/raid1/www/Hosts/bankrupt/TCRLA_Public/140624.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 24, 2014, Vol. 15, No. 123
Headlines
A R G E N T I N A
ARGENTINA: Wants to Settle With Holdout Creditors
ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'CC'
B A R B A D O S
REDJET CARIBBEAN: Former Director Admits to Making Mistakes
C A Y M A N I S L A N D S
CARL LIMITED: Commences Liquidation Proceedings
CGMA SPECIAL: Creditors' Proofs of Debt Due July 17
DELRAY LIMITED: Creditors' Proofs of Debt Due July 17
HUANGPU LEASING: Creditors' Proofs of Debt Due July 18
LR LIMITED: Commences Liquidation Proceedings
MIA AIR: Creditors' Proofs of Debt Due July 28
OVS CAPITAL: Commences Liquidation Proceedings
OVS CAPITAL MASTER: Commences Liquidation Proceedings
TRAFALGAR SPECIAL: Commences Liquidation Proceedings
WHITE OAK: Creditors' Proofs of Debt Due July 17
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: ADITEX Concerned With 'Made in US' Label
G U A T E M A L A
GUATEMALA: Fitch Lowers IDRs to 'BB' & Revises Outlook to Stable
T R I N I D A D & T O B A G O
PETROTRIN: Fires Back at Oilfields Workers' Trade Union
* TRINIDAD & TOBAGO: Manufacturers Not Getting Enough US Dollars
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Wants to Settle With Holdout Creditors
-------------------------------------------------
Ken Parks and Nicole Hong at The Wall Street Journal reports that
Argentine President Cristina Kirchner said she wants to reach a
settlement with a small group of bondholders suing to collect on
defaulted debt and plans to ask a U.S. court for its help in
making a deal possible.
Her comments, which analysts say mark the first time Mrs. Kirchner
has publicly said she was willing to negotiate, sent Argentina's
bonds surging. Investors said her conciliatory approach made a
default less likely, according to the WSJ.
The report notes that a small group of hedge funds is holding out
for full payment on bonds caught up in the country's 2001 default.
U.S. courts have ruled that Argentina must compensate these
creditors or it can't make payments to bondholders who accepted
restructured debt in 2005 and 2010, the report relates. Missing
those payments could lead to another default.
In her annual Flag Day speech, President Kirchner said Argentina
would enter talks with the help of U.S. courts, the report notes.
"We only ask they create negotiating conditions that are just and
in accordance with the Argentine constitution, laws and contracts
we signed with 92.4% of our creditors," Mrs. Kirchner said,
referring to investors who accepted the restructured bonds, the
report relates.
The country's restructured bonds jumped during President
Kirchner's speech on Friday, June 20, nearly wiping out their
losses, notes WJS. The dollar bond maturing in 2033, whose
interest payment is due June 30, rose to around 83 cents on the
dollar-close to where it traded before the U.S. Supreme Court on
June 16, declined to review the lower court ruling ordering
Argentina to pay the holdouts, the report notes. They had traded
below 75 cents earlier in last week, the report relays.
Investors "are assigning a greater chance of a real negotiation
with holdouts, which would be a big positive," said Jeff Williams,
an emerging-markets strategist at Citigroup Inc. in New York, the
report discloses. Mr. Williams, the report notes, said
negotiation would be the first step for Argentina to regain access
to international debt markets.
The report relates that the president's speech, which analysts
said was more conciliatory than expected, underscores her recent
efforts to improve relations with investors. It comes after
Argentina resolved conflicts with Spanish oil company Repsol and
agreed to settle almost $10 billion owed to members of the Paris
Club of creditor nations, the report discloses.
Settling with holdouts also would help YPF, Argentina's state-run
oil firm, which is eager to tap international financial markets to
fund exploration programs, the report relates.
The offer to negotiate comes less than two weeks before Argentina
has to make the next interest payment on its restructured bonds,
which U.S. courts have said the country isn't allowed to pay
unless it also pays the holdout creditors, the report notes. If
Argentina misses the interest payment on June 30, the country
sinks into technical default and will have another 30-day grace
period to avoid an outright default, the report notes.
The report relays that many holders of Argentina's restructured
bonds had expected the country would ultimately soften its stance
toward the holdouts. Even if Argentina misses the June 30
payments, investors say they expect Argentine officials will be
able to reach a settlement in July and find a way to make up the
late interest payments.
"This will have to be resolved one way or the other by the end of
July," the report quoted Gorky Urquieta, co-head of emerging-
markets debt at Neuberger Berman, which manages $247 billion and
holds Argentine bonds, as saying. Mr. Urquieta said he hasn't
sold the bonds this week because he feels he is adequately
compensated for the risk of a default with Argentina's high
yields.
Argentina's lawyers will ask U.S. District Judge Thomas Griesa,
who issued the original ruling in the case, to create the
conditions to reach an agreement that will be "beneficial and
equal for 100% of creditors," President Kirchner said, WJS notes.
Argentina is seeking Mr. Griesa's goodwill after her ministers in
recent days slammed the judge for trying to unravel Argentina's
debt restructurings, also accusing him of bias in the case, the
report relates.
Earlier last week, says WSJ, Argentina's economy minister said the
country would take steps to pay restructured bond owners in
Argentina under Argentine law. Mr. Griesa said this would violate
the rules and procedures now in place in New York and prohibited
Argentina from making such a move.
In her speech, Mrs. Kirchner referenced the dire condition of
Argentina's economy when her husband and predecessor, Nestor
Kirchner, took office in 2003, less than two years after the
default, the report relays. Analysts say Argentina is ill
prepared for a second default, as high inflation and dollar
shortages already have the economy on the brink of recession, WJS
relates.
ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'CC'
--------------------------------------------------------------
DBRS Inc. has downgraded Argentina's long-term foreign currency
issuer rating from CCC (high) to CC. The long-term local currency
issuer rating has been confirmed at B (low), and the short-term
local and foreign currency ratings have been confirmed at R-5.
The long-term foreign and local currency ratings have been placed
Under Review Negative (URN). The trend on the short-term ratings
remains Stable.
The downgrade of Argentina's long-term foreign currency rating was
triggered by the Supreme Court's June 16 decision to reject
Argentina's appeal of the New York Southern District Court ruling,
and by the Argentine government's response to the ruling. As
noted in DBRS' last report on the Republic of Argentina, published
on 24 February 2014, the lower court ruling effectively compels
Argentina to choose between paying holdout bondholders and ceasing
payments on its exchange bonds issued under New York law. DBRS
ratings apply to these performing exchange bonds.
Given the uncertainty regarding the government's next course of
action, the long-term ratings have been placed under review (URN).
DBRS expects to resolve the URN by end-July, by the expiration of
the 30-day grace period on Argentina's June 30 interest payments.
Any course of action short of reaching a prompt settlement with
the holdouts appears virtually guaranteed to trigger a selective
default on Argentina's exchange bonds issued under New York law.
The government of Argentina has reiterated its willingness to
honor debts owed to holders of bonds issued in its 2005 and 2010
debt exchanges. The government has also made recent progress in
normalizing relations with other creditors as well, reaching an
agreement on a rescheduling of its obligations to the Paris Club
official creditors in May. Nonetheless, the Argentine government
has insisted that paying NML would be unfair to Argentina and its
other creditors. Given current reserve levels and the additional
creditors that would seek similar treatment, the government is
also concerned about macroeconomic and financial implications of
complying with the orders.
On June 17, the Minister of Finance announced plans to proceed
with a new debt exchange that could allow holders of New York law
exchange bonds to accept local law bonds and receive payment in
Buenos Aires, thus attempting to circumvent the U.S. financial
system and the effects of the court ruling. On June 18, the
district court lifted the stay on enforcement of its February 2012
orders. This is likely to imply that the government will not make
the upcoming June 30 interest payments on its New York law bonds,
since any payments made on the bonds could be attached by the
plaintiffs in satisfaction of their claims. Representatives of
NML have emphasized their willingness to accept a settlement
involving bonds, possibly modeled after the recent Repsol
settlement and Paris Club deal. Despite the limited alternatives,
whether the government will respond to this proposal remains
unclear.
DBRS believes that Argentina will continue making scheduled
payments on local law bonds, including those denominated in U.S.
Dollars. However, DBRS believes that the technical difficulties
associated with the government's proposed exchange are likely, at
a minimum, to result in extensive delays. It will be virtually
impossible to obtain 100% participation before interest payments
come due on the outstanding New York law bonds. Furthermore, the
terms of the exchange are likely to be viewed as coercive, given
the explicit threat of non-payment. The government has not made
any indication as to whether participants in the new exchange will
be compensated for the increased liquidity, legal and other risks
associated with local law bonds.
DBRS would likely change Argentina's long-term foreign currency
rating to Selective Default (SD) in the event of missed interest
payments on any outstanding bonds. Completion of a successful
exchange could also trigger a default. Conversely, if a
resolution is found to the dispute between NML and the government,
DBRS is likely to raise the rating to at least CCC.
Macroeconomic, fiscal and external developments could also have an
impact on Argentina's ratings, as discussed in DBRS' February 2014
report. Notwithstanding some progress in curbing monetary growth,
DBRS believes that a failure to address growing fiscal imbalances
is likely to further jeopardize macroeconomic stability. Currency
and reserve pressures appear likely to resurface in coming months,
as export receipts decline.
===============
B A R B A D O S
===============
REDJET CARIBBEAN: Former Director Admits to Making Mistakes
-----------------------------------------------------------
RJR News reports that more than two years after REDjet Caribbean
Ltd., operating as REDjet, ceased flying to Jamaica and other
regional destinations, a former director of the airline has
admitted that the carrier's management made mistakes, but he
insists that sabotage played a role in its demise.
While not calling names, Ralph "Bizzy" Williams charged that
REDjet's main competitor Leeward Islands Air Transport (LIAT) was
allowed to get away with predatory pricing, according to the RJR
News.
Mr. Williams, the report relates, said that aviation authorities
in some countries put obstacles in the way of the former airline
that its collapse was inevitable.
REDjet first tried to set up operations in Jamaica but moved to
Barbados after being denied permission by the Jamaican Government,
the report recalls. It lasted just under 12 months in the skies
and ceased operations on March 16, 2012 after falling into deep
financial trouble, notes the report.
Predatory Pricing
The former REDjet director revealed that the region was unlikely
to get the private sector to fund the creation of another airline
unless there were fundamental changes to the current structure,
the report discloses.
Mr. Williams said it was incumbent that regulations be established
to prevent carriers from introducing predatory pricing as soon as
a new competitor comes on the market, the report relates.
In the meantime, notes the report, the former REDjet director gave
examples of some of the mistakes made by the airline.
Mr. Williams admitted that the management lacked enough experience
in the airline industry, says RJR News.
Mr. Williams also expressed misgivings about the extremely low
introductory rates that REDjet brought to the market, the report
relates.
Mr. Williams said instead of going with $9.99 cents it should have
gone with $19.99 cents, the report adds.
REDjet Caribbean Ltd., operating as REDjet (Airone
Caribbean/Airone Ventures Limited), was a startup low-cost carrier
(LCC) based at the Grantley Adams International Airport in Christ
Church, Barbados, near Bridgetown. The privately owned airline,
incorporated in Barbados featured a fleet of McDonnell Douglas MD-
82 and MD-83 aircraft.
==========================
C A Y M A N I S L A N D S
==========================
CARL LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On May 26, 2014, the shareholders of Carl Limited resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Delta FS Limited
c/o Janeen Aljadir
Telephone: (345) 743 6626
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 11820 Grand Cayman KY1-1009
Cayman Islands
CGMA SPECIAL: Creditors' Proofs of Debt Due July 17
---------------------------------------------------
The creditors of CGMA Special Accounts II, LLC are required to
file their proofs of debt by July 17, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 28, 2014.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
DELRAY LIMITED: Creditors' Proofs of Debt Due July 17
-----------------------------------------------------
The creditors of Delray Limited are required to file their proofs
of debt by July 17, 2014, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 2, 2014.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
HUANGPU LEASING: Creditors' Proofs of Debt Due July 18
------------------------------------------------------
The creditors of Huangpu Leasing Limited are required to file
their proofs of debt by July 18, 2014, to be included in the
company's dividend distribution.
The company's liquidator is:
Benjamin Booker
69 Dr. Roy's Drive
P.O. Box 1043, George Town Grand Cayman KY1 - 1102
Cayman Islands
LR LIMITED: Commences Liquidation Proceedings
---------------------------------------------
On May 26, 2014, the shareholders of LR Limited resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Delta FS Limited
c/o Janeen Aljadir
Telephone: (345) 743 6626
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 11820 Grand Cayman KY1-1009
Cayman Islands
MIA AIR: Creditors' Proofs of Debt Due July 28
----------------------------------------------
The creditors of Mia Air Ltd. are required to file their proofs of
debt by July 28, 2014, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 29, 2014.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Jewel Studenhofft
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
OVS CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On June 2, 2014, the shareholders of OVS Capital Fund resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Russell Smith
c/o Derek Larner
Telephone: (345) 815 4555
e-mail: dlarner@bdo.ky
BDO CRI (Cayman) Ltd.
Governors Square, Floor 2-Building 3
23 Lime Tree Bay Ave, PO Box 31229
Grand Cayman KY1 1205
Cayman Islands
OVS CAPITAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On June 2, 2014, the shareholders of OVS Capital Master Fund
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Russell Smith
c/o Derek Larner
Telephone: (345) 815 4555
BDO CRI (Cayman) Ltd.
Governors Square, Floor 2-Building 3
23 Lime Tree Bay Ave, PO Box 31229
Grand Cayman KY1 1205
Cayman Islands
TRAFALGAR SPECIAL: Commences Liquidation Proceedings
----------------------------------------------------
On May 29, 2014, the sole shareholder of Trafalgar Special
Situations Fund (Offshore) Limited resolved to voluntarily
liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Lee Robinson
c/o Lee Robinson
Standbrook House
2-5 Old Bond Street
London, W1S 4PD
United Kingdom
Telephone: +44 207 079 1094
WHITE OAK: Creditors' Proofs of Debt Due July 17
------------------------------------------------
The creditors of White Oak Strategic Master Fund II, LP are
required to file their proofs of debt by July 17, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 28, 2014.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: ADITEX Concerned With 'Made in US' Label
-------------------------------------------------------------
Dominican Today reports that the Dominican Association of Textile
Industries (ADITEX) asked the Customs Agency to investigate the
large volume of goods sold in the country with 'Made in America'
labels.
According to a Diario Libre report, ADITEX President David Cortes
said there is a suspicion that the items imported from the United
States may have origin in non-NAFTA countries, because these goods
have very competitive prices even though the cost of production is
higher in the US, according to Dominican Today.
Mr. Cortes pointed out the minimum wage in the country for 8-hours
daily work adds up to DOP473, while it is $58 in the US, which is
equivalent to DOP2,514, or about 5 times the wage in Dominican
Republic, Dominican Today notes.
=================
G U A T E M A L A
=================
GUATEMALA: Fitch Lowers IDRs to 'BB' & Revises Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has downgraded Guatemala's long-term foreign and
local currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+'.
Fitch has also downgraded the issue ratings on Guatemala's senior
unsecured foreign and local currency bonds to 'BB' from 'BB+'.
The Rating Outlooks on the long-term IDRs have been revised to
Stable from Negative. In addition, Fitch has downgraded
Guatemala's Country Ceiling to 'BB+' from 'BBB-' and affirmed the
short-term foreign currency IDR at 'B'.
KEY RATING DRIVERS
Guatemala's downgrade and Stable Outlook reflect the following
rating drivers:
Guatemala has not been able to make sufficient progress to
materially enhance its growth prospects, widen its revenue base
and improve its fiscal flexibility. As a result, Guatemala's
relative standing in the 'BB' category has been eroded over the
years.
Guatemala has the narrowest revenue base in the 'BB' category. A
tax reform originally intended to raise 1% of GDP in extra revenue
in 2013 had a muted impact on tax collection due to deductions,
administrative hurdles at customs and court rulings against tax
compliance. Weak tax-raising capacity and budget process limit
fiscal policy flexibility, debt tolerance and the authorities'
capacity to address social demands, reduce infrastructure gaps and
undertake growth-enhancing reforms.
Guatemala's five-year average growth of 2.8% lags behind the 'BB'
median of 3.7% in 2013. Despite demonstrated resilience through
the global financial crisis, high crime, low savings and
investment rates and low financial intermediation hinder growth
potential and faster income convergence with the 'BB' median.
Economic activity could accelerate depending on the U.S. recovery
and the pace of execution of a pipeline of USD7.6 billion (14% of
GDP) in public-private infrastructure projects in 2014-2019 but
not sufficient to materially outpace population growth of 2.5% and
bridge the per capita income gap with its peers.
Guatemala's credit profile is constrained by weak governance and
human development indicators. A fragmented party system, divided
legislature and prolonged periods of congressional gridlock
(although eased somewhat recently) have slowed policymaking and
the reform agenda of the current administration.
Guatemala's Stable Outlook is underpinned by Fitch's expectations
that the country will maintain macroeconomic and financial
stability and fiscal deficits will remain relatively moderate.
Guatemala has a well-established track record of prudent monetary
and fiscal management. The central bank continues to make
progress in its transition towards inflation targeting and foreign
exchange flexibility. Consumer prices are expected to stay within
the target range of 3%-5% in 2014-2015. Foreign exchange
interventions are rules based and mostly used to smooth
seasonality in agricultural trade flows and domestic import
demand.
General government debt (22.5% of GDP) and financing needs (3.4%)
are half the respective medians of the 'BB' category in 2014.
However, high interest and debt to revenue ratios constrain the
capacity to sustain higher debt levels. The sovereign debt
portfolio benefits from a balanced currency composition, a high
share of fixed-rate instruments and multilateral loans contracted
at low borrowing costs and long maturities. The legal
prioritization of debt service further reduces market and
refinancing risks.
Guatemala's external accounts have shown resilience to increased
financial markets volatility and the deterioration in terms of
trade. Fitch expects the current account deficit to moderate at
an average 2.4% of GDP in 2014-2015 and be mostly financed by
foreign direct investment. Adequate international reserves,
covering 14% of GDP and 4.2 months of current external payments,
provide a cushion against external shocks.
RATING SENSITIVITIES
The Stable Outlook reflects Fitch's view that upside and downside
risks to the rating are evenly balanced. The main risk factors
that, individually or collectively, could trigger a rating action
are:
Positive:
--Sustained improvements in tax collection and the budget
process resulting in greater fiscal policy flexibility;
--Higher investment rates and economic growth prospects.
--Progress on governance and human development indicators.
Negative:
--Policies that result in macroeconomic instability or a marked
deterioration in fiscal accounts;
--Material reductions in international reserves and external
sources of financing;
--Escalation of crime and social conflict that severely impact
investment and growth prospects.
KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to a number of assumptions.
-- Fitch's economic growth and external forecasts factor in a
mild recovery in the U.S., and therefore a moderate improvement in
trade, investment and remittance flows to Guatemala.
-- International oil prices will gradually weaken to average
USD100p/bl in 2015. Thus, energy imports will not be a significant
source of additional pressure for economic growth and external
accounts.
-- The authorities will continue with their track record of
prudent monetary and fiscal management throughout the upcoming
general elections in September 2015.
================================
T R I N I D A D & T O B A G O
================================
PETROTRIN: Fires Back at Oilfields Workers' Trade Union
-------------------------------------------------------
Trinidad and Tobago Newsday reports that the Oilfields Workers'
Trade Union (OWTU) has been accused by State-owned oil company,
Petroleum Company of Trinidad and Tobago, of contributing to
delays in the start up of the Fluid Catalytic Cracking Unit (FCCU)
or "Cat Cracker", which is currently undergoing an upgrade to
increase its capacity from 26,000 to 35,000 BPSD.
The upgrade would enable Petrotrin to produce more gasoline with
improved octane ratings for its gasoline pool and reduce the
production of less heavier distillates, according to Trinidad and
Tobago Newsday.
However, the report notes that OWTU president general, Ancel Roget
questioned the reasons behind the continued shutdown of the
catcracker at Petrotrin Pointe-a-Pierre refinery as well as the
status of a number of plants which had also been shut down.
"Why is the catcracker still down and why are we purchasing
products when there are so many cost overs on projects?" Mr. Roget
asked, the report relays.
In a letter dated June 16, and addressed to OWTU general
secretary, David Abdulah, Petrotrin pointed out that a suggestion
to institute a temporary shift arrangement at the Cat Cracker was
refused by the union which had asserted that the Fractionator
Column was not fit for service and would put workers lives at
risk, notes the report. "We restate our position that the
Fractionator Column is fit for continued service and that
specialised inspection monitoring strategies have been put in
place to assess the condition of the column during its operation,"
the report quoted Petrotrin as saying, adding, "the company has
taken all reasonable and practical steps to assure the integrity
of the column to be safely operated within its design range."
"The plant operators are well aware of the inspections carried out
and measures taken to monitor the column's performance during
operation, having been so informed by members of the Operations
and Inspection Services Department.
"In addition, on one occasion, in April 2014, details of the
Acoustic Emission Testing on the column were elaborate upon by one
of the principals of Stress Engineering Services Inc, as
preparations were being made for the latest pressurisation test,"
the company stated, notes Trinidad and Tobago Newsday.
"We trust that the union would understand that the refusal to
consult on the 12-hour shift arrangement means effectively that
plant start-up is delayed," the company added, says the report.
Petrotrin also acknowledged that it had convened the HSE committee
to investigate complaints by operators on the FCCU which had
claimed that the plant's restart could be life threatening, the
report adds.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.
* TRINIDAD & TOBAGO: Manufacturers Not Getting Enough US Dollars
----------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that a survey
conducted by the Trinidad and Tobago Manufacturers Association
(TTMA) has found that 80 percent of its members are still
complaining that they are not getting enough US dollars to pay for
goods they have imported and to meet the expenses of operating
their businesses.
The results of the survey were conveyed to the Central Bank of
Trinidad and Tobago, but reliable sources told Newsday that
Central Bank governor, Jwala Rambarran, had asked for additional
information, according to the report.
The survey was conducted last Monday, June 16, 2014.
Trinidad and Tobago Newsday relays that the chief executives of
the country's commercial banks met with Rambarran at the Central
Bank to discuss the problems the public and the business community
have been experiencing to get US dollars. The banking executives
emerged from that meeting to issue guarantees that the US dollar
needs of the public and the business community would be fully met
and that no one would be turned away empty handed from any of the
commercial banks.
However, the report relates, while some businesspeople said their
needs had been met, several major importers were up to yesterday
still reporting difficulties in paying their foreign suppliers.
One of the banks mentioned as being unable to satisfy their needs
was Republic Bank's "Corporate North" department located at its
Promenade Centre branch in Port-of-Spain, the report relates.
In an emailed response to questions posed by Newsday, Republic
Bank's chief economist, Amar Ramlogan, said, " . . . the Central
Bank gave its assurance to the commercial banks to fulfill our
foreign exchange needs. Consequently, the banks have begun
selling US$ to the market, as it did previously," the report
notes.
Mr. Ramlogan, economist-manager of Republic Bank's Economic
Intelligence Unit, continued, "However, continued anxieties in the
market is causing customers to make much larger US$ requests than
they usually do, the report notes. While certain cash requests
can be satisfied over the counter at our branches, our Corporate
North operations at Promenade Centre has a large number of
business clients making significant US$ requests, the report
discloses. Obviously we cannot fulfill all their requests on the
same day."
"This does not mean that their demands will not be met and we are
in the process of fulfilling our customers foreign exchange needs.
With the inflows of US$ coming in from the energy companies this
month, as well as the US$30 million injection by the Central Bank,
we see the situation settling down and anxieties (being) reduced,"
Mr. Ramlogan added, the report relates.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
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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.
* * * End of Transmission * * *