/raid1/www/Hosts/bankrupt/TCRLA_Public/150901.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, September 1, 2015, Vol. 16, No. 172
Headlines
B R A Z I L
BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million
C A Y M A N I S L A N D S
CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22
EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22
EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22
LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22
NEW CHAUMET: Members' Final Meeting Set for Oct. 22
TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22
TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22
TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22
TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22
C H I L E
AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating
CHILE: Low Copper Prices Will Force Country to Borrow Money
D O M I N I C A N R E P U B L I C
DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert
J A M A I C A
JAMAICA: Official Proposes US$1-Billion Job Creation Fund
M E X I C O
CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1'
FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million
GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable
NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable
P U E R T O R I C O
ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel
CYMA CLEANING: Case Summary & 20 Largest Unsecured Creditors
DITO INC.: Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years
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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BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on global
and national scale corporate credit ratings on BR Properties S.A.
to negative from stable. S&P also affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on the
company. At the same time, S&P affirmed its 'brAA' secured and
'brAA-' unsecured debt ratings on BR Properties.
The rating action reflects S&P's view that the recently announced
sale of assets, if approved, may weaken the company's competitive
position, depending on the asset quality of the remaining
portfolio. In addition, the Brazilian economy has deteriorated
during the past few quarters amid higher inflation and interest
rates and an overcapacity in the office rental markets in Sao
Paulo and Rio de Janeiro. S&P believes that macroeconomic and
industry conditions will remain difficult in the near term,
potentially pressuring occupancy, delinquency rates, rent
readjustments, and profitability.
BR Properties is the largest real estate operator company in
Brazil with a high quality portfolio with several AAA properties
in favorable locations. This is despite the sale of several
properties during the past few years, which reduced the company's
scale and increased its concentration in the office space segment.
S&P excludes the recently announced sale of 15 properties into its
base case because they are still subject to several approvals.
Nevertheless, S&P notes that these transactions may cause them to
reassess the company's business risk profile depending on overall
quality of the remaining portfolio because the sale may raise
vacancy rates, lower monthly rents, and jeopardize pricing power
in the next few years. Likewise, S&P could revise its financial
risk profile assessment.
Despite BR Properties' currently high quality portfolio, its
operating metrics have faltered during the past few quarters
resulting in higher financial and physical vacancy rates, rent
readjustments below inflation rates, and more volatile
profitability metrics. In addition, the significant increase in
basic interest rates in Brazil pushed up the company's debt,
further pressuring its credit metrics.
JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million
---------------------------------------------------------------
Reuters reports that JBS SA said its second-quarter net profit
slumped 68.5 percent to BRL80 million ($22.7 million) from a year
earlier.
JBS' earnings before interest, taxes, depreciation and
amortization -- a measure of cash flow known as EBITDA -- was
BRL3.577 billion in the quarter, up 47 percent from BRL2.432
billion a year earlier, according to the filing, notes Reuters.
JBS said it ended the quarter with a net debt of BRL34.8 billion,
the report relates. The company said on June 21 it would acquire
Moy Park Ltd, the British unit of rival Marfrig Global Foods SA.
On July 1, JBS SA said it was buying Cargill Inc's U.S. pork
business for $1.45 billion, a deal which would make it one of the
largest and most powerful meat companies in the United States, the
report relays.
JBS's board also approved the repurchase of 116,102,539 shares,
including 54,309,482 treasury shares, the report adds.
As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, Standard & Poor's Ratings Services said that it has
affirmed its 'BB+' global scale corporate credit and issue-level
ratings on JBS S.A. and its subsidiary, JBS USA. S&P also
affirmed its 'brAA+' national scale rating on JBS. The outlook
for all corporate ratings remains positive.
==========================
C A Y M A N I S L A N D S
==========================
CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The shareholders of Chaumet Investments II Limited will hold their
final meeting on Oct. 22, 2015, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The shareholders of Chronograph Limited will hold their final
meeting on Oct. 22, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22
--------------------------------------------------------
The shareholders of Ebel Equity Limited will hold their final
meeting on Oct. 22, 2015, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22
-------------------------------------------------------
The shareholders of Equity Esa Limited will hold their final
meeting on Oct. 22, 2015, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22
--------------------------------------------------------
The members of Luxury Corporate Holdings Ltd will hold their final
meeting on Oct. 22, 2015, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
NEW CHAUMET: Members' Final Meeting Set for Oct. 22
---------------------------------------------------
The members of New Chaumet Holdings Limited will hold their final
meeting on Oct. 22, 2015, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22
-------------------------------------------------------------
The members of Timepiece Holdings II Limited will hold their final
meeting on Oct. 22, 2015, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22
--------------------------------------------------------------
The members of Timepiece Holdings III Limited will hold their
final meeting on Oct. 22, 2015, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22
-----------------------------------------------------
The members of Timepiece Ltd. will hold their final meeting on
Oct. 22, 2015, at 10:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22
------------------------------------------------------
The members of Timepiece Note Holdings Limited will hold their
final meeting on Oct. 22, 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:
Mufeed Rajab
c/o Dominique Massias
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
=========
C H I L E
=========
AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating
----------------------------------------------------------------
Fitch Ratings has affirmed AES Gener S.A.'s (Gener) ratings as
follows:
-- Foreign and local currency Issuer Default Ratings (IDRs) at
'BBB-';
-- International senior unsecured debt at 'BBB-';
-- International junior subordinated debt at 'BB';
-- National long-term ratings at 'A+(cl)';
-- Domestic senior unsecured debt at 'A+(cl)';
-- National equity rating at 'Nivel 2(cl)'.
The Rating Outlook is Stable.
KEY RATING DRIVERS
Gener's ratings reflect the company's balanced contractual
position and a diverse portfolio of generation assets. The ratings
recognize that the company's major plants operate under
constructive regulatory environments in Chile and Colombia. Credit
risks include possible environmental and/or political issues,
which could result in cost overruns or additional modifications in
new and/or existing projects. The credit risks also include the
regulatory uncertainties in Argentina related to Termoandes S.A.,
though these are mitigated given Argentina represented only 5% of
consolidated EBITDA during 2014. In addition, the company could
face pressure from its controlling shareholder, AES Corp. ('BB-
'/Outlook Negative), to increase dividends above those forecast by
Fitch. The company has sufficient liquidity to cushion itself
through significant capex needs in the short- to medium-term.
Gener's equity rating reflects its shares' solid liquidity and
100% availability on the Santiago Stock Exchange during the August
2015 rolling 12-month period. In this period, the company had an
average daily trading volume of USD1.191 million. Gener's free
float continues to be 29.3%.
Improved Financial Results: In the first half of 2015 (1H15), AES
Gener's EBITDA generation totaled USD310 million, which was 9%
higher on a year-over-year (YoY) basis. In Chile the company was
the market share leader in terms of generation volumes for 1H15,
with a 28.5% share. The company achieved its highest-ever EBITDA
generation results in its Chilean Central Interconnected System
(SIC) operations during 1H15, helped by higher efficient
generation and incremental leasing income from its Nueva Renca
power plant. The improvement in overall financial results was also
assisted by higher demand from unregulated customers in the
Northern Interconnected System (SING).
In the last 12 months (LTM) ended June 2015, the company generated
EBITDA of USD691 million, which is 3% higher than in 2014 and 11%
higher versus 2013. EBITDA margins have expanded from 27.7% in
2013 to 31.2% in the LTM June 2015. Overall, financial results
have come in slightly better than Fitch's forecast.
Robust Expansion Spending: The company continues on an aggressive
expansion phase which brings with it execution risk (e.g.
construction delays, accidents, cost-overruns). In addition, the
expansion plan has resulted in additional pressure on the
company's cash flow generation and credit metrics. Positively, the
company has extensive history of finishing major projects on time
and on budget. AES Gener's first phase of expansion took place
between 2007-2013 in which time the company successfully expanded
its generation capacity by 48% to reach 5,082MW of installed
capacity at a total investment cost of USD3 billion.
The company is in the midst of what it has termed a second phase
of expansion, which involves five major projects under
construction that will increase installed capacity by 25%, with
the total investment cost for this expansion phase expected to
cost USD4 billion. The Guacolda V Project's cost is USD450 million
(152MW coal-fired expansion), but it is currently 99% completed
and on schedule to become operational in 4Q15. AES Gener's non-
conventional renewable energy project, the Solar Andes Project
(21MW), whose investment will total USD45 million, is also on
schedule to be operational in 2H15. Tunjita, a 20MW run-of-the-
river project in Colombia at a total cost of USD67 million,
remains on schedule to be operational in 1H16.
The largest projects currently being constructed are Cochrane
(USD1.35 billion) and Alto Maipo (USD2.05 billion). AES Gener
initiated construction in March 2013 of its 532MW Cochrane coal
project in the SING, with an estimated investment of approximately
USD1.35 billion. In the Cochrane project, AES Gener has
incorporated Mitsubishi Corporation as a shareholder with a
60%:40% equity stake, respectively. For Alto Maipo (531MW run-of-
the-river project), AES Gener incorporated Chilean mining company
Minera Los Pelambres S.A., a subsidiary of Antofagasta Minerals
S.A., as a 40% shareholder. Non-recourse financing has been closed
for both projects and the company used funds from junior
subordinated notes (USD300 million) issued in 2013 and a
subsequent USD150 million capital increase to fund the equity
investments in both projects. Cochrane remains on schedule to
become operational in 2016, while Alto Maipo has a commercial
operation date (COD) date in 2018.
Negative FCF: Primarily due to cash outflows to fund the Cochrane
and Alto Maipo projects, Fitch expects the company to generate
negative free cash flow (FCF) in 2015-2017, coinciding with peak
project capex for 2015-2016. The company should return to positive
FCF generation in 2H17. Fitch estimates that Cochrane will become
a significant positive cash flow contributor in 2017 while Alto
Maipo should do so in 2018. The company's financial strategy
revolves around maintaining a balance between continuity of
funding and financial flexibility through internally generated
cash flows, bank loans, bonds, short-term investments, committed
credit lines and uncommitted credit lines.
Pressured Credit Metrics: Given AES Gener is in the midst of an
aggressive expansion plan, Fitch expects a weakening of the
company's credit quality measures in the short- to medium-term.
For the LTM ended June 2015, the company's consolidated debt-to-
EBITDA and EBITDA coverage metrics were 4.6x and 5.1x ,
respectively. These ratios are weaker versus leverage levels of
4.3x and 3.6x in 2013 and 2012, though coverage ratios positively
improved versus 3.5x in 2013.
Excluding the non-recourse debt of the Alto Maipo and Cochrane
power plants, AES Gener's debt-to-EBITDA for the LTM June 2015 was
3.4x. Fitch expects the company's consolidated leverage levels to
remain in the 4.5x-5x range during 2015-2016, which is on the weak
side for the rating category. Leverage levels should slowly
decline to the 4x level starting in 2H17 as Cochrane comes on-line
and begins generating meaningful cash flows in 2016-2017.
High Dividend Payment: AES Gener has a track record of high
dividend payments, and Fitch expects the company to continue to
pay out 100% of net income going forward. Cash flow could be
further pressured in the upcoming expansion phase should this
dividend policy be increased to a payout rate above 100% of net
income during peak capex periods.
RATING SENSITIVITIES
A change in AES Gener's commercial policy that results in an
imbalanced long-term contractual position would be viewed
negatively by Fitch. In addition, a material and sustained
deterioration of credit metrics reflected in total consolidated
debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt-
to-EBITDA ratios above 3.0x-3.5x on a sustained basis could result
in a negative rating action.
Fitch believes that a positive rating action is limited at this
time due to the expected capacity expansion over the next few
years.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch believes AES Gener has adequate
liquidity to support its financial needs during the peak capex
period, with the recent refinancing of its Angamos and Nueva
Ventanas project finance debt a positive improvement by helping to
reduce interest expense. In addition, the refinancing of its non-
consolidated subsidiary, Empresa Electrica Guacolda, should help
the company begin to generate meaningful dividend income starting
in 2015.
The company's liquidity is supported by reported cash on hand of
USD190 million as of June 30, 2015, which compares favorably with
short-term maturities totalling USD95 million for all of 2015-
2016. The company's liquidity is further buoyed by access to
undrawn committed credit lines totalling USD235 million.
Positively, the company's debt outstanding has no major maturities
coming due during the 2015-2020, which cushions the company for
the large build-out taking place.
KEY ASSUMPTIONS
-- Peak capex for latest expansion program in 2015-2016;
-- Cochrane becomes a positive contributor in 2016, with Alto
Maipo following suit in 2018;
-- 100% of net income dividend payout rate;
-- Peak leverage at the 4.5x-5x level during 2015-2016, with
leverage declining slowly starting in 2H17 and reaching below
4x level in 2019.
Fitch is affirming the following ratings for AES Gener S.A.:
-- Foreign and local currency IDRs at 'BBB-';
-- International senior unsecured bond ratings at 'BBB-';
-- International junior subordinated bond ratings at 'BB';
-- Long-term national scale rating at 'A+(cl)' ;
-- National senior unsecured bond ratings at 'A+(cl)';
-- National equity rating at 'Primera Clase Nivel 2(cl)'.
The Rating Outlook is Stable.
CHILE: Low Copper Prices Will Force Country to Borrow Money
-----------------------------------------------------------
EFE News reports that Chile's finance minister said that low
copper prices will produce a larger budget shortfall and force the
country to borrow money on international markets.
"We're entering a period in which we'll have very little revenues
from copper -- Chile's primary export. That means we'll have a
bigger deficit (and) will need to borrow some funds"
internationally, Rodrigo Valdes told Canal 13 television,
according to EFE News.
Copper prices have plunged to six-year lows amid concerns over
demand in China, the biggest consumer of the red metal, the report
notes.
China's stock markets tumbled on Aug. 24, delivering a further
blow to the value of copper, which plunged 3.13 percent, notes the
report.
Mr. Valdes said Chile has sufficient savings and "easy access to
the markets" but that the rate of spending will have to slow, the
report relays.
"This is volatile. We know volatility lasts for some time, but
Chile is very well prepared for this situation," Mr. Valdes
stressed, the report adds.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert
-----------------------------------------------------------------
Dominican Today reports that a coffee expert from Colombia says
that renewal and creation of varieties that are resistant to the
Roya disease is the ideal way to revive the country's coffee crop,
until a totally new coffee plantation is achieved.
Agronomist Carlos Mario Jaramillo from the National Coffee Growers
Federation of Colombia said that the strategy that needs to be
followed is one of renovation, and the longer this is delayed, the
worse the situation will become, according to Dominican Today.
The report notes that Mr. Jaramillo added that the policy being
applied by the Dominican Coffee Council (CODOCAFE) for recovering
the coffee crop is the most appropriate and is essential for the
country as it has great potential for coffee production.
The report says that Mr. Jaramillo was speaking during a tour of
several plantations and discussions with the country's coffee
farmers and authorities from the sector.
Meanwhile, the CODOCAFE executive director, engineer Jose Fermin
Nunez said that this event was organized in order to help
producers make the best investment decisions for choosing the
varieties for renewing the plantations, the report notes.
Mr. Jaramillo said that the sector and the coffee farmers appeared
to be well disposed toward finding and making changes, but in
order to achieve these changes the solution is to achieve total
renewal of these plantations.
Mr. Jaramillo added that the most viable, cost-effective and easy
to adopt alternative for the producers is the use of Roya-
resistant varieties.
Engineer Carlos Mario Jaramillo is the National Coordinator of the
Special Coffee Program as well as leading Rural Development
Projects in Colombia's Coffee Growing Areas, the report adds.
=============
J A M A I C A
=============
JAMAICA: Official Proposes US$1-Billion Job Creation Fund
---------------------------------------------------------
Caribbean360.com reports that a top official of government's
Economic Program Oversight Committee (EPOC) has charged the
private sector to work with the administration in setting up a
US$1 billion fund to finance projects in high growth sectors such
as business process outsourcing (BPO) and agriculture.
EPOC co-chairman Richard Byles said the US$2 billion raised on the
international capital market to pay down the country's PetroCaribe
debt would provide the government with access to some US$500
million of "backup funding", and that money could be used to
implement major job creation projects, according to
Caribbean360.com.
The report relates that Mr. Byles challenged the private sector to
step up to the plate and match that US$500 million.
"Let us have a billion-dollar fund and take that fund and invest
it in projects, in economic activities that are productive, that
give permanent jobs to Jamaicans," Mr. Byles urged, the report
notes.
Mr. Byles said once members of the private sector got on board,
they would have to be given the assurance that the US$1 billion
would be spent "in a productive, constructive manner and not
fritted away to give some jobs today and for there to be no jobs
tomorrow".
The EPOC pointed out that the construction of a technology park
with some of the funds would create jobs and attract investors in
the BPO sector, while investments in the agricultural sector,
using technology and modern equipment, would play a key role in
the country's economic development, the report notes.
Finance and Planning Minister Dr. Phillips, announced that the
government was able to raise US$1.35 billion at a rate of 6.75 per
cent and secure a 30-year issue for $650 million at 7.87 per cent,
which would enable it to buy back a substantial portion of the
country's debt to Venezuela, the report adds.
* * *
As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches. The first tranche is for up to US$1,350 million due in
2028. The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.
===========
M E X I C O
===========
CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1'
---------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the municipality
of Campeche to Baa2.mx (Mexican National Scale) and B1 (Global
Scale, local currency) from Baa3.mx and B2, respectively. The
outlook on the ratings remains stable.
RATINGS RATIONALE
The upgrade of Campeche's ratings to Baa2.mx (Mexican National
Scale) from Baa3.mx and to B1 (Global Scale, local currency) from
B2 reflects 1) a significant improvement in their management and
transparency practices 2) strengthening of operating and
consolidated financial results in the last three years, 3) debt
levels well below the median of other B-rated Mexican
municipalities and 4) own-source revenue levels that is now higher
than the median of B-rated Mexican municipalities.
Campeche has undertaken a significant improvement in its
management and transparency practices. Unlike past years, the
municipality's financial information demonstrates greater clarity,
especially surrounding debt and debt service data. Financial
accounts are published in a timelier manner than in the past.
Management practices have also been strengthened reflected in the
settlement of the municipality's arrears with the State's pension
system which has improved Campeche's liquidity.
Own-source revenues to operating revenues grew to 33.8% in 2014
from 22.8% in 2010 due to the implementation of long-lasting
measures. This level of own-source revenues along with a general
increase of federal transfers has supported the strengthening of
its operating and consolidated financial results. The gross
operating balance increased to 3.9% of operating revenues in 2014
from -10.9% in 2010 and its cash financing results have been
roughly balanced over 2012-14, averaging -0.1% of total revenues.
Cash financing surplus in 2014 was equivalent to 0.8% of total
revenues, a strong level compared to a median of -14% of its B-
rated national peers.
As a result of its balanced financial results, debt levels have
remained low over the years. At the end of 2014, net direct and
indirect debt was equivalent to a low 11% of operating revenues.
Moody's expects debt levels to decline in 2015 as the municipality
does not have any plans to acquire additional loans. While
Campeche's liquidity position has improved, it continues to be a
significant credit weakness. Net working capital to total
expenditures stood at -12.3% in 2014 up from -24.0% in 2013.
The stable outlook reflects Moody's expectation that Campeche will
register positive operating results in the next 12-18 months,
which should help improve its liquidity position in the near term.
WHAT COULD CHANGE THE RATINGS UP/DOWN
A significant improvement in their liquidity position and a
consistent recording of positive operating and cash financing
results, could exert upward pressure on the ratings.
Deteriorating operating and financial results that lead to a
reduction of its already tight liquidity position or to a
substantial increase in debt could exert downward pressure on the
ratings.
FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million
----------------------------------------------------------------
Hardee's Restaurant of Frontier Star is being sold for $2.66
million, Glenn Tanner at The Paris Post-Intelligencer reports,
citing an investment overview packet assembled by EXP Realty
Advisors of New York.
Post-Intelligencer relates that Hardee's workers were reportedly
seeing their paychecks bounce in recent days.
According to Post-Intelligencer, the property is not currently
among those listed on EXP's website. The report adds that Deke
Havener, manager of Hardee's restaurant at 1005 Mineral Wells
Avenue in Paris, Tennessee, said that the owner's involvement in
bankruptcy proceedings won't have any affect locally and that the
local restaurant would continue to operate as usual.
Restaurants owned by Frontier Star LLC and Frontier Star CJ LLC
wouldn't be affected by the current proceedings, The Restaurant
Finance Monitor states, citing a spokesperson for CKE Restaurants,
which issues franchise licenses for the two restaurant chains.
About Frontier Star
Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are owned by three grandchildren of Carl Karcher, who founded
the fast-food chain. The grandchildren include the LeVecke
siblings Carl, Margaret and Jason, who is listed as chief
executive officer/manager of both companies. The LeVecke siblings
had more than 130 Carl's Jr. and Hardee's franchises in seven
states and Puerto Vallarta, Mexico, as of late 2013, according to
an Arizona Republic article that announced the grand opening of a
new sports-themed Carl's Jr. restaurant in Glendale.
Frontier Star, LLC (Bankr. D. Ariz. Case No. 15-09383) and
affiliate Frontier Star CJ, LLC (Bankr. D. Ariz. Case No. 15-
09385) filed separate Chapter 11 bankruptcy petitions on July 27,
2015, each estimating their assets and liabilities at between $10
million and $50 million. The petitions were signed by Jason
LeVecke, CEO/manager.
Philip G. Mitchell, Esq., at The Cavanagh Law Firm serves as the
Debtors' bankruptcy counsel.
Frontier Star, LLC, asked the U.S. Bankruptcy Court for the
District of Arizona to issue an order for joint administration of
the bankruptcy cases of Frontier Star, LLC, and Frontier Star CJ,
LLC, under Lead Case No. 15-09383.
GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Grupo Papelero Scribe S.A. de C.V. to
'B' from 'B+'. The outlook remains stable. At the same time, S&P
also lowered its long-term issue-level rating on Scribe's $300
million senior unsecured notes due 2020 to 'B' from 'B+'.
The rating action reflects Scribe's weaker-than-expected credit
metrics for the 12 months ended June 2015, which will worsen by
year-end 2015 on persistent weak local demand and exposure to US
dollar-denominated debt, amid high exchange rate volatility.
Mexico's sluggish economy, slow government spending due to budget
cuts, high pulp prices, and the recent devaluation of the
company's functional currency took a toll on Scribe's operating
and financial performance for the past few quarters. The bulk of
the company's debt and the purchase of its pulp input are dollar-
denominated, while the company generates most of its revenues and
EBITDA in Mexican peso (MXN). However, in the first six months of
2015, Scribe was able to increase its prices to partially
compensate for peso devaluation, which, together with various cost
savings measures, should somewhat mitigate the risk of a further
drops in the company's operating and financial performance.
The stable outlook reflects S&P's view that Scribe's credit
metrics will not continue to deteriorate as the company is already
operating under very stressed conditions, including a challenging
market environment and a functional currency devaluation.
Although S&P expects the company to gradually recover in terms of
its EBITDA margin, and despite its expectation for positive FOCF
generation, S&P believes that Scribe's credit metrics will remain
weak, with debt to EBITDA to remain significantly above 5.0x and
FFO to debt below 12% in 2015.
In the unlikely event of further deceleration in Scribe's volume
sales or a greater devaluation of its functional currency (that
would result in negative FOCF generation or in a reduction in the
company's liquidity), S&P could take a negative rating action.
A positive rating action is possible if Scribe posts debt to
EBITDA below 5.0x and FFO to debt above 12.0% on a consistent
basis, while maintaining positive FOCF generation due to higher-
than-expected sales growth and stronger profitability,
particularly with an EBITDA margin close to 15%.
NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2 Nemak, S.A.B.
de C.V.'s corporate family and senior unsecured ratings. The
outlook is stable.
Ratings affected
-- Corporate family rating: upgraded to Ba1 from Ba2.
-- USD500 million 5.50% senior global notes due 2023: upgraded
to Ba1 from Ba2.
-- The outlook is stable.
Rating Rationale
"The ratings upgrade reflects Nemak's strong credit metrics for
the rating category with modest leverage and ample interest
coverage; its high profitability as compared to other industry
peers; its leading position in the aluminum engine blocks and
cylinder head market; and its key supplier relationships with
several major automakers", said Alonso S nchez, a Vice President
at Moody's. Also incorporated in the ratings are the inherent
cyclicality of the auto manufacturing industry; the company's
sales concentration with the top three US OEMs, which still
account for 60% of its volumes; its reliance in North America,
which accounts for 61% of revenues; and its product focus into
three main segments with the same demand drivers.
The company's credit metrics are strong for the rating category
with Moody's adjusted debt/EBITDA of 2.2 times as of June 30,
2015. On a quarterly basis, Nemak's leverage (adj. debt/EBITDA)
has been between 2.0 and 2.2 times over the last 18 months ended
June 2015. Similarly, Nemak's EBITA/Interest expense has been
between 4.7 and 6.6 times every quarter over the last 18 months
ended June 2015. For the twelve months ended June 30, 2015,
Nemak's adj. EBITA/Interest Expense was 5.7 times.
According to Nemak's estimates, it has a leading market share in
the production of complex and high-tech aluminum components. This
leadership is further supported by the company's position as sole
supplier of several auto makers in around 85% of Nemak's sales
volumes as well by its high rate of success in the replacement of
contracts.
Nemak's operations are nonetheless closely linked to the
performance of the automotive industry in North America, where
close to 61% of its revenues are derived. For example, Nemak's
sales declined by 20% in 2009 as a result of the worldwide
economic crisis and the impact of General Motors and Chrysler
Chapter 11 filings. Despite falling sales volumes, Nemak's
profitability, as measured by EBITDA per equivalent unit, remained
stable at an average USD10.6 during the 2008-2011 period.
Although Nemak's exposure to cyclical industry trends is high, its
proven resilience in terms of profitability is credit positive.
Moody's current outlook for the global automotive manufacturing
industry is stable. Moody's expects global light vehicle sales to
grow by 2.8% in 2015 and 3% in 2016, with US sales projected to
increase by 2.8% in 2015 and 2.4% in 2016.
Nemak has a broad customer base with more than 50 clients
worldwide and serves around 650 platforms which provide with some
revenue diversification. While the Big 3 US OEMs (Ford, GM and
Chrysler) account for 60% of sales volumes, the balance is sold to
BMW, VW Group, Hyundai, Nissan, and Renault, amongst others.
In addition to its main products (cylinder heads and engine
blocks), the company continues to increase its product offering
through its structural component division, having already closed
contracts with four premium OEMs. Nemak is also increasing its
vertical integration through machining in order to increase its
profitability, improve quality and logistics, and strengthen its
competitive position by increasing entry barriers.
Nemak's liquidity is good. The company had cash on hands of
MXN1.7 billion as of June 30, 2015 that covered 25% of its short-
term debt. Free cash flow (defined as cash from operation minus
dividends minus capex) was negative in MXN918 million over the
twelve months ended June 30, 2015 driven by the dividends paid in
the fourth quarter of 2014 and in the second quarter of 2015
totaling MXN1.8 billion. Moody's expects the company to continue
posting positive free cash flow over the next years. During July
2015 Nemak completed an initial public offering raising around
USD755 million (including the exercise of the overallotment
option), out of which it USD150 million were kept at Nemak to
finance capital expenditures and for debt reduction. As alternate
sources of liquidity, Nemak has committed credit facilities of
USD192 million (100% available) and advised lines of credit for
around USD500 million that it uses to cover seasonal working
capital requirements.
The stable outlook reflects our expectation that Nemak will
maintain its strong credit metrics and profitability while further
reducing its leverage.
The ratings could be upgraded if the company maintains its
positive free cash flow generation and strong credit metrics with
debt/EBITDA below 2.0 times and EBITA/Interest expense over 5.0
times. To be considered for an upgrade, the company should
demonstrate continuity of its prudent financial policies under its
current shareholder configuration after its recent IPO.
The rating could be downgraded if the company's margins are
affected by unfavorable dynamics such as a change in the pass-
through aluminum price agreements with OEMs or adverse changes in
the company's market position. Also, a deterioration of credit
metrics with debt/EBITDA increasing over 3.0 times with
EBITA/Interest expense declining below 3.5 times or negative free
cash flow generation can led to a downgrade.
The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.
Nemak, S.A.B. de C.V. is a subsidiary of Alfa S.A.B. de C.V.
(Baa3, stable), a publicly traded Mexican business group. Nemak
produces aluminum cylinder heads, engine blocks and transmission
components for light vehicles manufactured by more than 50
customers worldwide. Nemak products are sold mainly in North
America and Europe. The company is 75.24% owned by Alfa, 5.45%
owned by Ford Motor Co., and the 19.31% balance is publicly
traded. During the twelve months ended June 30, 2015 Nemak
reported revenues of MXN65.2 billion.
======================
P U E R T O R I C O
======================
ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Alonso & Carus
Iron Works, Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to retain Lowenstein Sandler
LLP as counsel to the Committee, effective July 15, 2015.
The Committee requires Lowenstein Sandler to:
(a) advise the Committee with respect to its rights, duties,
and powers in this Chapter 11 Case;
(b) assist and advise the Committee in its consultations with
the Debtor relative to the administration of this Chapter
11 Case;
(c) assist the Committee in analyzing the claims of the
Debtor's creditors and the Debtor's capital structure and
in negotiating with holders of claims and equity interests;
(d) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of
the Debtor and of the operation of the Debtor's business;
(e) assist the Committee in its investigation of the liens and
claims of the holders of the Debtor's pre-petition debt and
the prosecution of any claims or causes of action revealed
by such investigation;
(f) assist the Committee in its analysis of, and negotiations
with, the Debtor or any third party concerning matters
related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and
executory contracts, asset dispositions, sale of assets,
financing of other transactions and the terms of one or
more plans of reorganization for the Debtor and
accompanying disclosure statements and related plan
documents;
(g) assist and advise the Committee as to its communications to
unsecured creditors regarding significant matters in this
Chapter 11 Case;
(h) represent the Committee at hearings and other proceedings;
(i) review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise
the Committee as to their propriety;
(j) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the
Committee's interests and objectives;
(k) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda,
complaints, adversary complaints, objections, or comments
in connection with any of the foregoing; and
(l) perform such other legal services as may be required or are
otherwise deemed to be in the interest of the Committee in
accordance with the Committee's powers and duties as set
forth in the Bankruptcy Code, Bankruptcy Rules, or other
applicable law.
Lowenstein Sandler will be paid at these hourly rates:
Partners $350
Counsel/Senior Associates $275
Associates $200
Paralegals $85
Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jeffrey D. Prol, partner of Lowenstein Sandler, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.
Lowenstein Sandler can be reached at:
Jeffrey D. Prol, Esq.
LOWENSTEIN SANDLER LLP
65 Livingston Avenue &
6 Becker Farm Road
Roseland, NJ 07068
Tel: (973) 597-2490
Fax: (973) 597-2491
E-mail: jprol@lowenstein.com
About Alonso & Carus
Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte
Inclan.
The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.
The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.
CYMA CLEANING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
CYMA Cleaning Contractors, Inc. 15-06582
PO Box 29268
San Juan, PR 00929
Innova Industrial Contractor, Inc. 15-06584
PO Box 29177
San Juan, PR 00929
Handy Man Services, Inc. 15-06585
aka Handyman Services, Inc.
PO Box 29177
San Juan, PR 00929
Chapter 11 Petition Date: August 27, 2015
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtors' Counsel: Mary Ann Gandia-Fabian, Esq.
GANDIA-FABIAN LAW OFFICE
PO Box 270251
San Juan, PR 00927
Tel: 7873907111
Fax: 787763-8212
Email: gandialaw@gmail.com
Estimated Estimated
Assets Liabilities
---------- -----------
CYMA Cleaning Contractors $500K-$1MM $1MM-$10MM
Innova Industrial Contractor $100K-$500K $50K-$100K
Handy Man Services $100K-$500K $1MM-$10MM
The petition was signed by Ivelisse Gonzalez Rodriguez, president,
CYMA Cleaning Contractors.
A list of CYMA Cleaning Contractors' 20 largest unsecured
creditors is available for free at:
http://bankrupt.com/misc/prb15-06582.pdf
A list of Innova Industrial Contractor's 20 largest unsecured
creditors is available for free at:
http://bankrupt.com/misc/prb15-06584.pdf
A list of Handy Man Services's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-06585.pdf
DITO INC.: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Dito, Inc.
202 Calle Tizol
San Juan, PR 00901
Case No.: 15-06573
Chapter 11 Petition Date: August 27, 2015
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
MS LOZADA LAW OFFICE
PO Box 9023888
San Juan, PR 00902
Tel: 787 520 6002
Fax: 787 520 6003
Email: lcdamslozada@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Porfirio Diaz Torres, president.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-06573.pdf
PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan
-----------------------------------------------------------------
EFE News reports that the Puerto Rican government postponed the
presentation of its debt restructuring plan, initially scheduled
for Monday, Aug. 31 until Sept. 8 at the latest, and thus the
public will have to wait to learn the features of the government's
key tool to deal with its $73 billion debt burden.
Government chief of staff Victor Suarez announced in a communique
that the team preparing the document will not present the
restructuring plan to Gov. Alejandro Garcia Padilla on Aug. 31,
according to EFE News.
The report notes that Mr. Suarez said in a brief communique that
"given the fact that in recent days all the government's efforts
were focused on preparing the island for the possible passage of a
weather phenomenon, the . . . analysis of the consultants and the
final editing of the document have not been completed."
The financial markets and Puerto Rico's creditors thus must wait
another week to learn the details of the "roadmap" of measures to
be taken by the government to restructure its public debt, the
report relates.
The document will also outline the economic policy of the Puerto
Rican government to balance the public accounts over the next five
years, the report says.
The report discloses that the importance of the document is such
that the issuance of $750 million in bonds by the aqueduct and
port authority, or AAA, that was to have been performed was also
delayed at the request of investors, who asked -- before buying
the bonds -- to learn of the government's economic plans over the
coming five years.
Garcia Padilla said in late June that Puerto Rico could no longer
afford to make its debt payments, although he gave no details
about how the U.S. commonwealth would deal with those obligations,
the report notes.
Unlike U.S. cities, for instance, Puerto Rico cannot file for
Chapter 9 bankruptcy protection, leaving the island without a
clear legal recourse for resolving its debt crisis, the report
adds.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years
------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Finance Minister
Larry Howai said that by the end of fiscal 2015, which closes on
September 30, the Government would have spent a total of TT$289
billion under the People's Partnership administration.
The minister was responding to claims made by People's National
Movement (PNM) political leader Dr. Keith Rowley, in the build-up
to the September 7 general election, that Prime Minister Kamla
Persad-Bissessar "has spent or authorized expenditure of almost
$400 billion," according to Trinidad Express.
"If you add up all the budgets and if we spend all the money we
budgeted to spend this year, the total amount we would have spent
is 289 billion, which is about two-thirds of the figure which is
being bandied about everywhere as evidence that this country, this
government has been spending widely," Mr. Howai said, Trinidad
Express relays.
Trinidad Express notes that Mr. Howai spoke on the matter at Caura
Road during a small constituency meeting held by the United
National Congress (UNC), the majority party in the administration.
Mr. Howai also questioned the revenue-earning potential of the
PNM's manifesto proposal to decrease Value Added Tax (VAT) from 15
per cent to 12.5 per cent, the report adds.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 285996574 -543142756
AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756
AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF LICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 61230059 -26822453.5
BATTISTELLA-PREF BTTL4 BZ 61230059 -26822453.5
BATTISTELLA-RECE BTTL9 BZ 61230059 -26822453.5
BATTISTELLA-RECP BTTL10 BZ 61230059 -26822453.5
BATTISTELLA-RI P BTTL2 BZ 61230059 -26822453.5
BATTISTELLA-RIGH BTTL1 BZ 61230059 -26822453.5
BI CIA SECURITIZ BICS BZ 38231826.5 -584101.548
BOMBRIL BMBBF US 254413220 -16036964.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 254413220 -16036964.4
BOMBRIL - RTS BOBR11 BZ 254413220 -16036964.4
BOMBRIL CIRIO SA BOBRON BZ 254413220 -16036964.4
BOMBRIL CIRIO-PF BOBRPN BZ 254413220 -16036964.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 254413220 -16036964.4
BOMBRIL SA-ADR BMBBY US 254413220 -16036964.4
BOMBRIL-PREF BOBR4 BZ 254413220 -16036964.4
BOMBRIL-RGTS PRE BOBR2 BZ 254413220 -16036964.4
BOMBRIL-RIGHTS BOBR1 BZ 254413220 -16036964.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 82872146.2 -36299304.3
BUETTNER SA BUETON BZ 82872146.2 -36299304.3
BUETTNER SA-PRF BUETPN BZ 82872146.2 -36299304.3
BUETTNER SA-RT P BUET2 BZ 82872146.2 -36299304.3
BUETTNER SA-RTS BUET1 BZ 82872146.2 -36299304.3
BUETTNER-PREF BUET4 BZ 82872146.2 -36299304.3
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CELGPAR GPAR3 BZ 197508346 -905048844
CELGPAR-RTS GPAR11 BZ 197508346 -905048844
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 51195095.3 -1858601739
COBRASMA SA COBRON BZ 51195095.3 -1858601739
COBRASMA SA-PREF COBRPN BZ 51195095.3 -1858601739
COBRASMA-PREF CBMA4 BZ 51195095.3 -1858601739
D H B DHBI3 BZ 94806424.1 -188014922
D H B-PREF DHBI4 BZ 94806424.1 -188014922
DHB IND E COM DHBON BZ 94806424.1 -188014922
DHB IND E COM-PR DHBPN BZ 94806424.1 -188014922
DOC IMBITUBA IMBI3 BZ 103926124 -44366334.9
DOC IMBITUBA-RT 8218594Q BZ 103926124 -44366334.9
DOC IMBITUBA-RT 9866923Q BZ 103926124 -44366334.9
DOC IMBITUBA-RT IMBI1 BZ 103926124 -44366334.9
DOC IMBITUBA-RTC 8174503Q BZ 103926124 -44366334.9
DOC IMBITUBA-RTP 8174507Q BZ 103926124 -44366334.9
DOC IMBITUB-PREF IMBI4 BZ 103926124 -44366334.9
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS IMBITUBA IMBION BZ 103926124 -44366334.9
DOCAS IMBITUB-PR IMBIPN BZ 103926124 -44366334.9
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2277323307 -528769640
EDELAP-B ELAP AR 228302327 -21022097
EDELAP-B ELAPC AR 228302327 -21022097
EDELAP-B ELAPD AR 228302327 -21022097
ELEC ARG SA-PREF EASA6 AR 1019816241 -75790649.4
ELEC ARGENT-ADR EASA LX 1019816241 -75790649.4
ELEC DE ARGE-ADR 1262Q US 1019816241 -75790649.4
ELECTRICIDAD ARG 3447811Z AR 1019816241 -75790649.4
EMPRESA DISTRI-A 0122195D AR 228302327 -21022097
EMPRESA DISTRI-C 0122369D AR 228302327 -21022097
ESTRELA SA ESTR3 BZ 60876966.1 -93330836.7
ESTRELA SA ESTRON BZ 60876966.1 -93330836.7
ESTRELA SA-PREF ESTR4 BZ 60876966.1 -93330836.7
ESTRELA SA-PREF ESTRPN BZ 60876966.1 -93330836.7
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 15210587.4 -26122509.1
FERRAGENS HAGA HAGAON BZ 15210587.4 -26122509.1
FERRAGENS HAGA-P HAGAPN BZ 15210587.4 -26122509.1
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
FORJA TAURUS FJTA11 BZ 312324319 -17602635.1
FORJA TAURUS FJTA12 BZ 312324319 -17602635.1
FORJA TAURUS FORJF US 312324319 -17602635.1
FORJA TAURUS FJTA3 BZ 312324319 -17602635.1
FORJA TAURUS-PRF FORZF US 312324319 -17602635.1
FORJA TAURUS-PRF FJTA4 BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1272182D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1272184D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1304888D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1304790D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1272180D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1272181D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1304881D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1304791D BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA2 BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA1 BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA10 BZ 312324319 -17602635.1
FORJAS TAURUS SA TAUSON BZ 312324319 -17602635.1
FORJAS TAURUS-PR TAUSPN BZ 312324319 -17602635.1
GOL GOLL3 BZ 3224530350 -323901544
GOL PREF - RCT 1303123D BZ 3224530350 -323901544
GOL PREF - RTS 1303121D BZ 3224530350 -323901544
GOL PREF - RTS GOLL2 BZ 3224530350 -323901544
GOL-ADR GOL US 3224530350 -323901544
GOL-ADR GOQ GR 3224530350 -323901544
GOL-ADR GOLN MM 3224530350 -323901544
GOL-PREF GOLL4 BZ 3224530350 -323901544
GOL-RCT 0113335D BZ 3224530350 -323901544
GOL-RCT 0113338D BZ 3224530350 -323901544
GOL-RCT GOLL9 BZ 3224530350 -323901544
GOL-RCT 1003238D BZ 3224530350 -323901544
GOL-RT 0113333D BZ 3224530350 -323901544
GOL-RT 0113334D BZ 3224530350 -323901544
GOL-RT GOLL1 BZ 3224530350 -323901544
GOL-RT 1003237D BZ 3224530350 -323901544
GRADIENTE ELETR IGBON BZ 183430930 -135324913
GRADIENTE EL-PRA IGBAN BZ 183430930 -135324913
GRADIENTE EL-PRB IGBBN BZ 183430930 -135324913
GRADIENTE EL-PRC IGBCN BZ 183430930 -135324913
GRADIENTE-PREF A IGBR5 BZ 183430930 -135324913
GRADIENTE-PREF B IGBR6 BZ 183430930 -135324913
GRADIENTE-PREF C IGBR7 BZ 183430930 -135324913
HAGA HAGA3 BZ 15210587.4 -26122509.1
HOPI HARI SA PQTM3 BZ 135437870 -15815342.3
HOPI HARI-PREF PQTM4 BZ 135437870 -15815342.3
HOTEIS OTHON SA HOOT3 BZ 172663674 -17533639.5
HOTEIS OTHON SA HOTHON BZ 172663674 -17533639.5
HOTEIS OTHON-PRF HOOT4 BZ 172663674 -17533639.5
HOTEIS OTHON-PRF HOTHPN BZ 172663674 -17533639.5
IGB ELETRONICA IGBR3 BZ 183430930 -135324913
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
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INEPAR INEP3 BZ 832445178 -356470593
INEPAR BONUS B INEP12 BZ 832445178 -356470593
INEPAR SA INPRON BZ 832445178 -356470593
INEPAR SA-PREF INPRPN BZ 832445178 -356470593
INEPAR-COM DVD INEP11 BZ 832445178 -356470593
INEPAR-PREF INEP4 BZ 832445178 -356470593
INEPAR-PRF DVD INEP13 BZ 832445178 -356470593
INEPAR-RCT ORD 3697790Q BZ 832445178 -356470593
INEPAR-RCT ORD INEP9 BZ 832445178 -356470593
INEPAR-RCT PREF 3697794Q BZ 832445178 -356470593
INEPAR-RCT PREF INEP10 BZ 832445178 -356470593
INEPAR-RT ORD 3697782Q BZ 832445178 -356470593
INEPAR-RT ORD INEP1 BZ 832445178 -356470593
INEPAR-RT PREF 3697786Q BZ 832445178 -356470593
INEPAR-RT PREF INEP2 BZ 832445178 -356470593
INVERS ELEC BUEN IEBAA AR 213542509 -68439920.3
INVERS ELEC BUEN IEBAB AR 213542509 -68439920.3
INVERS ELEC BUEN IEBA AR 213542509 -68439920.3
KARSTEN CTKCF US 91958416.3 -24851238.1
KARSTEN CTKON BZ 91958416.3 -24851238.1
KARSTEN SA CTKA3 BZ 91958416.3 -24851238.1
KARSTEN SA - RCT CTKA9 BZ 91958416.3 -24851238.1
KARSTEN SA - RCT CTKA10 BZ 91958416.3 -24851238.1
KARSTEN SA - RTS CTKA1 BZ 91958416.3 -24851238.1
KARSTEN SA - RTS CTKA2 BZ 91958416.3 -24851238.1
KARSTEN-PREF CTKPF US 91958416.3 -24851238.1
KARSTEN-PREF CTKA4 BZ 91958416.3 -24851238.1
KARSTEN-PREF CTKPN BZ 91958416.3 -24851238.1
KOSMOS COMERCIO LOAR4 BZ 39080266.4 -2450355045
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LOJAS ARAPUA LOAR3 BZ 39080266.4 -2450355045
LOJAS ARAPUA LOARON BZ 39080266.4 -2450355045
LOJAS ARAPUA-GDR 3429T US 39080266.4 -2450355045
LOJAS ARAPUA-GDR LJPSF US 39080266.4 -2450355045
LOJAS ARAPUA-PRF LOARPN BZ 39080266.4 -2450355045
LOJAS ARAPUA-PRF 52353Z US 39080266.4 -2450355045
MANGELS INDL MGEL3 BZ 130877274 -67079077.9
MANGELS INDL SA MISAON BZ 130877274 -67079077.9
MANGELS INDL-PRF MGIRF US 130877274 -67079077.9
MANGELS INDL-PRF MGEL4 BZ 130877274 -67079077.9
MANGELS INDL-PRF MISAPN BZ 130877274 -67079077.9
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
METROGAS SA MGAI US 327285099 -37016892.9
METROGAS SA-A 153255Z AR 327285099 -37016892.9
METROGAS SA-C 153263Z AR 327285099 -37016892.9
METROGAS-ADR MGS US 327285099 -37016892.9
METROGAS-ADR MGSA GR 327285099 -37016892.9
METROGAS-B MGSBF US 327285099 -37016892.9
METROGAS-B METR AR 327285099 -37016892.9
METROGAS-B METRC AR 327285099 -37016892.9
METROGAS-B METRD AR 327285099 -37016892.9
METROGAS-B MGSB GR 327285099 -37016892.9
METROGAS-B BLOCK METRB AR 327285099 -37016892.9
MINUPAR MNPR3 BZ 65882736.8 -76363523.6
MINUPAR SA MNPRON BZ 65882736.8 -76363523.6
MINUPAR SA-PREF MNPRPN BZ 65882736.8 -76363523.6
MINUPAR-PREF MNPR4 BZ 65882736.8 -76363523.6
MINUPAR-RCT 9314634Q BZ 65882736.8 -76363523.6
MINUPAR-RCT 0599564D BZ 65882736.8 -76363523.6
MINUPAR-RCT MNPR9 BZ 65882736.8 -76363523.6
MINUPAR-RT 9314542Q BZ 65882736.8 -76363523.6
MINUPAR-RT 0599562D BZ 65882736.8 -76363523.6
MINUPAR-RTS MNPR1 BZ 65882736.8 -76363523.6
MMX MINERACA-GDR MMXMY US 471049316 -340913823
MMX MINERACA-GDR 0567931D CN 471049316 -340913823
MMX MINERACA-GDR 3M11 GR 471049316 -340913823
MMX MINERACA-GDR MMXMD US 471049316 -340913823
MMX MINERACAO TRES3 BZ 471049316 -340913823
MMX MINERACAO MMXCF US 471049316 -340913823
MMX MINERACAO MMXM11 BZ 471049316 -340913823
MMX MINERACAO MMXXF US 471049316 -340913823
MMX MINERACAO MMXM3 BZ 471049316 -340913823
MMX MINERACAO-RT 4111484Q BZ 471049316 -340913823
MMX MINERACAO-RT 0626050D BZ 471049316 -340913823
MMX MINERACA-RCT 4111488Q BZ 471049316 -340913823
MMX MINERACA-RCT 0626051D BZ 471049316 -340913823
MMX MINERACA-RCT MMXM9 BZ 471049316 -340913823
MMX MINERACA-RTS MMXM1 BZ 471049316 -340913823
MORIXE HERM-5 VT MORI5 AR 19006540.3 -928833.864
MORIXE HERMAN-BL MORIB AR 19006540.3 -928833.864
MORIXE HERMANOS MORI AR 19006540.3 -928833.864
MORIXE HERMANOS MORID AR 19006540.3 -928833.864
MORIXE HERMANOS MORIC AR 19006540.3 -928833.864
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
OGX PETROLEO CTCO3 BZ 20975305.4 -23206893.6
OL PREF - RCT GOLL10 BZ 3224530350 -323901544
OLEO E GAS P-ADR OGXPY US 20975305.4 -23206893.6
OLEO E GAS P-ADR OGXPYEUR EO 20975305.4 -23206893.6
OLEO E GAS P-ADR OGXPYEUR EU 20975305.4 -23206893.6
OLEO E GAS P-ADR 8OGB GR 20975305.4 -23206893.6
OLEO E GAS PART OGXP3 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXP5 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXP6 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXPF US 20975305.4 -23206893.6
OSX BRASIL - RTS 0701756D BZ 2277323307 -528769640
OSX BRASIL - RTS 0701757D BZ 2277323307 -528769640
OSX BRASIL - RTS 0812903D BZ 2277323307 -528769640
OSX BRASIL - RTS 0812904D BZ 2277323307 -528769640
OSX BRASIL - RTS OSXB1 BZ 2277323307 -528769640
OSX BRASIL - RTS OSXB9 BZ 2277323307 -528769640
OSX BRASIL SA OSXB3 BZ 2277323307 -528769640
OSX BRASIL SA EBXB3 BZ 2277323307 -528769640
OSX BRASIL SA OSXRF US 2277323307 -528769640
OSX BRASIL S-GDR OSXRY US 2277323307 -528769640
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARQUE TEM-DV CM PQT5 BZ 135437870 -15815342.3
PARQUE TEM-DV PF PQT6 BZ 135437870 -15815342.3
PARQUE TEM-RCT C PQTM9 BZ 135437870 -15815342.3
PARQUE TEM-RCT P PQTM10 BZ 135437870 -15815342.3
PARQUE TEM-RT CM PQTM1 BZ 135437870 -15815342.3
PARQUE TEM-RT PF PQTM2 BZ 135437870 -15815342.3
PET MANG-RECEIPT 0229292Q BZ 146857128 -409610413
PET MANG-RECEIPT 0229296Q BZ 146857128 -409610413
PET MANG-RECEIPT RPMG9 BZ 146857128 -409610413
PET MANG-RECEIPT RPMG10 BZ 146857128 -40961041
PET MANG-RIGHTS 3678565Q BZ 146857128 -409610413
PET MANG-RIGHTS 3678569Q BZ 146857128 -409610413
PET MANG-RT 4115360Q BZ 146857128 -409610413
PET MANG-RT 4115364Q BZ 146857128 -409610413
PET MANG-RT 0229249Q BZ 146857128 -409610413
PET MANG-RT 0229268Q BZ 146857128 -409610413
PET MANG-RT RPMG2 BZ 146857128 -409610413
PET MANG-RT 0848424D BZ 146857128 -409610413
PET MANG-RTS 1227980D BZ 146857128 -409610413
PET MANGUINH-PRF RPMG4 BZ 146857128 -409610413
PET MANGUINH-RTS RPMG1 BZ 146857128 -409610413
PETRO MANGUINHOS RPMG3 BZ 146857128 -409610413
PETRO MANGUINHOS MANGON BZ 146857128 -409610413
PETRO MANGUIN-PF MANGPN BZ 146857128 -409610413
PILMAIQUEN PILMAIQ CI 165119822 -32646104.5
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 17660616.6 -6652295.06
PUYEHUE RIGHT PUYEHUOS CI 17660616.6 -6652295.06
RB CAPITAL RBCS3B BZ 13996658.5 -815.062365
RECRUSUL RCSL3 BZ 14029393.8 -32749735
RECRUSUL - RCT 4529789Q BZ 14029393.8 -32749735
RECRUSUL - RCT 4529793Q BZ 14029393.8 -32749735
RECRUSUL - RCT 0163582D BZ 14029393.8 -32749735
RECRUSUL - RCT 0163583D BZ 14029393.8 -32749735
RECRUSUL - RCT 0614675D BZ 14029393.8 -32749735
RECRUSUL - RCT 0614676D BZ 14029393.8 -32749735
RECRUSUL - RCT RCSL10 BZ 14029393.8 -32749735
RECRUSUL - RT 4529781Q BZ 14029393.8 -32749735
RECRUSUL - RT 4529785Q BZ 14029393.8 -32749735
RECRUSUL - RT 0163579D BZ 14029393.8 -32749735
RECRUSUL - RT 0163580D BZ 14029393.8 -32749735
RECRUSUL - RT 0614673D BZ 14029393.8 -32749735
RECRUSUL - RT 0614674D BZ 14029393.8 -32749735
RECRUSUL SA RESLON BZ 14029393.8 -32749735
RECRUSUL SA-PREF RESLPN BZ 14029393.8 -32749735
RECRUSUL SA-RCT RCSL9 BZ 14029393.8 -32749735
RECRUSUL SA-RTS RCSL1 BZ 14029393.8 -32749735
RECRUSUL SA-RTS RCSL2 BZ 14029393.8 -32749735
RECRUSUL-BON RT RCSL11 BZ 14029393.8 -32749735
RECRUSUL-BON RT RCSL12 BZ 14029393.8 -32749735
RECRUSUL-PREF RCSL4 BZ 14029393.8 -32749735
RENAUXVIEW SA TXRX3 BZ 33757610.2 -74431020.7
RENAUXVIEW SA-PF TXRX4 BZ 33757610.2 -74431020.7
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 15583653.5 -4261184.52
SANSUY SNSY3 BZ 136020731 -152229409
SANSUY SA SNSYON BZ 136020731 -152229409
SANSUY SA-PREF A SNSYAN BZ 136020731 -152229409
SANSUY SA-PREF B SNSYBN BZ 136020731 -152229409
SANSUY-PREF A SNSY5 BZ 136020731 -152229409
SANSUY-PREF B SNSY6 BZ 136020731 -152229409
SCHLOSSER SCLO3 BZ 35479691.9 -46000437.6
SCHLOSSER SA SCHON BZ 35479691.9 -46000437.6
SCHLOSSER SA-PRF SCHPN BZ 35479691.9 -46000437.6
SCHLOSSER-PREF SCLO4 BZ 35479691.9 -46000437.6
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TEC TOY SA-PF B TOYB6 BZ 14874965 -3087009.49
TEC TOY SA-PREF TOYDF US 14874965 -3087009.49
TEC TOY SA-PREF TOYB5 BZ 14874965 -3087009.49
TEC TOY-RCT 7335626Q BZ 14874965 -3087009.49
TEC TOY-RCT 7335630Q BZ 14874965 -3087009.49
TEC TOY-RCT 1254572D BZ 14874965 -3087009.49
TEC TOY-RCT 1254573D BZ 14874965 -3087009.49
TEC TOY-RT 7335610Q BZ 14874965 -3087009.49
TEC TOY-RT 7335614Q BZ 14874965 -3087009.49
TEC TOY-RT 1254570D BZ 14874965 -3087009.49
TEC TOY-RT 1254571D BZ 14874965 -3087009.49
TECTOY TOYB3 BZ 14874965 -3087009.49
TECTOY TOYB13 BZ 14874965 -3087009.49
TECTOY - RCT TOYB9 BZ 14874965 -3087009.49
TECTOY - RTS TOYB1 BZ 14874965 -3087009.49
TECTOY - RTS TOYB2 BZ 14874965 -3087009.49
TECTOY SA TOYBON BZ 14874965 -3087009.49
TECTOY SA-PREF TOYBPN BZ 14874965 -3087009.49
TECTOY-PF-RTS5/6 TOYB11 BZ 14874965 -3087009.49
TECTOY-PREF TOYB4 BZ 14874965 -3087009.49
TECTOY-RCPT PF B TOYB12 BZ 14874965 -3087009.49
TEKA TKTQF US 263356756 -337860221
TEKA TEKA3 BZ 263356756 -337860221
TEKA TEKAON BZ 263356756 -337860221
TEKA-ADR TEKAY US 263356756 -337860221
TEKA-ADR TKTPY US 263356756 -337860221
TEKA-ADR TKTQY US 263356756 -337860221
TEKA-PREF TKTPF US 263356756 -337860221
TEKA-PREF TEKA4 BZ 263356756 -337860221
TEKA-PREF TEKAPN BZ 263356756 -337860221
TEKA-RCT TEKA9 BZ 263356756 -337860221
TEKA-RCT TEKA10 BZ 263356756 -337860221
TEKA-RTS TEKA1 BZ 263356756 -337860221
TEKA-RTS TEKA2 BZ 263356756 -337860221
TELEBRAS SA TELB3 BZ 552954651 -19314726.6
TELEBRAS SA TLBRON BZ 552954651 -19314726.6
TELEBRAS SA TBASF US 552954651 -19314726.6
TELEBRAS SA-PREF TELB4 BZ 552954651 -19314726.6
TELEBRAS SA-PREF TLBRPN BZ 552954651 -19314726.6
TELEBRAS SA-RCT TELB9 BZ 552954651 -19314726.6
TELEBRAS SA-RT 0250949D BZ 552954651 -19314726.6
TELEBRAS/W-I-ADR TBH-W US 552954651 -19314726.6
TELEBRAS-ADR TBAPY US 552954651 -19314726.6
TELEBRAS-ADR TBRAY GR 552954651 -19314726.6
TELEBRAS-ADR TBH US 552954651 -19314726.6
TELEBRAS-ADR TBX GR 552954651 -19314726.6
TELEBRAS-ADR RTB US 552954651 -19314726.6
TELEBRAS-ADR TBASY US 552954651 -19314726.6
TELEBRAS-BLOCK TELB30 BZ 552954651 -19314726.6
TELEBRAS-CED C/E TEL4C AR 552954651 -19314726.6
TELEBRAS-CEDE BL RCT4B AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCTB4 AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCT4C AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCT4D AR 552954651 -19314726.6
TELEBRAS-CEDE PF TELB4 AR 552954651 -19314726.6
TELEBRAS-CEDEA $ TEL4D AR 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB31 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT TELE31 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT TBRTF US 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB32 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB30 BZ 552954651 -19314726.6
TELEBRAS-COM RT 0250948D BZ 552954651 -19314726.6
TELEBRAS-COM RTS TELB1 BZ 552954651 -19314726.6
TELEBRAS-PF BLCK TELB40 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT CBRZF US 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB41 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT TELE41 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB42 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB40 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT TBAPF US 552954651 -19314726.6
TELEBRAS-PF RCPT TLBRUP BZ 552954651 -19314726.6
TELEBRAS-RCT RCTB33 BZ 552954651 -19314726.6
TELEBRAS-RCT PRF TELB10 BZ 552954651 -19314726.6
TELEBRAS-RECEIPT TLBRUO BZ 552954651 -19314726.6
TELEBRAS-RTS CMN RCTB1 BZ 552954651 -19314726.6
TELEBRAS-RTS CMN TCLP1 BZ 552954651 -19314726.6
TELEBRAS-RTS PRF RCTB2 BZ 552954651 -19314726.6
TELEBRAS-RTS PRF TLCP2 BZ 552954651 -19314726.6
TELECOMUNICA-ADR 81370Z BZ 552954651 -19314726.6
TEXTEIS RENA-RCT TXRX9 BZ 33757610.2 -74431020.7
TEXTEIS RENA-RCT TXRX10 BZ 33757610.2 -74431020.7
TEXTEIS RENAU-RT TXRX1 BZ 33757610.2 -74431020.7
TEXTEIS RENAU-RT TXRX2 BZ 33757610.2 -74431020.7
TEXTEIS RENAUX RENXON BZ 33757610.2 -74431020.7
TEXTEIS RENAUX RENXPN BZ 33757610.2 -74431020.7
TRESSEM PART SA 1TSSON BZ 471049316 -340913823
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -469521100
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WETZEL SA MWET3 BZ 70223531.7 -18205488.6
WETZEL SA MWELON BZ 70223531.7 -18205488.6
WETZEL SA-PREF MWET4 BZ 70223531.7 -18205488.6
WETZEL SA-PREF MWELPN BZ 70223531.7 -18205488.6
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2015. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
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