/raid1/www/Hosts/bankrupt/TCRLA_Public/110705.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, July 5, 2011, Vol. 12, No. 131
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: SIPC to Disclose Liquidation Decision in Mid-Sept.
A R G E N T I N A
SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
* ARGENTINA: Bankruptcy Code Changes Favor Workers Over Creditors
C A Y M A N I S L A N D S
ACCENTO FUNDING: Shareholders' Final Meeting Set for July 27
ARES VI: Shareholders' Final Meeting Set for July 27
AXA INVESTMENT: Shareholders' Final Meeting Set for July 21
BLINK ASSET: Shareholders' Final Meeting Set for July 13
DK EUROTUNNEL: Shareholders' Final Meeting Set for July 22
HI INVESTMENT: Shareholder to Receive Wind-Up Report on July 21
INVESTMENTS ONE: Shareholder to Receive Wind-Up Report on Aug. 5
KANAGAWA HOLDING: Shareholders' Final Meeting Set for July 27
KAPITALO INVESTMENTS: Shareholders' Final Meeting Set for July 22
LANGCREST HOLDINGS: Shareholders' Final Meeting Set for July 22
LATITUDE CHINA: Shareholders' Final Meeting Set for July 22
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
QRT OFFSHORE: Shareholder to Receive Wind-Up Report on July 21
J A M A I C A
AIR JAMAICA: To Make More Job Cuts Following Merger
M E X I C O
VITRO SAB: No Ruling Yet on Involuntaries Against U.S. Units
P U E R T O R I C O
FIRST BANK: Moody's Review 'B3' Deposit Rating for Upgrade
SWISS CHALET: Inks Agreement on Use of CPG/GS Cash Collateral
SWISS CHALET: Files Schedules of Assets & Liabilities
P A N A M A
HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'
X X X X X X X X
* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: SIPC to Disclose Liquidation Decision in Mid-Sept.
------------------------------------------------------------------
The Securities Investor Protection Corporation (SIPC), which
maintains a special reserve fund mandated by Congress to protect
the customers of insolvent brokerage firms, said that it expects
its Board of Directors to announce on or about September 15, 2011,
its decision about the referral provided by the U.S. Securities
and Exchange Commission with respect to the Stanford Group
Company, operated by Robert Allen Stanford.
On February 17, 2009, the SEC filed an action in the U.S. District
Court for the Northern District of Texas alleging that Stanford
orchestrated an US$8 billion fraud based on false promises of
guaranteed returns related to certificates of deposit issued by
the Antiguan-based Stanford International Bank.
The SEC's Complaint alleged that SIB sold approximately
US$7.2 billion of CDs to investors by promising returns that were
"improbable, if not impossible." See Complaint, SEC v. Stanford
International Bank, Ltd., et al., Case No. 3:09-CV-0298-N (N.D.
Tex. filed February 17, 2009).
In response to the SEC's request for emergency relief, the Court
immediately issued a temporary restraining order, froze the
defendants' assets, and appointed a receiver to marshal those
assets. The SEC filed a second amended complaint on June 19,
2009, alleging that Stanford conducted a Ponzi scheme.
SIPC President and Chief Executive Officer Stephen Harbeck said
that SIPC has already started conferring with the SEC and the
Stanford receiver regarding the SEC's referral in the Stanford
matter.
The SEC's referral on June 15, 2011 was the first time the SEC had
informed SIPC of the possibility that the Stanford matter was
appropriate for a proceeding under the Securities Investor
Protection Act.
About SIPC
The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event a brokerage firm
fails, owing customers' cash and securities that are missing from
customer accounts. SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.
The statute that created SIPC provides that customers of a failed
brokerage firm receive all non-negotiable securities - such as
stocks or bonds -- that are already registered in their names or
in the process of being registered. At the same time, funds from
the SIPC reserve are available to satisfy the remaining claims for
customer cash and/or securities custodied with the broker for up
to a maximum of US$500,000 per customer. This figure includes a
maximum of US$250,000 on claims for cash. From the time Congress
created it in 1970 through December 2010, SIPC has advanced US$
1.6 billion in order to make possible the recovery of US$109.3
billion in assets for an estimated 739,000 investors.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.
A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas. Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice. Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges. Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
=================
A R G E N T I N A
=================
SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' underlying
rating (SPUR) on Sociedad Concesionaria Vespucio Norte Express
S.A. (VNE). The outlook is stable. The 'BB' senior secured debt
rating on VNE reflects the higher of the project's SPUR and the
rating on bond insurance provider MBIA Insurance Corp.
(B/Negative/--).
"The affirmation of the SPUR reflects our expectation that the
project would get substantial insurance coverage for property
damages and business interruption under its existing policies.
The affirmation also reflects our expectation that the final
financial effect of the damage would not materially affect the
project's liquidity provisions," S&P said.
"In addition, although the damage will delay previously expected
revenue improvements, VNE's long-term traffic fundamentals remain
adequate," said Standard & Poor's credit analyst Javier Cobas.
The stable outlook on the SPUR reflects the project's strong
liquidity provisions that would provide adequate protection
against potential cash shortfalls in the medium term. "We could
lower the SPUR if we find evidence of poor long-term traffic
fundamentals, if final insurance coverage for earthquake-related
effects results in well-below-actual reconstruction costs
or if the DSCR falls below 1.05x, excluding insurance
compensations. However, we could raise the SPUR if the project
shows significant progress in matching original revenue
expectations," S&P stated.
* ARGENTINA: Bankruptcy Code Changes Favor Workers Over Creditors
-----------------------------------------------------------------
Ken Parks at Dow Jones Newswires reports that Argentina President
Cristina Fernandez has signed into law modifications to the
country's bankruptcy code that will give workers greater power to
take over bankrupt firms at the expense of creditors such as
banks.
Among the more controversial aspects of the law in the Official
Bulletin is a provision that allows the workers of a bankrupt firm
who set up a cooperative to ask a judge to suspend for up to two
years the ability of creditors to execute guarantees backed by the
company's property or assets, according to Dow Jones Newswires.
Dow Jones Newswires notes that Martin Garces, an attorney at legal
firm Baker & McKenzie, said the law will probably drive up the
cost of credit for businesses. "Whoever is going to make a
commercial loan to a company is going to have to take into account
the possible two-year suspension," Mr. Garces told Dow Jones
Newswires in an interview.
Dow Jones Newswires notes that workers seized hundreds of bankrupt
firms to protect their jobs as a result of Argentina's 2001-2002
economic crisis that triggered a wave of defaults and business
failures. The government said that there are about 300 so-called
"recovered" companies employing around 20,000 people, the report
relates.
Dow Jones Newswires adds that the new law dovetails with President
Cristina Kirchner's policies of promoting employment through
measures that include import barriers and soft loans to companies.
* * *
As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.
The country also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.
===========================
C A Y M A N I S L A N D S
===========================
ACCENTO FUNDING: Shareholders' Final Meeting Set for July 27
------------------------------------------------------------
The shareholders of Accento Funding Limited will hold their final
meeting on July 27, 2011, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ARES VI: Shareholders' Final Meeting Set for July 27
----------------------------------------------------
The shareholders of Ares VI CLO Ltd. will hold their final meeting
on July 27, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Victor Murray
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
AXA INVESTMENT: Shareholders' Final Meeting Set for July 21
-----------------------------------------------------------
The shareholders of AXA Investment Managers & Advisors, Ltd. will
hold their final meeting on July 21, 2011, 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:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
BLINK ASSET: Shareholders' Final Meeting Set for July 13
--------------------------------------------------------
The shareholders of Blink Asset Management Limited will hold their
final meeting on July 13, 2011, 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:
Rainer Hok Chung Lam
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
DK EUROTUNNEL: Shareholders' Final Meeting Set for July 22
----------------------------------------------------------
The shareholders of DK Eurotunnel Ltd. will hold their final
meeting on July 22, 2011, 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:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
HI INVESTMENT: Shareholder to Receive Wind-Up Report on July 21
---------------------------------------------------------------
The sole shareholder of HI Investment Funds SPC will receive on
July 21, 2011, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
INVESTMENTS ONE: Shareholder to Receive Wind-Up Report on Aug. 5
----------------------------------------------------------------
The sole shareholder of Investments One Inc. will receive on
August 5, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945-4777
Facsimile: 945-4799
PO Box 707 Grand Cayman KY1-1107
Telephone: 945-4777
Facsimile: 945-4799
KANAGAWA HOLDING: Shareholders' Final Meeting Set for July 27
-------------------------------------------------------------
The shareholders of Kanagawa Holding Cayman Co., Ltd. will hold
their final meeting on July 27, 2011, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
KAPITALO INVESTMENTS: Shareholders' Final Meeting Set for July 22
-----------------------------------------------------------------
The shareholders of Kapitalo Investments Fund Limited will hold
their final meeting on July 22, 2011, 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:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
LANGCREST HOLDINGS: Shareholders' Final Meeting Set for July 22
---------------------------------------------------------------
The shareholders of Langcrest Holdings will hold their final
meeting on July 22, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
LATITUDE CHINA: Shareholders' Final Meeting Set for July 22
-----------------------------------------------------------
The shareholders of Latitude China Holdings will hold their final
meeting on July 22, 2011, 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:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
------------------------------------------------------------------
The sole shareholder of Nylon Enhanced Fund Limited will receive
on August 22, 2011, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Alan Tooker
A.R.C. Directors Ltd.
Grand Pavilion Commercial Centre
802 West Bay Road
P.O. Box 10250, Grand Cayman KY1-1003
Cayman Islands
Telephone: 1-345-769-3401
Facsimile: 1:345-769-3404
NYLON ENHANCED: Shareholder to Receive Wind-Up Report on August 22
------------------------------------------------------------------
The sole shareholder of Nylon Enhanced Master Fund Limited will
receive on August 22, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Alan Tooker
A.R.C. Directors Ltd.
Grand Pavilion Commercial Centre
802 West Bay Road
P.O. Box 10250, Grand Cayman KY1-1003
Cayman Islands
Telephone: 1-345-769-3401
Facsimile: 1:345-769-3404
QRT OFFSHORE: Shareholder to Receive Wind-Up Report on July 21
--------------------------------------------------------------
The sole shareholder of QRT Offshore, Ltd. will receive on
July 21, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan McLean
Telephone: (345) 815-1805
Facsimile: (345) 949-9877
=============
J A M A I C A
=============
AIR JAMAICA: To Make More Job Cuts Following Merger
---------------------------------------------------
Janet Silvera and Leaon Nash at The Gleaner report that Air
Jamaica Limited will make additional set of jobs redundant as
Caribbean Airlines Limited takes over all operations.
The positions that are likely to go include ground handlers,
information technology, flight operations and stores, according to
The Gleaner. The airline's reservations department, the report
relates, is also being relocated to Trinidad and Tobago.
It is still unclear as to how many persons would be out of a job.
The latest round of job cuts follows the termination of 54
positions in May and a long list of dismissals since Caribbean
Airlines took over a year ago and promised a leaner operation, The
Gleaner notes.
Unnamed sources at the airline told The Gleaner that the takeover
has seen the majority of customer service staff having their
positions downgraded to part-time. At the same time, The Gleaner
relates that they have had to accept a 50% cut in salary.
Those who were retained from the previous cut were given two-month
contracts which reportedly expired on Wednesday.
Those who signed Caribbean Airline contracts in May were given
six-month probation, but it is not clear what their current fate
is, The Gleaner adds.
===========
M E X I C O
===========
VITRO SAB: No Ruling Yet on Involuntaries Against U.S. Units
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that at a June 28 hearing, bondholders were asking U.S.
Bankruptcy Judge Harlin Hale to reconsider a ruling from April
declining to put several of Vitro SAB's U.S. subsidiaries into
Chapter 11 involuntarily. Judge Hale said he would need a "short
amount of time" to write his ruling, Allan Brilliant, a lawyer for
bondholders, said in an interview. Mr. Brilliant is with the New
York office of Dechert LLP.
At the same hearing, the company was asking Judge Hale to force
the bondholders to disclose details of their trading in Vitro
bonds. Mr. Brilliant said the judge likewise would decide soon on
that request, Bloomberg cites.
Judge Hale didn't say how he would rule on either dispute, Mr.
Brilliant said, Bloomberg relates.
Mr. Rochelle also discloses that a hearing to grant the Vitro
parent's petition for protection in the U.S. under Chapter 15 was
scheduled for June 28. Success in Chapter 15 is necessary so the
U.S. court could enforce whatever reorganization Vitro works out
in a Mexican court. The Chapter 15 hearing was postponed until
July 14 in view of the decision last week in which Judge Hale said
Vitro couldn't use Chapter 15 to protect subsidiaries not
themselves in bankruptcy in the U.S. or Mexico.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
Chapter 11 Proceedings
A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P. opposed
the exchange. Together, the group held US$75 million, or
approximately 6% of the outstanding bond debt. The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of Noteholders -- known as the Ad Hoc Group of
Vitro Noteholders, comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of Vitro-
issued senior notes due 2012, 2013 and 2017 -- was not among the
Chapter 11 petitioners, although the group has expressed concerns
over the exchange offer. The group says the exchange offer
exposes Noteholders who consent to potential adverse consequences
that have not been disclosed by Vitro. The group is represented
by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.
On April 6, 2011, Vitro SAB agreed to put four Vitro units --
Vitro America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
On June 13, 2011, U.S. Bankruptcy Judge Harlin "Cooter" Hale
authorized the U.S. Debtors to sell their businesses to an
affiliate of Sun Capital Partners Inc. for what the creditor's
committee described as a gross price of US$64.4 million.
=====================
P U E R T O R I C O
=====================
FIRST BANK: Moody's Review 'B3' Deposit Rating for Upgrade
----------------------------------------------------------
Moody's Investors Service placed the long-term ratings of
FirstBank Puerto Rico (FirstBank; long-term deposits at B3) under
review for possible upgrade. The bank's unsupported bank
financial strength rating (BFSR) of E+ mapping to a B3 on the
long-term scale, and short-term rating of Not-Prime were affirmed.
FirstBank is the primary operating subsidiary of First BanCorp,
which is unrated.
Ratings Rationale
The review follows First BanCorp's announcement on June 28, 2011
that it has entered into a definitive agreement with Oaktree
Capital Management, L.P., whereby Oaktree would purchase US$175.5
million of common stock. This would be done on essentially the
same terms as the definitive agreement that First BanCorp had
entered into on May 31, 2011 with Thomas H. Lee Partners, L.P.
where THL had similarly agreed to purchase US$175.5 million of
common stock as part of a proposed aggregate US$500 to US$550
million capital raise. First BanCorp also announced on June 28,
2011, that it had entered into additional investment agreements
with institutional investors and other private equity firms for
the issuance of approximately US$164 million of the company's
common stock, which together with the Oaktree and THL investments
totals US$515 million in commitments.
Oaktree's and THL's investments will represent 24.9% of the
outstanding shares of the Company's common stock upon completion
of the capital raise and the conversion into common stock of the
US$424.2 million of Series G Mandatorily Convertible Preferred
Stock held by the United States Department of the Treasury.
Both the Oaktree and THL investments are contingent upon several
conditions, including, (a) the Corporation raises a total of at
least US$500 million but no more than US$550 million of new
capital, (b) conversion of the Series G Preferred Stock, (c)
approval by the Corporation's stockholders of the issuance of
shares of common stock, and (d) required regulatory approvals.
If the contingencies are met and the capital infusion is
completed, FirstBank would have capital ratios in excess of the
guidelines set by its regulator and the well-capitalized minimums,
and this is likely to lead to Moody's upgrading the bank's long-
term ratings.
During its review Moody's will focus on First BanCorp's ability to
complete this transaction. During the review period, Moody's will
also evaluate how this investment will influence the strategic
direction and franchise of the company.
Moody's last rating action on FirstBank was on April 25, 2011,
when Moody's downgraded the long-term ratings (deposits to B3 from
B2, senior unsecured to Caa2 from B3). FirstBank's unsupported
BFSR was confirmed at E+.
First BanCorp headquartered in San Juan, Puerto Rico, reported
total assets of US$15.1 billion at March 31, 2011.
On Review for Possible Upgrade:
Issuer: FirstBank Puerto Rico
-- Issuer Rating, Placed on Review for Possible Upgrade,
currently Caa2
-- OSO Senior Unsecured OSO Rating, Placed on Review for
Possible Upgrade, currently Caa2
-- Senior Unsecured Regular Bond/Debenture, Placed on Review
for Possible Upgrade, currently Caa2
-- Senior Unsecured Deposit Rating, Placed on Review for
Possible Upgrade, currently B3
Outlook Actions:
Issuer: FirstBank Puerto Rico
--Outlook, Changed To Rating Under Review From Negative
SWISS CHALET: Inks Agreement on Use of CPG/GS Cash Collateral
-------------------------------------------------------------
Swiss Chalet, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to approve a stipulation entered into with
CPG/GS PR NPL LLC for the use of cash collateral subject to
adequate protection.
As previously reported by The Troubled Company Reporter on
June 22, 2011, CPG/GS asked the Court to prohibit the Debtor from
using its cash collateral without providing adequate protection.
After substantial negotiations, the Debtor and CPG/GS agreed to
the stipulation whereby, among other things, CPG/GS consents to
the Debtor's limited use of certain cash collateral securing the
Debtor's indebtedness to CPG/GS to satisfy certain operating
expenses until August 31, 2011.
CPG/GS is purchaser and successor-in-interest of certain assets of
First Bank Puerto Rico, including, among others, credit facilities
pursuant to the loans of approximately US$119 million.
According to the Debtor's counsel, Charles A. Cuprill, Esq., at
Charles A. Cuprill, P.S.C. Law Offices, in San Juan, Puerto Rico
-- ccuprill@cuprill.com -- the Debtor has no debtor-in-possession
financing and, thus, requires the use of cash collateral to
satisfy operating expenses pending the approval and consummation
of the sale of certain assets; the operation of the DoubleTree
Hotel; and other approved expenses.
As adequate protection to CPG/GS, Debtor will make monthly
payments to CPG/GS, to be paid on the first day of each calendar
month, from the cash, receivables collections, and other revenues
received by Debtor during the previous month from Debtor's
consolidated operations in excess of its consolidated operating
costs. The Debtor countered that CPG/GS is adequately protected
in the Debtor's use of receivables considering CPG/GS's
encumbrances on the Debtor's assets principally real property, the
pertinent portion of which are well maintained and in excellent
condition, with the taxes relative thereto being current, as well
as the insurance thereon.
CPG/GS and Debtor recognize that there are certain expenses at
Atlantis and Gallery Plaza, like insurance costs, maintenance,
utilities, and others necessary for the maintenance of the
Collateral, which are partially paid from the income generated
from the operations of the DoubleTree Hotel. Therefore, the
monthly payments to be made by Debtor to CPG/GS as adequate
protection will be the lesser of US$75,000, or the difference
between the total monthly income generated by Debtor's
consolidated operations less Debtor's consolidated operating
costs for the same month. These payments will be applied to the
principal balance of CPG/GS secured claim without prejudice to
reapplication of those payments to interest and other charges as
permitted by the Bankruptcy Code if and when the value of CPG/GS'
collateral is determined.
As further adequate protection, the Debtor grants CPG/GS:
-- a replacement lien and a postpetition security interest on
all of the assets and Collateral acquired by Debtor after
the Petition Date; and
-- a super-priority claim in an amount equal to any diminution
in value of the prepetition Collateral.
As additional adequate protection, the Debtor will:
-- permit designated agents of CPG/GS to visit the premises of
the DoubleTree Hotel, Gallery Plaza and Atlantis
Condominiums Hotel and make available to them all of
Debtor's books and records, for the purpose of inspecting
and auditing the operations of each of the DoubleTree,
Gallery Plaza and Atlantis Condominium;
-- submit to CPG/GS monthly reports detailing: (a) the amount,
aging, and description of all of Debtor's accounts
receivable, inventory and other Cash Collateral; (b) the
amount of Cash Collateral collected and used to satisfy
Permitted Expenses; (c) monthly income statements, (d)
monthly expense statements; (e) monthly reports on the
marketing and sales efforts for the Gallery Plaza and
Atlantis Condominiums.
As additional adequate protection, the Debtor agrees that upon the
consummation of any sale of substantially all or any of its assets
all of the net proceeds of that sale will be paid immediately and
indefeasibly to CGP/GS in an amount equivalent to the outstanding
balance of the Loans, plus any postpetition interest and charge
that may have accrued to the extent permitted by the Bankruptcy
Code.
The Debtor also covenants and agrees to waive any and all rights
under Section 506(c) of the Bankruptcy Code as to any of the
Collateral. The Debtor will also grant CPG/GS access to monitor
its debtor-in-possession accounts and the payments and deposits
made therein or therefrom.
The postpetition Collateral under the Replacement Liens and the
prepetition Collateral will all serve as cross-Collateral for the
Loans and any and all other amounts disbursed by CPG/GS under the
Financing Agreements.
CPG/GS will have the right to credit bid the indebtedness owed
under the Loan Agreements and Loan Documents, in whole or in part,
in connection with any sale or disposition of the Debtor's assets,
and the Debtor hereby waives all rights to oppose such credit bid
rights of CPG/GS.
Objections are due July 5, 2011. If no objection or other
response is received within the time allowed, the motion will be
deemed unopposed and a final order may be entered approving the
stipulation. If a timely objection is filed, a hearing will be
held on July 7, 2011, at 9:30 a.m.
Attorneys for CPG/GS are:
David P. Freedman, Esq.
Hermann D. Bauer, Esq.
O'Neill & Borges
American International Plaza
250 Munoz Rivera Avenue, Suite 800
San Juan, Puerto Rico 00918-1813
Tel: (787) 764-8181
Fax: (787) 753-8944
E-Mail: David.Freedman@oneillborges.com
Hermann.bauer@oneillborges.com
About Swiss Chalet
The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011. Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel. In its Schedules,
the Debtor disclosed total assets of US$118,521,510 and total
debts of US$132,741,094. The petition was signed by Arnold Benus,
director.
SWISS CHALET: Files Schedules of Assets & Liabilities
-----------------------------------------------------
Swiss Chalet Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:
Name of Schedule Assets Liabilities
---------------- ------- -----------
A. Real Property US$69,473,628
B. Personal Property $45,668,034
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims US$118,566,626
E. Creditors Holding
Unsecured Priority
Claims $326,064
F. Creditors Holding
Unsecured Non-priority
Claims $19,754,881
------------ --------------
TOTAL US$115,141,662 US$138,646,572
About Swiss Chalet
The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011. Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel. In its Schedules,
the Debtor disclosed total assets of US$118,521,510 and total
debts of US$132,741,094. The petition was signed by Arnold Benus,
director.
===========
P A N A M A
===========
HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B'
---------------------------------------------------------------
Standard & Poor's Rating Services assigned a 'B' long-term
corporate credit rating to Panama-based gaming holding company
Hillview Enterprises and a 'B' senior secured debt rating to its
proposed five-year US$100 million 144A bond issuance. The outlook
is stable.
"The ratings on Hillview reflect mainly its asset concentration in
Argentina and the risks inherent to operating in that country,
such as the volatile regulatory environment, high inflation
levels, and currency volatility," said Standard & Poor's credit
analyst Diego Ocampo. The company somewhat mitigates those
factors with its relatively good competitive position, which is
backed by a benign regulatory framework that presents high entry
barriers for new players, and its relatively high profitability,
supported by its efficient cost structure.
"An ample ability to generate discretionary cash flows, based on
its positive cash cycle and low operating leverage levels,
together with a conservative indebtedness and an adequate
liquidity position underpin Hillview's financial risk profile,
which we characterize as aggressive under our criteria. Partially
counterbalancing those positives are the company's limited track
record with debt markets and its focus on shareholder value
creation that might reduce flexibility on dividends, investments,
and financing," S&P stated.
Because Hillview is a holding company that has no material assets
other than the interests in three operating subsidiaries, holders
of debt issued at the parent would be structurally subordinated to
priority claims at the subsidiaries. "However, we rate Hillview's
senior secured debt at the same level as the corporate credit
rating because of the low level of subsidiary liabilities. We
expect third-party debt at the subsidiary level to remain low.
Furthermore, the terms and conditions of the new bonds include
covenants that limit the ability of restricted subsidiaries to
take on additional debt," S&P related.
Hillview is majority owned by an investment fund that controls
60.241% of the company's voting stock. In 2007, the company
acquired the 99.6% of three Argentine gaming halls in the Buenos
Aires province through a US$77.5 million loan from its main
shareholder and US$24.1 million in equity contributions. Two
gaming halls are located in Avellaneda neighborhood, and the third
in Florencio Varela, covering a densely populated area of about
1.8 million inhabitants. The gaming facilities have an aggregated
capacity of 1,363 slot machines, 221 electronic roulette
positions, 20 electronic poker seats, and approximately 2,828
bingo seats. During fiscal 2010, 93% of the revenues came from
slot machines, 5% from bingo operations, and the rest from food
and beverage sales.
"The stable outlook reflects our expectation that the company
should sustain relatively good free cash-flow generation
throughout the bond's life and will be able to achieve some degree
of cash build up that would mitigate its exposure to refinancing
risk in 2016. In that respect we expect dividends to remain
flexible to buffer any potential deterioration in cash-generation
capacity. Upside potential will remain closely linked to our
opinion on Argentina's business environment and transfer and
convertibility risks, unless geographic diversification increases.
On the contrary, a downgrade may follow a deterioration of the
business environment that significantly hurts Hillview's financial
flexibility," S&P stated.
===============
X X X X X X X X
===============
* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
---------------------------------------------------------------
U.S.-based bookseller NBC Acquisition Corp. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code last week to
implement its restructuring plan. This raises the 2011 global
corporate default tally to 18, said an article published Friday by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (June 24 - 29, 2011) (Premium)."
Of the total, 11 issuers were based in the U.S., two each were
based in Canada and New Zealand, and one each was based in the
Czech Republic, France, and Russia. By comparison, 45 global
corporate issuers had defaulted by this time in 2010. Of these
defaulters, 32 were U.S.-based issuers, two were European issuers,
four were from the emerging markets, and seven were in the
other developed region (Australia, Canada, Japan, and New
Zealand).
Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010. Of the remaining five,
three issuers defaulted after they filed for bankruptcy, another
had its banking license revoked by its country's central bank, and
the fourth was forced into liquidation as a result of regulatory
action. Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.
Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%. A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast. The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011. "This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping our default expectations relatively upbeat in the next 12
months. We are seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias," S&P said.
"In addition to our baseline projection, we forecast the default
rate in our optimistic and pessimistic scenarios. In our
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected. As a result, we
would expect the default rate to be 1.2% (18 defaults in the next
12 months)," S&P said.
"On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic scenario
-- we expect the default rate to be 3.3% (50 defaults) by March
2012. We base our forecasts on quantitative and qualitative
factors that we consider, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market. We update our outlook for the U.S.
issuer-based corporate speculative-grade default rate each quarter
after analyzing the latest economic data and expectations," S&P
related.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PLA-BL COMEB AR 143096734 -251846058
COMERCIAL PL-ADR SCPDS LI 143096734 -251846058
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-$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
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SOC COMERCIAL PL COME AR 143096734 -251846058
SOC COMERCIAL PL COMED AR 143096734 -251846058
SOC COMERCIAL PL CAD IX 143096734 -251846058
SOC COMERCIAL PL CADN EO 143096734 -251846058
SOC COMERCIAL PL SCDPF US 143096734 -251846058
SOC COMERCIAL PL COMEC AR 143096734 -251846058
SOC COMERCIAL PL CADN EU 143096734 -251846058
SOC COMERCIAL PL CVVIF US 143096734 -251846058
SOC COMERCIAL PL CADN SW 143096734 -251846058
BRAZIL
ACO ALTONA EALT3 BZ 89152030 -9848587.47
ACO ALTONA SA EAAON BZ 89152030 -9848587.47
ACO ALTONA-PREF EAAPN BZ 89152030 -9848587.47
ACO ALTONA-PREF EALT4 BZ 89152030 -9848587.47
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
ALL ORE MINERACA STLB3 BZ 23040051 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051 -8699861.07
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454016 -52992212.8
BATTISTELLA BTTL3 BZ 349898179 -3135090.39
BATTISTELLA-PREF BTTL4 BZ 349898179 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898179 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898179 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898179 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898179 -3135090.39
BOMBRIL BMBBF US 316331265 -123554206
BOMBRIL BOBR3 BZ 316331265 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331265 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -123554206
BOMBRIL SA-ADR BMBBY US 316331265 -123554206
BOMBRIL SA-ADR BMBPY US 316331265 -123554206
BOMBRIL-PREF BOBR4 BZ 316331265 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -123554206
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -123554206
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
CAF BRASILIA CAFE3 BZ 21097370 -903951461
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
CHIARELLI SA CCHON BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
D H B DHBI3 BZ 151796583 -160270949
D H B-PREF DHBI4 BZ 151796583 -160270949
DHB IND E COM DHBON BZ 151796583 -160270949
DHB IND E COM-PR DHBPN BZ 151796583 -160270949
DOC IMBITUBA IMBI3 BZ 96977064 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064 -42592602.5
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592602.5
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS IMBITUBA IMBION BZ 96977064 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592602.5
DOCAS SA DOCAON BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
ESTRELA SA ESTR3 BZ 89585906 -80761486.8
ESTRELA SA ESTRON BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTR4 BZ 89585906 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906 -80761486.8
FABRICA RENAUX FRNXON BZ 109683744 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683744 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683744 -48836146.4
FABRICA RENAUX-P FTRX4 BZ 109683744 -48836146.4
FABRICA TECID-RT FTRX1 BZ 109683744 -48836146.4
FER HAGA-PREF HAGA4 BZ 21299043 -62858780.7
FERRAGENS HAGA HAGAON BZ 21299043 -62858780.7
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858780.7
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
GRADIENTE ELETR IGBON BZ 61088978 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088978 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088978 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088978 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088978 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088978 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088978 -282692297
HAGA HAGA3 BZ 21299043 -62858780.7
HERCULES HETA3 BZ 12689117 -170680899
HERCULES SA HERTON BZ 12689117 -170680899
HERCULES SA-PREF HERTPN BZ 12689117 -170680899
HERCULES-PREF HETA4 BZ 12689117 -170680899
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 42606769.7
IGB ELETRONICA IGBR3 BZ 61088978 -282692297
LAEP INVESTMENTS LEAP LX 439175082 -60172005
LAEP-BDR MILK11 BZ 439175082 -60172005
LATTENO FOOD COR LATF US 14423532 -3506007
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
NORDON MET NORD3 BZ 15354597 -26859636.7
NORDON METAL NORDON BZ 15354597 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597 -26859636.7
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -18460611
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
RECRUSUL RCSL3 BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL2 BZ 31427766 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766 -30307605.7
RECRUSUL SA RESLON BZ 31427766 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766 -30307605.7
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
SANESALTO SNST3 BZ 31044053 -1843297.83
SANSUY SNSY3 BZ 200809365 -115213257
SANSUY SA SNSYON BZ 200809365 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809365 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809365 -115213257
SANSUY-PREF A SNSY5 BZ 200809365 -115213257
SANSUY-PREF B SNSY6 BZ 200809365 -115213257
SCHLOSSER SCLO3 BZ 73036750 -34357832.6
SCHLOSSER SA SCHON BZ 73036750 -34357832.6
SCHLOSSER SA-PRF SCHPN BZ 73036750 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036750 -34357832.6
STAROUP SA STARON BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TELEBRAS SA TLBRON BZ 269372906 -13465060.7
TELEBRAS SA TELB3 BZ 269372906 -13465060.7
TELEBRAS SA TBASF US 269372906 -13465060.7
TELEBRAS SA-PREF TELB4 BZ 269372906 -13465060.7
TELEBRAS SA-PREF TLBRPN BZ 269372906 -13465060.7
TELEBRAS SA-RT TELB9 BZ 269372906 -13465060.7
TELEBRAS/W-I-ADR TBH-W US 269372906 -13465060.7
TELEBRAS-ADR TBAPY US 269372906 -13465060.7
TELEBRAS-ADR TBASY US 269372906 -13465060.7
TELEBRAS-ADR TBRAY GR 269372906 -13465060.7
TELEBRAS-ADR RTB US 269372906 -13465060.7
TELEBRAS-ADR TBX GR 269372906 -13465060.7
TELEBRAS-ADR TBH US 269372906 -13465060.7
TELEBRAS-BLOCK TELB30 BZ 269372906 -13465060.7
TELEBRAS-CED C/E TEL4C AR 269372906 -13465060.7
TELEBRAS-CEDE BL RCT4B AR 269372906 -13465060.7
TELEBRAS-CEDE PF TELB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4C AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCTB4 AR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4D AR 269372906 -13465060.7
TELEBRAS-CEDEA $ TEL4D AR 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB30 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB31 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB32 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TELE31 BZ 269372906 -13465060.7
TELEBRAS-CM RCPT TBRTF US 269372906 -13465060.7
TELEBRAS-COM RT TELB1 BZ 269372906 -13465060.7
TELEBRAS-PF BLCK TELB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TLBRUP BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TBAPF US 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT CBRZF US 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB40 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TELE41 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB42 BZ 269372906 -13465060.7
TELEBRAS-RCT RCTB33 BZ 269372906 -13465060.7
TELEBRAS-RCT PRF TELB10 BZ 269372906 -13465060.7
TELEBRAS-RECEIPT TLBRUO BZ 269372906 -13465060.7
TELEBRAS-RTS CMN TCLP1 BZ 269372906 -13465060.7
TELEBRAS-RTS CMN RCTB1 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF RCTB2 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF TLCP2 BZ 269372906 -13465060.7
TELECOMUNICA-ADR 81370Z BZ 269372906 -13465060.7
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
WETZEL SA MWET3 BZ 100017711 -5359345.82
WETZEL SA MWELON BZ 100017711 -5359345.82
WETZEL SA-PREF MWELPN BZ 100017711 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711 -5359345.82
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST-PREF WISA4 BZ 34108201 -126997429
CHILE
CHILESAT CO-ADR TL US 1.075E+09 -61844614.3
CHILESAT CORP SA TELEX CI 1.075E+09 -61844614.3
CHILESAT CO-RTS CHISATOS CI 1.075E+09 -61844614.3
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
TELEX-A TELEXA CI 1.075E+09 -61844614.3
TELEX-RTS TELEXO CI 1.075E+09 -61844614.3
TELMEX CORP SA CHILESAT CI 1.075E+09 -61844614.3
TELMEX CORP-ADR CSAOY US 1.075E+09 -61844614.3
***********
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.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. 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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.
Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *