Sergio
Bermudes said in a telephone interview with the Journal. "This
ratification guarantees the company will not be liquidated and
even opens the door for Eike to think about new businesses."
According to the report, once the restructuring is completed,
bondholders that provided $125 million in funding to the company
earlier this year will emerge as the largest stakeholders. Under
Brazilian law, OGX now has until October 2015 to implement the
restructuring plan, the Journal noted.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29, 2013 that the talks
concluded without an agreement.
==========================
C A Y M A N I S L A N D S
==========================
ADDED ALPHA: Shareholder to Receive Wind-Up Report on June 30
-------------------------------------------------------------
The shareholder of Added Alpha Ltd will receive on June 30, 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 Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
ARTEMIS HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
---------------------------------------------------------------
The shareholder of Artemis Holdings Ltd. will receive on June 30,
2014, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Piers Dryden
Telephone: (345) 815 1842
Facsimile: (345) 949-9877
GUANAY FINANCE: Fitch Affirms BB+ Rating on USD450MM Senior Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the following rating assigned to the
2013-1 notes issued by Guanay Finance Limited, a special purpose
vehicle incorporated in the Cayman Islands and sponsored by LATAM
Airlines Group S.A. (LATAM):
-- Series 2013-1 USD450 million senior secured fixed-rate notes
at 'BB+'.
The Rating Outlook is revised to Negative from Stable.
The issuance is backed by U.S. and Canadian dollar-denominated
ticket receivables originated by LATAM. Purchased receivables
result from airline ticket sales and cargo charges by LAN Airlines
S.A. (LAN) under IATA code 045 that are purchased using a
qualified credit, debit or charge card in the U.S. and Canada.
Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis.
KEY RATING DRIVERS
The rating action follows Fitch's revision to the Rating Outlook
assigned to LATAM's Issuer Default Ratings (IDRs), and reflects
the following key rating drivers:
Credit Quality of the Originator: On May 2, Fitch affirmed LATAM's
local currency (LC) IDR at 'BB' and revised the Outlook to
Negative from Stable. Fitch also affirmed the GCA score of 'GC3'
assigned to the operations of LATAM excluding TAM. The credit
strength of the transaction is linked to the credit quality of
LATAM.
Coverage Ratios in Line with Expectations: The quarterly debt
service coverage ratio (DSCR) considering maximum quarterly debt
service for the life of the transaction averaged 3.9x during the
first two quarterly payment periods, in line with Fitch's base
case DSCR of 3.78x. Growth in purchased receivables was flat in
2013 as competition drove down yields on key North American
gateway flights, but has resumed growth in 2014 thanks in part to
improvement of the U.S. economy. Fitch's base case assumed no
growth in purchased receivables.
Future Flow Debt Relative to Company Liabilities: The issuance
represents approximately 4.9% of LATAM's consolidated debt and
7.2% of unconsolidated debt (excluding TAM). While these
percentages are low relative to the balance sheet, the transaction
is large relative to the company's total unsecured debt, as most
of the company's debt relates to leases and secured debt.
Moderate Diversion Risk: While designated obligors have signed
notice and consent agreements (N&Cs), the transaction is exposed
to potential diversion risk. Cash flows could be diverted from
the transaction by changing designated obligors or rerouting sales
through a different IATA code. This risk limits differentiation
of the issuance rating from the originator's IDR.
RATING SENSITIVITIES
The rating is sensitive to changes in the credit quality of LATAM.
A downgrade of LATAM's 'BB' IDR could lead to a downgrade of the
notes. In addition, a contraction in LAN's North American gateway
business that would result in a decline in DSCRs could lead to
rating downgrades.
HCP BEIJING: Shareholders' Final Meeting Set for June 25
--------------------------------------------------------
The shareholders of HCP Beijing Euro Company Limited will hold
their final meeting on June 25, 2014, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gerald Yung
Harvest Capital Partners Limited
China Resources Building, 37th Floor
26 Harbour Road, Wanchai
Hong Kong
LYNDHURST HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
-----------------------------------------------------------------
The shareholder of Lyndhurst Holdings Ltd. will receive on
June 30, 2014, at 9:15 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: (345) 815 1842
Facsimile: (345) 949-9877
MJC FINANCE: Shareholder to Receive Wind-Up Report on July 18
-------------------------------------------------------------
The shareholder of MJC Finance Cayman Ltd. will receive on
July 18, 2014, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
ORION CONSTELLATION: Shareholder to Hear Wind-Up Report on June 24
------------------------------------------------------------------
The shareholder of Orion Constellation Partners Offshore Ltd will
receive on June 24, 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:
Gene Dacosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
PO Box 2681 Grand Cayman KY1-1111
Cayman Islands
OYSTER POINT: Shareholder to Receive Wind-Up Report on July 18
--------------------------------------------------------------
The shareholder of Oyster Point Finance Cayman Ltd. will receive
on July 18, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
RIO REAL: Shareholder to Hear Wind-Up Report on June 30
-------------------------------------------------------
The shareholder of Rio Real Participacoes Ltd. will receive on
June 30, 2014, at 9:30 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: (345) 815 1842
Facsimile: (345) 949-9877
THE MARINER: Shareholders' Final Meeting Set for June 25
--------------------------------------------------------
The shareholders of The Mariner Fund Limited will hold their final
meeting on June 25, 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:
Fund Fiduciary Partners Limited
c/o Andrew Childe
Fund Fiduciary Partners Limited
Telephone +1 (345) 947 5855
ZINSURERE INC: Shareholders' Final Meeting Set for June 30
----------------------------------------------------------
The shareholders of Zinsurere Inc. will hold their final meeting
on June 30, 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:
Strategic Risk Solutions (Cayman) Limited
North Building, 2nd Floor, Caribbean Plaza
878 West Bay Road
P.O. Box 1159 Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (345) 623 6611
Facsimile: +1 (345) 946 6612
=============
E C U A D O R
=============
ECUADOR: Greylock Says It Negotiated Defaulted Bond Buyback
------------------------------------------------------------
Katia Porzecanski and Nathan Gill at Bloomberg News report that
Greylock Capital Management LLC said it helped orchestrate a deal
between Ecuador and bondholders that will allow the country to buy
back about 80 percent of its remaining defaulted debt.
Greylock Chief Executive Officer Hans Humes, who has helped
negotiate restructurings from Belize to Greece, said Ecuador
agreed to better terms than the 35-cent offer it made in an
original buyback in 2009, according to Bloomberg News. Mr. Humes
declined to give the exact value that Ecuador will pay for the
notes that were due in 2012 and 2030, Bloomberg News notes. The
New York-based hedge fund, which oversees about $850 million, is
one of the debtholders, Mr. Humes said, Bloomberg News relates.
The accord would help pave the way for Ecuador to sell bonds in
international markets for the first time since the country's $3.2
billion default five years ago, Bloomberg News relates.
"Ecuador is trying to resolve its issues with the international
financial community," Mr. Humes said in a telephone interview with
Bloomberg News from New York. "Given that they approached the
issue in good faith and a willingness to meet halfway, we, as
creditors, felt we should approach a resolution in the same way,"
Mr. Humes added, Bloomberg News relates.
While the country bought back more than 90 percent of its
defaulted bonds months after it stopped payments, a portion
remains in the hands of investors who refused to tender them,
Bloomberg News says. Retiring the securities would help protect a
new bond sale from any possible legal wrangling stemming from the
default, according to Moody's Investors Service.
50 Cents
Since the end of last year, Bloomberg News recalls, the government
has sought to reduce its outstanding debt by repurchasing the
defaulted securities, Sarah Glendon, a Moody's analyst, said May
6. About $120 million remained outstanding as of March, Ms.
Glendon said, Bloomberg News relays.
Offers had topped 50 cents on the dollar, two investors with the
knowledge of the terms said earlier this month, Bloomberg News
notes. The price on defaulted securities due 2030 has surged 7.9
cents on the dollar over the last 30 days to 54 cents, data
compiled by Bloomberg show.
The South American country hasn't publicly disclosed how much of
the defaulted bonds remain in investors' hands and didn't respond
to information requests made through the Finance Ministry's press
office, Bloomberg News relays.
President Rafael Correa, a 51-year-old former economics professor,
called the bonds "illegitimate" when he halted payments in 2008
after a commission he formed the year before said the debt showed
"serious signs of illegality," Bloomberg News notes.
The government kept making payments on bonds due in 2015, which
Correa helped structure during his time as finance minister in
2005, Bloomberg News adds.
ECUADOR: Fitch Assigns 'B(EXP)' Rating to US$-Denom. Global Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned Ecuador's forthcoming USD-denominated
global bonds an expected rating of 'B(EXP)'. The final rating is
contingent on the receipt of final documentation conforming to
information already received. The expected rating is in line with
Ecuador's Long-Term Foreign Currency Issuer Default Rating (IDR)
of 'B'/Stable Outlook.
The proceeds will be used for budgetary purposes in terms of
government programs and infrastructure. Ecuador is returning to
the international capital market after the 2008 default and for
the first time since 2005.
KEY RATING DRIVERS
Ecuador's ratings reflect the country's continued growth, monetary
and financial stability underpinned by dollarization, and a steady
easing of external and fiscal financing risks as a result of still
favorable international oil prices, improved prospects in the oil
sector, and continued availability of bilateral financing from
China and multilaterals.
Ecuador's creditworthiness balances the sovereign's relatively
strong fiscal and external solvency ratios and high GDP per capita
in relation to peers against key credit weaknesses such as a weak
record of debt service, high commodity dependence, and limited
sources of financing for the sovereign and the economy.
RATING SENSITIVITIES
The rating would be sensitive to any changes in Ecuador's long-
term foreign currency IDR. Fitch upgraded Ecuador's ratings to
'B' with a Stable Outlook on Oct. 18 2013.
=============
J A M A I C A
=============
JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to the series
2013-1 notes issued by Jamaica Diversified Payment Rights Company
as follows:
-- $125 million series 2013-1 notes at 'BB', Outlook Stable.
On April 25, 2014, pursuant to the series 2013-1 Indenture
Supplement, the noteholders holding more than 50% of the series
2013-1 balance (controlling party) opted to defer the repayment of
principal by 12 months, extending the first expected quarterly
amortization payment to Sept. 15, 2015 and the expected final
payment date to March 15, 2019. The series controlling party has
the option to defer the principal payments by 12 months up to
three times over the life of the transaction, potentially
extending the expected final payment date by another 24 months.
The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ) DPRs are defined as electronic
or other messages utilized by financial institutions to instruct
NCBJ to make a payment to a beneficiary.
Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis in accordance with the transaction
documents.
KEY RATING DRIVERS
The affirmation reflects (i) the principal repayment deferral,
which does not impact Fitch's rating; (ii) the credit quality of
NCBJ and its going concern assessment (GCA) score of 'GC1'; (iii)
coverage levels which include a significant portion of
domestically originated receivables or flows considered more
susceptible to diversion; (iv) the transaction structure, which
helps mitigate transfer and convertibility risk; and (v) the level
of future flow debt to total liabilities and long-term funding.
Fitch rates NCBJ foreign currency and local currency (LC) Issuer
Default Ratings (IDRs) 'B-' with a Stable Outlook. NCBJ's GCA
score of 'GC1' reflects its position as the largest bank by total
assets in the Jamaican banking system. The 'GC1' assigned to NCBJ
allows the transaction to achieve the maximum notching uplift from
NCBJ's LC IDR.
The expected quarterly debt service coverage ratio (DSCR),
calculated according to the transaction documents, is
approximately 41x maximum quarterly debt service. The calculation
considers average quarterly flows through designated depository
banks (DDBs) from 2011-2013 and excludes 65% of flows from certain
entities which have large levels of domestic flows and/or are
considered more susceptible to diversion.
The transaction structure benefits from notice and acknowledgment
agreements signed with DDBs irrevocably instructing the DDBs to
deposit DPR flows into offshore accounts controlled by the
indenture trustee. The vast majority of DPR flows are processed
by DDBs.
The program's total outstanding future flow debt represents 3.26%
of NCBJ's total liabilities as of March 2014. While NCBJ's future
flow debt as a percentage of total liabilities is similar to that
of many future flow programs in the region, the debt represents
100% of long-term funding, which is considerably higher.
RATING SENSITIVITIES
The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' LC IDR could lead to a downgrade on the
notes. In addition, severe reductions in coverage levels could
also result in rating downgrades.
===============
H O N D U R A S
===============
* HONDURAS: IMF Concludes 2014 Article IV Consultation
------------------------------------------------------
On June 9, 2014, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with Honduras.
Economic growth decelerated to 2.6 percent in 2013 (from about 4
percent in 2012), owing to lower private investment, a drop in
coffee output due to leaf-rust disease, and weaker trade-partner
growth. Inflation declined to 5 percent (from 51/2 percent in
2012), driven by softer commodity prices, weaker economic
activity, and lower currency depreciation. On the external front,
the current account deficit rose to about 9 percent of GDP in
2013, reflecting less favorable terms of trade and a drop in
coffee exports. This deficit was financed by FDI inflows and the
placement of two global bonds totaling US$1 billion. These
inflows allowed international reserves to rise to 3.7 months of
imports.
The fiscal accounts continued to weaken in 2013, driven by higher
primary spending and interest payments, and increased losses by
the state-owned electricity company. The combined public sector
deficit reached 7.6 percent of GDP in 2013 (4.2 percent in 2012).
Given the magnitude of the deficit and tight domestic debt
markets, government cash-flow pressures persisted despite the
global bond placements. Monetary conditions tightened, with
higher market interest rates and lower credit growth. The central
bank (BCH) kept the policy rate unchanged but withdrew liquidity
through open market operations. In mid-2013, the BCH widened the
inner band of the exchange rate, but kept wide discretion on
setting its level. Following this adjustment, the lempira's rate
of depreciation slowed (to 3.2 percent in 2013 compared to close
to 5 percent the previous year), leading to a small appreciation
in real effective terms.
The new government has started to implement measures to improve
fiscal discipline. A substantial package of fiscal consolidation
measures focused on increasing revenue was approved by the
outgoing congress in December 2013. This was followed by the
approval of legislation to implement electricity sector and
pension reforms, as well as by measures to strengthen tax
administration and improve discipline in the budget process.
For 2014, economic activity is expected to grow at 3 percent,
supported in part by more favorable external conditions.
Inflation is projected to temporarily pick up, but should remain
under control and decline in 2015. The combined public sector
deficit is expected to be reduced to 6.2 percent of GDP, supported
by higher tax revenues and lower primary spending. The external
current account deficit would decline to slightly over 8 percent
of GDP, reflecting more favorable external conditions and fiscal
adjustment.
Executive Board Assessment
Executive Directors noted that Honduras's economic performance
weakened in 2013 and medium-term prospects are undermined by
fiscal imbalances and structural weaknesses. Welcoming ongoing
consolidation and reforms in the fiscal and electricity sectors,
Directors encouraged the authorities to redouble their efforts to
strengthen the public finances, maintain the reform momentum, and
promote sustainable, inclusive growth.
Directors noted that while the authorities' fiscal plans envisage
significant adjustment for the period ahead, debt ratios would
continue to grow over the medium term in the absence of additional
measures. Stronger efforts are required to safeguard the
sustainability of the fiscal position and open up policy space.
In particular, Directors considered that there is scope for
further rationalizing public expenditure, including by reducing
the wage bill and transfers to local governments, to make room for
priority social and infrastructure spending. To further limit the
drain on the budget from the electricity sector, reducing
distribution losses and gradually adjusting tariffs remain policy
priorities.
Directors welcomed ongoing efforts to improve tax administration
and strengthen the budget process. Weaknesses in the current
framework for public-private partnerships should also be
addressed, including those arising from the possibility of issuing
government guarantees for debt contracted by private companies
involved in such partnerships. Directors welcomed the approval of
legislation expected to strengthen the financial position of the
pension fund for public servants and encouraged the authorities to
follow through with a reform of the Social Security Institute.
Directors agreed that the monetary stance is broadly appropriate,
but encouraged the authorities to stand ready to tighten it to
protect international reserves or keep inflation in check. They
took note of the staff's assessment that the lempira is somewhat
overvalued, and agreed that more exchange rate flexibility within
the current regime would strengthen the external position and ease
the costs of fiscal adjustment. Over the medium term, the
authorities could also consider a more flexible regime as part of
the modernization of the monetary framework. Directors welcomed
the ongoing recapitalization of the central bank.
Directors noted that the banking system is generally sound and
well capitalized. Nonetheless, they expressed concern over rising
dollarization and lending to unhedged borrowers. They encouraged
the authorities to consider additional measures to reduce currency
mismatches by borrowers.
Considering the pervasiveness of poverty in Honduras, Directors
highlighted the critical importance of reforms to bolster the
business climate, strengthen institutions, and improve
infrastructure and human capital. These will be crucial to
raising competitiveness and ensuring durable inclusive growth.
===========
M E X I C O
===========
CEMEX SAB: Environment Agency OKs Waste Plant in UK
---------------------------------------------------
Chris Smith at Rugby & Lutterworth Observer reports that a factory
that will process rubbish to power the cement works has been given
the go ahead by the Environment Agency.
It has said it would issue an environmental permit to CEMEX,
S.A.B. de C.V., saying it could find no problems with emissions,
smell and noise from the GBP18 million development at Malpass
Farm, according to Rugby & Lutterworth Observer.
"Our decision in this case has been reached following a program of
extended public consultation," an agency spokesman said, the
report notes.
"A draft environmental permit and decision document outlining how
the Environment Agency has reached its draft decision are now
available for public consideration. Only after carefully taking
into account any additional and relevant matters raised, will a
final decision be made on whether to issue a permit," the
spokesman said, the report relates.
Work is expected to start later this summer with recycling firm
SITA UK set to run the plant, first proposed six years ago, on
behalf of Cemex, the report discloses.
The report says that Climafuel, as it is known, is made from paper
and cardboard, wood, carpet and textiles that cannot be recycled.
About CEMEX SAB
Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the
construction industry, through the production, marketing,
distribution and sale of cement, ready-mix concrete, aggregates
and other construction materials. CEMEX is a public stock
corporation with variable capital (S.A.B. de C.V.) organized
under the laws of the United Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and a recovery rating of '3' to CEMEX
Finance LLC's proposed 10-year benchmark dollar bonds and EUR300
million senior secured notes due 2021. The recovery rating of '3'
indicates that bondholders can expect a meaningful (50% to 70%)
recovery in the event of a payment default.
=================
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
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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
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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.
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