/raid1/www/Hosts/bankrupt/TCRLA_Public/140826.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, August 26, 2014, Vol. 15, No. 168
Headlines
A R G E N T I N A
ARGENTINA: ARS May Drop Another 25%, Deutsche Bank Says
BANCO HIPOTECARIO: Reports ARS156.0MM Net Income for 2ndQ 2014
EDENOR SA: Earns ARS15.8 Million in Second Quarter
PROVINFONDOS S.A.S.G.F.C.I.: Moody's Rates Pesos FCI Funds Caa-bf
B E R M U D A
LATIS CATASTROPHE: Placed Under Voluntary Wind-Up
LATIS CATASTROPHE: Member to Receive Wind-Up Report on Aug. 29
SCHRODER FINANCE: Placed Under Voluntary Wind-Up
SCHRODER FINANCE: Member to Hear Wind-Up Report on Aug. 25
STORM PARTNERS: Commences Liquidation Proceedings
B R A Z I L
BANCO BARCLAYS: Moody's Withdraws D- Bank Fin'l Strength Rating
BES INVESTIMENTO: Moody's Lowers Long-term Deposit Rating to B2
BES INVESTIMENTO: Moody's Cuts Senior Unsecured Debt Rating to B2
* BRAZIL: Current Accnt. Deficit Widens More Than Forecast in July
C A Y M A N I S L A N D S
BASSETT HOLDINGS: Shareholders' Final Meeting Set for Sept. 9
CROYDE HOLDINGS: Shareholders' Final Meeting Set for Sept. 9
HENGAR INVESTMENT: Shareholders' Final Meeting Set for Sept. 9
HERRING LIMITED: Shareholders' Final Meeting Set for Sept. 9
SATSUMA LIMITED: Shareholders' Final Meeting Set for Sept. 9
SIRE DISCOVERY: Shareholder to Hear Wind-Up Report on Sept. 3
SUNTECH POWER: Swiss Unit Now Solvent Member of Suntech Group
C H I L E
SMU S.A: Moody's Downgrades Rating on USD300MM Notes to Caa2
J A M A I C A
CARIBBEAN CEMENT: Dehring Tipped to Become Chairman of Firm
* JAMAICA: Manufacturing Sector Records 4 Quarters of Decline
P U E R T O R I C O
CONSTRUCTORA DE HATO: Fails to File Plan; Case Dismissed
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: ARS May Drop Another 25%, Deutsche Bank Says
-------------------------------------------------------
Camila Russo at Bloomberg News reported last week that Argentina's
peso has further to fall after weakening the most since January,
according to Alan Ruskin, the global head of Deutsche Bank AG's
Group of 10 foreign exchange in New York.
"Guys like ourselves are saying the currency could still lose
something like 25 percent," Ruskin said in a television interview
on "Bloomberg Surveillance." Argentina's peso weakened 1.4
percent last week to 8.4025 per dollar, the biggest drop since the
government devalued the currency 15 percent in the week ended
Jan. 24, according to Bloomberg News.
Bloomberg News discloses that the peso is tumbling after President
Cristina Fernandez de Kirchner said Aug. 19 that she's planning to
pay international bonds locally to skirt a U.S. court ruling that
obliges the nation to pay holders of defaulted debt in full when
servicing restructured notes. The announcement followed the
country's default on July 30 after a U.S. court blocked a $539
million debt payment.
Peso forwards show traders are betting the currency will fall 20
percent to 10.45 pesos per dollar in the next six months,
Bloomberg News notes.
"Certainly investors are asking questions about Argentina,"
Bloomberg News quoted Mr. Ruskin as saying. "It still is one of
the big shorts on the currency side," Mr. Ruskin added.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a $539 million
interest payment. Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001. A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the $1.5 billion they
claimed. The country hasn't been able to access international
credit markets since its $95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
BANCO HIPOTECARIO: Reports ARS156.0MM Net Income for 2ndQ 2014
--------------------------------------------------------------
Banco Hipotecario S.A. reported second quarter 2014 results.
Net income for the second quarter was ARS156.0 million, compared
to ARS202.4 million and ARS70.9 million of last quarter and same
quarter of previous year, respectively.
Net financial margin for the quarter was ARS543.5 million,
compared to ARS687.8 million of last quarter and ARS295.4 million
of same quarter of last year.
A full text copy of the company's financial results is available
free at:
http://is.gd/z4ZvLU
Banco Hipotecario S.A. provides various banking services in
Argentina. It accepts deposit products; and offers loan products
comprising mortgage, personal, and SME loans.
* * *
As reported in the Troubled Company Reporter-Latin America on Aug.
21, 2014, Standard & Poor's Ratings Services affirmed its 'CCC-'
foreign currency ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., and Banco de Galicia y Buenos Aires S.A. At the
same time, S&P affirmed the 'CCC+' local currency ratings on these
banks and removed the ratings from CreditWatch with negative
implications, where S&P placed them on June 18, 2014. The outlook
on the ratings is negative.
EDENOR SA: Earns ARS15.8 Million in Second Quarter
--------------------------------------------------
Edenor S.A. has reported a profit of ARS15.76 million for the
three months ended June 30, 2014, compared to a profit of ARS1.81
billion for the same period in 2013.
For the six months ended June 30, 2014, the Company reported a
loss of ARS722.80 million compared to profit of ARS1.30 billion
for the same period a year ago.
The Company's balance sheet at June 30, 2014, showed ARS7.40
billion in total assets, ARS6.95 billion in total liabilities and
ARS453.50 million in total equity.
Total cash and cash equivalents at June 30, 2014, were ARS161.35
million.
Edenor's capital expenditures during the second quarter of 2014
totaled ARS368.8 million, compared to ARS279.6 million in the
second quarter of 2013. This increase was mainly due to the
increase in costs and key facilities for ensuring the proper
service provision.
"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases, the Board of Directors has raised substantial doubt
about the Company's ability to continue as a going concern in the
term of the next fiscal year, being obliged to defer certain
payment obligations, as previously mentioned, or unable to meet
expectations for salary increases or the increases recorded in
third-party costs," the Company stated in its report filed with
the U.S. Securities and Exchange Commission.
A full-text copy of the Form 6-K Report is available at:
http://is.gd/7GJmf5
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012. Edenor reported a net loss of
ARS 291.38 million in 2011.
PROVINFONDOS S.A.S.G.F.C.I.: Moody's Rates Pesos FCI Funds Caa-bf
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A has
assigned initial global and national scale bond fund ratings to
three fixed-income funds managed by Provinfondos S.A.S.G.F.C.I. in
Argentina. The global scale and national scale ratings assigned
are as follows:
-- 1822 Raices Pesos Fondo Comun de Dinero FCI; rating B-bf / Aa-
bf.ar.
-- 1822 Raices Valores Fiduciarios FCI; rating B-bf / A-bf.ar.
-- 1822 Raices Renta en Pesos FCI; rating Caa-bf / Baa-bf.ar.
Ratings Rationale
"The fund ratings are based on Moody's evaluation of each of the
fund's historical composition and the expectation that the asset
manager will maintain the current maturity-adjusted weighted
average credit quality profile. Looking at the funds' histories,
their profiles are comparable to those of similarly rated peers",
said Moody's lead analyst Carlos de Nevares.
Provinfondos S.A.S.G.F.C.I.,part of the financial group BAPRO, is
an asset manager with a 0.9% market share in the Argentinean
mutual fund industry. As of July 2014, Provifondos had assets
under management of approximately AR$941 million.
Moody's National Scale Credit 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 credit 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 credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".
Regulatory Disclosures
For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.
=============
B E R M U D A
=============
LATIS CATASTROPHE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 22, 2014, the members of Latis Catastrophe Fund, Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Aug. 8, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
LATIS CATASTROPHE: Member to Receive Wind-Up Report on Aug. 29
--------------------------------------------------------------
The member of Latis Catastrophe Fund, Ltd. will receive on
Aug. 29, 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:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
SCHRODER FINANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
On July 24, 2014, the member of Schroder Finance (Bermuda) Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Aug. 8, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J Mayor
Conyers Dill & Pearman Limited
Clarendon House, 2 Church Street
Hamilton, HM11
Bermuda
SCHRODER FINANCE: Member to Hear Wind-Up Report on Aug. 25
----------------------------------------------------------
The member of Schroder Finance will hear on Aug. 25, 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:
Robin J Mayor
Conyers Dill & Pearman Limited
Clarendon House, 2 Church Street
Hamilton, HM11
Bermuda
STORM PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
On July 11, 2014, the members of Storm Partners Ltd. resolved to
voluntarily liquidate the company's business.
The company's liquidator is:
Jennifer M. Kelly
3rd Floor, Par La Ville Place
14 Par-la-Ville Road, Hamilton HM 08
Bermuda
===========
B R A Z I L
===========
BANCO BARCLAYS: Moody's Withdraws D- Bank Fin'l Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Banco Barclays S.A.'s
(Barclays Brazil) bank financial strength rating (BFSR) of D-,
equivalent to a baseline credit assessment (BCA) of ba3. At the
same time, Moody's has withdrawn Barclays Brazil's global local
currency and foreign currency deposit ratings of Baa3 and Prime 3,
long- and short-term, respectively, and Brazilian national scale
deposit ratings of Aa1.br and BR-1, long- and short-term,
respectively. Before the withdrawal, the outlook on all ratings
was stable.
The following ratings assigned to Banco Barclays S.A. were
withdrawn:
- Bank financial strength rating of D-, equivalent to a baseline
credit assessment of ba3, with stable outlook
- Long-term global local-currency deposit rating of Baa3, with
stable outlook
- Short-term global local-currency deposit rating of Prime-3
- Long-term foreign currency deposit rating of Baa3, with stable
outlook
- Short-term foreign currency deposit rating of Prime-3
- Long-term Brazilian national scale deposit rating of Aa1.br,
with stable outlook
- Short-term Brazilian national scale deposit rating of BR-1
Ratings Rationale
Moody's has withdrawn the ratings for its own business reasons.
Moody's last took a rating action on Barclays Brazil on 22 July
2014, when Moody's downgraded Barclays Brazil's BFSR to D- and
affirmed the long- and short-term global local and foreign-
currency deposit ratings at Baa3 and Prime-3 and the long- and
short-term national scale ratings at Aa1.br and BR-1. The outlook
on all ratings was stable.
BES INVESTIMENTO: Moody's Lowers Long-term Deposit Rating to B2
---------------------------------------------------------------
Moody's Investors Service lowered BES Investimento do Brasil
S.A.'s (BESI) baseline credit assessment (BCA) to b2 from b1
(equivalent to an E+ standalone bank financial strength rating).
At the same time, it downgraded BESI's long-term global local- and
foreign-currency deposit ratings to B2 from B1; and long- and
short-term Brazilian national scale deposit ratings to Ba2.br from
Baa2.br, and to BR-4 from BR-3, respectively. In addition, Moody's
affirmed the short-term global local- and foreign-currency deposit
ratings of Not Prime. The ratings remain on review for downgrade,
with the exception of the Not Prime short-term debt and deposit
ratings.
The following ratings assigned to BES Investimento do Brasil S.A.
were downgraded, and remain on review for downgrade:
Long-term global local-currency deposit rating to B2 from B1
Long-term foreign-currency deposit rating to B2 from B1
Long-term foreign-currency senior unsecured debt rating to B2 from
B1
Long-term Brazilian national scale deposit rating to Ba2.br from
Baa2.br
Short-term Brazilian national scale deposit rating to BR-4 from
BR-3
The following ratings were affirmed:
Short-term global local-currency deposit rating of Not Prime
Short-term foreign-currency deposit rating of Not Prime
The following rating was confirmed:
Bank financial strength rating of E+
Ratings Rationale
The lowering of BESI's BCA to b2 from b1 incorporates the bank's
weakening liquidity position that further increased the high
dependence on market funding and depositors' concentration.
Moody's acknowledges that BESI's liquidity has most recently
stabilized, while the short duration of its assets partially
offsets challenges to meet upcoming maturing liabilities.
Nevertheless, we note that the bank needs to accumulate liquidity
for the repayment of a BRL700 million Eurobond maturing Q1 2015,
which may reflect in lower earnings prospects. Moreover, higher
funding cost could pressure BESI's profitability at a time when
businesses opportunities are already experiencing the negative
effect of weak economic conditions.
BESI's financial strength has been negatively affected by the
problems at its parent bank in Portugal and the uncertainties
related to the potentially long timeframe required for a
resolution, which could influence the Brazilian subsidiary's
franchise and strategy. As a result of the group's restructuring
by Banco de Portugal, BESI Brasil remains a subsidiary of Novo
Banco (B2 review for downgrade, E/ca review for upgrade). Please
see Moody's 12 August 2014 press release on its assignment of B3
senior debt and B2 deposit ratings to Novo Banco.
Moody's notes that BESI's 1H2014 profitability came in line with
management's expectations, with a BRL25 million net income,
generated mainly by increased investment banking deals. However,
the bank's short- to medium-term revenue generation could come
under pressure were the bank to limit its activities or divest
businesses.
The continuing review for downgrade of BESI's ratings will focus
on the liquidity management and on the effects of a possible long-
term problem-solving process at the parent bank, that could hurt
liquidity and earnings. It will also consider any strategic
realignment in the group that could affect BESI's business model
and management and thus substantially change its risk profile.
The B2 global local-currency deposit rating derives from BESI's
BCA of b2, and does not benefit from any parental or systemic
support uplift.
The last rating action on BESI was on 14 July 2014, when Moody's
downgraded the standalone bank financial strength rating to E+
from D- and the BCA to b1 from ba3; the long-term global local-
and foreign-currency deposit ratings to B1 from Ba3; and the long-
and short-term Brazilian national scale deposit rating to Baa2.br
from A2.br, and to BR-3 from BR-2, respectively. In addition,
Moody's affirmed the short-term global local- and foreign-currency
deposit ratings of Not Prime. Moody's also placed all ratings on
review for downgrade, with the exception of the Not Prime short-
term debt and deposit ratings.
The principal methodology used in this rating was Global Banks
published in July 2014.
Moody's National Scale Credit 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 credit 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 credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".
BES Investimento do Brasil S.A. is headquartered in Sao Paulo,
Brazil. It reported total assets of BRL7.4 billion ($3.4 billion)
and equity of BRL679.3 million ($308.4 million) as of 30 June
2014.
BES INVESTIMENTO: Moody's Cuts Senior Unsecured Debt Rating to B2
-----------------------------------------------------------------
Moody's America Latina Ltda. has downgraded BES Investimento do
Brasil S.A.'s (BESI) senior unsecured local currency debt rating
to B2 from B1, and the National Scale debt rating to Ba2.br from
Baa2.br. The ratings remain on review for downgrade.
The following ratings assigned to BES Investimento do Brasil S.A.
were downgraded, and placed on review for downgrade:
Long-term local currency senior unsecured debt rating to B2, from
B1
Long-term national scale debt rating to Ba2.br, from Baa2.br
Ratings Rationale
The downgrade of BESI's senior unsecured local currency debt
rating to B2 from B1 derives from BESI's lowered baseline credit
assessment to b2 from b1, which, in turn, reflects the bank's
weakening liquidity position that further increased the high
dependence on market funding and depositors' concentration.
Moody's acknowledges that BESI's liquidity has most recently
stabilized, while the short duration of its assets partially
offsets challenges to meet upcoming maturing liabilities.
Nevertheless, Moody's note that the bank needs to accumulate
liquidity for the repayment of a BRL700 million Eurobond maturing
Q1 2015, which may reflect in lower earnings prospects. Moreover,
higher funding cost could pressure BESI's profitability at a time
when businesses opportunities are already experiencing the
negative effect of weak economic conditions.
BESI's financial strength has been negatively affected by the
problems at its parent bank in Portugal and the uncertainties
related to the potentially long timeframe required for a
resolution, which could influence the Brazilian subsidiary's
franchise and strategy. As a result of the group's restructuring
by Banco de Portugal, BESI Brasil remains a subsidiary of Novo
Banco (B2 review for downgrade, E/ca review for upgrade).
Moody's notes that BESI's 1H2014 profitability came in line with
management's expectations, with a BRL25 million net income,
generated mainly by increased investment banking deals. However,
the bank's short- to medium-term revenue generation could come
under pressure were the bank to limit its activities or divest
businesses.
The continuing review for downgrade of BESI's ratings will focus
on the liquidity management and on the effects of a possible long-
term problem-solving process at the parent bank, that could hurt
liquidity and earnings. It will also consider any strategic
realignment in the group that could affect BESI's business model
and management and thus substantially change its risk profile.
The last rating action on BESI was on 14 July 2014, when Moody's
downgraded BES Investimento do Brasil S.A.'s (BESI) senior
unsecured local currency debt rating to B1 from Ba3, and the
National Scale debt rating to Baa2.br from A2.br. At the same
time, Moody's has also placed the debt ratings on review for
downgrade.
The principal methodology used in this rating was Global Banks
published in July 2014.
Moody's National Scale Credit 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 credit 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 credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".
BES Investimento do Brasil S.A. is headquartered in Sao Paulo,
Brazil. It reported total assets of BRL7.4 billion ($3.4 billion)
and equity of BRL679.3 million ($308.4 million) as of 30 June
2014.
* BRAZIL: Current Accnt. Deficit Widens More Than Forecast in July
------------------------------------------------------------------
Matthew Malinowski and Mario Sergio Lima at Bloomberg News report
that Brazil's current account deficit widened last month more than
analysts forecast as the central bank supports the currency in an
effort to prevent inflation from further accelerating.
The deficit in the current account, the broadest measure of trade
in goods and services, widened to $6 billion from $3.3 billion a
month earlier, the central bank said in a report distributed in
Brasilia, according to Bloomberg News. Foreign direct investment
during the same period rose to $5.9 billion from $3.9 billion,
Bloomberg News relays. Economists surveyed by Bloomberg forecast
a gap of $5.8 billion and investment of $5.4 billion.
Brazil's 12-month current account deficit has held near record
levels even as the economy slows, Bloomberg News says. The central
bank last year began a program of daily swap sales that has helped
strengthen the real, a move that increases demand of imported
goods and services, while hurting Brazil's exports, Bloomberg News
discloses. The real is the best performing major currency after
the Australian dollar this year, according to data compiled by
Bloomberg.
The deficit in the 12 months through July narrowed to $78.4
billion or 3.45 percent of gross domestic product, Bloomberg News
notes. Foreign direct investment widened to $64 billion.
Latin America's largest economy will post a current account
deficit of $80 billion and foreign direct investment of $63
billion this year, the central bank said in June, Bloomberg News
reports. That compares to a $81 billion gap and investments of
$64 billion in 2013.
Key Rate
Bloomberg News notes that the central bank has held the key rate
at 11 percent in the past two meetings after lifting borrowing
costs 375 basis points in the 12 months through April. That was
the longest monetary tightening cycle in the world.
Consumer prices in the month through mid-August rose at the
slowest pace in 13 months as the cost of food and beverages fell,
Bloomberg News reports. Inflation as measured by the benchmark
IPCA-15 index decelerated to 0.14 percent from 0.17 percent the
month before, the national statistics agency said Aug. 20 on its
website, according to Bloomberg News.
Analysts surveyed by the central bank have cut their 2014 growth
forecast in 12 straight weeks, to 0.79 percent, Bloomberg News
adds. That would be the slowest pace since the economy contracted
in 2009.
==========================
C A Y M A N I S L A N D S
==========================
BASSETT HOLDINGS: Shareholders' Final Meeting Set for Sept. 9
-------------------------------------------------------------
The shareholders of Bassett Holdings Ltd. will hold their final
meeting on Sept. 9, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
CROYDE HOLDINGS: Shareholders' Final Meeting Set for Sept. 9
------------------------------------------------------------
The shareholders of Croyde Holdings Ltd. will hold their final
meeting on Sept. 9, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
HENGAR INVESTMENT: Shareholders' Final Meeting Set for Sept. 9
--------------------------------------------------------------
The shareholders of Hengar Investment Corp. will hold their final
meeting on Sept. 9, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
HERRING LIMITED: Shareholders' Final Meeting Set for Sept. 9
------------------------------------------------------------
The shareholders of Herring Limited will hold their final meeting
on Sept. 9, 2014, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
SATSUMA LIMITED: Shareholders' Final Meeting Set for Sept. 9
------------------------------------------------------------
The shareholders of Satsuma Limited will hold their final meeting
on Sept. 9, 2014, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
SIRE DISCOVERY: Shareholder to Hear Wind-Up Report on Sept. 3
-------------------------------------------------------------
The shareholder of Sire Discovery Group Offshore, Ltd will hear on
Sept. 3, 2014, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Justin Savage
Telephone: (345) 815 1816
Facsimile: (345) 949 9877
SUNTECH POWER: Swiss Unit Now Solvent Member of Suntech Group
-------------------------------------------------------------
Suntech Power Holdings Co., Ltd. said the Schaffhausen Cantonal
Court's order of July 16, 2014, approving the Dividend Agreement
to resolve the creditor claims of Suntech Power International Ltd.
became effective as of August 8, 2014. A corresponding
publication was made in the Swiss Official Gazette of Commerce on
August 15, 2014.
The moratorium phase and the mandate of the Swiss Administrator
have come to an end. SPI is now a solvent member of the Suntech
Group under the operational control of its Board of Directors.
The Swiss Administrator has been appointed by the Schaffhausen
Cantonal Court to continue to work with the Board in the coming
months to supervise and ensure that the terms of the Dividend
Agreement are properly executed, which will include the payment of
dividends to SPI's creditors and administrative matters.
Mr. David Walker, Joint Provisional Liquidator of the Company,
said "The Court Order has closed a difficult chapter for SPI and
we are pleased that the hard work of the SPI Board, the Swiss
Administrator, the Chief Restructuring Officer of SPI Mr Robert
Moon, and the creditors of SPI, who have been supportive
throughout this process, has been recognised. This was an
important milestone to the restructuring: SPI is a significant
entity in Europe and an integral cog for the continued
restructuring of the Group as a whole."
About Suntech
Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications. Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.
Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013. That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.
Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture. The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC. They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.
Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code. Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.
On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383). The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP. According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.
=========
C H I L E
=========
SMU S.A: Moody's Downgrades Rating on USD300MM Notes to Caa2
------------------------------------------------------------
Moody's Investors Service has downgraded SMU S.A's corporate
family rating and its USD 300 million in global notes to Caa2 from
Caa1. The ratings were placed under review for downgrade.
Ratings Rationale
SMU's ratings downgrade to Caa2 reflect the company's
unsustainable leverage, a challenging operating environment that
will make margin improvements difficult, its acquisitive growth
strategy, along with negative free cash flow and the limited
history as an integrated company.
The downgrade follows SMU's default on a portion of its USD 395
million syndicated loan payments whose terms it could not
renegotiate. Accordingly, a restructuring of its debt in January
2014 tied the payment of such syndicated loans to the successful
sale of certain assets, which ultimately did not occur.
Consequently, the company started negotiations with banks in order
to waive the sale commitment and, as BICE Bank refused an
agreement, SMU defaulted on a USD 3 million installment due 31
July 2014 after a three-month grace period. Negotiations with the
rest of the banks are underway to restructure the remaining loans
coming due in September 2014, still tied to the sale of assets.
It is worthy to note that the indenture of the USD 300 million
bonds due 2020 defines "cross-default" as a default on more than
USD 25 million in debt. Although SMU's loans with BICE do not
exceed such amount, this would be the case if no agreement is
reached for the loan payments with the other banks.
The company's credit metrics have been deeply damaged over the
last years, reflected in its increasingly weak operating
performance, extremely high leverage (with a debt/EBITDA ratio of
34.3x for the last 12 months ending in March 2014) and poor
interest coverage (EBIT/interest expense of -0.6x for the same
period). In addition, although operating performance has improved
in the first and second quarters 2014, SMU has reported negative
free cash flow generation for 2013 and 2014 so far.
The review will assess the progress of the company's bank debt
renegotiation, as well as its ability to improve operating
performance and credit profile.
In light of the review for downgrade, Moody's do not expect upward
pressure on the ratings in the near to medium term. A confirmation
of the rating could be possible, however, if SMU successfully
renegotiates the payment terms with the banks, while executing on
a deleveraging strategy and improving its EBITDA margins and
liquidity.
The ratings could be downgraded if Moody's analysis indicates
diminished prospects for credit metrics improvements consistent
with the Caa2 rating category. Specifically, a further decline in
operating trends, weakening of margins, increase in leverage or
deterioration in liquidity would pressure SMU's current ratings.
Based in Santiago, Chile, SMU is a diversified retailer with
operations across the entire country and Peru. The company's
multi-brand and multi-sector strategy focuses on supermarkets,
wholesale, home improvement, convenience stores and e-commerce
outlets, as well as wholesale and retail outlets in the
construction and home improvement markets.
=============
J A M A I C A
=============
CARIBBEAN CEMENT: Dehring Tipped to Become Chairman of Firm
-----------------------------------------------------------
Trinidad and Tobago Newsday reports that Financial Report said
Jamaican company executive Chris Dehring is tipped to become the
new Chairman of Caribbean Cement Company Limited.
Mr. Dehring was among seven new members appointed to the Board of
Caribbean Cement's parent Trinidad Cement Limited (TCL). The
report notes that the new members replaced six members of the
Board who resigned. Brian Young, who was Carib Cement's Chairman,
was among those who stepped down.
In the last few months TCL shareholders had been pushing to get
rid of the former board as they were unhappy with the way the
company was being run, the report discloses. The company is
heavily indebted, owing money to creditors and $100 million to
employees for back pay during the period 2009/2011, the report
relays.
Meanwhile, the report discloses that an acting Chief Executive
Officer has been appointed at TCL, following the decision to send
Dr. Rollin Bertrand on suspension. He is Cemex executive
Alejandro Ramirez. Mr. Ramirez has been a TCL director since
October 2012.
Dr. Bertrand was among the six TCL directors who tendered their
resignations within hours of the company losing an application to
Trinidad & Tobago's Court of Appeal for an injunction that would
have stopped the special meeting by shareholders, the report says.
Caribbean Cement Company Limited manufactures and sells cement.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago. The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.
According to a TCRLA report on Aug. 7, 2013, RJR News said that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News. The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.
* JAMAICA: Manufacturing Sector Records 4 Quarters of Decline
-------------------------------------------------------------
RJR News reports that Jamaica's manufacturing sector has now
recorded four consecutive quarters of decline.
The sector is estimated to have declined by 0.3% in the April to
June quarter, according to RJR News. This followed a 1.2% percent
drop in that sector's output from January to March, the report
notes.
The report discloses that manufacturing last recorded growth in
the April to June quarter last year.
Construction
On the other hand, while manufacturing declined, construction
recorded an uptick, RJR News relays. This sector expanded by one
per cent in the April to June quarter.
It was, however, the lowest growth recorded in a quarter for the
sector in a year, the report adds.
====================
P U E R T O R I C O
====================
CONSTRUCTORA DE HATO: Fails to File Plan; Case Dismissed
--------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has dismissed Constructora De Hato's
Chapter 11 bankruptcy case because the Debtor failed to comply
with the July 3, 2014 court order that gave the Debtor until 10
days to show cause as to why they failed to file their plan of
reorganization and accompanying disclosure statement.
As reported by the Troubled Company Reporter on May 26, 2014, the
Court extended until July 1, 2014, the time by which the Debtor
should file a plan and a disclosure statement. The CR reported
that the Debtor said the offers it received thus far for the
purchase of its realty had been unreasonable, thus it had been
unable to liquidate its realty and raise the necessary funds to
execute a feasible plan.
About Constructora De Hato
San Juan, Puerto Rico-based Constructora De Hato owns parcels of
land in Puerto Rico with an aggregate value of $1.82 million. It
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11)
in Old San Juan, Puerto Rico, on April 13, 2012. The petition was
signed by Waldemar Carmona Gonzalez, president. The Debtor is
represented by Charles Alfred Cuprill, Esq., at Charles A.
Curpill, PSC Law Office, in San Juan. Luis R. Carrasquillo & Co.,
PSC, serves as financial consultant. In its schedules, as
amended, the Debtor disclosed $10,701,724 in assets and $6,847,693
in liabilities.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
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OGX PETROLEO CTCO3 BZ 2104841243 -4244633894
OLEO E GAS P-ADR OGXPY US 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EO 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EU 2104841243 -4244633894
OLEO E GAS P-ADR 8OGB GR 2104841243 -4244633894
OLEO E GAS PART OGXP3 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP5 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP6 BZ 2104841243 -4244633894
OLEO E GAS PART OGXPF US 2104841243 -4244633894
OSX BRASIL - RTS 0701756D BZ 2670745328 -202996314
OSX BRASIL - RTS 0701757D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812903D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812904D BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB1 BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB9 BZ 2670745328 -202996314
OSX BRASIL SA OSXB3 BZ 2670745328 -202996314
OSX BRASIL SA EBXB3 BZ 2670745328 -202996314
OSX BRASIL SA OSXRF US 2670745328 -202996314
OSX BRASIL S-GDR OSXRY US 2670745328 -202996314
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
PETROLERA DEL CO PSUR AR 70120174.9 -27864484
PILMAIQUEN PILMAIQ CI 200140666 -20597929.7
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 21553021.9 -5145184.07
PUYEHUE RIGHT PUYEHUOS CI 21553021.9 -5145184.07
RECRUSUL RCSL3 BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529789Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529793Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163582D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163583D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614675D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614676D BZ 41395863.2 -21007926.7
RECRUSUL - RCT RCSL10 BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529781Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529785Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163579D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163580D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614674D BZ 41395863.2 -21007926.7
RECRUSUL SA RESLON BZ 41395863.2 -21007926.7
RECRUSUL SA-PREF RESLPN BZ 41395863.2 -21007926.7
RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
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 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
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
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 7335626Q BZ 33401974.6 -468978.338
TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338
TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338
TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338
TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338
TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338
TECTOY TOYB3 BZ 33401974.6 -468978.338
TECTOY TOYB13 BZ 33401974.6 -468978.338
TECTOY SA TOYBON BZ 33401974.6 -468978.338
TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338
TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338
TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338
TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338
TEKA TKTQF US 367577608 -421708949
TEKA TEKA3 BZ 367577608 -421708949
TEKA TEKAON BZ 367577608 -421708949
TEKA-ADR TEKAY US 367577608 -421708949
TEKA-ADR TKTPY US 367577608 -421708949
TEKA-ADR TKTQY US 367577608 -421708949
TEKA-PREF TKTPF US 367577608 -421708949
TEKA-PREF TEKA4 BZ 367577608 -421708949
TEKA-PREF TEKAPN BZ 367577608 -421708949
TEKA-RCT TEKA9 BZ 367577608 -421708949
TEKA-RCT TEKA10 BZ 367577608 -421708949
TEKA-RTS TEKA1 BZ 367577608 -421708949
TEKA-RTS TEKA2 BZ 367577608 -421708949
TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2
TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2
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
WETZEL SA MWET3 BZ 97509409.1 -4549842.72
WETZEL SA MWELON BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *