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/raid1/www/Hosts/bankrupt/TCRLA_Public/140723.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 Wednesday, July 23, 2014, Vol. 15, No. 144 Headlines B A H A M A S * BAHAMAS: IMF Issue Statement at the Conclusion of Staff Visit B R A Z I L BESI BRASIL: S&P Cuts Rating to 'B-/C'; On CreditWatch Negative C A Y M A N I S L A N D S ANGOLD MARITIME: Creditors' Proofs of Debt Due Aug. 4 CICC AGI: Creditors' Proofs of Debt Due Aug. 13 CICC AGI SR: Creditors' Proofs of Debt Due Aug. 13 CQS EUROPEAN: Creditors' Proofs of Debt Due Aug. 11 CQS EUROPEAN MASTER: Creditors' Proofs of Debt Due Aug. 11 GOLDEN BIRTH: Commences Liquidation Proceedings INTEGRITY FINANCIAL: Creditors' Proofs of Debt Due Aug. 15 INTEGRITY INDEPENDENT: Creditors' Proofs of Debt Due Aug. 15 PUMICE LIMITED: Creditors' Proofs of Debt Due Aug. 12 TROIKA RUSSIA: Creditors' Proofs of Debt Due Aug. 8 C H I L E COMPANIA SUD: S&P Affirms 'B-' Corp. Credit Rating; Outlook Pos. J A M A I C A UC RUSAL: Exploring Ethane for Alpart Plant M E X I C O CONSUBANCO S.A.: S&P Assigns 'BB' Rating to MXN1.4BB Certs. CONSUBANCO S.A.: Fitch Assigns 'BB-(EXP)' Rating to Bond Issuance EMPRESAS ICA: Buys Facchina Construction, Increases Presence in US P U E R T O R I C O PUERTO RICO: Ex-Boxing Champ Sues to Recover Losses from Bonds T R I N I D A D & T O B A G O * TRINIDAD & TOBAGO: Central Bank Pumps More US$ Into System - - - - - ============= B A H A M A S ============= * BAHAMAS: IMF Issue Statement at the Conclusion of Staff Visit --------------------------------------------------------------- An International Monetary Fund (IMF) team, headed by Mbuyamu Matungulu, visited the Bahamas during July 14-18 as part of the regular consultation process with member countries on their economies. The team met with senior government officials and representatives of the private sector. At the end of the discussions, Mr. Matungulu made the following statement: "Economic activity continues to recover, but momentum remains weak, with growth estimated at 0.7 percent in 2013, and expected to be limited to 1.2 percent this year. The fiscal consolidation process has begun, although its pace could be frustrated by delays in the introduction of the value-added tax (VAT). Preliminary data suggest that the fiscal deficit declined to 4.5 percent of GDP from 5.4 percent in the previous fiscal year. The deficit is projected to narrow further to just under 4 percent of GDP in the 2014/2015 fiscal year, if the VAT is introduced in the coming months. "The economy's external position is also expected to improve, with the current account deficit declining to 16.6 percent of GDP in 2014, compared to 19.4 percent in 2013, amid a modest strengthening of the external reserves position. The financial sector remains well capitalized and highly liquid, although it continues to deal with a sizable and aging stock of non-performing loans (NPLs). "The staff team engaged in preliminary policy discussions with the Bahamian authorities in preparation for the annual Article IV Consultation discussions, tentatively scheduled for early November. It supported the authorities' fiscal consolidation efforts in order to place the government debt on a declining path. This is essential to boosting investor confidence, further improving the growth outlook, and strengthening employment prospects. The mission emphasized the key role to be played by the VAT in that context. In this regard, the team encouraged the authorities to finalize the agreed VAT legislation to ensure the successful introduction of this key reform. "The staff team welcomed the anticipated improvement to the external balance from the soon-to-be opened Baha Mar project, which would boost tourism earnings and contain official external borrowing to shore up reserves. The team counseled efforts to strengthen and diversify growth, in light of continuing high unemployment levels. In this context, the team urged accelerated implementation of planned reform of the energy sector. Finally, the mission welcomed the continued strength of the financial system, in the face of both high level of NPLs and a rapidly changing supervisory framework. In this respect, it urged continued close monitoring of credit risks, and supported government efforts at implementing appropriate domestic and international supervisory policies, including as recommended by the IMF's recent Financial Sector Assessment Program (FSAP)." =========== B R A Z I L =========== BESI BRASIL: S&P Cuts Rating to 'B-/C'; On CreditWatch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services downgraded BESI Brasil to 'B-/C' from 'B+/B' on global scale and to 'brB-/brC' from 'brBBB- /brA-3' on national scale. The long-term ratings remain on CreditWatch negative, where S&P placed them on July 15, 2014. In addition, S&P removed the global and national scale short-term ratings from CreditWatch negative. The rating actions on BESI Brasil follow S&P's July 16, 2014, similar actions on its ultimate parent, Banco Espirito Santo S.A. (BES) and its core subsidiary, Banco Espirito Santo de Investimento S.A. (BESI), which owns directly 80% of BESI Brasil. The downgrade and CreditWatch maintenance of BES reflect that its capital position has weakened as a result of the higher losses that, according to S&P's expectations, it is likely to face, given its direct exposure to Espirito Santo Financial Group (ESFG), to its subsidiaries, and to Rio Forte. The downgrade also reflects S&P's view of higher risks to BES' financial position, resulting mainly from its exposure to, and links with, GES. "We view BESI Brasil as a "strategically important" subsidiary of BES. We also revised BESI Brasil's SACP to 'b' from 'bb-'. In our view, the challenges we see for BES franchise and the reportedly weak financial position of several entities within GES also have a negative effect on the BESI Brasil's business stability, franchise, and financial position. We have, therefore, revised our assessment on BESI Brasil's business position to "weak" from "moderate," risk position to "weak" from "moderate," and liquidity to "moderate" from "adequate." BESI Brasil's SACP continues to incorporate the 'bbb-' anchor that we apply to financial institutions operating primarily in Brazil and our view of BESI Brasil's "adequate" capital and earnings position and "below average" funding," S&P said. The risk position assessment reflects the uncertainty over the impact on BESI Brasil's capital position as a result of potential capital upstreaming to its parent, although Brazil's central bank would need to approve it. In this sense, S&P believes that a deterioration of the bank's capitalization could result in a weaker assessment of S&P's capital view. The change in the liquidity assessment reflects that even though the bank's broad liquid assets to short-term wholesale funding is 1.75x, S&P believes that franchise challenges could result in customer deposit outflows. However, in S&P's base-case scenario, the bank would still be able to meet its financial obligations. S&P will continue to monitor the bank's liquidity closely, and any deterioration could cause further downgrades. The rating on BESI Brasil is one notch below its SACP, reflecting the possibility of extraordinary negative intervention from the parent given the challenges S&P sees for BES' franchise as well as the heightened risks to BES's financial position resulting mainly from its exposure to, and links with, GES. The negative CreditWatch on BESI Brasil reflects the CreditWatch listing on its parent. S&P will continue to evaluate the implications of the parent's weakened credit quality on BESI Brasil's liquidity, capitalization, and business position. S&P expects to resolve the CreditWatch listing once it has resolved the CreditWatch on BESI Brasil's parent or if BESI Brasil's franchise or financial position weakens beyond S&P's current expectations. ========================== C A Y M A N I S L A N D S ========================== ANGOLD MARITIME: Creditors' Proofs of Debt Due Aug. 4 ----------------------------------------------------- The creditors of Angold Maritime Limited are required to file their proofs of debt by Aug. 4, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 2, 2014. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o George Bashforth Telephone: +1 (345) 949 4900 75 Fort Street, George Town P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands CICC AGI: Creditors' Proofs of Debt Due Aug. 13 ----------------------------------------------- The creditors of CICC AGI Sloane Robinson Greater China Fund Inc are required to file their proofs of debt by Aug. 13, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 CICC AGI SR: Creditors' Proofs of Debt Due Aug. 13 -------------------------------------------------- The creditors of CICC AGI SR General Partner Limited are required to file their proofs of debt by Aug. 13, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 CQS EUROPEAN: Creditors' Proofs of Debt Due Aug. 11 --------------------------------------------------- The creditors of CQS European Distressed Feeder Fund Limited are required to file their proofs of debt by Aug. 11, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands CQS EUROPEAN MASTER: Creditors' Proofs of Debt Due Aug. 11 ---------------------------------------------------------- The creditors of CQS European Distressed Master Fund Limited are required to file their proofs of debt by Aug. 11, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GOLDEN BIRTH: Commences Liquidation Proceedings ----------------------------------------------- On June 20, 2014, the sole shareholder of Golden Birth International Corporation 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: Nguyen Chau Telephone: (852) 2529 9888 Facsimile: (852) 2529 0888 3/4 Nguyen Va Thu Street Da Kao Ward, District 1 Ho Chi Minh City Vietnam INTEGRITY FINANCIAL: Creditors' Proofs of Debt Due Aug. 15 ---------------------------------------------------------- The creditors of Integrity Financial Advice Network Holdings Limited are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: Rainier Hok Chung Lam c/o Ian Lindo Telephone: +1 (345) 814 2059 Facsimile: +1 (345) 949 4900 Appleby Trust (Cayman) Limited Clifton House, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands INTEGRITY INDEPENDENT: Creditors' Proofs of Debt Due Aug. 15 ------------------------------------------------------------ The creditors of Integrity Independent Risk & Financial Solutions Holdings Limited are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: Rainier Hok Chung Lam c/o Ian Lindo Telephone: +1 (345) 814 2059 Facsimile: +1 (345) 949 4900 Appleby Trust (Cayman) Limited Clifton House, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands PUMICE LIMITED: Creditors' Proofs of Debt Due Aug. 12 ----------------------------------------------------- The creditors of Pumice Limited are required to file their proofs of debt by Aug. 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 2, 2014. The company's liquidator is: Christopher Tushingham c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P O Box 10147, Grand Cayman KY1-1002 Cayman Islands TROIKA RUSSIA: Creditors' Proofs of Debt Due Aug. 8 --------------------------------------------------- The creditors of Troika Russia Fund Inc. are required to file their proofs of debt by Aug. 8, 2014, to be included in the company's dividend distribution. The company's liquidator is: Alric Lindsay Artillery Court Shedden Road, George Town P.O. Box 11371 Grand Cayman KY1-1008 Cayman Islands Telephone: (345)-926-1688 ========= C H I L E ========= COMPANIA SUD: S&P Affirms 'B-' Corp. Credit Rating; Outlook Pos. ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Compania Sud Americana de Vapores (CSAV). Outlook remains positive. The affirmation reflects S&P's expectation that once the merger with Hapag-Lloyd (HL; B+/Stable/--) is completed, CSAV's cash flows will become more predictable and its debt lower. Also, even though the company will keep a 30% share in the combined container shipping business, S&P expects the credit quality of that unit to be stronger than current one of CSAV, as it will have a larger capital base, a more efficient operation due to network economies and synergies, and a better pricing power. According to the merger's terms, CSAV will transfer all of its container operation (including assets, debt, and other obligations) to HL. In addition, CSAV will have a 30% ownership of the merged company, while HL's current shareholders will maintain the remaining ownership. The shareholders of both companies had already approved the merger, and S&P expects it to be completed by the end of 2014. CSAV's remaining operations will consist of its car carrier, refrigerated cargo, and bulk businesses, which currently generate $30-$40 million in annual EBITDA and whose debt consists of a $50 million bond due 2022. ============= J A M A I C A ============= UC RUSAL: Exploring Ethane for Alpart Plant ------------------------------------------- Daraine Luton at Jamaica Gleaner reports that UC RUSAL is considering the use of ethane -- a gas more widely used in the petrochemical industry for the manufacture of the plastic polyethylene -- to fire its 1.7- million ton alumina refinery in Jamaica's southwestern parish of St Elizabeth. The plant has been closed for five years, largely because of low market price for its product and high production costs, which is primarily because of the expensive oil it burns for energy, according to Jamaica Gleaner. But, the report notes that Jamaica's Mining and Energy Minister Phillip Paulwell announced that he had given UC Rusal six months to reopen Alpart and another facility, the 601,000-tons Kirkvine works in the center of the island, or risk 200 million tons of bauxite ore concessions that go with the refineries. Igor Dorofeev, who runs UC Rusal's operations in Jamaica, told The Gleaner that UC Rusal was close to finalizing an energy strategy for Alpart, in collaboration with a US outfit called American Ethane, which would see the construction of a 150- megawatt power plant, one-third of whose output would be utilized by the refinery, leaving 100 megawatts of power to be sold the national grid, the report relates. "We have let the contract on the initial studies, both on the receiving terminals and the power plants," the report quoted Walt Teter, senior vice-president, American Ethane, which is based in Houston, Texas, as saying. "Our engineers are down here working on these things," Mr. Teter said, the report notes. The project would involve building an ethane-receiving and regasification facilities at Port Kaiser, on Jamaica's north shore, then deliver the gas either via pipeline or rail tanks to the power plant, the report discloses. Nor would Mr. Dorofeev say what would be the cost of the project, but insisted it would be substantially cheaper than the construction of infrastructure for natural gas -- the solution that Rusal proposes for its 670,000-tons refinery at Ewarton, in the southern parish of St Catherine, the report relates. A 30-megawatt power plant is planned for that facility. It is expected to be started early in 2015 and completed by the end of 2017. The cost of that project would be US$200 million, Mr. Dorofeev said, the report relates. Mr. Dorofeev said that he expects to, within weeks, present to Mr. Paulwell "a complete list of documents plus drafts papers, plus our proposals" for the project. Mr. Paulwell, who has in the past expressed frustration at being strung out by Rusal over its long-term plans for its Jamaica facilities, responded cautiously to Mr. Dorofeev's remarks, including the Russian's declaration that Rusal was in Jamaica "for the long haul, the report notes. UC Rusal controls 65 per cent of Jamaica's alumina production capacity and operates three of the island's four alumina refineries. * * * As reported in the Troubled Company Reporter-Europe on July 14, 2014, Itar-Tass said that UC RUSAL said in a statement the London High Court is convening a meeting of creditors of Russia's aluminum giant to vote on a scheme of arrangement of restructuring the company's US$5.15 billion debt. RUSAL has earlier applied to the London and Jersey courts for debt restructuring after failing to win unanimous support from its creditors. By now, RUSAL's request for debt restructuring has received support from 94% of the company's creditors and the aluminum giant is currently negotiating the deal with the remaining 6%. RUSAL still needs to agree on a US$3.6 billion restructuring deal with banks. As reported in the Troubled Company Reporter-Latin America on March 31, 2014, RJR News said that UC Rusal reported a massive increase in net losses in the year to December 31. This was due mainly to a large impairment cost and one-off restructuring charges combined with lower production and a fall in aluminum prices, according to RJR News. The report noted that the company reported a net loss of US$3.2 billion. It suffered a US$528 million loss in 2012. =========== M E X I C O =========== CONSUBANCO S.A.: S&P Assigns 'BB' Rating to MXN1.4BB Certs. ----------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB' global scale and 'mxA' national scale ratings to Consubanco S.A. Institucion de Banca Multiple's (Consubanco; global scale BB/Stable/--; national scale mxA/Stable/mxA-2) proposed bank certificates of up to MXN1.4 billion at a floating rate CSBANCO14 due 2018. This is the second issuance under a MXN2 billion program, or its equivalent in inflation-protected units (Unidades de Inversi¢n, UDIs), due May 2018. International investors may acquire 90% of the bank certificates through global depository notes (GDNs). The ratings on the bank certificates are the same as the counterparty credit ratings on the bank and indicate that the certificates will rank equally in right of payment with all of the bank's existing and future senior unsecured debt. Approximately 50% of the proceeds will be used to refinance existing debt, and the remainder will be used for working capital needs and new originations. "We continue to view Consubanco's funding as "below average," according to our criteria, since it relies on wholesale sources, and its funding mix is more concentrated compared to the industry average. As of June 30, 2014, time deposits (notes with interest payable at maturity) represented 71% of the total funding, issuances (bank certificates in the local market and certificates of deposit) 26%, and interbank loans the remaining 3%. The bank has improved its stable funding ratio to 100% as of second quarter 2014 from 81% in September 2013, because its short-term bank funding has decreased. In our opinion, the MXN1.4 billion bank certificates issuance will help improve the match in the balance sheet and the bank's stable funding ratio, because it will mature in 3.5 years. We expect Consubanco to continue relying on wholesale funding sources to support future loan growth, as the proportion of deposits will be small in the medium term," S&P said. Liquidity is "moderate," reflecting the bank's low liquid assets to short-term wholesale funding ratio of 0.8x on average for the last four quarters, according to S&P's estimates. In S&P's view, this low ratio is offset by the bank's bimonthly repayment of its loan portfolio, S&P's expectation that it will use the proceeds to extend the maturity profile of its liabilities, and gradually increase deposits participation in its funding mix. The ratings on Consubanco reflect its "weak" business position, "very strong" capital and earnings, "moderate" risk position, "below average" funding, and "moderate" liquidity. RATINGS LIST Consubanco, S.A. Institucion de Banca Multiple Corporate credit rating Global scale BB/Stable/-- National scale mxA/Stable/mxA-2 New Rating MXN1.4 bil CSBANCO14 bank certificates due 2018 Global scale BB National scale mxA CONSUBANCO S.A.: Fitch Assigns 'BB-(EXP)' Rating to Bond Issuance ----------------------------------------------------------------- Fitch has assigned Consubanco S.A., Institucion de Banca Multiple's (Consubanco) upcoming senior unsecured notes an expected Long-term rating of 'BB-(EXP)' and a New National Long- Term rating of 'A-(mex)'. The intended issue of MXN1,400 million 3.5 years senior unsecured notes will trade on the Mexican Stock Exchange under the ticker 'CSBANCO 14', with monthly variable interest payments; principal will be payable at maturity, with an early redemption option. Consubanco plans to use the proceeds of the issuance to pay outstanding debt and general corporate purposes. This is the second bond that Consubanco issues under an existing Long-Term Debt program for up to MXN2,000 million and 5-year term. Key Rating Drivers These ratings are in line with Consubanco's Long-term Issuer Default Rating (IDR), which is driven by its Viability Rating (VR), and National Scale Rating, reflecting its senior unsecured nature. Consubanco's IDRs, VR, and national scale ratings are driven by its strong capitalization, sound and recurring profitability driven by ample margins, well-contained provisions and strong efficiency levels, and reasonably sound asset quality and loan loss reserve coverage, which Fitch expects will remain roughly unchanged. However, the ratings also factor in the limited flexibility of its funding structure, though this is gradually improving, the challenging operating and competitive environment in this sector, and the relatively high, though declining, portfolio concentrations by region and employer. Rating Sensitivities The notes expected rating is sensitive to changes in Consubanco's IDR, which in turn is driven by its viability rating. EMPRESAS ICA: Buys Facchina Construction, Increases Presence in US ------------------------------------------------------------------ Empresas ICA, S.A.B. de C.V. disclosed the completion of the acquisition of the Facchina Construction Group in the United States. The acquisition will enable ICA to increase participation in the U.S. market as part of its international growth strategy. FCG has a strong presence in the Washington, D.C., metropolitan area and southern Florida, and was founded by Paul Facchina, Sr. in 1987. Landmark projects in the Washington, D.C., metropolitan area include the 11th Street Bridge reconstruction project, the Maryland Intercounty Connector highway project, and the U.S. Capitol Visitor Center. In Florida, landmark projects include the New World Symphony Campus Expansion, the American Airlines Arena, and residential high-rise developments such as the Grove at Grand Bay. ICA launched an international diversification initiative in 2011, with the objective of increasing the international share of total construction revenues. ICA has already expanded its activities in key markets of Latin America, including Panama, Peru, Colombia, and Costa Rica. The acquisition of FCG now extends this initiative to the U.S. In the past, ICA participated in key U.S. infrastructure projects, but has not been active in recent years. ICA has made an initial payment of $60 million for 100 percent of the ownership interests in FCG. Additional payments of up to $40 million could be paid based upon the company meeting agreed EBITDA targets over the next five years through 2019, among other conditions. As part of ICA, FCG is expected to be able to bid on and participate in larger projects than in the past, and be able to incorporate technologies that will improve efficiency. It will also have access to additional surety and financing capabilities. In 2013 FCG had revenues of approximately $230 million, EBITDA of approximately $8 million, and net income of approximately $7 million. As of Dec. 31, 2013, FCG had net cash of approximately $30 million. Construction backlog totaled approximately $291 million at year-end. We are currently in the period of post- closing review. The transaction has received all necessary U.S. regulatory approvals. Empresas ICA, S.A.B. de C.V. is an infrastructure company in Mexico. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges. * * * As reported in the Troubled Company Reporter-Latin America on May 23, 2014, Standard & Poor's Ratings Services affirmed its 'B+' global scale and 'mxBBB' national scale corporate credit ratings on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P assigned its 'B' issue-level rating on the company's proposed $500 million senior unsecured notes. The recovery rating of '5' on the notes, indicating expectation of modest (10% to 30%) recovery in the event of a payment default, remains unchanged. The outlook is negative. ===================== P U E R T O R I C O ===================== PUERTO RICO: Ex-Boxing Champ Sues to Recover Losses from Bonds -------------------------------------------------------------- Aaron Kuriloff and Mike Cherney, writing for The Wall Street Journal, reported that Felix Trinidad, a Hall of Fame boxer, has filed a complaint seeking to recover losses he says exceed $63 million from investing in Puerto Rican municipal-bond funds. According to the Journal, in an April complaint filed with Wall Street's self-regulator, the Financial Industry Regulatory Authority, Mr. Trinidad accuses his former close friend and ex- financial adviser, Jose "Pepe" Ramos, as well as investment firms that employed him -- including units of UBS AG, Wells Fargo & Co. and Popular Inc. -- of squandering much of Mr. Trinidad's $86 million in career winnings betting on Puerto Rico closed-end municipal-bond funds without warning of the risks. =============================== T R I N I D A D & T O B A G O =============================== * TRINIDAD & TOBAGO: Central Bank Pumps More US$ Into System ------------------------------------------------------------ Trinidad Express reports that Trinidad and Tobago Central Bank will sell US$75 million to the banking system as part of what it calls its foreign exchange intervention program. "The timing of this sale is based on the bank's ongoing analysis of market conditions and consultation earlier with foreign exchange traders. This intervention comes 15 days after the bank sold US$100 million to the system on July 2. The total sale of foreign exchange by Central Bank for July 2014, thus far, is US$175 million," the bank said in a statement obtained by Trinidad Express. In the first half of July, inflows of US currency have been low, as expected, given the rate of foreign exchange conversions by energy companies, the bank added, according to Trinidad Express. "We anticipate this trend to continue in the latter part of July and into August. The Central Bank is, therefore, expected to continue to provide support to the foreign exchange market, injecting more US currency into the system within the next few weeks," the reported quoted the bank as saying. The report discloses that the bank said the total US currency sold by Central Bank to authorized dealers for the year is US$865 million, US$210 million higher than the amount sold for the corresponding period in 2013. At the end of June 2014, Trinidad and Tobago's net official reserves stood at US$10,304 million, representing an excess of 12 months of import cover, notes the report. Central Bank sources refuted statements by the Trinidad and Tobago Manufacturers' Association (TTMA) their members are not receiving foreign exchange, the report relates. Source said based on the data compiled, 100 TTMA members got a total of US$82.6 million, which was 45 per cent of the bank's total sales in the last six weeks, the report relays. Ten TTMA members received US$41.3 million, half of the amount sold to TTMA's members, says the report. A source said the TTMA's complaint was disappointing given the open and frequent communication it has engaged in with business groups, the report adds. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *