/raid1/www/Hosts/bankrupt/TCRLA_Public/150623.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, June 23, 2015, Vol. 16, No. 122
Headlines
B R A Z I L
COSAN LTD: S&P Revises Outlook to Stable & Affirms 'BB' Rating
JBS SA: Resumes Global Food Push in $1.5 Billion U.K. Deal
OAS SA: Unveils Restructuring Plan Ahead of Deadline
PETROLEO BRASILEIRO: Brazil Arrests Odebrecht Head in Scandal
C A Y M A N I S L A N D S
BECKWOOD ESTATES: Creditors' Proofs of Debt Due July 8
BIOMED CAPITAL: Creditors' Proofs of Debt Due July 8
CRC ACTIVE: Creditors' Proofs of Debt Due June 30
EMERALD INVESTMENTS: Creditors' Proofs of Debt Due July 8
FIREBIRD GLOBAL: Creditors' Proofs of Debt Due July 8
FIREBIRD GLOBAL II: Creditors' Proofs of Debt Due July 8
GREENHILL LTD: Commences Liquidation Proceedings
POLAR STAR: Creditors' Proofs of Debt Due July 8
PROSPERITY RASSVET: Creditors' Proofs of Debt Due July 8
RACE POINT II: Creditors' Proofs of Debt Due July 8
C O L O M B I A
COLOMBIA: IMF OKs New US$5.45BB Flexible Credit Line Arrangement
G U A T E M A L A
GUATEMALA: Fitch Affirms 'BB' LT Currency Issuer Default Ratings
M E X I C O
GRUPO POSADAS: Fitch Rates USD350M Prop. Sr. Notes 'B+/RR3(EXP)'
GRUPO POSADAS: Moody's Rates Proposed USD250M Sr. Unsec. Notes B2
GRUPO POSADAS: S&P Affirms 'B' CCR, Rates Prop. LT Sr. Notes 'B'
P A N A M A
AES PANAMA: S&P Revises Outlook to Stable & Affirms 'BB-' Rating
P U E R T O R I C O
PUERTO RICO: Fin'l Control Board Should Take Over, Lawmaker Says
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
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B R A Z I L
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COSAN LTD: S&P Revises Outlook to Stable & Affirms 'BB' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cosan
Ltd. (CZZ) and its subsidiary, Cosan S.A. Industria e Comercio
(Cosan S.A.), to stable from developing. At the same time, S&P
affirmed its 'BB' rating on both companies.
The rating on CZZ reflects its solid business position and
resilient cash flow generation that allows the company to maintain
an "adequate" liquidity even amid its significant investment plan
and a more leveraged financial profile. The ratings also
incorporates CZZ's successful integration of America Latina
Log¡stica S.A. (ALL) and S&P's expectations that the company will
execute its growth strategy while keeping a financial risk profile
in line with S&P's "aggressive" category, but also strengthening
its market position and diversifying its cargo volumes.
Although S&P understands that Cosan S.A. has a lesser leveraged
financial profile than CZZ's, as seen in in its stand-alone credit
profile (SACP) of 'bb+', its ratings mirror those on CZZ. CZZ
fully controls Cosan S.A., which generates about 50% of the
group's EBITDA. S&P deems Cosan S.A. as highly unlikely to be
sold, with integral links to the group's reputation and name.
Cosan S.A. was the group's only subsidiary until the spinoff of
the logistics arm, Rumo, which merged with ALL under the new
entity, Cosan Logistica. The spinoff aimed to better segregate
business strategy between Cosan S.A.'s operations (gas
distribution, lubricants, and the stake in Raizen [BBB/Stable/--])
and Cosan Logistica.
After the regulatory approvals for the merger of ALL with Rumo,
S&P expects CZZ's capital structure and credit metrics to weaken.
CZZ, TPG, Gavea, and BNDESPAR control about 42% of Cosan
Logistica's shares. CZZ holds the right to elect the majority of
Cosan Logistica's board.
ALL -- through Cosan Logistica -- has high debt and will invest
heavily to improve its operating efficiency. However, S&P views
it as having significant competitive advantages thanks to its
concession to operate a large portion of the Brazilian rail
network in country's south and southeast. S&P also believes that
its predictable cash from long-term contracts with cost pass-
through and take-or-pay clauses partly compensate for ALL's
heavier balance sheet.
Cosan Logistica's R$7.4 billion investment plan for 2015-2019
should increase EBITDA by about R$1.5 billion until 2019. The
investment for the first 18 months is for asset maintenance and is
likely to improve operating efficiency and generate about R$500
million in EBITDA.
JBS SA: Resumes Global Food Push in $1.5 Billion U.K. Deal
----------------------------------------------------------
Jonathan Levin and Mario Sergio Lima at Bloomberg News report that
JBS SA agreed to buy Marfrig Global Foods SA's unit in the U.K.
for about $1.5 billion, as the world's biggest meat producer
extends its push into processed foods.
Bloomberg News relates that the transaction value includes $1.19
billion in cash and the assumption of GBP200 million ($317
million) in debt at the unit, Moy Park Holdings Europe Ltd.,
according to a regulatory filing by Sao Paulo-based Marfrig.
The purchase of Moy Park helps JBS SA add to its presence in
Europe and aids its growth in prepared foods, according to a JBS
statement, Bloomberg News notes. The company, also based in Sao
Paulo, has spent about $7 billion since 2007 on acquisitions
overseas including U.S.-based Pilgrim's Pride Corp. and Swift Co.
and is generating record profit as a surging dollar pushes up
revenue, Bloomberg News relays.
The sale ends a period of wait-and-see for Marfrig, a supplier of
meat to McDonald's Corp. and Burger King Worldwide Inc. The
company planned last year to take public Northern Ireland-based
Moy Park, with the proceeds from an offering slated to pay down
debt, Bloomberg News discloses.
Bloomberg New notes that Marfrig SA delayed the move last fall
amid a surge in equity offerings in London. The company has also
considered an IPO of another offshore unit, U.S.-based Keystone
Foods Ltd., in order to boost growth and reduce leverage,
Bloomberg News relays.
Selling Moy Park will allow Marfrig to focus on expanding
Keystone's food service business in Asia and the U.S. and
emphasizing beef exports from Brazil to those regions, according
to the statement obtained by Bloomberg News.
The deal is subject to approval by the European antitrust
authorities, and is expected to close in the third or fourth
quarter of this year, according to the filing, Bloomberg News
notes.
Empire Building
For JBS SA, Moy Park continues its evolution into a global food
empire after starting as a small Brazilian butcher, Bloomberg News
relays.
Bloomberg News says that Chief Executive Officer Wesley Batista
has been building up cash and reducing debt as a 14 percent drop
in the Brazilian real this year pushes up earnings. More than 80
percent of the company's sales are in dollars, Bloomberg News
discloses.
Recent takeovers, such as Seara Brasil from Marfrig and poultry
assets from Tyson Foods Inc. in Brazil and Mexico, have also
boosted sales volume, Bloomberg News notes.
JBS shares have soared 47 percent this year in Sao Paulo compared
with a 7.5 percent gain in Brazil's benchmark index and a 7.3
percent advance by its biggest global rival Tyson, Bloomberg News
relays.
"Now we are building muscle," Mr. Batista said in an interview
with Bloomberg News last month. "We were a beef company some
years ago, then we became the largest protein company and we see
ourselves in the middle, long term, as a global food company," Mr.
Batista added.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 21, 2015, Standard & Poor's Ratings Services raised its global
scale corporate credit and issue-level ratings on JBS S.A. and its
subsidiary, JBS USA, to 'BB+' from 'BB'. At the same time, S&P
raised its national scale rating to 'brAA+' from 'brAA'. The
outlook for all corporate ratings remains positive.
OAS SA: Unveils Restructuring Plan Ahead of Deadline
----------------------------------------------------
Reuters reports that Brazilian engineering and construction
conglomerate OAS S.A. unveiled a restructuring plan to a Sao Paulo
court, the latest step in a plan to avert bankruptcy amid a
corruption scandal at Petroleo Brasileiro SA.
The plan, which still needs approval by the court, laid out two
scenarios for the restructuring of about BRL8 billion
($2.5 billion) in debt, both counting on proceeds from asset sales
and a debtor-in-possession (DIP) loan, according to Reuters. OAS
had until June 22 to present a plan, Reuters notes.
Reuters says that in a statement, OAS also said it will seek a
repayment agreement with some holders of senior notes due 2019 and
2021, and perpetual notes, totalling about $1.775 billion in
principal. OAS signed confidentiality agreements with the
noteholders to facilitate the discussions.
The company is also seeking a DIP loan to continue operating amid
the bankruptcy protection plan, the company statement said,
Reuters relays.
After OAS meets with creditors, the judge overseeing the
bankruptcy process may free up a DIP loan of BRL800 million ($259
million) as early as June 26, according to a source with knowledge
of the matter, the report discloses.
OAS filed for bankruptcy protection in March after refinancing
stalled, shutting access to capital markets after prosecutors
accused it of participating in a corruption scheme at state-run
oil producer and key client Petrobras, notes the report. OAS has
denied any wrongdoing.
The corruption scandal centered on Petrobras involves billions of
reais in contracts between the oil firm and more than two dozen
contractors, the report relays. Also taking a toll on OAS is this
year's economic downturn, government austerity and a slumping
currency, the report adds.
About OAS S.A.
The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients. The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.
Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group. Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.
Amid an investigation into alleged corruption and money
laundering, and missed interest payments, OAS S.A. and its
affiliates Construtora OAS S.A., OAS Investments GmbH, and OAS
Finance Limited on March 31, 2015, commenced judicial
reorganization proceedings before the First Specialized Bankruptcy
Court of Sao Paulo pursuant to Federal Law No. 11.101 of February
9, 2005 of the laws of the Federative Republic of Brazil.
On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan,
in the United States to seek U.S. recognition of the Brazilian
proceedings. Renato Fermiano Tavares, as foreign representative,
signed the petitions. The cases are assigned to Judge Stuart M.
Bernstein. White & Case, LLP, serves as counsel in the U.S. cases.
OAS S.A. listed at least US$1 billion in assets and liabilities.
* * *
As reported on Troubled Company Reporter on May 6, 2015, Fitch
Ratings has affirmed and withdrawn the ratings of the OAS Group
units, which includes OAS S.A., Construtora OAS S.A., OAS
Investments GmbH, OAS Finance Ltd., and OAS Empreendimentos S.A.
PETROLEO BRASILEIRO: Brazil Arrests Odebrecht Head in Scandal
-------------------------------------------------------------
Dan Horch at The New York Times reports that Brazilian police
arrested one of Brazil's richest men, Marcelo Odebrecht, as the
fallout broadens in an investigation into corruption at the state-
run oil giant Petroleo Brasileiro S.A..
The investigation, which is looking into whether subcontractors
may have colluded with top Petrobras executives to overbill the
company and pay bribes, has touched the highest levels of
government and business, according to The New York Times.
The report notes that in the latest development, Mr. Odebrecht,
the billionaire chief executive of the Odebrecht conglomerate, was
arrested with three other senior company executives and the chief
executive of Andrade Gutierrez, another major construction
conglomerate. The federal prosecutor accused the executives of
knowing that their companies paid bribes to politicians that added
up to BRL710 million ($230 million), the report notes.
"We have material proof that they knew about the practice of
overbilling contracts with Petrobras and they participated
directly in the division of contracts within the cartel," a police
investigator, Igor Romario de Paula, said in a news conference,
the report discloses.
Both companies issued statements denying wrongdoing. Odebrecht
added that the arrest of Mr. Odebrecht was "unnecessary" because
the company and its executives were already fully cooperating with
the investigation, the report relays.
The investigation has been a political and corporate scandal,
putting the broader economy at risk as Petrobras has frozen
contracts and its subcontractors have cut payrolls in response,
the report relays.
The federal prosecutor's office filed corruption charges against
the former treasurer of President Dilma Rousseff's Workers' Party
and against several former senior Petrobras executives, the report
notes. Petrobras's top management resigned in February over the
scandal, and the company in April attributed about $2 billion in
losses to corruption, the report discloses.
The report says that Odebrecht and Andrade Gutierrez are major
Petrobras subcontractors and receive a significant portion of
their revenue from government contracts. Odebrecht in particular
is a linchpin of Brazil's economy, active in areas including
infrastructure, petrochemicals, real estate, agribusiness and
military contracting, the report relays. The company, which
operates in 21 countries, had over $35 billion in revenue last
year, the report notes.
The police called wave of arrests "Erga omnes," a Latin phrase
that means "valid for all." It was an apparent message that the
country is trying to end its so-called culture of impunity, in
which the rich and powerful break the law without fear of
punishment, the report discloses.
The executives were arrested either as a "preventive" or
"temporary" measure, so they may be released soon, the report
says.
But a wave of executives arrested on similar charges last November
in an earlier phase of the investigation spent five months in jail
before they were released, the report notes. Several companies
ensnared by the corruption scandal have also gone bankrupt, the
report relays.
"So far punishment has been mild, but at least the number of
arrests has increased," said Sergio Lazzarini, a professor at the
Insper business school here who has written widely about the
relationship between government and business in Brazil, the report
discloses. "Businessmen now are fearful about making deals with
politicians," Mr. Lazzarini added.
About Petroleo Brasileiro
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it 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
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.
On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.
Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015. Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.
Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.
On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.
==========================
C A Y M A N I S L A N D S
==========================
BECKWOOD ESTATES: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
The creditors of Beckwood Estates Ltd. are required to file their
proofs of debt by July 8, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 21, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
BIOMED CAPITAL: Creditors' Proofs of Debt Due July 8
----------------------------------------------------
The creditors of Biomed Capital Management are required to file
their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 8, 2015.
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
CRC ACTIVE: Creditors' Proofs of Debt Due June 30
-------------------------------------------------
The creditors of CRC Active Value Fund, Ltd. are required to file
their proofs of debt by June 30, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 27, 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
EMERALD INVESTMENTS: Creditors' Proofs of Debt Due July 8
--------------------------------------------------------
The creditors of Emerald Investments are required to file their
proofs of debt by July 8, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 20, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
FIREBIRD GLOBAL: Creditors' Proofs of Debt Due July 8
-----------------------------------------------------
The creditors of Firebird Global Fund, Ltd. are required to file
their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 14, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
FIREBIRD GLOBAL II: Creditors' Proofs of Debt Due July 8
--------------------------------------------------------
The creditors of Firebird Global Fund II, Ltd. are required to
file their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 14, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
GREENHILL LTD: Commences Liquidation Proceedings
------------------------------------------------
On May 29, 2015, the sole shareholder of Greenhill 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 liquidator is:
Paulo Carvalhinha
Telephone: +55 11 2601-0452
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
POLAR STAR: Creditors' Proofs of Debt Due July 8
------------------------------------------------
The creditors of Polar Star Capital Partners are required to file
their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 28, 2015.
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
PROSPERITY RASSVET: Creditors' Proofs of Debt Due July 8
--------------------------------------------------------
The creditors of Prosperity Rassvet Limited are required to file
their proofs of debt by July 8, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 13, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
RACE POINT II: Creditors' Proofs of Debt Due July 8
---------------------------------------------------
The creditors of Race Point II CDO are required to file their
proofs of debt by July 8, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 15, 2015.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Grand Cayman KY1-1103
Windward 1, Regatta Office Park
Cayman Islands
===============
C O L O M B I A
===============
COLOMBIA: IMF OKs New US$5.45BB Flexible Credit Line Arrangement
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a successor two-year arrangement for Colombia under the
Flexible Credit Line (FCL) in an amount equivalent to SDR 3.87
billion (about US$5.45 billion). The Colombian authorities stated
their intention to treat the new arrangement as precautionary and
do not intend to draw on it.
Following the Executive Board's discussion on Colombia, Mr. David
Lipton, First Deputy Managing Director and Acting Chairman of the
Board, issued the following statement:
"Colombia has a track record of very strong policy frameworks,
including an inflation-targeting regime, a flexible exchange rate,
effective financial sector supervision and regulation, and a
fiscal policy guided by a structural balance rule. The
authorities are firmly committed to maintain such policies and
undertake further initiatives to strengthen the resilience of the
economy, boost competitiveness, and foster inclusive growth.
"Colombia's macroeconomic policies have provided flexibility to
mitigate the impact of the recent sharp decline in world oil
prices. The fiscal rule represents an important buffer against
oil price fluctuations, allowing a smooth adjustment of
expenditure to a dimmer medium-term oil outlook. The flexible
exchange rate regime continues to play an important shock-
absorbing role in helping the economy adapt to shifts in global
economic and financial conditions, and the banking and corporate
sectors remain in good financial health. The central bank has also
taken advantage of abundant capital inflows to further build up
international reserves.
"However, adverse external risks pose strong headwinds, and, if
they materialize, could weaken the country's external position.
Access to the Fund's FCL will continue to play a significant role
in supporting the authorities' policies in the presence of these
downside risks. A successor FCL arrangement, which the
authorities intend to continue to treat as precautionary, will
provide policy flexibility and serve as a temporary insurance that
reinforces market confidence. The authorities intend to phase out
the use of the FCL facility as global risks affecting Colombia
decrease substantially."
Background:
Colombia's first FCL arrangement was approved on May 11, 2009 and
was renewed on May 7, 2010, May 6, 2011, and June 24, 2013.
The FCL was established on March 24, 2009 and further enhanced on
August 30, 2010. The FCL is available to countries with very
strong fundamentals, policies, and track records of policy
implementation and is particularly useful for crisis prevention
purposes. FCL arrangements are approved for countries meeting pre-
set qualification criteria. The FCL is a renewable credit line,
which could be approved for either one or two years. Two-year
arrangements involve a review of eligibility after the first year.
If the country draws on the credit line, the repayment period is
between three and five years. There is no cap on access to Fund
resources under the FCL, and access is determined on a case-by-
case basis. Qualified countries have the full amount available up-
front, with no ongoing conditions. There is flexibility to either
draw on the credit line at the time it is approved, or treat it as
precautionary.
=================
G U A T E M A L A
=================
GUATEMALA: Fitch Affirms 'BB' LT Currency Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Guatemala's long-term foreign- and
local-currency Issuer Default Ratings (IDRs) at 'BB' with a Stable
Outlook. The issue ratings on Guatemala's senior unsecured
foreign- and local-currency bonds are also affirmed at 'BB'. The
country ceiling is affirmed at 'BB+' and the short-term foreign
currency IDR at 'B'.
KEY RATING DRIVERS
Guatemala's ratings affirmation and Stable Outlook reflect the
following drivers:
Guatemala's economic growth is expected to pick up on a mix of
cyclical and structural factors. Growth reached 4.2% in 2014 and
could average 4% in 2015-2017, up from an average of 3.4% in 2010-
2013. Real wage gains, strong worker remittances from the U.S. and
the fall in oil prices will support private consumption.
Investment in mining, agroindustry and electricity generation has
increased productivity and export diversification. However,
weakened confidence stemming from on-going political uncertainties
poses downside risks to the near-term growth outlook. Guatemala's
per-capita income growth remains low, reflecting persisting
structural constraints from low savings rates, crime and human
capital deficiencies.
Inflation expectations remain within the target (4%+/-1pp), and
headline and core inflation measures have fallen below the 3%
lower bound. Subdued inflation dynamics have enabled the central
bank (Banguat) to lower its policy rate by 175 basis points since
mid-2013 in compliance with its inflation-targeting regime,
although transmission mechanisms remain weakened by underdeveloped
capital markets and financial dollarization. Strong current and
capital account inflows led the quetzal to appreciate in 2014 and
Banguat to intervene in the foreign exchange market through its
rules-based mechanism. The banking sector maintains adequate
capitalization, asset quality, and liquidity. Credit growth has
been robust, and more rapid growth in foreign-currency lending has
mostly been funded through external issuance and granted to
corporates with earnings linked to or denominated in dollars,
which mitigates currency mismatch and credit risks.
Fitch expects the current account deficit to narrow to 1.9% of GDP
in 2015-2017 from 2.4% in 2014, driven by growth in export
volumes, strong remittances and lower prices for oil imports.
External financing needs are well-covered by broad-based foreign
direct investment and sovereign borrowing from multilaterals.
Guatemala's external liquidity ratio remains among the highest in
the 'BB' category due to moderate amortisations and short-term
external debt, low non-resident participation in the local
financial markets, and adequate foreign reserves.
Public finances demonstrate structural weaknesses, in spite of a
sustained reduction in the deficit and compliance with budget
targets in recent years. The revenue base is the lowest in the
'BB' category at 11.5% of GDP in 2014, reflecting a weak tax
effort resulting from exemptions, adverse court rulings and fraud.
Recent corruption investigations have revealed institutional
shortcomings in customs and the tax agency. Public spending is low
and rigid, and congressional delays in approving budgets and
financing have led to drastic spending cuts. These issues
constrain the authorities' ability to address social and
infrastructure needs and undertake counter-cyclical policies.
Fitch expects the fiscal deficit to widen to 2.1% of GDP in 2015-
2017 from 1.9% in 2014, but remain well below the 'BB' median of
4%. A fiscal gap is emerging in 2015 due to the judicial
suspension of a new telecom tax, budgeted mining royalties that
won't materialise until 2016, and weak compliance. The authorities
might address this gap primarily through spending cuts, as well as
additional domestic borrowing and temporary accumulation of
supplier arrears. The under-budgeting of debt service for 2015
will also be covered, given a legal mandate prioritizing the
allocation of fiscal revenues to service debt obligations.
Fitch forecasts these deficits will gradually lift general
government debt from 22% of GDP in 2014 to 25% by 2020. This debt
burden remains below the 'BB' median of 40%, but its higher level
as a share of revenues reflects the narrowness of the tax base.
Financing needs are low at 3.4% of GDP on average in 2015-2017,
and risks are mitigated by sustained access to multilateral
lenders, favourable financing conditions in the domestic bond
market, and the absence of external bond amortizations until 2022.
Political uncertainty has risen ahead of general and local
elections scheduled for Sept. 6th. Fraud revelations have led to
the arrest and resignation of high-level public officials, a rise
in anti-corruption protests and a sharp drop in support for
President Otto Perez. The social and political response to these
developments has stayed peaceful and within institutional channels
so far. Lawmakers are considering a series of proposals to
strengthen governance in several areas (campaign finance, internal
party democracy, electoral laws), but progress on these
initiatives remains unclear. Macroeconomic stability has been
preserved. A fragmented party system and likely divided congress
could slow policymaking and the reform agenda of the next
government.
RATING SENSITIVITIES
The Stable Outlook reflects Fitch's view that upside and downside
risks to the rating are broadly balanced. The main risk factors
that, individually or collectively, could trigger a rating action
are:
Negative:
-- Escalation of political or social unrest leading to
macroeconomic and policy uncertainty;
-- Higher fiscal deficits or growth shocks resulting in a
deterioration of debt dynamics relative to peers;
-- Reductions in international reserves and interruptions to
external sources of financing.
Positive:
-- Sustained improvements in tax collection and the budget
process that enhance fiscal policy flexibility;
-- Higher investment rates and economic growth prospects;
-- Progress in lifting governance standards and human
development indicators relative to peers.
KEY ASSUMPTIONS
-- Fitch assumes an orderly transition of government will take
place following presidential, congressional and local
elections, and that anti-corruption protests will remain
peaceful.
-- Fitch forecasts Guatemala's economy and trade and
remittances inflows will benefit from lower international
oil prices (USD65/bl in 2015 and USD75/bl in 2016) and
supportive growth in the U.S.
===========
M E X I C O
===========
GRUPO POSADAS: Fitch Rates USD350M Prop. Sr. Notes 'B+/RR3(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR3(EXP)' rating to the proposed
senior notes for up to USD350 million, maturing in the range of
seven to 10 years, to be issued by Grupo Posadas, S.A.B. de C.V.
(Posadas).
The 'RR3' Recovery Rating assigned to the proposed issuance
indicates good recovery prospects given default. 'RR3' rated
securities have characteristics consistent with securities
historically recovering 51%-70% of current principal and related
interest. The proceeds from the proposed notes will be used to
refinance all or part of the notes due 2017, as well as the
commercial paper issuance due November 2015.
Posadas' ratings are supported by the company's solid business
position as a leading hotel chain in Mexico, strong brand equity
and operating performance, as well as its multiple hotel formats.
Conversely, the ratings are tempered by high leverage, as well as
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and brand
image have resulted in occupancy levels that are above the
industry average in Mexico. The use of multiple hotel formats
allows the company to target domestic and international business
travelers of different income levels as well as tourists,
diversifying its revenue base.
KEY RATING DRIVERS
IMPROVEMENTS IN OPERATIONAL PERFORMANCE
Posadas has improved its operations over the last few quarters.
RevPAR has improved, particularly in owned and leased hotels; this
has mostly been driven by improved Average Daily Rate (ADR).
Occupancy has remained stable, above 60%, although coastal
locations have outperformed urban ones, both for managed, as well
as owned and leased properties. Furthermore, vacation club sales
have improved, as increased occupancy in coastal locations has
improved cross-selling opportunities.
As of LTM March 31, 2015, EBITDA was MXN1,161 million. Cash from
operations (CFO) generation for the period was MXN443 million and
Fitch expects continued improvement due to continued strong
operating performance in the vacation club segment, as well as the
main hospitality business.
MODERATE CAPEX GROWTH STRATEGY
Going forward, Fitch believes Posadas' strategy will be centered
mostly on managing hotels, as opposed to owning the properties.
New openings should continue for all brands, mainly Fiesta Inn and
One, mostly under managed and leased formats. This capex strategy
for new openings, with only about 16% being spent by Grupo Posadas
itself could support FCF generation, which is expected to be
mildly positive over the short to medium term. From 2015 to 2017,
Posadas plans to open 40 hotels with a total of 6,548 rooms.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Adjusted debt to EBITDAR around 4.5x in the medium term;
-- Consolidated EBITDA above MXN1 billion;
-- Broadly stable KPIs in the short-to-medium term.
-- Low capex growth strategy.
RATING SENSITIVITIES
Negative factors for credit quality could include any weakening of
operating trends or decreases in RevPAR that could lead to lower
EBITDA and cash flow levels, as well as cash outflows or incurring
debt that results in adjusted debt-to-EBITDAR consistently higher
than 5.0x.
Positive factors of the company's creditworthiness include stable
EBITDA generation, consolidating gains in operating indicators,
and a proven track record of stronger and stable credit metrics,
such as adjusted debt-to-EBITDAR consistently below 4.5x
LIQUIDITY
The company's liquidity position is manageable. The proposed
issuance will allow for the refinancing of the USD50 million
commercial paper maturity in November 2015, leaving only a
remainder of the senior notes due 2017 as well as the proposed
issuance as debt maturities. Cash balances as of March 31, 2014
are MXN1,043 million. Furthermore, the company's strategy
considers signing committed secured credit lines of MXN550 million
(MXN 200 million currently approved), to bring additional
liquidity support.
FULL LIST OF RATING ACTIONS
Grupo Posadas, S.A.B. de C.V.
Fitch has assigned this rating:
-- USD350 million proposed senior notes at 'B+/RR3(EXP)'.
GRUPO POSADAS: Moody's Rates Proposed USD250M Sr. Unsec. Notes B2
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 global scale rating to
Grupo Posadas S.A.B. de C.V.(Posadas)'s proposed issuance for up
to USD 250 million senior unsecured notes maturing in 2023. The
outlook on the ratings is negative.
Since the proceeds of the proposed transaction would be used to
refinance existing debt, we expect it to be largely neutral to
Posadas' leverage. However, the notes will result in a more
comfortable maturity profile, eliminating near term refinancing
risk.
RATINGS RATIONALE
Posadas' B2 rating reflects its high leverage, small operating
scale relative to global industry peers, and low geographic
diversification as it operates almost entirely in Mexico. The
rating also considers our view that future growth could be
affected by a subdued global economic environment and financial
constraints to its investment program. The company's leading
position, brand equity and nationwide coverage in Mexico balance
the rating. Also supporting Posadas' B2 rating is its segment
diversification across different hotel classes, varying business
models and service business growth.
On the other hand, the rating also factors in that profitability
has been pressured in recent years by factors such as the sale of
14 hotels and the increase in taxes in the context of the Mexican
fiscal reform. More recently, we have already seen a recovery in
Posadas performance. Although EBIT margins as adjusted by Moody's
remained at modest 8.3% in the first half of 2014, profitability
has recovered since the 3Q14, with adjusted EBIT margin for the
last twelve months (LTM) ended March 31, 2015 of 13.5%. In the
same period, the company was able to increase its effective tariff
(Rev PAR) to 9.3% for hotels under management and 23.9% in its
owned or leased hotels. The recovery also allowed Posadas to
reduce leverage to 4.7 times as of March 31, 2015 from 5.8 times
by the end of 2014, despite the 17% Mexican peso depreciation
during the LTM ended March 2015.
Posadas' outlook has been negative since July 15, 2014, when we
changed it from stable, mainly reflecting our expectation that
leverage would remain high at least over the next following 18
months. The outlook also considers the liquidity risk resulting
from Posadas' material upcoming debt maturities coupled with a
high capital expenditure program. Since then, the company has been
able to improve its credit profile with a visible trend of
deleveraging. Upon the successful closure of the proposed
transaction, Posadas' will eliminate immediate refinancing risk,
increasing the likelihood of a ratings outlook stabilization.
Ratings could be downgraded if Posadas' liquidity deteriorates or
if Moody's adjusted debt/EBITDA remains above 5.0 times with no
clear de-lever trend over the next few quarters.
Likewise, positive ratings pressure would result from Posadas
maintaining adequate liquidity and improving adjusted Debt/EBITDA
below 4.5 times and EBIT/Interest above 2.0 times, both on a
sustainable basis.
Grupo Posadas, S.A.B. de C.V. (Posadas), headquartered in Mexico
City, is a leading hotel operator in Mexico. Posadas owns, leases
and manages 131 hotels with 21,742 rooms in well located urban and
costal destinations throughout Mexico and a single hotel in Texas.
It operates key 5- and 4- star Fiesta Americana and Fiesta Inn
business-class formats, a 3-star format (One Hotels), the luxury
class Live Aqua, the Fiesta Americana Vacation Club timeshare
business and more recently a franchise business under the brand
Gamma . For the last twelve months ended March 31, 2015, Posadas
reported revenues of MXN6,247 million excluding asset sales.
GRUPO POSADAS: S&P Affirms 'B' CCR, Rates Prop. LT Sr. Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and debt ratings on Grupo Posadas (Posadas). S&P also
assigned a 'B' rating to the company's proposed long-term senior
unsecured notes. The recovery rating on the existing and proposed
notes is '3' indicating S&P's expectation of a meaningful (50%-
70%recovery, in the lower half of the range for bondholders in the
hypothetical event of a payment default. The outlook on the
corporate credit rating remains stable.
The ratings on Posadas reflect S&P's "fair" business risk profile
due to its expectation that the company will maintain its strong
brand and market positions in Mexico with 21,742 rooms as of
March 31, 2015. The ratings also reflect S&P's expectations that
the company will maintain its EBITDA margins slightly above 20% in
the next 12 months.
Posadas announced on June 17, 2015, that it intends to issue long-
term dollar-denominated senior unsecured notes to refinance its
debt, including the euro-denominated commercial paper due during
the fourth quarter of 2015 and at least a portion of the
$310 million senior unsecured notes due 2017 if the recent tender
offer succeeds (which means at least 50.1% of the bondholders
would accept it).
Given that the company plans to use the new issuance for
refinancing rather than increasing its debt, S&P expects Posadas
will maintain relative stable debt levels and credit metrics.
Moreover, S&P believes the company can cover its short-term debt
obligations without the tender offer or the new issuance thanks to
its solid cash position as of March 31, 2015 and its already
approved committed credit line. Finally, S&P believes the fixed-
interest rate, long-term nature of the proposed notes, and
Posadas' cash position in dollars -- to cover the coupons --
mitigate the currency risk of the proposed dollar-denominated
issuance.
===========
P A N A M A
===========
AES PANAMA: S&P Revises Outlook to Stable & Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on AES
Panama S.R.L. to stable from negative. In addition, S&P affirmed
its 'BB-' ratings on the company. S&P also assigned its 'BB-'
issue-level rating on AES Panama's proposed seven-year senior
unsecured bonds for up to $375 million.
The outlook revision reflects S&P's expectation that the company's
finances will strengthen in 2015 and afterwards as a result of
improved hydrology conditions, overall lower spot prices, and the
additional EBITDA generation from the power barge, Estrella del
Mar. Spot prices in Panama have stabilized as oil prices dropped,
installed capacity in the system rose about 15%, and hydrology
conditions improved.
The rating on the new notes reflects the credit rating on AES
Panama. The company will use the proceeds to refinance its
existing senior unsecured bond due 2016 and its syndicated bank
loan.
======================
P U E R T O R I C O
======================
PUERTO RICO: Fin'l Control Board Should Take Over, Lawmaker Says
-----------------------------------------------------------------
Michael Corkery, writing for DealBook, reports that in one of the
strongest bids yet for federal intervention into Puerto Rico's
fiscal woes, a member of Congress is calling for a control board
to take over the island's beleaguered government.
Representative Jeffrey D. Duncan, a South Carolina Republican,
sent a letter to his fellow lawmakers, urging them for a solution
to Puerto Rico's financial problems that may result in "management
changes" in the commonwealth, according to DealBook.
The report notes that Mr. Duncan said Congress had the authority
to establish a control board in Puerto Rico, similar to the one it
created in Washington, D.C., in the mid-1990s.
"I believe legislation to require the establishment of a financial
control board, to enable the politically unpalatable changes
necessary to put Puerto Rico back on the road to self-
determination, may be needed," wrote Mr. Duncan, who is chairman
of the Subcommittee on the Western Hemisphere of the House Foreign
Affairs Committee, the report relates.
Mr. Duncan's letter is the latest salvo in the battle between
Puerto Rico and its creditors, the report notes. The island is
quickly running out of cash to pay its debts, leading many
analysts and investors to conclude that the commonwealth may
default, the report discloses.
Mr. Duncan's call for a control board will most likely find favor
with hedge funds and other investors that own billions of dollars
of Puerto Rico municipal bonds and are seeking to head off a
default or debt restructuring, the report relays.
A group of Puerto Rico debt investors have been trying to thwart
efforts in Congress that would allow Puerto Rico's public
corporations, which run the island's water and electrical systems,
to declare bankruptcy, the report says.
In his letter, Mr. Duncan said authorizing a bankruptcy filing
"will be a financial bailout of Puerto Rican debt that will
provide only temporary benefit, harm U.S. investors that have
invested in Puerto Rican bonds, and not meaningfully address the
entrenched issues that have created the fiscal management problems
that have created the current crisis," 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
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BOMBRIL SA-ADR BMBPY US 323685704 -31241748
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CAF BRASILIA CAFE3 BZ 160933830 -149277092
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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
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KARSTEN SA CTKA3 BZ 174656858 -10482924.6
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COBRASMA SA COBRON BZ 68585867.9 -2324358597
COBRASMA-PREF CBMA4 BZ 68585867.9 -2324358597
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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
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FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
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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
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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 * * *