/raid1/www/Hosts/bankrupt/TCRLA_Public/150630.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 30, 2015, Vol. 16, No. 127
Headlines
B A R B A D O S
LIME: Union Leader Says Layoffs Coming as a Result of Flow Merger
B R A Z I L
BRAZIL: May Unemployment Higher Than Expected as Recession Looms
COSAN SA: Fitch Affirms Foreign and Local Currency IDR at 'BB+'
INTERCEMENT PARTICIPACOES: Fitch Affirms 'BB' LT IDR; Outlook Neg.
PETROLEO BRASILEIRO: Notes 37% Reduction in 5-Yr Investment Plan
C A Y M A N I S L A N D S
BIVIO CAPITAL: Members' Final Meeting Set for July 8
CRC ACTIVE: Members' Final Meeting Set for June 30
HANNIBAL INTERNATIONAL: Members' Final Meeting Set for July 8
LOOK'S ABSOLUTE: Shareholders' Final Meeting Set for July 7
MILLENNIUM GLOBAL: Members' Final Meeting Set for June 30
MILLENNIUM HOLDCO: Members' Final Meeting Set for June 30
MILLENNIUM INVESTMENTS: Members' Final Meeting Set for June 30
MILLENNIUM TMT: Members' Final Meeting Set for June 30
SENTINEL CAPITAL: Members' Final Meeting Set for July 8
YANGTZE SOLAR: Shareholders' Final Meeting Set for July 12
D O M I N I C A N R E P U B L I C
BANCO MULTIPLE: Fitch Affirms 'B+' LT Issuer Default Ratings
E L S A L V A D O R
LA HIPOTECARIA: Fitch Affirms 'BB+sf' Rating on $37.8MM Notes
P E R U
SAN MIGUEL: Fitch Affirms 'BB' Issuer Default Rating
P U E R T O R I C O
MANUEL MEDIAVILLA: Chapter 7 Conversion Bid Denied
S T. K I T T S A N D N E V I S
* ST. KITTS AND NEVIS: Outlook for 2015 Remains Positive, IMF Says
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Must 'Die' for Diversification
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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B A R B A D O S
===============
LIME: Union Leader Says Layoffs Coming as a Result of Flow Merger
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Caribbean360.com reports that the merger of telecommunications
companies LIME and rival Flow will soon claim the first
causalities -- staff.
The general secretary of the Barbados Workers' Union (BUW) Toni
Moore made the disclosure to the media, but indicated it as too
early to say how many people would be sent home, according to
Caribbean360.com.
The report notes that Ms. Moore acknowledged, though, that with
the purchase of Columbus International -- Flow's parent company --
by Cable and Wireless which operates in the region as LIME,
layoffs were expected.
"Up to this point, there has been no formal indication as to the
extent of those impacts, but what the company has said is that in
those areas where it recognizes that it may need to shed labor
that every attempt would be made to engage the Barbados Workers'
Union to make sure that the process in exiting workers is being
upheld, and that every effort will be made as well to ensure that,
to maintain the company's competitiveness, the best persons will
be kept back," Ms. Moore said at a media conference, the report
discloses.
Under the March 31, 2015 deal worth just over $3 billion, LIME has
decided to drop its name in its Caribbean operations and go with
the Flow brand, the report relays.
In addition to Flow becoming the face of LIME's Caribbean
operations, CWC will operate under the corporate banner C&W
Communications; C&W Networks will be the brand representing the
wholesale submarine and terrestrial fiber optic cables of C&W
Communications and the former Columbus Networks/JVCO business; and
C&W Business will be the business-facing brand across the whole
group, replacing the former CWC Business Solutions, Columbus
Business Solutions and Sonitel brands, the report adds.
===========
B R A Z I L
===========
BRAZIL: May Unemployment Higher Than Expected as Recession Looms
----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's unemployment
rate rose in May more than analysts forecast as higher rates and
tighter fiscal policy stifle activity in Latin America's biggest
economy.
The jobless rate increased to 6.7 percent from 6.4 percent a month
earlier, the national statistics institute said, according to
Bloomberg News.
That was higher than the 6.6 percent median estimate from 34
economists surveyed by Bloomberg and the highest in nearly five
years.
Bloomberg News relates that unemployment has spiked as the economy
contracts with the government tightening policy. That makes it a
politically inconvenient moment for President Dilma Rousseff's
government to have restricted access to unemployment insurance as
part of its fiscal adjustment, Bloomberg News discloses. Above-
target inflation is eating into real wages and further depressing
sentiment, as Rousseff's approval rating plumbs new lows,
Bloomberg News says.
Swap rates on the contract due in January 2017 rose six basis
points, or 0.06 percentage point, to 14.00 percent at 9:09 a.m.
local time on June 25. The real weakened 0.1 percent to 3.1005
per U.S. dollar.
Following passage by Congress, Rousseff this month signed into law
a measure to reduce unemployment benefits, Bloomberg News says.
The bill is one of four measures forming part of Finance Minister
Joaquim Levy's austerity package, Bloomberg News relates. Three
have passed thus far, and the lower house approved the basic text
of a bill to boost corporate taxes early Thursday morning,
Bloomberg News notes.
Unwinding Benefits
Unwinding corporate tax benefits may affect unemployment, Senate
President Renan Calheiros told reporters before meeting Planning
Minister Nelson Barbosa in Brasilia, Bloomberg News relates.
As Levy tightens fiscal policy, the central bank's directors have
raised the benchmark interest rate at six straight meetings to
13.75 percent to rein in price increases, Bloomberg News
discloses. Inflation in the 12 months through mid-June
accelerated to an 11-year high of 8.8 percent, above the ceiling
of the central bank's 2.5 percent to 6.5 percent target range,
Bloomberg News notes.
Bloomberg News says that faster inflation helped provoke a 5
percent fall in real wages in May from the same month last year.
That, along with higher borrowing costs, has kept consumer
confidence hovering near a record low, Bloomberg News relays.
Analysts surveyed by the central bank forecast economic
contraction of 1.45 percent this year.
A Datafolha poll published June 21 showed Rousseff's approval
rating fell to 10 percent, the lowest of any Brazilian leader
since 1992, Bloomberg News notes. The poll of 2,840 people was
conducted June 17-18, and has a margin of error of plus or minus
two percentage points, Bloomberg News adds.
COSAN SA: Fitch Affirms Foreign and Local Currency IDR at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed Cosan S.A Industria e Comercio's
(Cosan) foreign and local currency Issue Default Ratings (IDRs) at
'BB+', and the company's Long-term National Scale Rating at
'AA(bra)'. Fitch has also affirmed Cosan Luxembourg S.A's senior
unsecured notes due 2018 and 2023 and Cosan Overseas Limited's
perpetual bond at 'BB+'.
Cosan Luxembourg S.A and Cosan Overseas Limited are fully-owned
subsidiaries of Cosan and the issuances are unconditionally and
irrevocably guaranteed by the parent company.
The Rating Outlook for the corporate ratings is Stable.
KEY RATING DRIVERS
Cosan's ratings are supported by its strong and diversified asset
portfolio. Fitch expects this portfolio to provide a growing and
robust flow of dividends to Cosan in order to cover its interest
expenses above 2.0 times (x) and pay a sufficient dividend to
support its main shareholder (Cosan Ltd.) debt service. The
company's portfolio benefits from the resilience of activities
such as distribution of natural gas, sale of lubricants and fuels.
The volatile sugar and ethanol (S&E) business has been reducing
its participation over Cosan's pro forma consolidated EBITDA,
reaching around 30% in 2014, which is positive to its business
profile.
The ratings incorporate Cosan's high leverage at the holding
level, which is somewhat mitigated by its lengthened debt maturity
profile. The analysis has also considered the subordination of
this company's debt to obligations of its main investments, as
access to their cash is limited to dividends received. Fitch also
considered the company's limited exposure to the weaker credit
profile of the logistic business, which was recently spun-off from
Cosan.
Robust Asset Portfolio
Cosan's three main assets and source of dividends are rated as
investment grade. Raizen Combustiveis S.A. (Raizen Combustiveis,
rated 'BBB'/'AAA(bra)', Outlook Stable) is the third largest fuel
distributor in Brazil, with a predictable operational cash
generation. Despite its more volatile results, Raizen Energia S.A.
(Raizen Energia, rated 'BBB'/'AAA(bra)', Outlook Stable) is the
largest sugar and ethanol company in Brazil and as such it
benefits from its large business scale, which somewhat mitigates
the current challenging scenario for the sector. Companhia de Gas
de Sao Paulo (Comgas, rated 'BBB-'/'AA+(bra)', Outlook Stable) is
the largest natural gas distributor in Brazil, with high growth
potential and predictable operational cash flow.
All of Cosan's businesses reported improved performance in 2014
compared to the previous year. In 2014, Comgas reported net
revenues at BRL6.4 billion and stable EBITDA margin at 22.5%,
whereas Raizen Combustiveis reported net revenues of BRL56
billion, favorably comparing to BRL51 billion in the fiscal year
ended March 31, 2014. Raizen Energia reported stable revenues and
operating margins of BRL9.2 billion and 28%, respectively, in
2014. The other two assets invested by Cosan are Cosan
Lubrificantes S.A. and Radar Propriedades Agricolas S.A, which add
to business diversification.
High Interest Coverage Expected to Remain
Fitch expects Cosan's investees to increase dividend payments in
the next years, with Cosan receiving around BRL1 billion in 2015
and 2016, compared with BRL912 million in 2014. Raizen
Combustiveis should keep its growing trends for revenues, with
stable EBITDA margin, while Raizen Energia's operational cash flow
generation should benefit from expected higher sugar prices and
sales volumes. Comgas is also expected to increase dividends
distribution as a result of its potential revenue growth.
Cosan's interest coverage should remain above 2.0x, which is
adequate for the rating category and allows the company to
gradually reduce its debt. In 2014, the ratio dividends
received/interest paid was 2.3x. Cosan's access to its main
investees is limited to dividends as Raizen Combustiveis and
Raizen Energia are jointly controlled by Cosan and Shell. Comgas
is a regulated concession and any intercompany loan to
shareholders must be approved by regulator.
High Leverage for Cosan
Cosan's current leverage is high on a stand-alone basis. The
company reported total adjusted debt of BRL6.8 billion at the end
of the first quarter of 2015, and net adjusted debt/EBITDA plus
dividends received at 9.8x. Debt was composed mostly of
intercompany loans of BRL4 billion, which represent the past bond
issuances performed by its fully-owned subsidiaries, and non-
voting preferred shares of BRL2 billion Although issued by Cosan
Luxembourg and Cosan Overseas, the associated debt at both
entities is guaranteed by Cosan, which is ultimately responsible
for the payment.
Cosan Not Affected by ALL Acquisition
Cosan's IDRs are not expected to be affected by the weaker credit
profile of the logistic arm of its controlling shareholder Cosan
Ltd. Rumo Logistica Operadora Multimodal S.A. (Rumo), which was
the group's logistic company was spun-off from Cosan in October
2014. The acquisition of America Latina Logistica S.A (ALL, 'BB-
'/Stable Outlook) by Rumo has been completed and approved by all
relevant Government authorities. Cosan Logistica S.A, 62% owned by
Cosan Ltd., holds a 26.26% stake into Rumo. ALL's shares ceased to
be traded on the Brazilian Stock Exchange on March 31, 2015 and
its figures has been captured by Rumo's and Cosan Logistica S.A's
financials since April 1, 2015
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
--Cosan will not trigger the perpetual bond's optional redemption
clause, preserving its short-term liquidity.
--Fitch expects an increased flow of dividends coming from
Comgas, Raizen Combustiveis and Raizen Energia S.A over the
next two years, reaching around BRL1 billion per year.
--Potential new issuances will only have the purpose to refinance
existing debt.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include the deterioration of the
credit profile of Raizen Combustiveis, Raizen Energia and or
Comgas and Cosan's interest coverage by dividends received bellow
2.0x.
Future developments that may, individually or collectively, lead
to a positive rating action include a more predictable cash flow
generation of Raizen Energia and Cosan's interest coverage by
dividends received above 3.0x on a sustainable basis.
LIQUIDITY
As of March 31, 2015, the holding company had BRL263 million of
cash versus short-term debt of BRL2.2 billion. Cosan's short-term
debt position included the USD500 million (BRL1.6 billion)
perpetual notes due to the optional redemption clause that can be
triggered, at Cosan's option, from Nov. 5, 2015 on. Adjusted for
the perpetual notes, Cosan's short-term debt falls to BRL572
million and cash to short-term debt coverage stands at 0.46x.
Cosan's debt maturity profile is well stretched and is not
expected to pressure the company's cash flows until 2018 when the
BRL850 million notes are due. Fitch expects Cosan to receive
growing inflow of dividends by then, which will ensure adequate
repayment capacity of upcoming interests. Cosan's liquidity is
reinforced by a fully available committed Stand-by Facility of
BRL750 million and the positive track record of dividends. The
company received dividends of BRL750 million in the LTM ended
March 31, 2015.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Cosan S.A Industria e Comercio
-- Foreign and local currency IDRs at 'BB+';
-- National scale rating at 'AA(bra)'
The Outlook for Cosan's IDRs is stable.
Cosan Overseas LTD
-- Perpetual notes at 'BB+'.
Cosan Luxembourg S.A:
-- Senior Unsecured Notes due in 2018 and 2023 at 'BB+'.
INTERCEMENT PARTICIPACOES: Fitch Affirms 'BB' LT IDR; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) and Local Currency Default Rating of InterCement
Participacoes S.A. at 'BB', and the Long-Term National Rating at
'AA-(bra)'. The Outlook has been revised to Negative from Stable.
A full list of rating actions follows at the end of this release.
The Negative Outlook reflects the deterioration in InterCement's
credit metrics, significant EBITDA margin compression, and
continued difficult operating conditions over the next 12 - 18
months.
KEY RATING DRIVERS
Weakening Credit Metrics
InterCement's credit metrics have suffered materially over the
last 12 months due to difficult operating environments in its key
markets resulting in significantly lower EBITDA generation,
despite improvements in consolidated sales. Increased maintenance,
input, and logistics costs have put downward pressure on
InterCement's EBITDA, resulting in net leverage sustained above
4.0x, despite a decline in gross debt levels. Fitch projects
InterCement to have a difficult time improving its credit metrics
through operational cashflow generation. Fitch projects net
leverage to be approximately 4.2x by year end 2015.
Deteriorating EBITDA Margins
InterCement's EBITDA margins were 19% for 1Q15 compared to 21% in
1Q14. First quarter margins were negatively impacted by lower
cement consumption in Brazil, high energy costs, and difficulties
passing on costs to consumers. InterCement's biggest market,
Brazil, has undergone a severe economic contraction, resulting in
a 12% decline in cement and clinker volumes 1Q15 over 1Q14. Fitch
projects consolidated EBITDA margins to remain around 22% during
2015, as any cost cutting and operational efficiencies will likely
not be fully realized by year end.
Severe Contraction in Brazil's Cement Market to Persist
Historically, the Brazilian market has contributed approximately
55 - 60% to InterCement's consolidated EBITDA. InterCement's
Brazilian operations generated only 33% of the company's
consolidated 1Q15 EBITDA as a result of lower demand levels,
higher costs, and continued asset optimization expenses from the
Cimpor acquisition in 2012. Fitch expects limited improvement in
InterCement's Brazilian operations for the rest of 2015, as
unfavorable economic conditions are expected to persist for the
next 12 - 18 months.
Adequate Liquidity Profile
Fitch views the company's debt amortization schedule as manageable
and its cash position as adequate. As of March 31, 2015,
InterCement had EUR903 million of cash and marketable securities.
The company's debt repayment schedule is manageable with EUR158
million and EUR183 million of debt amortization through 2015 and
2016, respectively. Approximately 67% of InterCement's debt is
exposed to variable interest rates, and 51% of its debt is
denominated in Euros. InterCement typically hedges 24 months of
its short-term maturities through derivative contracts.
Credit Linkage with Corporate Group Incorporated
The ratings factor in InterCement's strong credit linkage with its
holding company, Camargo Correa (BB/RWN), one of the largest
Brazilian privately owned conglomerates. InterCement is viewed as
the backbone for Camargo's credit profile as this division
accounts for 31% of Camargo's consolidated revenues and 42% of its
EBITDA during 2014.
The Camargo Correa group was one of 23 groups that have
temporarily been banned from future bids or projects with
Petrobras. Senior members of Camargo's engineering and
construction subsidiary were incarcerated as a result of the Lava-
Jato investigation, including the CEO, Vice President and Chairman
of the Board. The engineering and construction division accounted
for less than 15% of the consolidated EBITDA of the group during
2014.
Solid Business Position with a Diversified Portfolio
The ratings reflect Intercement's business market position as a
major global player with a solid market position in key regional
markets with operations in South America (Brazil, Argentina and
Paraguay), Europe (Portugal) and Africa (Egypt, Mozambique, South
Africa and Cape Verde). Fitch views the company's business
position as sustainable in the medium term based on its leading
business position in market that present high-growth profile,
strong brand recognition, scale of operations and continued
synergies realized following the 2012 Cimpor acquisition, and the
strategic location of its cement facilities and quarries.
InterCement ranks as the 7th largest cement company in the world
with total consolidated cement sales of 30 million tons during
2014, and is the second biggest player in the Brazilian market
with a market share of 18%, measured by cement sales. The large
scale of operations provides InterCement with competitive
advantages, principally meaningful cost-efficiencies and
integrated logistics. The company maintains a diversified
portfolio of operations with cash flow generation, measured by
EBITDA, from Brazil, Argentina and Paraguay, Portugal and Egypt
representing 53%, 19%, 7%, and 7%, respectively, of its total
EBITDA in 2014.
KEY ASSUMPTIONS:
-- 9.0% decline in Brazilian volumes;
-- 2.0% decline in consolidated volumes sold;
-- Net Leverage around 4.2x in 2015, declining to 3.2x in 2016
and below thereafter;
-- Stable liquidity profile.
RATING SENSITIVITIES
Negative Rating Action: Fitch would view a combination of the
following as negative to credit quality: the company's inability
to reduce and maintain its net leverage to 3.5x or below within
the next 12 - 18 months, further compression of EBITDA margins
resulting in further cash flow generation loss, deterioration in
InterCement's liquidity profile, and/or inability to restrict its
discretionary expenses during the current difficult operating
period.
Positive Rating Action: A rating upgrade is unlikely over the mid-
term. Factors that could lead to a revision of the Outlook to
Stable include: faster than expected deleverage to below 3.5x on a
sustained basis, consistent free cash flow generation used to pay
down gross debt levels, and/or improve macroeconomic trends in
Brazil. An upgrade is also unlikely until the ramifications of the
Lavo Jato investigation become more clear.
LIQUIDITY AND DEBT STRUCTURE
InterCement maintains adequate liquidity and a manageable debt
amortization profile. InterCement reported cash and cash
equivalents of EUR903 million compared to total debt of EUR3.8
billion as of March 31, 2015. A majority of InterCement's
marketable securities are held in highly liquid short-term
investment vehicles with major banks. InterCement has no material
amortizations upcoming before 2019. Total debt is further broken
down as 62% bank debt, 22% as debentures, and 16% as capital
market debt.
FULL LIST OF RATING ACTIONS
Fitch affirms the following:
InterCement Participacoes S.A.
-- Long-Term Local Currency IDR at 'BB'
-- Long-Term Foreign Currency IDR at 'BB';
-- Long-Term National Rating at 'AA-(bra);
InterCement Brasil S.A.
-- Long-Term Local Currency IDR at 'BB';
-- Long-Term Foreign Currency IDR at 'BB';
-- Long-Term National Rating at 'AA-(bra);
Cimpor Financial Operations B.V.
-- Long-Term IDR at 'BB';
-- Senior Unsecured Notes unconditionally guaranteed by
InterCement Brasil S.A. due 2024 at 'BB'.
Fitch has withdrawn Cimpor Financial Operations B.V.'s 'BB' long
term local currency IDR. The agency will no longer provide
corporate ratings for financial vehicles, only for their
respective issuances and guarantors.
The Rating Outlook is Negative.
PETROLEO BRASILEIRO: Notes 37% Reduction in 5-Yr Investment Plan
----------------------------------------------------------------
Henry Williams, writing for Business Finance News, reports that
Petroleo Brasileiro Petrobras SA, the Brazilian energy giant, has
announced to reduce its investment plans by 37%, as the company
struggles to offset the impact of its corruption scandal and the
decrease in oil prices. The reduction will span over a period of
five years, says the report.
The company had previously outlined plans for $206.8 billion on
numerous projects, however, now with the recent announcement, its
capital spending has been reduced to $130.3 billion, notes
Business Finance. In addition, the company has also boosted its
plans to sell off assets. Previously, it was expected to sell
assets worth around $13.7 billion for the year 2015-2016; however
the target has now been increased to $15.1 billion.
According to Business Finance, Petrobras also announced that it
"foresees business restructuring efforts, de-mobiization of assets
and additional divestments" of $42.6 billion during 2017 and 2018.
It has also decided to reduce its oil production target from 4.2
million barrels of oil equivalent per day to 2.8 million.
By implementing these measures, notes the report, the company is
looking to cut back on its expenses and streamline its operations,
as well decrease the ever-increasing pile of debt it has
accumulated. The company currently has $124.8 billion in debt,
which makes it one of the most indebted companies of the world.
Business Finance relates that Petrobras is going through a very
tough time. It was recently heavily hit by a massive corruption
scandal, after Brazilian authorities conducted an investigation
called Operation Car Wash. The investigation revealed that several
top executives of the company are involved in illegal contracts
worth billions of dollars. The scandal has severely eroded its
credibility among both investors and authorities.
Furthermore, the company was also a victim of over-ambitious plans
and destructive policies, says Business Finance. The Brazilian
government had also planned to take advantage of the new
discoveries in its coast, and introduced many plans through which
it aimed to take advantage of the oil industry to fuel growth in
the economy.
Citing the Wall Street Journal, Business Finance says high local
content requirements increased the cost and caused delays in the
production. It was also adversely affected by the plans to create
refineries which put a huge strain on its financial budget.
Petrobras also lost around $40 billion during 2011 to 2014, as the
government announced a policy in order to halt inflation, notes
the report. According to the policy, Petrobras would import oil at
international prices; however it had to sell it to the domestic
market at a lower rate.
Petrobras stock has decreased by 4.46%, and is currently trading
at $8.99, as of 1:15PM EDT, according to Business Finance's June
29 report.
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
==========================
BIVIO CAPITAL: Members' Final Meeting Set for July 8
----------------------------------------------------
The members of Bivio Capital Ltd. will hold their final meeting on
July 8, 2015, at 12:00 noon, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Telephone: +1 (345) 949-9808
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
CRC ACTIVE: Members' Final Meeting Set for June 30
--------------------------------------------------
The members of CRC Active Value Fund, Ltd. will hold their final
meeting on June 30, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
c/o Richard Gordon
Telephone: +1 (345) 949 4900
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
HANNIBAL INTERNATIONAL: Members' Final Meeting Set for July 8
-------------------------------------------------------------
The members of Hannibal International Ltd. will hold their final
meeting on July 8, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Telephone: +1 (345) 949-9808
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
LOOK'S ABSOLUTE: Shareholders' Final Meeting Set for July 7
-----------------------------------------------------------
The shareholders of Look's Absolute Return Fund will hold their
final meeting on July 7, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Andrew Look
1801-02, Onfem Tower, 18th Floor
29 Wyndham Street, Central
Hong Kong
Telephone: 345 949 6258
MILLENNIUM GLOBAL: Members' Final Meeting Set for June 30
---------------------------------------------------------
The members of Millennium Global Energy Fund GP will hold their
final general meeting on June 30, 2015, at 11:40 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Krys Global VL Services Limited
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
Telephone: +1 (345) 947 4700
Facsimile: +1 (345) 946 6728
MILLENNIUM HOLDCO: Members' Final Meeting Set for June 30
---------------------------------------------------------
The members of Millennium Global Energy Fund Holdco Ltd. will hold
their final general meeting on June 30, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Krys Global VL Services Limited
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
Telephone: +1 (345) 947 4700
Facsimile: +1 (345) 946 6728
MILLENNIUM INVESTMENTS: Members' Final Meeting Set for June 30
--------------------------------------------------------------
The members of Millennium Global Energy Fund Investments Holding
Company Ltd. will hold their final general meeting on June 30,
2015, at 10:20 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Krys Global VL Services Limited
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
Telephone: +1 (345) 947 4700
Facsimile: +1 (345) 946 6728
MILLENNIUM TMT: Members' Final Meeting Set for June 30
------------------------------------------------------
The members of Millennium TMT LBIT Holdings Ltd. will hold their
final general meeting on June 30, 2015, at 11:40 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Krys Global VL Services Limited
Governor's Square, Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 21237 Grand Cayman KY1-1205
Cayman Islands
Telephone: +1 (345) 947 4700
Facsimile: +1 (345) 946 6728
SENTINEL CAPITAL: Members' Final Meeting Set for July 8
-------------------------------------------------------
The members of Sentinel Capital Ltd. will hold their final meeting
on July 8, 2015, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Telephone: +1 (345) 949-9808
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
YANGTZE SOLAR: Shareholders' Final Meeting Set for July 12
----------------------------------------------------------
The shareholders of Yangtze Solar Power Investment Ltd will hold
their final meeting on July 12, 2015, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Mr. Wang Feng
No. 101-3-213 Dongshan Road Xiling District
Yichang City, Hubei Province
People's Republic of China
Telephone: +8610 58688629; and
Mr. Ye Dejun
Room 103, Building 20
No, 1955 Luoxiu Road, Shanghai
People's Republic of China
Telephone: +8621 33501734*8007
c/o Olivia Mason
Travers Thorp Alberga
1205A The Centrium 60 Wyndham Street
Central, Hong Kong
Telephone: +852 2801 6066
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO MULTIPLE: Fitch Affirms 'B+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings affirmed Banco Multiple BHD Leon S.A. (BHDL) and its
related entity's BHD Leon Puesto de Bolsa, S.A. (BHDLPB) ratings.
A full list of rating actions is at the end of this rating action
commentary.
KEY RATING DRIVERS
BHDL - IDRS, VR, SUPPORT AND NATIONAL RATINGS
BHDL's Viability Rating (VR), or standalone creditworthiness,
drives its long-term Issuer Default Ratings (IDR) and national
ratings. The bank's ratings do not consider any support, resulting
in a Support Rating of '5' and a Support Floor of 'NF'.
The bank's VR is highly influenced by the operating environment
and asset quality. Additionally, the bank's VR reflects its
resilient profitability, adequate capitalization, reserve cushion,
improving funding base and strengthened franchise.
BHDL's loan quality ratios remained sound into 2014. Sustained
growth and a benign economic environment backed up asset quality,
with an impaired loans/gross loans ratio of 1.66% at year-end 2014
(YE14). Reserve coverage of Past Due Loans remain the highest
among large- and medium-sized banks in the Dominican Republic
(DR). BHDL's conservative credit risk culture, strict collection
efforts and a stable economic and operating environment, should
contribute in preserving good asset quality ratios in line with
the bank's historical average.
BHDL's financial performance is robust, resilient and consistent.
During 2014, performance was driven by sound loan growth and an
ample financial margin; the last reflecting the bank's low funding
cost and credit expansion into higher margin segments. A clear
focus on cost control, allows BHDL to record remarkable efficiency
ratios compared to the local market average.
Internal capital generation, consistent performance and a
conservative dividend policy resulted in a solid capital base. The
bank's Fitch core capital ratio is expected to increase by year-
end from the first quarter 2015 (1Q15) levels, and should converge
to around 15% as observed over the last few years. This level
compares favourably with the bank's closest local pears and with
the median of its group of international peers (banks with VR of
'b+/bb-' located in Latin American countries with ratings of
'B+/BB-').
BHDL's successful franchise, distribution network and reputation
have allowed it to enjoy a well-diversified, stable and low-cost
funding base. The bank's deposit mix remained similar after the
merger process last year, with demand deposits representing about
50% of total deposits.
BHDL consolidated its position as the second-largest private-
sector bank in Dominican Republic, after the merger with the
former Banco Multiple Leon on July 2014. The bank's franchise is
well known and strong locally, while it has positioned itself as a
highly competitive entity in the corporate business segment. The
bank has also successfully increased its penetration in the
fastest growing and profitable retail segment, which has widened
its deposit base and reduced funding costs.
The subordinated debt rating remains one notch below the bank's
national IDR given its subordination to all senior creditors.
BHDLPB - NATIONAL RATINGS
BHDLPB ratings reflect the operational and financial support
provided by BHDL and its sole shareholder Centro Financiero BHD
Leon (CFBHDL). In Fitch's view, BHDLPB is core for CFBHDL, as it
is key and integral part of its business and provide some
financial products to core clients. Furthermore, a clear
commercial identification of this entity with BHDL and CFBHDL, and
the reputation risk at which they would be exposed in the case of
eventual troubles at BHDLPB results in a high probability of
direct or indirect support should it be required.
RATING SENSITIVITIES
BHDL - IDRS, VR AND NATIONAL RATINGS
Future positive changes in BHDL's ratings will depend on
additional sovereign actions, if the bank sustains its current
strong financial performance and adequate capitalization. They
could be downgraded if the bank's capital metrics deteriorate -
such as Fitch core capital to risk-weighted assets ratio below 8%
- together with asset quality weakening.
BHDLPB - NATIONAL RATINGS
An upgrade in BHDL's ratings could lead to an upgrade of BHDLPB. A
negative change in the capacity or propensity of CFBHDL to provide
support could pressure creditworthiness.
Fitch has taken the following rating actions:
Banco Multiple BHD Leon S.A.:
-- Foreign and local currency long-term IDR affirmed at 'B+',
Outlook Stable;
-- Foreign and local currency short term IDR affirmed at 'B';
-- Viability Rating affirmed at 'b+';
-- Support Rating affirmed at '5';
-- Support Floor Rating affirmed at 'NF'.
-- Long-term National rating affirmed at 'AA+(dom)'; Outlook
Stable;
-- Short-term National rating affirmed at 'F1+(dom)'
--Long-term National subordinated debt affirmed at 'AA(dom)'.
BHD Leon Puesto de Bolsa, S.A.:
-- Long-term National rating affirmed at 'AA+(dom)'; Outlook
Stable;
-- Short-term National rating affirmed at 'F1+(dom)';
-- Long-term National senior unsecured debt rating affirmed at
'AA+(dom)';
-- Short-term National senior unsecured debt rating affirmed at
'F1+(dom)'.
====================
E L S A L V A D O R
====================
LA HIPOTECARIA: Fitch Affirms 'BB+sf' Rating on $37.8MM Notes
-------------------------------------------------------------
Fitch Ratings affirms the ratings of La Hipotecaria's El
Salvadorian cross-border transactions. A full list of rating
actions follows at the end of this ratings action commentary.
KEY RATING DRIVERS
-- Low Level of Delinquencies
During the last 12 months, delinquencies within the underlying
portfolio have performed in line with Fitch's expectations. Such
low delinquency levels can be partly explained by the fact that
the vast majority of the securitized loans benefit from a direct
deduction payment mechanism, which helps mitigate willingness to
pay risk. Cumulative +180-day delinquencies represent 0.49% of the
original pool balance.
-- Increasing Credit Enhancement (CE)
CE to the series A senior notes has built slowly during the last
year due to the sequential nature of the transaction structure. As
of April 2015, it stood at 19.13%, up from 16% at transaction
closing.
-- Affirmation of El Salvador's Sovereign Ratings
Fitch rates El Salvador's Issuer Default Ratings (IDRs) 'BB-',
Outlook Negative and its country ceiling (CC) 'BB+' (the two notch
difference is partially explained by El Salvador's official
dollarization regime). As a result of the macroeconomic
environment, Fitch applies higher multiples to the underlying
portfolio's expected frequency of foreclosure (FOF) to ensure that
the structure can withstand significant periods of stress. The
rating assigned to the series A notes is capped by El Salvador's
CC.
-- Credit Quality of Guaranty Provider
La Hipotecaria El Salvadorian Mortgage Trust 2013-1 certificates
benefit from a payment guarantee by Overseas Private Investment
Corporation (OPIC) in the event funds are insufficient to cover
the monthly interest and final principal payment of the notes.
OPIC is backed by the full faith and credit of the United States
of America (U.S.; rated 'AAA', Outlook Stable by Fitch).
RATING SENSITIVITIES
The rating of series A is sensitive to changes in the credit
quality of El Salvador. A downgrade of El Salvador's ratings,
specifically its CC, would lead to a downgrade on the notes. In
addition, severe increases in FOF and prepayments as well as
reductions in recovery rates could lead to a downgrade of the
notes.
The rating of series 2013-1 is sensitive to changes in the credit
quality of the U.S. sovereign as OPIC is an agency of the U.S.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action
TRANSACTION SUMMARY
The $37.8 million series A senior notes are backed by residential
mortgages made to lower-middle-income borrowers in El Salvador by
La Hipotecaria. In addition, the Eleventh Mortgage Trust issued
$5.4 million in series B notes and $1.8 million in series C notes,
which have not been rated.
Approximately $33.75 million of the $37.8 million series A senior
notes have been transferred to a U.S. grantor trust (La
Hipotecaria El Salvadorian Mortgage Trust 2013-1). The U.S. trust
has issued $33.75 million in 2013-1 certificates, which are pass-
through certificates. The 2013-1 certificates benefit from a
guaranty by OPIC.
The series 2013-1 certificates are a pass-through of 89% of the
series A senior notes and benefit from a financial guaranty by
OPIC guaranteeing timely payment of interest and ultimate payment
of principal on the certificates.
Fitch has affirmed the following ratings:
La Hipotecaria Eleventh Mortgage-Backed Notes Trust
-- $37.8 million series A senior notes at 'BB+sf', Outlook
Negative.
La Hipotecaria El Salvadorian Mortgage Trust 2013-1
-- $33.75 million series 2013-1 certificates at 'AAAsf', Outlook
Stable.
=======
P E R U
=======
SAN MIGUEL: Fitch Affirms 'BB' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed San Miguel Industrias PET S.A.'s (SMI)
Issuer Default Rating (IDR) and senior unsecured notes at 'BB'.
The Rating Outlook is Stable
KEY RATING DRIVERS
Leading Position in Peru:
SMI is the leading manufacturer and distributor of polyethylene
terephthalate (PET) preforms and bottles in Peru, with a market
share of about 70%. The group's performance benefits from the
growing middle class and soft drink consumption in Peru.
Production costs and scale advantages are high barriers to entry
for competitors. The company generates about 54% of sales from
within Peru. The ratings also reflect SMI's increasing
geographical diversification. The company operates in Ecuador,
Panama, El Salvador and Colombia.
Concentration Risks and Long-Term Supply Agreement:
The group has longstanding contracts with international bottlers
such as Lindley and SABMiller. The top four customers accounted
for around 65% of the group's 2014 sales in 2014. This exposes SMI
to concentration risks if these bottlers do not renew their
contracts or if they begin to further integrate their own
operations vertically (i.e. injection and blowing). About 85% of
SMI's sales are based on contracted agreements in 2014. SMI has
demonstrated its capacity to renew its long-term contracts over
the years with its main customers.
Deleveraging Expected:
Fitch expects SMI's net leverage to trend below 4x in 2016 from
4.4x in FYE14. Free cash flow will improve as capex tapers off in
2016 following the large investment made in 2014 in a new
injection plant, machines and storage space in Colombia and
investments in Ecuador in 2014 and 2015. Fitch understands that
the group's medium-term financial policy is to operate under a
leverage ratio below the incurrence-debt covenant at 3.5x in order
to pay dividends.
Stable Profitability:
SMI's steady EBITDA margin of about 21% is due to an operating
model that benefits from long-term contracts that retain enough
flexibility to pass through volatility in costs. Raw material
(mainly resin) represents about 80% of total costs, and SMI's
resin purchases are concentrated in four main providers. SMI has
been able to maintain steady EBITDA margin because of its
operating model based on highly contracted revenues, its pass-
through model that gives margin protection against price
volatility of the resin and the natural hedges against currency
fluctuation (equipment and client contracts are in USD).
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Steady EBITDA margin at about 21-22% over the next two years;
-- Capex of about USD20million in 2015;
-- Positive FCF in fiscal year end 2015;
-- Net debt to EBIDA of 4x in FYE15 and between 3.5x-4x in FYE16.
RATING SENSITIVITIES
A positive rating action could result from some combination of the
following factors: a sustained strengthening of the company's net
leverage to below 2.5x on a sustained basis, and strong free cash
flow, improved geographical and client diversification while
sustaining an EBITDA margin above 20%.
A negative rating action could be triggered by some combination of
one or more of the following: net debt leverage above 4.0x or the
non-renewal of a large supply contract.
LIQUIDITY AND DEBT STRUCTURE
SMI will not face material debt maturities in the short term. Its
debt is mainly comprised of its USD 200 million senior unsecured
notes due in 2020. The company bought back USD16 million of its
own bonds in 2014. SMI is a private company fully owned by Nexus
Group SA. Positive support from the shareholder factors into its
Issuer Default Rating (IDR).
FULL LIST OF RATING ACTIONS
Fitch has affirmed the ratings for San Miguel Industias PET SA as
follows:
-- IDR at 'BB';
-- Senior unsecured debt at 'BB'
======================
P U E R T O R I C O
======================
MANUEL MEDIAVILLA: Chapter 7 Conversion Bid Denied
--------------------------------------------------
Bankruptcy Judge Mildred Caban Flores of the United States
Bankruptcy Court for the District of Puerto Rico denied PRLP 2011
Holdings LLC's motion to convert the Chapter 11 case of Manuel
Mediavilla, Inc., to one under Chapter 7 of Bankruptcy Code.
The Debtor owns several commercial real properties in Humacao,
Puerto Rico. In 2006, the corporate debtor obtained a loan from
Banco Popular de Puerto Rico which was guaranteed by the
individual debtors and all but one of Debtors' commercial
properties. BPPR transferred the loan to PRLP in 2011. Debtors
and PRLP were unable to renegotiate the terms of the loan,
resulting in the filing of a local court action for collection and
foreclosure proceedings. The local court litigation spilled over
to the bankruptcy court when the corporate and individual debtors
filed for bankruptcy to prevent the execution of a pre-judgment
attachment of their rents, the foreclosure of their real
properties and with the hope of re-negotiating the loan obligation
with PRLP. Through the pendency of this case the parties have
arduously litigated their positions resulting in the necessary
extension of the confirmation process for over a year.
Judge Caban Flores, in the same ruling, directed the Debtor to
modify its Amended Chapter 11 Joint Plan. The Court held that in
the present case, extraordinary circumstances exist that would
prevent conversion to a Chapter 7 liquidation case. The Debtors,
Judge Caban Flores notes, have a stable business that is
generating revenue for both creditors and the estate and the
Debtors have made improvements to the properties in the best
interest of present and future tenants. The Court also notes that
the Debtor's liquidation analysis shows that liquidation under a
Chapter 7 scenario would not yield any dividends to unsecured
creditors.
Judge Caban Flores ruled that "PRLP has failed to meet its burden
to show that conversion is in the best interest of creditors and
the estate. The alleged benefit that a chapter 7 trustee would
bring to the table is questionable and highly speculative,
possibly yielding no benefit at all. It has failed to show that
the Debtor's business and operations are in need of oversight,
that they cannot maximize the value of the estate or that they are
unable to provide proper distributions in accordance with the
Bankruptcy Code.
With regard to the objection filed by PRLP to confirmation of the
Plan filed by the Debtors, the Court found that, since PRLP is
being provided adequate protection payments it will not be
adversely affected if a brief and final opportunity is granted to
the Debtors to correct the classification and distribution of
PRLP's secured claims in Class 4A and 4B and its unsecured claims
in Class 6A and 6B, respectively. The Debtor's Plan correctly
included a secured and an unsecured element for PRLP's claims for
both Debtors; therefore, the deficiencies in the current plan
could easily be cured within a reasonable period of time, Judge
Caban Flores.
Judge Caban Flores further ruled: "There is a reasonable
likelihood that a plan will be confirmed since the Debtors have a
steady stream of revenues. The largest claim has been
significantly reduced and the changes to the plan are not
transcendental; nevertheless, this determination will be made by
the Court when it analyzes the feasibility of the new plan
proposed along with the remaining objections to confirmation,
which the Court cannot entertain at this juncture since they could
be affected by the Debtors' course of action."
A full-text copy of Judge Flores' Opinion and Order dated June 16,
2015 available at http://bit.ly/1Cxt9n9from Leagle.com.
The case is IN RE MANUEL MEDIAVIAVILLA, INC., NOS. 13-2800 (MCF),
13-2802 (MCF)(D.P.R.).
Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought
protection under Chapter 11 of the Bankruptcy Code on April 11,
2013 (Bankr. D.P.R., Case No. 13-02800). The case is assigned to
Judge Mildred Caban Flores.
The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde
& Assoc., in San Juan, Puerto Rico.
The Scheduled Assets is $2,191,098, while the Scheduled
Liabilities is $2,484,529.
The petition was signed by Manuel Mediavilla Garcia, president.
=================================
S T. K I T T S A N D N E V I S
=================================
* ST. KITTS AND NEVIS: Outlook for 2015 Remains Positive, IMF Says
------------------------------------------------------------------
A team from the International Monetary Fund (IMF), led by Judith
Gold, visited St. Kitts and Nevis from June 8 to 19 to hold
discussions on the 2015 Article IV Consultation and the First Post
Program Monitoring review. The mission met with the Prime
Minister, the Premier of Nevis, the Cabinet, the Financial
Secretary of St. Kitts and Nevis, the Permanent Secretary of
Finance in the Nevis Island Administration, other senior
government and Eastern Caribbean Central Bank officials, as well
as representatives of the banking and business community. The
three-year IMF Stand-by Arrangement was completed on July 26,
2014. At the conclusion of the mission, Ms. Gold issued the
following statement:
"St. Kitts and Nevis is at a turning point, where it has the
opportunity to establish itself on a sustainable long-term growth
path. This will require difficult decisions and careful choices
to preserve the hard-earned gains. It will also require continued
fiscal discipline and the implementation of structural reforms to
expand growth potential.
"Macroeconomic conditions improved significantly over 2013 and
2014. The economy recorded two years of strong growth, averaging
about 6 percent per year, the strongest in the region by far.
This reflects primarily a construction boom fueled by inflows
under the Citizenship-By-Investment (CBI) Program; government and
Sugar Industry Diversification Foundation (SIDF) investment and
spending, including on the People's Employment Program (PEP); and
a continued recovery in tourist arrivals. Employment expanded by
23 percent over the two years, while inflation has remained low.
Banks have remained stable following debt restructuring, although
the NPL ratio significantly increased notably due to removing
public sector loans from the total loan portfolio following the
debt-for-land swap. Credit to the private sector is still
sluggish, expanding by 0.5 percent in 2014.
"The outlook for 2015 remains positive, although the pace of
expansion is expected to moderate to about 4.5 percent. However,
there is uncertainty as a result of the imposition of travel
restrictions by Canada, combined with new competition on the CBI
front from neighboring countries. Over the medium term, IMF staff
projects a return to more moderate growth rates, as construction
projects conclude and the tourism sector continues to expand.
"A strong fiscal performance was supported by a robust outturn in
tax revenues, more than compensating for higher-than-planned
expenditures, including the 13th-month wage bonus. CBI revenues
to the budget increased to about 14 percent of GDP, slightly
higher than in 2013. As a result, the government surplus after
grants was a healthy 9.5 percent of GDP, somewhat smaller than in
2013, but only on account of considerably less SIDF support.
"The strong fiscal outcome, combined with additional progress with
the debt/land swaps, and some advance debt repayment, led to a
further decline in the share of public debt in GDP to 80 percent
at end-2014, compared to over 100 percent at end-2013, and about
160 percent in 2010. St. Kitts and Nevis' debt-to-GDP ratio is
now below the ECCU average.
"The authorities should take corrective measures to prevent
adverse impact to government's finances from the new exemptions to
value added tax and import duties, introduced in December 2014 and
April 2015. While the government's current surplus position
allows it to absorb the impact in the short term, it implies
growing reliance on volatile CBI inflows to finance government
operations and could undermine efforts to reduce the debt-to-GDP
ratio to the 60 percent target by 2020. We therefore encourage
the authorities to implement corrective measures to close the gap
created by these exemptions, including substantially reducing tax
exemptions to construction projects, while continuing to implement
other structural reforms that are already in train, including
reforming the civil service and improving public financial
management.
"We commended the authorities for their commitment to and progress
with reform of the CBI program, and encourage them to accelerate
the pace of implementation. We also welcome their efforts to
enhance cooperation with neighboring islands, which will help make
the programs sustainable. The rapid growth of CBI revenues and
increased government savings provide an opportunity to build
precautionary buffers to help deal with future exogenous shocks.
Increased uncertainty regarding CBI inflows underscores the
importance of careful use and preservation of the stock of
accumulated savings. The team recommends the adoption of an
effective and transparent framework to manage the CBI inflows and
savings in the banking system, as well as more stringent oversight
of development projects. The SIDF operations should also be
reviewed, and its audited accounts should be made available to the
public. Moreover, the strong economic environment provides an
opportunity to streamline PEP's operations and reinforce the
temporary nature of its program.
"The IMF will continue to maintain its close policy dialogue with
the Government of St. Kitts and Nevis in the context of the Fund's
Post-Program Monitoring Framework.
The team would like to thank the authorities and technical staff
for their open discussions and cooperation."
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD & TOBAGO: Must 'Die' for Diversification
-------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that Trinidad
and Tobago Economist and Former Deputy Governor of the Central
Bank of Trinidad and Tobago, Dr. Terrence Farrell, said this
country has to "die" if it is to succeed in diversifying the
economy.
And he explained that what he meant by this was that Trinidadians
and Tobagonians have to give up an overvalued exchange rate,
dominant government and the dependency syndrome made possible by
the country's earnings from the energy sector, according to
Trinidad and Tobago Newsday.
Dr. Farrell said, "We have to have a 'Ramadan' experience; a
'Lenten' experience if we are to emerge with an economy which will
be prosperous, productive and strong when the oil and gas fails.
If we fail to do that, we or our grandchildren will experience
penury and economic death," the report notes.
According to the report, Dr. Farrell was delivering the feature
address at the Champion Employer Awards and Gala Dinner organized
by the Employers Consultative Association (ECA) and held at the
ballroom of the Hyatt Regency Trinidad, Port-of-Spain.
Scotiabank was chosen as the Champion Employer. The award was
accepted by Nadalie Rambharat, one of the bank's senior managers,
the report notes. Republic Bank was awarded runner-up with the
award being received by the bank's Corporate Communica-tions
Manager, Anna-Maria Garcia-Brooks.
The Unit Trust Corporation placed third with an award presented to
Judith Sobion. A special award for Industrial Relations was
presented to Joella Joseph-Mitchell on behalf of DHL Express, a
package delivery firm based in El Socorro, the report relates.
The report discloses that Dr. Farrell's keynote address was titled
"Diversify or Die" but he changed it to "Dying to Diversify" to
make the point that the Trinidad and Tobago economy as it is
currently structured must die to make way for a new and more
sustainable model.
Dr. Farrell knocked Government's dominance of the economy, saying
Government must wake up and recognize "that its current role and
posture in the economy is dysfunctional, promotes dependency and
inhibits diversification," the report notes. Dr. Farrell added
that Government must refocus and reduce the size and scope of
government activity in the economy.
"Sensible investments in infrastructure are always warranted, but
much more investment now needs to be made in process and people.
The problems of maternal mortality where mothers are dying in the
Mount Hope Hospital are not solved by building more hospitals.
The processes inside the Mount Hope Hospital are bad," Dr. Farrell
emphasized, adding that, "bad processes lead to bad doctors and
bad doctors lead to bad outcomes and bad outcomes lead to dead
mothers and dead children," the report relays.
Dr. Farrell said Government needs to split the Heritage and
Stabilization Fund into two separate funds, one being the Heritage
aspect and the other the Stabilization part, the report notes.
Dr. Farrell said he has spoken repeatedly about the need to make
that separation because money needs to be saved from every dollar
earned from the oil and gas extracted from the ground regardless
of what the price of oil and gas happened to be, the report
discloses.
Dr. Farrell said the oil and gas does not only belong to citizens
who are living right now but to the country's children who have
not yet been born, the report notes. However, he said successive
governments had ignored the advice "until now we are on the brink
of a situation where a Minister of Finance could get up tomorrow
morning and spend out the whole of the Heritage and Stabilization
Fund," the report relays.
Dr. Farrell said the local private sector also needed to wake up
and realize that government dominance of the economy is not going
to lead to diversification and long-run development, the report
relays. Dr. Farrell said the private sector must take a more
active role in shaping and influencing Government policy and re-
engineer its own businesses to address the global marketplace, 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 * * *