/raid1/www/Hosts/bankrupt/TCRLA_Public/150203.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, February 3, 2015, Vol. 16, No. 023
Headlines
B R A Z I L
OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar
PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal
WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks
C A Y M A N I S L A N D S
55 NORTH CAPITAL: Shareholders Receive Wind-Up Report
AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report
AZURE MARINE: Shareholders Receive Wind-Up Report
BRIGADE CREDIT: Shareholder Receives Wind-Up Report
ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report
GALENA AZURITE: Shareholders Receive Wind-Up Report
GIC EVENT: Shareholder Receives Wind-Up Report
HUNT OVERSEAS: Shareholders Receive Wind-Up Report
LODESTONE GLOBAL: Shareholders Receive Wind-Up Report
LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report
PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report
SENEGAL HUNT: Shareholders Receive Wind-Up Report
TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
VALU-TRAC MASTER: Shareholder Receives Wind-Up Report
VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report
C H I L E
CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative
J A M A I C A
JAMAICA: Trade Deficit with the USA Increases
M E X I C O
METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg.
P A N A M A
BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System
V E N E Z U E L A
VENEZUELA: Oil Cash Waning, Shelves Lie Bare
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===========
B R A Z I L
===========
OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar
-----------------------------------------------------------
Reuters reports that a court in Brazil's Sao Paulo state seized on
Jan. 30, 8.9 percent of the shares that construction group OAS SA
has in infrastructure company Investimentos e Participacoes em
Infraestrutura SA, alleging that the debt-ridden group is in
imminent risk of insolvency.
Judge Roberto Corcioli Filho of the state of Sao Paulo Justice
Court told Reuters that he ordered the seizure at the behest of
Pentagono SA DTVM, which as a trustee represents the interests of
holders of BRL160 million (US$60 million) in OAS local debt notes.
Judge Corcioli's order followed OAS's decision to move around some
of the 105 million common and preferred shares it owns in the
infrastructure firm, known as Invepar, according to Reuters. The
plaintiffs suspect OAS transferred the shares to protect them from
their clients, the note holders, and other creditors, according to
court documents, the report notes.
Judge Corcioli said in a phone interview that the decision was a
temporary, pre-emptive measure which could also be appealed, the
report relates. It could be reversed should OAS prove the
transfer of the securities was legal, Judge Corcioli added. OAS
did not have an immediate comment.
The seizure comes as OAS struggles with the impact from a graft
and money-laundering scandal afflicting key client Petrobras,
which has undercut its own access to financing and revenue flow,
the report relays.
OAS failed to pay interest on US$400 million of global bonds and
on 100 million reais of debt earlier this year, and bankers are
speculating that a sale of the stake in Invepar could help OAS
raise cash to honor some obligations, the report notes. OAS
controls a 25 percent stake in Invepar through its wholly
controlled OAS Infraestrutura SA subsidiary, the report discloses.
Some of Brazil's largest civil construction companies are facing
increased scrutiny and limited access to bond and loan markets
after federal prosecutors found that executives at state-
controlled Petrobras negotiated bribes in exchange for building,
leasing and other contracts, the report adds.
OAS S.A., together with its subsidiaries, provides civil
engineering and heavy construction services. It is engaged in the
management and execution of projects and works; purchase and sale
of properties and intermediation; investment in other entities,
consortiums, condominiums, real estate funds, public utilities,
and concessions. The company was formerly known as OAS Engenharia
e Participacoes S.A. OAS S.A. is headquartered in Sao Paulo,
Brazil.
PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal
-----------------------------------------------------------
Global Insolvency News, citing Financial Times, reports that
Brazil's Petroleo Brasileiro S.A. has admitted it is so far unable
to calculate how much money was stolen from the company in a vast
corruption scandal that has shaken confidence in the world's
second-largest emerging market.
After two months of delays, the state-controlled oil producer
finally published its unaudited financial statements for the third
quarter of 2014 at just after 4:00 a.m. on Jan. 27, in Brazil to
avoid breaking some of its debt covenants, according to Global
Insolvency News.
Petrobras said at the current time it was "impracticable to
measure in a correct, complete and definite manner" its losses
from an alleged bribery and kickback scheme at the company --
believed to be the largest of its kind in Brazilian history, the
report notes.
The company added it was examining alternative methods to
calculate the losses, the report says.
Jan. 27's announcement caused widespread anger among investors and
Brazilian taxpayers alike, prompting Petrobras' shares to fall
more than 10 per cent in early trading, the report notes.
Analysts had widely expected Petrobras to book a writedown of up
to US$20 billion in what would have been a vital first step to
regain credibility in the market and the trust of
PricewaterhouseCoopers, its auditors, who have refused to sign off
its accounts since November, the report adds.
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products. The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.
As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, Moody's Cut Petrobras S.A.'s baseline credit
assessment to ba1.
WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks
----------------------------------------------------------
Vanessa Dezem at Bloomberg News reports that the bankruptcy of a
turbine maker in Brazil is threatening to derail BRL5 billion
(US$2 billion) of wind parks being built by a unit of state-run
power utility Eletrobras, said three people with direct knowledge
of the matter.
The unit, Furnas, canceled at least BRL2 billion of turbine supply
contracts after Wind Power Energia SA, the Brazilian arm of
Industrias Metalurgicas Pescarmona SA, or Impsa, filed for
bankruptcy protection late last year, said one of the people, who
asked not to be named because the matter isn't public, according
to Bloomberg News.
Bloomberg News notes that Furnas had also planned to buy Impsa
turbines for additional projects, bringing the total to BRL5
billion.
That leaves Furnas and its partners in the parks, including J&F
Investimentos SA and Banco BMG SA, with a tough choice: Either
wait for another local supplier, which are already operating at
full capacity, to take on the order or convince an international
company to set up shop in Brazil to be eligible for cheap state
financing. Either way, Furnas will incur losses with the projects
because of delays, the person said, Bloomberg News notes.
A third option -- importing the turbines and forgoing the state
loans -- was discarded because it would make the parks
unprofitable, said the person, Bloomberg News relays.
"Impsa was an important turbine supplier in Brazil," Antonio
Tovar, head of the renewable energy department at national
development bank BNDES, said in an interview on Jan. 12 in Rio de
Janeiro, Bloomberg News notes. "Its bankruptcy has disrupted the
market," BNDES added.
China Shipbuilding
Furnas in an e-mailed response to questions confirmed that at
least one of the parks is delayed and that it's seeking turbines
from manufacturers already operating in Brazil or willing to open
a factory, Bloomberg News relays.
Furnas has had talks with state-owned China Shipbuilding Industry
Co. to build a turbine factory in Brazil, according to the person
familiar with the situation, reports Bloomberg News. Furnas has
also asked Brazil's energy regulator Aneel to extend the deadline
for some parks to start operating, the person said, Bloomberg News
relays.
Bloomberg News notes that Furnas, whose parent company is formally
known as Centrais Eletricas Brasileiras SA, was awarded the
contracts in 2013 to build and operate the parks in Rio Grande do
Norte and Ceara states.
If the parks, with planned capacity of 462 megawatts, aren't
operating this year, Furnas and its partners will be forced to
meet some supply contracts by buying electricity on the spot
market to resell to customers, probably at a loss, Bloomberg News
relays.
The BRL2 billion order was insured, according to the person
familiar with the matter. The total BRL5 billion investment was
for eight parks with planned capacity 1.04 gigawatts, Bloomberg
News notes.
As of September, Impsa had contracts to supply 1.5 gigawatts of
turbines in Brazil, accounting for 12 percent of the market,
making it the nation's fourth-biggest supplier, according to
Bloomberg New Energy Finance.
==========================
C A Y M A N I S L A N D S
==========================
55 NORTH CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of 55 North Capital Partners Ltd received on
Jan. 15, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Nicola Cowan
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Audley Investments III received on Dec. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Russell Homer
c/o Tanya Armstrong
Telephone: (345) 946-0820
Facsimile: (345) 946-0864
P.O. Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
AZURE MARINE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Azure Marine Ltd. received on Dec. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Philip Mosely
Harbour Centre, Ground Floor
P.O. Box 1569
42 North Church Street, George Town
Grand Cayman KY1-1110
Cayman Islands
Telephone: +1 (345) 949 4018
Facsimile: +1 (345) 949 7891
BRIGADE CREDIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Brigade Credit Offshore Fund I Ltd. received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Elian Fiduciary Services (Cayman) Limited
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Ermitage Global Multi-Strategy Fund received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Jason Robinson
Telephone: 345-815-2600
Facsimile: 345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
2nd Floor Century Yard, Cricket Square
Elgin Avenue, George Town
Grand Cayman, Cayman Islands
Telephone: (345) 949-4800
Facsimile: (345) 949-7164
GALENA AZURITE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Galena Azurite Fund Limited received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Russell Homer
c/o Tanya Armstrong
Telephone: (345) 946-0820
Facsimile: (345) 946-0864
P.O. Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
GIC EVENT: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of GIC Event Driven Fund Limited received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o James Macfee
Telephone: 345-914-4465
Facsimile: 345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
2nd Floor Century Yard, Cricket Square
Elgin Avenue, George Town
Grand Cayman
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
HUNT OVERSEAS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Hunt Overseas Operating Company (Ghana-Cayman)
Ltd. received on Dec. 1, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
c/o Richard Gordon
Telephone: +1 (345) 949 4900
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
LODESTONE GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Lodestone Global Natural Resources Feeder
Company Ltd. received on Dec. 23, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9903
Facsimile: (345) 943 9900
LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Lodestone Global Natural Resources Hedge Fund
received on Dec. 23, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Jess Shakespeare
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9903
Facsimile: (345) 943 9900
PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Pragma Universal Fund Limited received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Margot MacInnis
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
SENEGAL HUNT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Senegal Hunt Oil Company received on Dec. 22,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
c/o Richard Gordon
Telephone: +1 (345) 949 4900
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Tiedemann Global Emerging Markets QP Ltd.
received on Dec. 22, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Barbara Warga Naratil
c/o Justin Savage
Telephone: (345) 815 1816
Facsimile: (345) 949-9877
VALU-TRAC MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Valu-Trac Master Fund SPC received on Dec. 22,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Elian Fiduciary Services (Cayman) Limited)
c/o Jonathan Roney
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Valu-Trac Strategic Fund SPC received on
Dec. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Elian Fiduciary Services (Cayman) Limited)
c/o Jonathan Roney
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
=========
C H I L E
=========
CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative
---------------------------------------------------
Standard & Poor's ratings services lowered its corporate credit
and issue ratings on CAP S.A. to 'BB+' from 'BBB-'. The outlook
is negative.
"The downgrade reflects our expectation that CAP's financial risk
profile will weaken in the next two years due to the eroding iron
prices," said Standard & Poor's credit analyst Marcus Fernandes
Even though the new price assumptions for 2015 and 2016 are $20
per ton lower than S&P's previous ones, the hit on CAP's financial
performance wouldn't be as hard given the company's cost-cutting
efforts and lower capital expenditures (capex). Moreover, freight
costs have significantly dropped and the Chilean peso depreciated
10% in the past six months, all of which S&P expects to mitigate
the impact of lower iron ore prices.
=============
J A M A I C A
=============
JAMAICA: Trade Deficit with the USA Increases
---------------------------------------------
RJR News reports that new data show Jamaica has been importing
more goods from the United States, resulting in an increase in the
trade deficit with its major trading partner.
During the period January to October last year, the value of
imports from the US grew by US$165.6 million, or 9.8%, according
to RJR News.
The report notes that the total imports were valued at US$1.85
billion, compared to $1.69 billion during the corresponding period
in 2013.
Expenditure on goods from the US accounted for 38.6 per cent of
Jamaica's total imports during the ten months, the report relates.
Exports Down
And according to the Statistical Institute of Jamaica, during that
period, the value of Jamaican exports to America fell by US$166
million, or 25%, to US$487 million, the report relays.
This comprised nearly 40 per cent of the country's total earnings
from exports, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable. In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.
===========
M E X I C O
===========
METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its long-term global and
Mexico National (CaVal) scale ratings on five Mexican residential
mortgage-backed securities (RMBS) transactions originated and
serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R
(Metrofinanciera) on CreditWatch with negative implications.
S&P placed on CreditWatch with negative implications its National
scale ratings on Metrofinanciera - Bursatilizaciones de Hipotecas
Residenciales' classes METROCB 05U, MFCB 05U, and METROCB 06U and
on Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
II's classes MTROCB 07U and MTROCB08U, as well as S&P's global
scale ratings on classes MTROCB 07U and MTROCB 08U.
The negative CreditWatch placements reflect the fact that the
overcollateralization levels have remained very weak, and have
even declined, in most of the classes, when compared with those
observed in S&P's last rating action in October 2013. In S&P's
opinion, this is due to the transactions' low recovery levels,
except for classes MTROCB 07U and MTROCB 08U; although, even for
these classes, their recovery levels have been insufficient to
revert the deterioration in non-performing loans (measured over
the pool's outstanding balances) and overcollateralization.
Classes METROCB 05U and MFCB 05U have partial credit guarantees
(PCGs) provided by Sociedad Hipotecaria Federal S.N.C. (SHF) for
up to 26% and 11% of the outstanding balance of the notes,
respectively. These PCGs can be disbursed to cover interests
shortfalls under possible liquidity events. However, they cannot
be disbursed to restore the parity between current assets and
liabilities; therefore, their capacity to provide credit
protection to losses is very limited.
S&P will resolve the negative CreditWatch placements within the
next 30 days. S&P is conducting a full review of the
transactions, considering its observed performance and its
stressed assumptions for foreclosure frequency and loss severity.
S&P could lower its ratings by one or more notches if the current
credit enhancement levels on the deals are not sufficient to
withstand its stress scenarios consistent with their current
ratings; otherwise, S&P could affirm its ratings.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS PLACED ON WATCH NEGATIVE
Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series Maturity Rating
date To From
METROCB 05U 2/20/2034 mxA (sf)/Watch Neg mxA (sf)
MFCB 05U 10/24/2033 mxBBB- (sf)/Watch Neg mxBBB- (sf)
METROCB 06U 11/14/2033 mxB- (sf)/Watch Neg mxB- (sf)
Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II
Series Maturity Rating
date To From
MTROCB 07U 12/1/2033 CCC (sf)/Watch Neg CCC (sf)
MTROCB 07U 12/1/2033 mxB- (sf)/Watch Neg mxB- (sf)
MTROCB 08U 4/1/2033 CCC+ (sf)/Watch Neg CCC+ (sf)
MTROCB 08U 4/1/2033 mxB (sf)/Watch Neg mxB (sf)
===========
P A N A M A
===========
BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
counterparty credit ratings on Banco Panameno de la Vivienda, S.A.
y Subsidiarias (Banvivienda). S&P subsequently withdrew the
ratings at the issuer's request. The outlook was stable at the
time of withdrawal.
The ratings on Banvivienda reflected its "moderate" business
position, "adequate" capital and earnings, "adequate" risk
position, "below average" funding, and "adequate" liquidity, as
our criteria define these terms. The ratings on Banvivienda do
not incorporate notches for group support or extraordinary
government support.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System
----------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Central Bank has
sold US$400 million to the banking system this month.
This is the largest foreign exchange intervention made by the
Central Bank in a single month to date, the Bank said in a
statement, according to Trinidad Express. The second largest
monthly sale was US$315 million in November 2010, when unsatisfied
demand and significant tightening also persisted in the foreign
exchange market, the report relates.
The Central Bank said it started its 2015 strategic foreign
exchange management program with a US$200 million intervention on
January 15, the report relays. Eight days later, on January 23,
the Bank sold US$100 million.
The latest foreign exchange intervention of US$100 million took
place Jan. 27.
"These sales amounted to US$400 million in the space of two weeks.
These larger and more frequent interventions reflect the nature of
Central Bank's 2015 foreign exchange management," the Bank stated,
the report notes.
"Despite selling US$1.7 billion to the banking system in 2014,
significant unsatisfied demand carried over into the start of
2015. The negative national sentiment surrounding sharply falling
oil prices aggravated unsatisfied demand for foreign exchange as
future demands from the public and business community have been
brought forward," the Bank said, adds the report.
The Bank further said: "With elevated domestic liquidity levels
fuelling strong growth of consumer credit and helping to finance
substantial imports of consumer durables, Central Bank's foreign
exchange interventions are indirectly contributing to absorbing
excess liquidity in the banking system," Trinidad Express notes.
One objective of the Bank's monetary policy is to maintain stable
conditions in the domestic foreign exchange market, it said.
"Our 2015 foreign exchange program is framed in the context of our
medium-term balance of payments outlook, which prudently views
lower energy prices as a cyclical phenomenon over the next three
years. This year's program is aimed at preventing foreign
exchange shortfalls from arising as a result of escalating demand
and reduced supply due to lower energy export earnings," said the
Bank, the report relays.
Trinidad and Tobago's net official reserves currently stand at
US$11.1 billion, representing 12.5 months of import cover, the
report adds.
=================
V E N E Z U E L A
=================
VENEZUELA: Oil Cash Waning, Shelves Lie Bare
--------------------------------------------
Global Insolvency News reports that Venezuelans have put up with
shortages and long lines for years. But as the price of oil, the
country's main export, has plunged, the situation has grown so
dire that the government has sent troops to patrol huge lines
snaking for blocks.
Some states have barred people from waiting outside stores
overnight, and government officials are posted near entrances,
ready to arrest shoppers who cheat the rationing system, the
International New York Times reported, according to Global
Insolvency News.
Because Venezuela is so dependent on oil sales to buy imports of
food, medicine and many other basics, the drop in oil prices means
that there is even less hard currency to buy what the country
needs. Even before oil prices tumbled, Venezuela was in the throes
of a deep recession, with one of the world's highest inflation
rates and chronic shortages of basic items, the report relays.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
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
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 115297369 -19538107
BATTISTELLA-PREF BTTL4 BZ 115297369 -19538107
BATTISTELLA-RECE BTTL9 BZ 115297369 -19538107
BATTISTELLA-RECP BTTL10 BZ 115297369 -19538107
BATTISTELLA-RI P BTTL2 BZ 115297369 -19538107
BATTISTELLA-RIGH BTTL1 BZ 115297369 -19538107
BOMBRIL BMBBF US 309951278 -57714449.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 309951278 -57714449.4
BOMBRIL - RTS BOBR11 BZ 309951278 -57714449.4
BOMBRIL CIRIO SA BOBRON BZ 309951278 -57714449.4
BOMBRIL CIRIO-PF BOBRPN BZ 309951278 -57714449.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 309951278 -57714449.4
BOMBRIL SA-ADR BMBBY US 309951278 -57714449.4
BOMBRIL-PREF BOBR4 BZ 309951278 -57714449.4
BOMBRIL-RGTS PRE BOBR2 BZ 309951278 -57714449.4
BOMBRIL-RIGHTS BOBR1 BZ 309951278 -57714449.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 95403660.1 -37550595.1
BUETTNER SA BUETON BZ 95403660.1 -37550595.1
BUETTNER SA-PRF BUETPN BZ 95403660.1 -37550595.1
BUETTNER SA-RT P BUET2 BZ 95403660.1 -37550595.1
BUETTNER SA-RTS BUET1 BZ 95403660.1 -37550595.1
BUETTNER-PREF BUET4 BZ 95403660.1 -37550595.1
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 1029019993 -128321599
CAIUA SA ELCON BZ 1029019993 -128321599
CAIUA SA-DVD CMN ELCA11 BZ 1029019993 -128321599
CAIUA SA-DVD COM ELCA12 BZ 1029019993 -128321599
CAIUA SA-PREF ELCPN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCAN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCA5 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCA6 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCBN BZ 1029019993 -128321599
CAIUA SA-RCT PRF ELCA10 BZ 1029019993 -128321599
CAIUA SA-RTS ELCA2 BZ 1029019993 -128321599
CAIVA SERV DE EL 1315Z BZ 1029019993 -128321599
CELGPAR GPAR3 BZ 202489694 -1054621126
CENTRAL COST-ADR CCSA LI 271025064 -37667553.4
CENTRAL COSTAN-B CRCBF US 271025064 -37667553.4
CENTRAL COSTAN-B CNRBF US 271025064 -37667553.4
CENTRAL COSTAN-C CECO3 AR 271025064 -37667553.4
CENTRAL COST-BLK CECOB AR 271025064 -37667553.4
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 73710194.2 -2330089496
COBRASMA SA COBRON BZ 73710194.2 -2330089496
COBRASMA SA-PREF COBRPN BZ 73710194.2 -2330089496
COBRASMA-PREF CBMA4 BZ 73710194.2 -2330089496
D H B DHBI3 BZ 103378506 -180639480
D H B-PREF DHBI4 BZ 103378506 -180639480
DHB IND E COM DHBON BZ 103378506 -180639480
DHB IND E COM-PR DHBPN BZ 103378506 -180639480
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2670745328 -202996314
ELEC ARG SA-PREF EASA6 AR 945325071 -56471446.1
ELEC ARGENT-ADR EASA LX 945325071 -56471446.1
ELEC DE ARGE-ADR 1262Q US 945325071 -56471446.1
ELECTRICIDAD ARG 3447811Z AR 945325071 -56471446.1
ENDESA - RTS CECOX AR 271025064 -37667553.4
ENDESA COST-ADR CRCNY US 271025064 -37667553.4
ENDESA COSTAN- CECO2 AR 271025064 -37667553.4
ENDESA COSTAN- CECOD AR 271025064 -37667553.4
ENDESA COSTAN- CECOC AR 271025064 -37667553.4
ENDESA COSTAN- EDCFF US 271025064 -37667553.4
ENDESA COSTAN-A CECO1 AR 271025064 -37667553.4
ESTRELA SA ESTR3 BZ 76575881.3 -120012837
ESTRELA SA ESTRON BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTR4 BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTRPN BZ 76575881.3 -120012837
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 19848769.9 -38798309.5
FERRAGENS HAGA HAGAON BZ 19848769.9 -38798309.5
FERRAGENS HAGA-P HAGAPN BZ 19848769.9 -38798309.5
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 346216965 -42013205.9
GRADIENTE EL-PRA IGBAN BZ 346216965 -42013205.9
GRADIENTE EL-PRB IGBBN BZ 346216965 -42013205.9
GRADIENTE EL-PRC IGBCN BZ 346216965 -42013205.9
GRADIENTE-PREF A IGBR5 BZ 346216965 -42013205.9
GRADIENTE-PREF B IGBR6 BZ 346216965 -42013205.9
GRADIENTE-PREF C IGBR7 BZ 346216965 -42013205.9
HAGA HAGA3 BZ 19848769.9 -38798309.5
HOTEIS OTHON SA HOOT3 BZ 238958413 -22929896.5
HOTEIS OTHON SA HOTHON BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOOT4 BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOTHPN BZ 238958413 -22929896.5
IGB ELETRONICA IGBR3 BZ 346216965 -42013205.9
IGUACU CAFE IGUA3 BZ 214061113 -63930746.9
IGUACU CAFE IGCSON BZ 214061113 -63930746.9
IGUACU CAFE IGUCF US 214061113 -63930746.9
IGUACU CAFE-PR A IGUA5 BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGCSAN BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGUAF US 214061113 -63930746.9
IGUACU CAFE-PR B IGUA6 BZ 214061113 -63930746.9
IGUACU CAFE-PR B IGCSBN BZ 214061113 -63930746.9
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 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
KARSTEN CTKCF US 161482221 -4141092.01
KARSTEN CTKON BZ 161482221 -4141092.01
KARSTEN SA CTKA3 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA9 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA10 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA1 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA2 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPF US 161482221 -4141092.01
KARSTEN-PREF CTKA4 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPN BZ 161482221 -4141092.01
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
LOJAS ARAPUA LOAR3 BZ 38857516.9 -3355978520
LOJAS ARAPUA LOARON BZ 38857516.9 -3355978520
LOJAS ARAPUA-GDR 3429T US 38857516.9 -3355978520
LOJAS ARAPUA-GDR LJPSF US 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOAR4 BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOARPN BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF 52353Z US 38857516.9 -3355978520
LUPATECH SA LUPA3 BZ 584100366 -304853641
LUPATECH SA LUPTF US 584100366 -304853641
LUPATECH SA LUPAF US 584100366 -304853641
LUPATECH SA LUPTQ US 584100366 -304853641
LUPATECH SA -RCT LUPA9 BZ 584100366 -304853641
LUPATECH SA-ADR LUPAY US 584100366 -304853641
LUPATECH SA-ADR LUPAQ US 584100366 -304853641
LUPATECH SA-RT LUPA11 BZ 584100366 -304853641
LUPATECH SA-RTS 1041054D BZ 584100366 -304853641
LUPATECH SA-RTS LUPA1 BZ 584100366 -304853641
MANGELS INDL MGEL3 BZ 186096273 -50186882
MANGELS INDL SA MISAON BZ 186096273 -50186882
MANGELS INDL-PRF MGIRF US 186096273 -50186882
MANGELS INDL-PRF MGEL4 BZ 186096273 -50186882
MANGELS INDL-PRF MISAPN BZ 186096273 -50186882
MINUPAR MNPR3 BZ 90210352.5 -117166643
MINUPAR SA MNPRON BZ 90210352.5 -117166643
MINUPAR SA-PREF MNPRPN BZ 90210352.5 -117166643
MINUPAR-PREF MNPR4 BZ 90210352.5 -117166643
MINUPAR-RCT 9314634Q BZ 90210352.5 -117166643
MINUPAR-RCT 0599564D BZ 90210352.5 -117166643
MINUPAR-RCT MNPR9 BZ 90210352.5 -117166643
MINUPAR-RT 9314542Q BZ 90210352.5 -117166643
MINUPAR-RT 0599562D BZ 90210352.5 -117166643
MINUPAR-RTS MNPR1 BZ 90210352.5 -117166643
NORDON MET NORD3 BZ 10859129.2 -33570700.5
NORDON METAL NORDON BZ 10859129.2 -33570700.5
NORDON MET-RTS NORD1 BZ 10859129.2 -33570700.5
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
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
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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 2015. 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
202-362-8552.
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