/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150421.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, April 21, 2015, Vol. 16, No. 077 Headlines A N T I G U A & B A R B U D A * ANTIGUA & BARBUDA: Small Co Owners Casualties of Foreclosure Law B R A Z I L SCHAHIN GROUP: Files for Bankruptcy Protection C A Y M A N I S L A N D S ATON INVESTMENT: Creditors' Proofs of Debt Due May 13 BANTRAB CAPITAL: Moody's Assigns 'B2' Rating to $100MM Notes BT GLOBAL A: Creditors' Proofs of Debt Due May 4 BT GLOBAL B: Creditors' Proofs of Debt Due May 4 DHS OFFSHORE: Creditors' Proofs of Debt Due May 13 EVER GLORY: Creditors' Proofs of Debt Due May 13 M TRUST ASSURANCE: Commences Liquidation Proceedings MANULIFE DYNAMIC: Creditors' Proofs of Debt Due May 14 MCC(15)CH INC: Creditors' Proofs of Debt Due May 5 SENRIGAN PMV: Creditors' Proofs of Debt Due May 13 TANGENT WEALTH: Creditors' Proofs of Debt Due May 5 TRADEWORX ULTRA: Creditors' Proofs of Debt Due May 13 TRADEWORX ULTRA MASTER: Creditors' Proofs of Debt Due May 13 M E X I C O BANCO INTERACCIONES: Moody's Withdraws D- BFSR EMPRESAS ICA: Moody's Says New Joint Venture is Credit Positive * Moody's Implements New Bank Rating Methodology in Mexico S U R I N A M E SURINAME: S&P Affirms 'BB-' Long-Term Sovereign Credit Ratings T R I N I D A D & T O B A G O PETROTRIN: Union Leader Dares Firm to Fire Him * TRINIDAD & TOBAGO: THA Continues Budget Talks X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== * ANTIGUA & BARBUDA: Small Co Owners Casualties of Foreclosure Law ------------------------------------------------------------------ The Daily Observer reports that homeowners and people who operate small businesses that run into difficulty are most likely to suffer upon the implementation of the regional foreclosure legislation, as the law makes it easier for the bank to sell their property, a regional chartered accountant has warned. The drafting of regional foreclosure legislation to allow for more efficient management of collateral by financial institutions is among the new measures that, Chairman of the Monetary Council of the Eastern Caribbean Currency Union (ECCU), Prime Minister Ralph Gonsalves announced recently, will tighten the banking sector in OECS countries, according to The Daily Observer. But Chartered Accountant Michel Williams said while banks stand to benefit, those on the lower end of the bracket, (the depositors) have to be "very careful," the report notes. "Banks have been looking for that kind of streamlining for quite some time, but the people that the banks are now holding securities for have to be particularly careful," Mr. Williams said, the report relays. The former president of the Currency Union Bankers Association, which represents all banks in the ECCU, said under the Monetary Council-approved law, banking institutions would not feel obliged to work along with creditors to cover debts owed, the report adds. =========== B R A Z I L =========== SCHAHIN GROUP: Files for Bankruptcy Protection ---------------------------------------------- Dan Horch, writing for The New York Times Dealbook, reports that another Brazilian company has fallen to the corruption scandal surrounding Brazil's petroleum giant, Petrobras: Schahin Group requested a bankruptcy court's protection for 28 of its subsidiaries. The company's statement said that the filing covered BRL6.5 billion, or $2.1 billion worth of liabilities, and that "the closure of national and international credit markets" had made "it impossible to finance the activities of the companies," according to The New York Times Dealbook. It added that it would "abandon its activities in the field of engineering and construction to focus on the oil and gas area." The report relates that Schahin is the fourth big Petrobras subcontractor to seek court protection, after OAS, Alumini Engenharia and Galvao Engenharia. The Industrial and Commercial Bank of China and Mizuho Bank of Japan are among Schahin's largest creditors, and other global banks are also owed money, the report relates. HSBC and Deutsche Bank have both sued Schahin over unpaid loans. Schahin also has about $650 million in global bonds. The report discloses that Schahin's filing has been expected since the start of the month, when the company said that it no longer had enough cash to keep operating five drilling rigs and platforms that it works under contract to Petrobras. Schahin is one of the many companies that has been accused of inflating contracts with Petrobras, then passing on the extra money to politicians and corporate executives, the report says. As the result, the company has been frozen out of the capital markets and Petrobras has temporarily barred it from new contracts, the report relays. Schahin has denied any wrongdoing. Schahin had expanded in response to Petrobras's plans to grow production after discovering gigantic deepwater reserves in 2006 in the presalt layer off Brazil's coast, the report recalls. Petrobras was originally planning to invest more than $220 billion between 2014 and 2018. Now Petrobras is scaling back its investments and trying to renegotiate contracts with all its suppliers, even those not under investigation, as it adapts to its weaker financial condition and to lower global petroleum prices, says Dealbook. But prospects may soon improve, notes the report. According to Dealbook, Petrobras has said it will finally issue an audited balance sheet, revaluing its assets to take into account lower petroleum prices and losses as a result of corruption. Once that balance sheet is released, Petrobras will again be able to access capital markets, and the return of Brazil's bluest chip company to the markets may facilitate other corporate issuance, the report adds. ========================== C A Y M A N I S L A N D S ========================== ATON INVESTMENT: Creditors' Proofs of Debt Due May 13 ----------------------------------------------------- The creditors of Aton Investment Management are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 17, 2015. The company's liquidator is: Soterakis Koupepides 5 Themistocles Dervis Street Elenion Building, 2nd Floor CY-1066 Nicosia Cyprus Telephone: 00357 22 555800 BANTRAB CAPITAL: Moody's Assigns 'B2' Rating to $100MM Notes ------------------------------------------------------------ Moody's Investors Service assigned a B2 foreign currency subordinated debt rating to a proposed issuance of up to US$100 million in 10-year fixed rate notes by Bantrab Capital Notes Trust, a Cayman Islands-based trust established for the sole purpose of acquiring a 100% participation interest in a subordinated unsecured loan made by Deutsche Bank AG, London Branch to Guatemala's Banco de los Trabajadores (Bantrab) to secure the notes. Bantrab Capital Notes Trust will thus provide a pass through of both interest and principal payments on the Bantrab loan through the Bantrab Capital Notes Trust noteholders. The rating assigned to Bantrab Capital Notes Trust is subject to receipt and review of final documentation related to the note issuance. In addition, Moody's affirmed the Ba3/Not Prime local and foreign currency deposit ratings of Bantrab. The bank's baseline credit assessment (BCA) is maintained at b1. The rating agency also affirmed the Ba3 foreign currency senior unsecured debt rating of Bantrab Senior Trust, a Cayman Island-based trust whose issuance of senior notes is guaranteed by Bantrab. The outlook on all ratings is stable. The following ratings were affirmed with a stable outlook: Banco de los Trabajadores: -- Long and short term local and foreign currency deposit ratings: Ba3 / Not Prime Bantrab Senior Trust: -- Foreign currency senior unsecured debt: Ba3 The following rating was assigned to Bantrab Capital Notes Trust: -- Foreign currency subordinated debt: B2, stable outlook. Under the terms of the proposed offering memorandum, the notes will pay interest semiannually in amounts equivalent to the amount payable by Bantrab to Deutsche Bank under the subordinated loan. The loan will be subordinated in right of payment to all of Bantrab's senior debt and will rank senior to Bantrab's capital stock. Payment of principal and interest on the notes will be absolutely, unconditionally, and irrevocably guaranteed by Bantrab. An event of default under the subordinated loan would constitute an event of default under the notes, allowing noteholders to accelerate. The notes, the loan and the guarantee will be governed by the laws of the State of New York. Bantrab's b1 BCA takes into account the bank's strong liquidity position coupled with relatively stable customer-based deposit funding and a low reliance on short term bank borrowings and senior debt financing. The BCA also considers the bank's relatively strong asset quality, which benefits from the bank's emphasis on payroll-deductible loans coupled with its preferential creditor status (as mandated per the bank's Organic Law). However, high loan growth, coupled with a focus on consumer lending, points to potential increase in delinquencies. While profitability is expected to face pressure due to declining net interest margins and modest efficiency owing in part to high operating outlays, it remains adequate. However, the BCA is constrained by the bank's very weak core capital, which will be further pressured by the robust loan growth. Upward pressures on the BCA may occur if the bank successfully manages its high pace of growth without suffering a deterioration of its asset quality, which would affect its profitability indicators. On the other hand, the ratings could face downward pressure if the increase in nonperforming loans and hence in loan loss provisions is larger than expected, resulting in a deterioration in earnings and potentially capitalization. The B2 foreign currency subordinated debt rating assigned to Bantrab Capital Notes Trust's proposed notes is one notch below Bantrab's b1 adjusted BCA, in line with Moody's approach to rating subordinated obligations. Bantrab's Ba3 local and foreign currency deposit ratings reflect one notch of uplift from the bank's b1 BCA as a result of Moody's assessment of a moderate probability of government support in case of need. This assessment is based on the bank's importance as a lender to Guatemalan public and private sector workers as well as its sizeable deposit base. The last rating action on Banco de los Trabajadores was on 13 May 2013, when Moody's assigned the bank a first time Ba3/Not Prime local and foreign currency deposit ratings. The last rating action on Bantrab Senior Trust was on 29 October 2013, when Moody's assigned the Trust a Ba3 foreign currency senior unsecured debt rating. The principal methodology used in these ratings was Banks published in March 2015. Banco de los Trabajadores is domiciled in Guatemala city and was established by Decree Law 383, the Organic Law of Banco de los Trabajadores. Ninety-nine percent of the bank's common shares are held by some 700,000 Guatemalan workers, with the remaining 1% owned by the government. As of December 2014, Bantrab was Guatemala's fifth largest bank with loan and deposit market shares of around 6% and reported consolidated assets of US$1.8 billion (GTQ14.1 billion), deposits of US$1.4 billion, and shareholders' equity of US$167 million. Bantrab Capital Notes Trust and Bantrab Senior Trust are Cayman Islands special purpose trusts governed by the laws of the Cayman Islands. BT GLOBAL A: Creditors' Proofs of Debt Due May 4 ------------------------------------------------ The creditors of BT Global Networking A Limited are required to file their proofs of debt by May 4, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 25, 2015. The company's liquidator is: Russell Smith Antoine Powell Telephone: (345) 815 4558 e-mail: apowell@bdo.ky BDO CRI (Cayman) Ltd. Governors Square, Floor 2 - Building 3 23 Lime Tree Bay Ave P.O. Box 31229 Grand Cayman KY1 1205 Cayman Islands BT GLOBAL B: Creditors' Proofs of Debt Due May 4 ------------------------------------------------ The creditors of BT Global Networking B Limited are required to file their proofs of debt by May 4, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 25, 2015. The company's liquidator is: Russell Smith Antoine Powell Telephone: (345) 815 4558 BDO CRI (Cayman) Ltd. Governors Square, Floor 2 - Building 3 23 Lime Tree Bay Ave P.O. Box 31229 Grand Cayman KY1 1205 Cayman Islands DHS OFFSHORE: Creditors' Proofs of Debt Due May 13 -------------------------------------------------- The creditors of DHS Offshore SPC are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 31, 2015. The company's liquidator is: Peter Goulden Mourant Ozannes Reference: NDL 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 EVER GLORY: Creditors' Proofs of Debt Due May 13 ------------------------------------------------ The creditors of Ever Glory Holdings Limited are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 30, 2015. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands M TRUST ASSURANCE: Commences Liquidation Proceedings ---------------------------------------------------- On March 6, 2015, the sole shareholder of M Trust Assurance Company, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Cristina Steele Kieran Mehigan Marsh Management Services Cayman Ltd. 23 Lime Tree Bay Avenue, Governors Square Building 4, 2nd Floor P.O. Box 1051 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 914 5752 MANULIFE DYNAMIC: Creditors' Proofs of Debt Due May 14 ------------------------------------------------------ The creditors of Manulife Dynamic Fund are required to file their proofs of debt by May 14, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 26, 2015. The company's liquidator is: K.D. Blake P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands Telephone: +1 (345) 914-4350/ +1 (345) 949-4800 Facsimile: +1 (345) 949-7164 MCC(15)CH INC: Creditors' Proofs of Debt Due May 5 -------------------------------------------------- The creditors of MCC(15)CH Inc. are required to file their proofs of debt by May 5, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 31, 2015. The company's liquidator is: Michael Saville Felicia Connor 10 Market Street #765 Camana Bay, Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7216 Facsimile: (345) 949 7120 SENRIGAN PMV: Creditors' Proofs of Debt Due May 13 -------------------------------------------------- The creditors of Senrigan PMV Limited are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 23, 2015. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands TANGENT WEALTH: Creditors' Proofs of Debt Due May 5 --------------------------------------------------- The creditors of Tangent Wealth Management Limited are required to file their proofs of debt by May 5, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2015. 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 TRADEWORX ULTRA: Creditors' Proofs of Debt Due May 13 ----------------------------------------------------- The creditors of Tradeworx Ultra Select Offshore Fund, Ltd. are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2015. The company's liquidator is: Peter Goulden Mourant Ozannes Reference: NDL 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 TRADEWORX ULTRA MASTER: Creditors' Proofs of Debt Due May 13 ------------------------------------------------------------ The creditors of Tradeworx Ultra Select Master Fund, SPC are required to file their proofs of debt by May 13, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2015. The company's liquidator is: Peter Goulden Mourant Ozannes Reference: NDL 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 =========== M E X I C O =========== BANCO INTERACCIONES: Moody's Withdraws D- BFSR ---------------------------------------------- Moody's de Mexico has withdrawn for business reasons the bank financial strength ratings (BFSR) on all Mexican banks, following the implementation of the rating agency's updated bank rating methodology in Mexico. Going forward, the baseline credit assessment (BCA) will be the only indicator of issuers' standalone intrinsic strength. Neither the BCAs assigned to each bank nor any of their other ratings are affected by today's rating action. The following BFSRs were withdrawn: -- BBVA Bancomer, S.A.: BFSR of C- withdrawn -- Banco Nacional de Mexico, S.A.: BFSR of C- withdrawn -- Banco Mercantil del Norte, S.A.: BFSR of C- withdrawn -- Banco Santander (Mexico), S.A.: BFSR of C- withdrawn -- HSBC Mexico, S.A.: BFSR of C- withdrawn -- Scotiabank Inverlat, S.A.: BFSR of C- withdrawn -- Banco del Bajio, S.A.: BFSR of D+ withdrawn -- Banco Regional de Monterrey, S.A.: BFSR of D+ withdrawn -- Banco Interacciones, S.A.: BFSR of D- withdrawn -- Banco Azteca, S.A.: BFSR of D- withdrawn -- Banco Ve por Mas, S.A.: BFSR of D- withdrawn -- Volkswagen Bank, S.A.: BFSR of E+ withdrawn -- Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A.: BFSR of D withdrawn -- Deutsche Bank Mexico, S.A.: BFSR of D withdrawn -- Barclays Bank Mexico, S.A.: BFSR of D withdrawn Moody's has withdrawn these ratings for its own business reasons. Going forward the baseline credit assessment (BCA) will be the only indicator of issuers' standalone intrinsic strength. The principal methodology used in these ratings was Banks published in April 2015. The period of time covered in the financial information used to determine the rating is between Jan. 1, 2011 and Dec. 31, 2014 (source: Moody's, Issuers' financial statements, Comisi¢n Nacional Bancaria y de Valores and Banco de M‚xico). The sources and items of information used to determine the ratings include 2013 and 2014 interim financial statements (source: Moody's and Issuers' financial statements); year-end 2013 and 2014 audited financial statements (source: Moody's and Issuers' annual audited financial statements); information on market position (source: Comisi¢n Nacional Bancaria y de Valores); regulatory capital information (source: Banco de Mexico). EMPRESAS ICA: Moody's Says New Joint Venture is Credit Positive --------------------------------------------------------------- On April 13, 2015, Empresas ICA, S.A.B. de C.V. (B2 stable), the Mexican engineering and construction company, announced a MXN3 billion deal with Caisse De Depot Et Placement Du Quebec (CDPQ, unrated) that gives the Canadian investment management firm a 49% stake in a new joint venture to place house ICA's toll-road projects into a single entity. The transaction is credit positive for ICA, which will use most of the proceeds to continue deleveraging. * Moody's Implements New Bank Rating Methodology in Mexico ---------------------------------------------------------- Moody's de Mexico implemented its updated methodology for rating banks in Mexico. The new MdM bank methodology mirrors the updated global bank methodology implemented by Moody's Investors Service (MIS) last month. Please refer to the press release "Moody's publishes its new bank rating methodology," published on March 16, 2015. The introduction of this new methodology follows a market consultation initiated via a Request for Comment published on Sep. 9, 2014. Moody's updated bank rating methodology incorporates several new components: the introduction of a Macro Profile into the elements that Moody's considers when it assigns a bank's baseline credit assessment (BCA); a BCA scorecard which now incorporates not only financial ratios but also a broader range of metrics and qualitative considerations; a Loss Given Failure (LGF) analysis; and a Counterparty Risk Assessment (CR Assessment). The revisions to the methodology reflect insights gained from the crisis and the fundamental shift in the banking industry and its regulation. The revised approach to establishing BCAs helps to more accurately predict bank failures, while Moody's LGF framework assesses how different creditor classes are likely to be affected when a bank enters resolution based on the relevant resolution policy and balance sheet structure. A key change is the revision of our framework for assessing the risk of bank failure, expressed by the BCA. This includes the introduction of a Macro Profile, which explicitly incorporates system-wide pressures that Moody's believes are predictive of the propensity of banks to fail. The Macro Profile comprises six elements: economic strength, institutional strength, susceptibility to event risk, credit conditions, funding conditions and industry structure. Mexico's Macro Profile is Strong -, on a scale ranging from Very Strong + to Very Weak -. The framework for assigning BCAs is structured around a new Scorecard that more comprehensively integrates Moody's analytical judgments. The Scorecard begins by focusing on five core ratios that Moody's has found to be predictive of bank failure, covering five main financial factors: asset risk, capital, profitability, funding structure and liquidity resources. Additionally, analysts and rating committees may consider supplementary ratios, as relevant, for each institution. Individual scores for each factor will now directly incorporate not only financial ratios, but also a broader range of metrics, Moody's forward-looking judgments and qualitative considerations relative to each. The Macro Profile, combined with the results of the Scorecard, helps establish the bank's Financial Profile. This results in the BCA, representing Moody's view of a bank's probability of default, in the absence of support. The introduction of a Loss Given Failure (LGF) analysis addresses expected loss and assesses the impact a bank's failure would have on its various debt instruments and deposits in the absence of any support. Moody's employs both a basic and an advanced LGF analysis. The basic LGF analysis applies to banks that are not subject to operational resolution regimes, as is the case in Mexico in Moody's view. Basic LFG analysis continues the previous notching practice, whereby senior unsecured debt and deposits are positioned at the level of the adjusted BCA (adjusted BCA is the BCA plus Moody's assessment of support from affiliates being forthcoming in the event of need), before government support and additional coupon-related notching considerations. This remains an appropriate guide to loss severity for banks in these systems without operational resolution regimes. Advanced LGF analysis applies to banks that are subject to operational resolution regimes, including the European Union's Bank Recovery and Resolution Directive and Titles I and II of the Dodd-Frank Act. In operational resolution regimes, losses can be imposed selectively on creditors outside of a liquidation, and through which specific legislation provides a reasonable degree of clarity on how the bank's failure could affect depositors and other creditors. Under advanced LGF analysis, Moody's bases its notching on (1) the likely bank-wide loss rate in failure; (2) the amount of subordination below a given instrument class; and (3) the volume of a given instrument class itself. In Moody's view, taking these together provides a more refined and predictive view of expected loss for each instrument class under new resolution regimes. Lastly, Moody's has introduced a Counterparty Risk Assessment (CR Assessment) into its analysis. This is not a rating, but an assessment of an issuer's ability to avoid defaulting on certain senior bank operating obligations and other contractual commitments. The CR Assessment takes into account the issuer's standalone strength as well as the likelihood of affiliate and government support in the event of need, reflecting the anticipated seniority of counterparty obligations in the hierarchy of liabilities. The CR Assessment also takes into account other steps authorities can take to preserve the key operations of a bank in resolution. =============== S U R I N A M E =============== SURINAME: S&P Affirms 'BB-' Long-Term Sovereign Credit Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term sovereign credit ratings on the Republic of Suriname. The outlook remains stable. "At the same time, we affirmed our 'B' short-term sovereign credit ratings on Suriname and our 'BB' transfer and convertibility (T&C) assessment." RATIONALE The ratings on Suriname reflect its narrow economy that is vulnerable to commodity price swings, monetary and exchange rate rigidities, shallow domestic capital markets, and a high level of dollar-denominated assets and liabilities in its financial system. Suriname's public-sector institutions are weaker than those of most countries at a similar level of per capita income, although recent changes have strengthened the Ministry of Finance and improved debt management. "The ratings also reflect the country's favorable medium-term growth prospects, led by foreign direct investment in mining, and its low burden of net general government debt and narrow net external debt." Suriname's stable democratic government, based on a coalition of parties, typically favors compromise and negotiation among an ethnically diverse society. "We expect continuity in economic policy after national elections in late May 2015 when the current president and National Assembly finish their five-year term." "We expect that per capita GDP growth could be 2%-3% in the next four years, depending in part on commodity prices. Real per capita GDP has grown by 2.8%, on average, during 2007-2014. GDP growth could be 4% in 2015. The country's medium-term growth prospects are favorable thanks to expansion of gold mining, which will partially compensate for decline in prices for oil and bauxite. However, concentration in extractive industries--gold, aluminum, and oil exports represent at least 40% of GDP directly--increases the economy's sensitivity to commodity price fluctuations. Gold alone represents two-thirds of exports." Low export prices are likely to lower the trade surplus to about 2% of GDP in 2015, resulting in a current account deficit (CAD) of about 6% of GDP. The CAD is likely to remain around 5%-6% of GDP in 2016 before declining as new mining projects start to boost exports. Suriname's gross external financing requirements as a share of current account receipts (CAR) and usable reserves are likely to remain below 100%, on average, in the next four years. "We expect that the country will remain close to a net external creditor position by our measure of narrow net external debt, with projected net assets of about 5% of CAR on average in the next three years. Suriname's external accounts have reflected material data inconsistencies historically." "We project the change in general government debt could approach 4% of GDP annually in the next three years before declining moderately. Net general government debt is likely to remain below 20% of GDP in the next four years and interest expenses below 10% of fiscal revenues." A shallow domestic capital market limits the government's domestic financing options. Dollarization of Suriname's resident financial system remains high. Nearly half of commercial bank and credit union (other depository corporation) deposits and 30% of claims on residents are denominated in foreign currency. Suriname's rigid exchange rate limits its monetary policy flexibility. "Therefore, the local currency ratings are the same as the foreign currency ratings." OUTLOOK The stable outlook is based on our expectation of continuity in economic policy after the elections due in late May 2015. We also expect the next administration to undertake tax and spending measures necessary to contain the fiscal deficit and alleviate pressures on foreign exchange reserves, especially if commodity prices stay low. Boosting investment in mining projects, as well as improving business conditions to attract more investment in other sectors of the economy, would sustain long-term GDP growth and fiscal revenues. Higher output could, in part, compensate for potentially low commodity prices. That, combined with fiscal adjustment to reduce the budget deficit, would reduce the vulnerability of public finances to volatile commodity prices. The resulting strengthening of the sovereign's financial profile, as well as its resilience against commodity price cycles, could lead to an upgrade. Conversely, delays in strengthening the government's revenue base, especially through the introduction of a proposed value-added tax, could result in persistently high fiscal deficits and rising government debt. Loose fiscal policy, combined with persistent CADs, could reduce the central bank's foreign exchange reserves, weakening external liquidity, and threaten exchange rate stability. "We could lower the rating as a result." RATINGS LIST Ratings Affirmed Suriname (The Republic of) Sovereign Credit Rating BB-/Stable/B Transfer & Convertibility Assessment BB ================================ T R I N I D A D & T O B A G O ================================ PETROTRIN: Union Leader Dares Firm to Fire Him ---------------------------------------------- Caribbean360.com reports that President of the Oilfields Workers' Trade Union (OWTU), Ancel Roget, is likely to be dismissed from his substantial post at the state-owned oil company, Petroleum Company of Trinidad and Tobago (Petrotrin), after he tore up a letter demanding his return to work there. Mr. Roger told reporters that the letter was part of a strategy by the Kamla Persad Bissessar led coalition People's Partnership government and the company to muzzle the union ahead of the general election due no later than September this year, according to Caribbean360.com. "Fire us if you so desirous and we will take it from there. We reject the letter," said Mr. Roget, who said similar letters had been sent to key executive officers including first vice-president Carlton Gibson and Chief Labor Relations Officer John Boiselle, the report notes. "Tell Kamla I am here to stay. I challenge them to fire me now, cause I am not going back," said Mr. Roget, adding that the company's letter had indicated that the union officials had exceeded their leave for union business and the company will not be granting them further extensions, the report relays. The report discloses that Mr. Roget, who had the backing of workers and union representatives from various Petrotrin branches and state enterprises, instead called for the removal of vice- president Human Resources and Corporate Services Keith Ramnath, Persad-Bissessar and Energy Minister Kevin Ramnarine. The report relays that Mr. Roget said the union had never before encountered a situation where the company had refused to grant leave extensions to the union heads. "In a most vicious and unprecedented move the company wrote to the union's general secretary advising him that in one month time the positions of president general, first vice-president and chief labor relations officer, all top positions in the union, that these officers must return to their jobs. "What that means is that the union will be without top leadership and so if I were to abide by the contents of that letter by tomorrow, I will be back on my job in Trinmar and once that occurs the union will be left brotherless and they will have their way. "We took the position, after careful examination of the contents of that letter, that it is most disrespectful, unprecedented. It is a frontal attack on the union and its leadership and therefore we will not be returning to work. "Nowhere in the history of this trade union we could have recounted a time when the top officers would have gone back to their jobs," said Mr. Roget, who took over the OWTU leadership in 2008 after the resignation of Errol Mcleod, who is now the Labour Minister, the report discloses. Mr. Roget said McLeod had served as president general for 21 years, the report relates. To do that, he would have had significant numbers of two-year extensions and therefore they (management) are stepping out of the norm, the report relays. "The collective agreement provides for us to be on second belt and it says in situations that are not normal these office holders will have extensions . . . . therefore, the president of OWTU is not a normal position, you don't make a president general every day. In 78 years the union has had just about five president generals," Mr. Roget said, notes the report. Mr. Roget said the matter was now in the hands of the union's attorneys and he expected a slew of legal letters from Petrotrin, the report adds. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 2, 2014, Trinidad and Tobago Newsday said that in the face of falling global oil prices, which is beginning to impact on Trinidad and Tobago's earnings from its petroleum resources, Petroleum Company of Trinidad and Tobago has rolled out a plan to remain viable and to survive in the harsh global oil industry. Petrotrin said in a media release that it is forging ahead with objective cost management decisions imperative to secure its viability, according to Trinidad and Tobago Newsday. The report said Petrotrin's operations have also been severely impacted due to unfavorable margins. The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing Energy Minister Kevin Ramnarine, said Petrotrin will make a loss for its 2013 financial year. According to Mr. Ramnarine, Petrotrin was scheduled to make the loss even before the series of oil spills affecting Trinidad's southwestern peninsula since December, reports Trinidad Express. * TRINIDAD & TOBAGO: THA Continues Budget Talks ----------------------------------------------- Trinidad and Tobago Newsday reports that Tobago House of Assembly Secretary of Finance and Enterprise Development Joel Jack hosted the first round of the Tobago House of Assembly (THA's) Annual Budget consultations with finance, enterprise, tourism, agricultural interest groups and the credit union movement. The THA's Executive Council also attended the event held at Victor E Bruce Financial Complex, Scarborough, according to Trinidad and Tobago Newsday. In welcoming the audience, Secretary Jack stated that the forum provided an invaluable opportunity for stakeholders to share sector-specific information for inclusion in the THA's upcoming fiscal package, the report notes. "This event," he added, "was in keeping with a consultative approach adopted by the Assembly to further develop the island," the report relates. In his address, Chief Secretary, Orville London emphasized the value of the activity to the entire budgetary process. "All sectors must be involved in the island's governance," Mr. London said, "while also assuring that we are all partners in this exercise," the report notes. Presenting on behalf of the Bankers Association of Trinidad and Tobago was Gregory Hines, General Manager at Scotiabank. Mr. Hines focused on Tobago's role in the long-term development and diversification of the country's economy and tourism's potential contribution, the report notes. Sharing similar sentiments was Christopher James, President of the Tobago Hotel and Tourism Association who stated that tourism can rapidly stimulate growth in Tobago when compared to most other activities, since it is the fastest growing industry in the world, the report relays. Representatives of the Tobago Agro Processors Association also shared major challenges being experienced by the sector, and in so doing, recommended further grant assistance for small businesses on the island, the report notes. According to the Association's President, Darilyn Smart ". . . . in order to become competitive with our regional counterparts, our businesses require additional equipment, machinery and working capital," the report relays. Speaking on behalf of the Tobago Division of the Trinidad and Tobago Chamber of Industry of Commerce, Diane Hadad, Chairman, reinforced the importance of the resuscitation of the tourism industry critical to Tobago's development, as identified in the THA's Comprehensive Economic Development Plan -- the economic roadmap for the island, the report notes. The Division of Finance and Enterprise Development will support this exercise with further internal data gathering among the Divisions before the final fiscal package is prepared for delivery in June by the Secretary for Finance, the report adds. ================= 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) ------- ------ --------- ------------ FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3 METROGAS SA-A 153255Z AR 331403741 -24462400.6 METROGAS SA-C 153263Z AR 331403741 -24462400.6 LA POLAR SA NUEVAPOL CI 571550458 -31565432.3 TECTOY-PF-RTS5/6 TOYB11 BZ 27114628.6 -8215580.95 TEKA-ADR TEKAY US 313948165 -395261073 GOL-PREF GOLL4 BZ 3769323901 -125802483 GOL-ADR GOL US 3769323901 -125802483 GOL GOLL3 BZ 3769323901 -125802483 METROGAS-B MGSBF US 331403741 -24462400.6 BOMBRIL BMBBF US 323685704 -31241748 KARSTEN CTKCF US 174656858 -10482924.6 KARSTEN-PREF CTKPF US 174656858 -10482924.6 MANGELS INDL-PRF MGIRF US 176399866 -61689625.2 TEKA TKTQF US 313948165 -395261073 TEKA-PREF TKTPF US 313948165 -395261073 SNIAFA SA-B SDAGF US 11229696.2 -2670544.86 TEC TOY SA-PREF TOYDF US 27114628.6 -8215580.95 PUYEHUE RIGHT PUYEHUOS CI 17878064 -7344408.97 BATTISTELLA-RIGH BTTL1 BZ 120474772 -21271905.1 BATTISTELLA-RI P BTTL2 BZ 120474772 -21271905.1 BATTISTELLA-RECE BTTL9 BZ 120474772 -21271905.1 BATTISTELLA-RECP BTTL10 BZ 120474772 -21271905.1 AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756 GOL-ADR GOQ GR 3769323901 -125802483 PET MANG-RIGHTS 3678565Q BZ 140957879 -410925540 PET MANG-RIGHTS 3678569Q BZ 140957879 -410925540 PET MANG-RECEIPT 0229292Q BZ 140957879 -410925540 PET MANG-RECEIPT 0229296Q BZ 140957879 -410925540 MMX MINERACAO TRES3 BZ 1223308090 -312940530 INEPAR-RT ORD 3697782Q BZ 1191789041 -214360998 INEPAR-RT PREF 3697786Q BZ 1191789041 -214360998 INEPAR-RCT ORD 3697790Q BZ 1191789041 -214360998 INEPAR-RCT PREF 3697794Q BZ 1191789041 -214360998 RB CAPITAL RBCS3B BZ 13996658.5 -815.062365 MMX MINERACA-GDR MMXMY US 1223308090 -312940530 BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853 BOMBRIL FPXE4 BZ 19416013.9 -489914853 SANESALTO SNST3 BZ 21339668.9 -6954061.77 BOMBRIL-RGTS PRE BOBR2 BZ 323685704 -31241748 BOMBRIL-RIGHTS BOBR1 BZ 323685704 -31241748 MMX MINERACA-GDR 0567931D CN 1223308090 -312940530 MMX MINERACA-GDR 3M11 GR 1223308090 -312940530 LAEP-BDR MILK33 BZ 222902269 -255311026 AGRENCO LTD AGRE LX 285996574 -543142756 LAEP INVESTMENTS LEAP LX 222902269 -255311026 INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8 INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8 OSX BRASIL SA OSXB3 BZ 2592199410 -291661108 MMX MINERACAO MMXCF US 1223308090 -312940530 CELGPAR GPAR3 BZ 233784351 -1156798479 RECRUSUL - RT 4529781Q BZ 25757600.8 -21626049.7 RECRUSUL - RT 4529785Q BZ 25757600.8 -21626049.7 RECRUSUL - RCT 4529789Q BZ 25757600.8 -21626049.7 RECRUSUL - RCT 4529793Q BZ 25757600.8 -21626049.7 RECRUSUL-BON RT RCSL11 BZ 25757600.8 -21626049.7 RECRUSUL-BON RT RCSL12 BZ 25757600.8 -21626049.7 BALADARE BLDR3 BZ 159449535 -52990723.7 TEXTEIS RENAU-RT TXRX1 BZ 48951015.5 -73535330.8 TEXTEIS RENAU-RT TXRX2 BZ 48951015.5 -73535330.8 TEXTEIS RENA-RCT TXRX9 BZ 48951015.5 -73535330.8 TEXTEIS RENA-RCT TXRX10 BZ 48951015.5 -73535330.8 CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1 CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1 NEWTEL PARTICIPA NEWT3 BZ 10517157.2 -10542831.7 NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526 NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526 EBX BRASIL SA CTMN3 BZ 2592199410 -291661108 GOL-ADR GOLN MM 3769323901 -125802483 OSX BRASIL SA EBXB3 BZ 2592199410 -291661108 LA POLAR-RT LAPOLARO CI 571550458 -31565432.3 ELECTRICIDAD ARG 3447811Z AR 948261051 -148983927 TEC TOY-RT 7335610Q BZ 27114628.6 -8215580.95 TEC TOY-RT 7335614Q BZ 27114628.6 -8215580.95 TEC TOY-RCT 7335626Q BZ 27114628.6 -8215580.95 TEC TOY-RCT 7335630Q BZ 27114628.6 -8215580.95 MMX MINERACAO-RT 4111484Q BZ 1223308090 -312940530 MMX MINERACA-RCT 4111488Q BZ 1223308090 -312940530 GOL-RT 0113333D BZ 3769323901 -125802483 GOL-RT 0113334D BZ 3769323901 -125802483 GOL-RCT 0113335D BZ 3769323901 -125802483 GOL-RCT 0113338D BZ 3769323901 -125802483 PET MANG-RT 4115360Q BZ 140957879 -410925540 PET MANG-RT 4115364Q BZ 140957879 -410925540 INEPAR-RT ORD INEP1 BZ 1191789041 -214360998 INEPAR-RT PREF INEP2 BZ 1191789041 -214360998 INEPAR-RCT ORD INEP9 BZ 1191789041 -214360998 INEPAR-RCT PREF INEP10 BZ 1191789041 -214360998 MINUPAR-RT 9314542Q BZ 76619687.5 -91780261.5 MINUPAR-RCT 9314634Q BZ 76619687.5 -91780261.5 MMX MINERACAO-RT 0626050D BZ 1223308090 -312940530 MMX MINERACA-RCT 0626051D BZ 1223308090 -312940530 PET MANG-RT 0229249Q BZ 140957879 -410925540 PET MANG-RT 0229268Q BZ 140957879 -410925540 RECRUSUL - RT 0163579D BZ 25757600.8 -21626049.7 RECRUSUL - RT 0163580D BZ 25757600.8 -21626049.7 RECRUSUL - RCT 0163582D BZ 25757600.8 -21626049.7 RECRUSUL - RCT 0163583D BZ 25757600.8 -21626049.7 PORTX OPERA-GDR PXTPY US 976769385 -9407990.18 PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18 OSX BRASIL S-GDR OSXRY US 2592199410 -291661108 TEC TOY-RT 1254570D BZ 27114628.6 -8215580.95 TEC TOY-RT 1254571D BZ 27114628.6 -8215580.95 TEC TOY-RCT 1254572D BZ 27114628.6 -8215580.95 TEC TOY-RCT 1254573D BZ 27114628.6 -8215580.95 MMX MINERACAO MMXM11 BZ 1223308090 -312940530 MINUPAR-RT 0599562D BZ 76619687.5 -91780261.5 MINUPAR-RCT 0599564D BZ 76619687.5 -91780261.5 PET MANG-RT RPMG2 BZ 140957879 -410925540 PET MANG-RT 0848424D BZ 140957879 -410925540 PET MANG-RECEIPT RPMG9 BZ 140957879 -410925540 PET MANG-RECEIPT RPMG10 BZ 140957879 -410925540 GOL-RT GOLL1 BZ 3769323901 -125802483 GOL-RT 1003237D BZ 3769323901 -125802483 GOL-RCT GOLL9 BZ 3769323901 -125802483 GOL-RCT 1003238D BZ 3769323901 -125802483 LAEP INVESTMEN-B 0122427D LX 222902269 -255311026 LAEP INVES-BDR B 0163599D BZ 222902269 -255311026 RECRUSUL - RT 0614673D BZ 25757600.8 -21626049.7 RECRUSUL - RT 0614674D BZ 25757600.8 -21626049.7 RECRUSUL - RCT 0614675D BZ 25757600.8 -21626049.7 RECRUSUL - RCT 0614676D BZ 25757600.8 -21626049.7 TEKA-RTS TEKA1 BZ 313948165 -395261073 TEKA-RTS TEKA2 BZ 313948165 -395261073 TEKA-RCT TEKA9 BZ 313948165 -395261073 TEKA-RCT TEKA10 BZ 313948165 -395261073 MINUPAR-RTS MNPR1 BZ 76619687.5 -91780261.5 MINUPAR-RCT MNPR9 BZ 76619687.5 -91780261.5 LA POLAR-RT LAPOLAOS CI 571550458 -31565432.3 RECRUSUL SA-RTS RCSL1 BZ 25757600.8 -21626049.7 RECRUSUL SA-RTS RCSL2 BZ 25757600.8 -21626049.7 RECRUSUL SA-RCT RCSL9 BZ 25757600.8 -21626049.7 RECRUSUL - RCT RCSL10 BZ 25757600.8 -21626049.7 OSX BRASIL - RTS 0701756D BZ 2592199410 -291661108 OSX BRASIL - RTS 0701757D BZ 2592199410 -291661108 LA POLAR SA LAPOLAR CI 571550458 -31565432.3 MMX MINERACA-RTS MMXM1 BZ 1223308090 -312940530 MMX MINERACA-RCT MMXM9 BZ 1223308090 -312940530 OSX BRASIL - RTS 0812903D BZ 2592199410 -291661108 OSX BRASIL - RTS 0812904D BZ 2592199410 -291661108 OSX BRASIL SA OSXRF US 2592199410 -291661108 OSX BRASIL - RTS OSXB1 BZ 2592199410 -291661108 OSX BRASIL - RTS OSXB9 BZ 2592199410 -291661108 NEWTEL PARTI-RTS 1051621D BZ 10517157.2 -10542831.7 PET MANG-RTS 1227980D BZ 140957879 -410925540 AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756 LAEP-BDR MILK11 BZ 222902269 -255311026 MMX MINERACA-GDR MMXMD US 1223308090 -312940530 MMX MINERACAO MMXXF US 1223308090 -312940530 GOL PREF - RTS GOLL2 BZ 3769323901 -125802483 GOL PREF - RCT GOLL10 BZ 3769323901 -125802483 BOMBRIL - RTS BOBR11 BZ 323685704 -31241748 KARSTEN SA - RTS CTKA1 BZ 174656858 -10482924.6 KARSTEN SA - RTS CTKA2 BZ 174656858 -10482924.6 KARSTEN SA - RCT CTKA9 BZ 174656858 -10482924.6 KARSTEN SA - RCT CTKA10 BZ 174656858 -10482924.6 NEWTEL PARTI-RCT NEWT9B BZ 10517157.2 -10542831.7 NEWTEL PARTI-RTS NEWT1B BZ 10517157.2 -10542831.7 CELGPAR-RTS GPAR11 BZ 233784351 -1156798479 LA POLAR-RTS BON LAPOLAOB CI 571550458 -31565432.3 PET MANGUINH-RTS RPMG1 BZ 140957879 -410925540 METROGAS-B METR AR 331403741 -24462400.6 METROGAS-B BLOCK METRB AR 331403741 -24462400.6 METROGAS-B METRC AR 331403741 -24462400.6 METROGAS-B METRD AR 331403741 -24462400.6 METROGAS SA MGAI US 331403741 -24462400.6 METROGAS-B MGSB GR 331403741 -24462400.6 METROGAS-ADR MGS US 331403741 -24462400.6 METROGAS-ADR MGSA GR 331403741 -24462400.6 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-RT C ARLA1 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT P ARLA2 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 LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3 ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3 BOMBRIL BOBR3 BZ 323685704 -31241748 BOMBRIL CIRIO SA BOBRON BZ 323685704 -31241748 BOMBRIL-PREF BOBR4 BZ 323685704 -31241748 BOMBRIL CIRIO-PF BOBRPN BZ 323685704 -31241748 BOMBRIL SA-ADR BMBPY US 323685704 -31241748 BOMBRIL SA-ADR BMBBY US 323685704 -31241748 BUETTNER BUET3 BZ 82872146.2 -36299304.3 BUETTNER SA BUETON BZ 82872146.2 -36299304.3 BUETTNER-PREF BUET4 BZ 82872146.2 -36299304.3 BUETTNER SA-PRF BUETPN BZ 82872146.2 -36299304.3 BUETTNER SA-RTS BUET1 BZ 82872146.2 -36299304.3 BUETTNER SA-RT P BUET2 BZ 82872146.2 -36299304.3 CAF BRASILIA CAFE3 BZ 160933830 -149277092 CAFE BRASILIA SA CSBRON BZ 160933830 -149277092 CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092 CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092 IGUACU CAFE IGUA3 BZ 190073766 -74308212 IGUACU CAFE IGCSON BZ 190073766 -74308212 IGUACU CAFE IGUCF US 190073766 -74308212 IGUACU CAFE-PR A IGUA5 BZ 190073766 -74308212 IGUACU CAFE-PR A IGCSAN BZ 190073766 -74308212 IGUACU CAFE-PR A IGUAF US 190073766 -74308212 IGUACU CAFE-PR B IGUA6 BZ 190073766 -74308212 IGUACU CAFE-PR B IGCSBN BZ 190073766 -74308212 SCHLOSSER SCLO3 BZ 46981417.3 -55419754.7 SCHLOSSER SA SCHON BZ 46981417.3 -55419754.7 SCHLOSSER-PREF SCLO4 BZ 46981417.3 -55419754.7 SCHLOSSER SA-PRF SCHPN BZ 46981417.3 -55419754.7 KARSTEN SA CTKA3 BZ 174656858 -10482924.6 KARSTEN CTKON BZ 174656858 -10482924.6 KARSTEN-PREF CTKA4 BZ 174656858 -10482924.6 KARSTEN-PREF CTKPN BZ 174656858 -10482924.6 COBRASMA CBMA3 BZ 68585867.9 -2324358597 COBRASMA SA COBRON BZ 68585867.9 -2324358597 COBRASMA-PREF CBMA4 BZ 68585867.9 -2324358597 COBRASMA SA-PREF COBRPN BZ 68585867.9 -2324358597 D H B DHBI3 BZ 94806424.1 -188014922 DHB IND E COM DHBON BZ 94806424.1 -188014922 D H B-PREF DHBI4 BZ 94806424.1 -188014922 DHB IND E COM-PR DHBPN BZ 94806424.1 -188014922 DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587 DOCAS SA DOCAON BZ 187044412 -204249587 DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587 DOCAS SA-PREF DOCAPN BZ 187044412 -204249587 DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587 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 HAGA HAGA3 BZ 17930008.8 -31863962 FERRAGENS HAGA HAGAON BZ 17930008.8 -31863962 FER HAGA-PREF HAGA4 BZ 17930008.8 -31863962 FERRAGENS HAGA-P HAGAPN BZ 17930008.8 -31863962 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 IGB ELETRONICA IGBR3 BZ 307112239 -59872446.9 GRADIENTE ELETR IGBON BZ 307112239 -59872446.9 GRADIENTE-PREF A IGBR5 BZ 307112239 -59872446.9 GRADIENTE EL-PRA IGBAN BZ 307112239 -59872446.9 GRADIENTE-PREF B IGBR6 BZ 307112239 -59872446.9 GRADIENTE EL-PRB IGBBN BZ 307112239 -59872446.9 GRADIENTE-PREF C IGBR7 BZ 307112239 -59872446.9 GRADIENTE EL-PRC IGBCN BZ 307112239 -59872446.9 HOTEIS OTHON SA HOOT3 BZ 207664352 -21612890.7 HOTEIS OTHON SA HOTHON BZ 207664352 -21612890.7 HOTEIS OTHON-PRF HOOT4 BZ 207664352 -21612890.7 HOTEIS OTHON-PRF HOTHPN BZ 207664352 -21612890.7 RENAUXVIEW SA TXRX3 BZ 48951015.5 -73535330.8 TEXTEIS RENAUX RENXON BZ 48951015.5 -73535330.8 RENAUXVIEW SA-PF TXRX4 BZ 48951015.5 -73535330.8 TEXTEIS RENAUX RENXPN BZ 48951015.5 -73535330.8 INEPAR INEP3 BZ 1191789041 -214360998 INEPAR SA INPRON BZ 1191789041 -214360998 INEPAR-PREF INEP4 BZ 1191789041 -214360998 INEPAR SA-PREF INPRPN BZ 1191789041 -214360998 INEPAR-COM DVD INEP11 BZ 1191789041 -214360998 INEPAR BONUS B INEP12 BZ 1191789041 -214360998 INEPAR-PRF DVD INEP13 BZ 1191789041 -214360998 PARMALAT LCSA3 BZ 388720096 -213641152 PARMALAT BRASIL LCSAON BZ 388720096 -213641152 PADMA INDUSTRIA LCSA4 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 MANGELS INDL MGEL3 BZ 176399866 -61689625.2 MANGELS INDL SA MISAON BZ 176399866 -61689625.2 MANGELS INDL-PRF MGEL4 BZ 176399866 -61689625.2 MANGELS INDL-PRF MISAPN BZ 176399866 -61689625.2 ESTRELA SA ESTR3 BZ 101429217 -112373470 ESTRELA SA ESTRON BZ 101429217 -112373470 ESTRELA SA-PREF ESTR4 BZ 101429217 -112373470 ESTRELA SA-PREF ESTRPN BZ 101429217 -112373470 MET DUQUE DUQE3 BZ 75039127.4 -2847420.37 MET DUQUE MDUON BZ 75039127.4 -2847420.37 MET DUQUE-PREF DUQE4 BZ 75039127.4 -2847420.37 MET DUQUE-PREF MDUPN BZ 75039127.4 -2847420.37 WETZEL SA MWET3 BZ 85449973 -19170318.6 WETZEL SA MWELON BZ 85449973 -19170318.6 WETZEL SA-PREF MWET4 BZ 85449973 -19170318.6 WETZEL SA-PREF MWELPN BZ 85449973 -19170318.6 MINUPAR MNPR3 BZ 76619687.5 -91780261.5 MINUPAR SA MNPRON BZ 76619687.5 -91780261.5 MINUPAR-PREF MNPR4 BZ 76619687.5 -91780261.5 MINUPAR SA-PREF MNPRPN BZ 76619687.5 -91780261.5 NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526 NOVA AMERICA SA NOVAON 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 NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526 RECRUSUL RCSL3 BZ 25757600.8 -21626049.7 RECRUSUL SA RESLON BZ 25757600.8 -21626049.7 RECRUSUL-PREF RCSL4 BZ 25757600.8 -21626049.7 RECRUSUL SA-PREF RESLPN BZ 25757600.8 -21626049.7 PETRO MANGUINHOS RPMG3 BZ 140957879 -410925540 PETRO MANGUINHOS MANGON BZ 140957879 -410925540 PET MANGUINH-PRF RPMG4 BZ 140957879 -410925540 PETRO MANGUIN-PF MANGPN BZ 140957879 -410925540 RIMET REEM3 BZ 103098359 -185417651 RIMET REEMON BZ 103098359 -185417651 RIMET-PREF REEM4 BZ 103098359 -185417651 RIMET-PREF REEMPN BZ 103098359 -185417651 SANSUY SNSY3 BZ 164647493 -171565662 SANSUY SA SNSYON BZ 164647493 -171565662 SANSUY-PREF A SNSY5 BZ 164647493 -171565662 SANSUY SA-PREF A SNSYAN BZ 164647493 -171565662 SANSUY-PREF B SNSY6 BZ 164647493 -171565662 SANSUY SA-PREF B SNSYBN BZ 164647493 -171565662 SNIAFA SA SNIA AR 11229696.2 -2670544.86 SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86 PILMAIQUEN PILMAIQ CI 169175281 -28425493.1 BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12 STAROUP SA STARON BZ 27663605.3 -7174512.12 BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12 STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12 TECTOY TOYB3 BZ 27114628.6 -8215580.95 TECTOY SA TOYBON BZ 27114628.6 -8215580.95 TECTOY-PREF TOYB4 BZ 27114628.6 -8215580.95 TECTOY SA-PREF TOYBPN BZ 27114628.6 -8215580.95 TEC TOY SA-PREF TOYB5 BZ 27114628.6 -8215580.95 TEC TOY SA-PF B TOYB6 BZ 27114628.6 -8215580.95 TECTOY TOYB13 BZ 27114628.6 -8215580.95 TECTOY-RCPT PF B TOYB12 BZ 27114628.6 -8215580.95 TEKA TEKA3 BZ 313948165 -395261073 TEKA TEKAON BZ 313948165 -395261073 TEKA-PREF TEKA4 BZ 313948165 -395261073 TEKA-PREF TEKAPN BZ 313948165 -395261073 TEKA-ADR TKTPY US 313948165 -395261073 TEKA-ADR TKTQY US 313948165 -395261073 F GUIMARAES FGUI3 BZ 11016542.2 -151840378 FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378 F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378 FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378 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 WIEST WISA3 BZ 34107195.1 -126993682 WIEST SA WISAON BZ 34107195.1 -126993682 WIEST-PREF WISA4 BZ 34107195.1 -126993682 WIEST SA-PREF WISAPN BZ 34107195.1 -126993682 ELEC ARG SA-PREF EASA6 AR 948261051 -148983927 ELEC ARGENT-ADR EASA LX 948261051 -148983927 ELEC DE ARGE-ADR 1262Q US 948261051 -148983927 LOJAS ARAPUA LOAR3 BZ 37959788.7 -3613691912 LOJAS ARAPUA LOARON BZ 37959788.7 -3613691912 LOJAS ARAPUA-PRF LOAR4 BZ 37959788.7 -3613691912 LOJAS ARAPUA-PRF LOARPN BZ 37959788.7 -3613691912 LOJAS ARAPUA-PRF 52353Z US 37959788.7 -3613691912 LOJAS ARAPUA-GDR 3429T US 37959788.7 -3613691912 LOJAS ARAPUA-GDR LJPSF US 37959788.7 -3613691912 BATTISTELLA BTTL3 BZ 120474772 -21271905.1 BATTISTELLA-PREF BTTL4 BZ 120474772 -21271905.1 HOPI HARI SA PQTM3 BZ 129077627 -2031408.69 HOPI HARI-PREF PQTM4 BZ 129077627 -2031408.69 PARQUE TEM-DV CM PQT5 BZ 129077627 -2031408.69 PARQUE TEM-DV PF PQT6 BZ 129077627 -2031408.69 PARQUE TEM-RT CM PQTM1 BZ 129077627 -2031408.69 PARQUE TEM-RT PF PQTM2 BZ 129077627 -2031408.69 PARQUE TEM-RCT C PQTM9 BZ 129077627 -2031408.69 PARQUE TEM-RCT P PQTM10 BZ 129077627 -2031408.69 INVERS ELEC BUEN IEBA AR 239575758 -28902145.8 NEWTEL PARTICIPA NEWT3B BZ 10517157.2 -10542831.7 NEWTEL PARTICIPA 1NEWON BZ 10517157.2 -10542831.7 MMX MINERACAO MMXM3 BZ 1223308090 -312940530 TRESSEM PART SA 1TSSON BZ 1223308090 -312940530 CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1 CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1 CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1 CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1 PUYEHUE PUYEH CI 17878064 -7344408.97 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357 VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357 VARIG PART EM SE VPSC3 BZ 83017828 -495721697 VARIG PART EM-PR VPSC4 BZ 83017828 -495721697 *********** 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 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. * * * End of Transmission * * *