/raid1/www/Hosts/bankrupt/TCRLA_Public/110816.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, August 16, 2011, Vol. 12, No. 161
Headlines
B E R M U D A
DIGICEL GROUP: Claro Dealers Show Concern on Pending Merger
B R A Z I L
BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+'
C A Y M A N I S L A N D S
AG CAPITAL: Creditors' Proofs of Debt Due August 31
ALPHATRAN MASTER: Creditors' Proofs of Debt Due August 31
CHRYSALIS HOLDING: Creditors' Proofs of Debt Due August 29
ENDEAVOUR RESOURCES: Creditors' Proofs of Debt Due August 22
FRASER SULLIVAN: Creditors' Proofs of Debt Due August 31
GCORE CAPITAL: Creditors' Proofs of Debt Due August 22
GCORE OFFSHORE: Creditors' Proofs of Debt Due August 22
GOODWILL INVESTMENTS: Creditors' Proofs of Debt Due August 31
JIAOZUO (G.P.): Creditors' Proofs of Debt Due August 22
MAGIC POWER: Creditors' Proofs of Debt Due August 29
NAUTICAL OFFSHORE: Court Appoints Krys and Borrelli as Liquidators
PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 31
SANDRIDGE LIMITED: Creditors' Proofs of Debt Due August 31
SEER CAPITAL: Creditors' Proofs of Debt Due August 31
ZENKA INDUSTRIES: Creditors' Proofs of Debt Due September 1
J A M A I C A
AIR JAMAICA: RPMs Decline While CAL's Passenger Carriage Doubles
M E X I C O
AUTOPISTA MONTERREY: Moody's Changes Global Scale Rating to 'Ba1'
P U E R T O R I C O
AUTOS VEGA: Wants to Use Reliable's Cash Collateral Until January
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
B E R M U D A
=============
DIGICEL GROUP: Claro Dealers Show Concern on Pending Merger
-----------------------------------------------------------
RJR News reports that Claro dealers have intensified their
concerns about how the proposed merger with Digicel Group will
affect their operations.
The dealers penned a letter to the Telecommunications Minister,
Daryl Vaz, raising concerns that the merger could leave them with
a "hole in their pocket," according to RJR News. In the letter,
the dealers complained that they have little stock to sell and,
since the merger announcement, their businesses have been in
decline, the report relates.
RJR News notes that Jacqueline Geddes, who operates Claro stores
in Kingston and Manchester, outlined their concerns. "The biggest
concern we have I believe is communication, we don't know what's
happening. With the announcement made in March, fewer customers
are coming in and we have been instructed by Claro that we must
keep it afloat. . .," RJR News quotes Ms. Geddes as saying.
Ms. Geddes said the dealers have been told by Claro that they will
not be compensated, according to the report. Some dealers have
even contemplated legal action to help recoup expected losses
resulting from the merger, she added, the RJR News relays.
About Digicel Group
Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets. By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has
coverage in St. Martin and St. Barts. Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of Jan. 14, 2010, the company continues to carry Moody's "Caa1"
senior unsecured debt rating.
===========
B R A Z I L
===========
BANCO SAFRA: Fitch Affirms Support Rating Floor at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Safra S.A. and
Safra Leasing S.A.- Arrendamento Mercantil as follows:
Banco Safra S.A.
-- Foreign currency long-term Issuer Default Rating (IDR) at
'BBB-'; Outlook Stable;
-- Foreign currency short-term IDR at 'F3';
-- Local currency long-term IDR at 'BBB-'; Outlook Stable;
-- Local currency short-term IDR at 'F3';
-- Individual rating at 'C';
-- Viability rating at 'bbb-'
-- Support rating at '4';
-- Support rating floor at 'B+';
-- National long-term rating at 'AA+(bra)'; Outlook Stable;
-- National short-term rating at 'F1+(bra)'.
Banco Safra Senior notes due 2016
-- Long-term Foreign Currency rating at 'BBB-(emr)'.
Banco Safra Senior notes due 2017
-- Long-term Foreign Currency rating at 'BBB-(emr)'.
Safra Leasing S.A. Arrendamento Mercantil
-- National long-term rating at 'AA+(bra)'; Outlook Stable;
-- National short-term rating at 'F1+(bra)'.
Safra Leasing S.A. Arrendamento Mercantil - 12th, 13th, 14th and
15th Debenture Issuances
-- National long-term rating at 'AA(bra)'.
Safra's rating may be upgraded due to a higher diversification of
its revenue stream and a more diluted funding source; making the
bank more flexible to sudden changes on market conditions. In the
other hand, a deterioration of its asset quality and profitability
that hinders its capital base, would have negative rating
implications.
Safra's ratings reflect the bank's proven agility and ability to
manage risks and adapt its balance sheet during periods of
economic volatility, its consistent performance, conservative
practices in managing credit exposures, and good controls on the
collateral received from its borrowers. The ratings also consider
its relative dependence on institutional and large corporate
funding.
Safra has continued to grow its balance sheet since the crisis in
2008. With continuous focus on its core business of providing
credit facilities and services to SMEs and corporate clients, the
bank recorded a 33% growth in credit during 2010 followed by a
cautious 4% growth during the 1Q'11. Despite Brazil's continued
favorable economic scenario, Fitch expects that Safra will
continue to grow at moderate pace and in a controlled fashion in
2011 given the recent economic tightening cycle. Returns may be
lower due to continuous spread competition and the strong
liquidity of local credit markets.
With an asset quality better than its peers, Safra continued its
year-on-year trend of improved asset quality, attesting it strong
expertise in credit origination with middle-market companies.
While the total regulatory capital rose to 15.9% as of March 31,
2011, Fitch core capital was 12%. Given the very good track record
in terms of asset quality and profitability, even in time of
stress, Safra's capital base is considered adequate even though
its business model is relatively more concentrated than
other similarly rated universal banks. Also, the bank as a
precautionary measure manages ample liquidity levels, while its
deposits normally fund the totality of its loans.
Safra is 99.9% controlled by Joseph Safra and his family and was
the sixth largest privately owned bank in Brazil in terms of total
assets as of December 2010.
===========================
C A Y M A N I S L A N D S
===========================
AG CAPITAL: Creditors' Proofs of Debt Due August 31
---------------------------------------------------
The creditors of AG Capital Fund SPC are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 15, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
ALPHATRAN MASTER: Creditors' Proofs of Debt Due August 31
---------------------------------------------------------
The creditors of Alphatran Master Fund are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 20, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
CHRYSALIS HOLDING: Creditors' Proofs of Debt Due August 29
----------------------------------------------------------
The creditors of Chrysalis Holding Limited are required to file
their proofs of debt by August 29, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 8, 2011.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170 Grand Cayman KY1-1102
Cayman Islands
ENDEAVOUR RESOURCES: Creditors' Proofs of Debt Due August 22
------------------------------------------------------------
The creditors of Endeavour Resources Limited are required to file
their proofs of debt by August 22, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 27, 2011.
The company's liquidator is:
Woodward L. Terry
c/o Woodward Terry & Company
Suite #10, 2nd Floor
Jack & Jill Building
19 Fort Street, P.O. Box 822
Grand Cayman KY1-1103
Cayman Islands
Telephone: (345) 945-2800
Facsimile: (345) 945-2727
FRASER SULLIVAN: Creditors' Proofs of Debt Due August 31
--------------------------------------------------------
The creditors of Fraser Sullivan Credit Strategies Funding Ltd.
are required to file their proofs of debt by August 31, 2011, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on July 13, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
GCORE CAPITAL: Creditors' Proofs of Debt Due August 22
------------------------------------------------------
The creditors of GCORE Capital Master Fund Ltd. are required to
file their proofs of debt by August 22, 2011, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 7, 2011.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
GCORE OFFSHORE: Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
The creditors of GCORE Capital Offshore Fund Ltd. are required to
file their proofs of debt by August 22, 2011, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 7, 2011.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
GOODWILL INVESTMENTS: Creditors' Proofs of Debt Due August 31
-------------------------------------------------------------
The creditors of Goodwill Investments Ltd. are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 8, 2011.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
JIAOZUO (G.P.): Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
The creditors of Jiaozuo (G.P.) Corporation are required to file
their proofs of debt by August 22, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 12, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MAGIC POWER: Creditors' Proofs of Debt Due August 29
----------------------------------------------------
The creditors of Magic Power Holdings Limited are required to file
their proofs of debt by August 29, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 8, 2011.
The company's liquidator is:
Buchanan Limited
c/o Rose Ferguson
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170 Grand Cayman KY1-1102
Cayman Islands
NAUTICAL OFFSHORE: Court Appoints Krys and Borrelli as Liquidators
------------------------------------------------------------------
On July 8, 2011, the Grand Court of Cayman Islands appointed
Cosimo Borrelli and Kenneth Krys as liquidators of Nautical
Offshore Services.
The Liquidators can be reached at:
Cosimo Borrelli
Borrelli Walsh Pte Limited
#14-04 City House, 36 Robinson Road
Singapore 068877; and
Kenneth Krys
Krys Global, Governors Square
Building 6, 2nd Floor
23 Lime Tree Bay Avenue
P.O. Box 31237, George Town, Grand Cayman KY1-1205
Cayman Islands
PARCO INTERNATIONAL: Creditors' Proofs of Debt Due August 31
------------------------------------------------------------
The creditors of Parco International Corp are required to file
their proofs of debt by August 31, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 8, 2011.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
SANDRIDGE LIMITED: Creditors' Proofs of Debt Due August 31
----------------------------------------------------------
The creditors of Sandridge Limited are required to file their
proofs of debt by August 31, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 15, 2011.
The company's liquidator is:
M. Erik Monsen
Telephone: (345) 949-5588
Facsimile: (345) 945-5772
The Crighton Building, Suite 201
256 Crewe Road
P.O. Box 1166, Grand Cayman, KY1-1102
Cayman Islands
SEER CAPITAL: Creditors' Proofs of Debt Due August 31
-----------------------------------------------------
The creditors of Seer Capital Master Credit Fund Ltd. are required
to file their proofs of debt by August 31, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on July 8, 2011.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Jennifer Chailler
Telephone: (345) 814 6847
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
ZENKA INDUSTRIES: Creditors' Proofs of Debt Due September 1
-----------------------------------------------------------
The creditors of Zenka Industries Ltd. are required to file their
proofs of debt by September 1, 2011, to be included in the
company's dividend distribution.
The company's liquidator is:
Dr. Andreas Maag
Riesbachstrasse 57
Postfach 1071
Ch-8034 Zurich
=============
J A M A I C A
=============
AIR JAMAICA: RPMs Decline While CAL's Passenger Carriage Doubles
----------------------------------------------------------------
Jamaica Observer reports that last January would have marked the
twenty-eighth consecutive month of decline in revenue passenger
miles (RPMs) to and from the U.S. for Air Jamaica Limited, even
while its new owner, Caribbean Airlines Limited (CAL), saw a near
doubling of its passenger carriage over the same period.
The U.S. Bureau of Transportation Statistics (BTS) said that Air
Jamaica, which was enjoying increases in the amount of plane seats
filled up to March 2010, has since only seen decline in its load
factor, according to Jamaica Observer.
The report recalls that the Jamaica government commenced planning
of its divestment strategy for Air Jamaica in late 2008 and this
year agreed to sell the airline to Caribbean Airlines. However,
Jamaica Observer relates that, during that time, Caribbean
Airlines was undertaking an aggressive expansion thrust into the
U.S. from the region, increasing its RPMs from 416 million in 2007
to just under a billion by the end of 2009.
Conversely, Jamaica Observer relates Air Jamaica saw its RPMs fall
from 1.4 billion in 2007 to 1.1 billion by end of 2009. The
report discloses that during 2010, the year that CAL took over Air
Jamaica, the former national carrier saw its RPMs plummet to 744
million by the end of 2010, even while its new owner increased its
passenger movement to the U.S. from the region and back by a
further 10% to 1.1 billion RPMs.
Jamaica Observer says that the increase for CAL involved a
considerable increase in flights to and from the U.S., from 1,752
in 2007 to 4,005 in 2010, which meant that CAL was able to move
more passengers over longer distances, given that it primarily
serviced the eastern Caribbean before taking over Air Jamaica.
Air Jamaica, on the other hand, saw a cut in flights -- from 9,508
in 2007 to 5,862 last year -- coupled with a reduction in
passengers from 1.4 million in 2007 to 744,000 last year, the
report notes.
But the reduction in flights didn't actually improve the load
factor, Jamaica Observer says. Air Jamaica's load factor, which
climbed from 70.29% in 2008 to 76.64% in 2009, fell again in 2010
to 70.59, the report relates.
Jamaica Observer notes that over the same period, CAL did manage
to maintain a much higher load factor for its own fleet:
-- 86.67% in 2008,
-- 86.01% in 2009, and
-- 85.48% in 2010.
Since July 2010, Jamaica Observer discloses that CAL had been
carrying more passengers under its own brand than Air Jamaica,
although, in a press statement issued in April 2011, Air Jamaica
said "there was a 15% increase in passenger numbers for March when
compared to the same period in 2010".
In January 2011, however, the passenger count for Air Jamaica was
50% lower than a year before while load factor was at 62.4%,
Jamaica Observer adds.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes. Jamaica got a 16% stake
in the merged operation, with CAL owning 84%. According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica. RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill. In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.
As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.
===========
M E X I C O
===========
AUTOPISTA MONTERREY: Moody's Changes Global Scale Rating to 'Ba1'
-----------------------------------------------------------------
Moody's has downgraded the Mexico National Scale rating of
Autopista Monterrey Cadereyta to A1.mx from Aa2.mx. The global
scale rating was changed to Ba1 from Baa2. The rating action is
spurred by the continued decline in traffic through the first half
of the year and which does not show clear signs of changing
trajectory. In step with the traffic declines, revenues are also
down significantly and the debt service coverage ratio (DSCR) for
the principal and interest payment is notably below that of
previous years and the road has the added pressures of funding the
reconstruction of the portion of the road that was destroyed by
Hurricane Alex in June 2010. Should the trend in traffic and
revenue continue through the year, as is a very likely, DSCR for
the second debt payment to be made in Dec 2011 will also be very
narrow. Providing support to the structure is a fully funded 12
month debt service reserve and a fully funded major maintenance
reserve which covers one year of related costs.
The negative outlook on the rating reflects Moody's view that even
though it is possible that current traffic levels represent the
new normal, a downward trajectory still a plausible scenario and
continued drops in traffic could lead to revenue levels that would
not be sufficient to fully cover debt service payments.
Rating Rationale
Beginning in calendar year 2010 the state of Nuevo Leon and the
area, including the toll road, have faced several challenges. In
June, just as the nation and region was beginning to recover from
the effects of the financial crisis, the area got hit by Hurricane
Alex, the strongest one in history. The storm wiped out two of
the four lanes on a 3km portion of the toll road, and damaged many
other areas that feed into the road which then began to negatively
affect the usage of the toll road. The reconstruction of the
relatively small portion of the road is not yet complete.
Adding to the pressures is the, traffic on Autopista Monterrey
Cadereyta has been negatively affected in a sustained and
important magnitude by traveler concerns of safety on the toll
road and other connecting federal roads given the drug related
violence that has escalated in the region. After what appeared to
be a slow-down in the decline around the spring break holiday,
traffic has continued to decline precipitously and is now, in
Moody's opinion, at the point where even a stabilization of the
situation would likely leave the road at a level of traffic,
revenues, and DSCR -- over the medium term -- that are more in
line with the current rating.
Following a decline in traffic of 21% for the full year 2010
compared to the previous year, use of the road is down another 20%
through June of this year compared to the same period last year.
If the current levels of traffic hold, the final count for 2011
would be around 35% less than that experienced in 2008 which is
most indicative of a normal situation previous to the economic
crisis and other events that have affected the region. Previous to
2010, the road had been performing extremely well with growth in
the 8-9% in 2007 and 2008, and the 6% decline in 2009 was in line
with that of toll roads in Mexico and in the U.S. Even through
2009, these traffic figures were anywhere from 25-30% above
original projections.
Revenues through this year are down 11% and were down 14% in 2010
compared to 2009. In the last year, debt service coverage has
weakened and the flows transferred to the trust from REA in 2010
provided debt service coverage, as calculated by Moody's, of 1.33x
compared to 1.84x in the previous year. Debt service coverage for
the principal and interest payment that was made in June 2011 --
after accounting for capital expenditures - was close to
breakeven. The coverage by net operating revenues previous to
capital expenditures was a more healthy 1.26x, which does show
that there is some limited flexibility to the issuer in the event
of even more declines in revenue. On a relative basis compared to
similar roads rated by Moody's, the levels of coverage after
accounting for all spending is low.
Moody's notes that until this last semester the toll road had been
not only able to pay its debt fully but to prepay debt as required
by the indenture. At June 2010, the last payment period in which
prepayments were made, the debt in UDIs was at a level lose to
that which was anticipated for June 2018 under the base case.
Moody's believes the toll road has sufficient fundamental
strengths and liquidity to weather the situation which it has
faced until now and still meet its debt service obligations.
However, continued pressures on traffic and revenue, due to
reasons that are beyond the control of the REA, have resulted in a
level of revenue and debt service coverage that is more in line
with the currently assigned rating and outlook.
=====================
P U E R T O R I C O
=====================
AUTOS VEGA: Wants to Use Reliable's Cash Collateral Until January
-----------------------------------------------------------------
Debtor Autos Vega, Inc., and secured creditor Reliable Finance
Holding Company ask the U.S. Bankruptcy Court for the District of
Puerto Rico to approve their joint stipulation authorizing
Debtor's use of Reliable Finance Holding Company's cash
collateral, on an interim basis, for the period commencing on
July 6, 2011, through and including Jan. 31, 2012.
As of Petition Date, the Debtor owed Reliable US$14,710,558 plus
interest and related fees under the Financing Agreements. As
security, the Debtor pledged their inventory, parts and
accessories inventory, equipment, accounts receivables, contract
rights, negotiable instruments, agreements, rents, cash accounts,
income arising therefrom, and other related intangibles.
The Debtor needs cash collateral for the purchase of new motor
vehicle inventory. Without the use of Reliable's cash collateral,
the Debtor would be unable to purchase new inventory and be
required to cease operations, resulting in the immediate
liquidation and possible devaluation of all assets.
The Debtor will grant Reliable additional collateral, replacement
liens and super priority status and providing any other adequate
protection that is just and proper under the circumstances.
The Debtor will deposit into the Banco Santander account to be
opened all funds received from the sale of vehicles subject to
Reliable's pre- and post-petition liens immediately upon receipt.
The Debtor will pay Reliable the amounts owed on a per-unit basis
on the vehicles sold subject to its liens. Upon payment to
Reliable, the Debtor will transfer any remaining funds to its DIP
account for the Debtor's operational expenses.
As adequate protection, the Debtor proposes to grant Reliable
additional collateral, in the form of a post petition pledge of
US$1,000,000, and a postpetition, first priority security interest
on any the vehicles, assets and collateral acquired by the debtor
with the proceeds from Reliable's cash collateral on and after the
Petition Date. The Debtor will continue making monthly regular
payments on the interest accrued as invoiced by Reliable, and will
pay the expenses as invoiced by Reliable in the ordinary course of
its operations.
The Debtor agrees and ratifies that, if the replacement liens and
other forms of protection described above are inadequate to
protect Reliable's interests, Reliable's claim, including any
unpaid invoices for monthly interest charges and monthly invoices
for expenses, will be entitled to priority under Sections 363(c)
(1) and 507 (b) of the Code over all other expenses of
administration of the estate. Any deficiency will also be secured
by all Pre-Petition collateral.
Finally, Reliable will not consent to the continued use of its
cash collateral unless the Cash Deposit is delivered to Reliable
on or before July 26, 2011, or the date the Bankruptcy Court has
approved the delivery of the Cash Deposit to Reliable, whichever
is later. Therefore, the Debtor will open all required Debtor-in-
Possession bank accounts and the Collateral Clearing Account by
July 26, 2011.
The amount of US$430,133 advanced by Reliable for the purchase of
additional new motor vehicle inventory in the ordinary course of
business from July 6, 2011, to date will be recognized as an
administrative priority expense owing to Reliable, and the Debtor
will provide the appropriate replacement liens or collateral
guarantees as may be necessary to protect Reliable's interest in
said amount prior to the entry of the appropriate Court Order.
The Debtor also asks the Court for authorization to obtain
postpetition secured financing in connection with the increase by
Reliable of the credit line from US$10,000,000 to US$13,000,000.
Reliable Finance Holding Company is represented by:
Patrick D. O'Neill, Esq.
Charles P. Gilmore, Esq.
O'NEILL & GILMORE, P.S.C.
Suite 1701, Citibank Towers
252 Ponce de Leon Avenue
San Juan, PR 00918
Tel: (787) 620-0670
Fax: (787) 620-0671
E-mail: pdo@go-law.com
cpg@go-law.com
About Autos Vega
Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011. The case has been
assigned to Judge Sara E. DeJesus Kellogg. The Debtor estimated
its assets and debts at US$10 million to US$50 million.
Antonio A. Arias-Larcada, Esq., and Yarilyn C. Perez-Colon, Esq.,
at McConnell Valdes LLC, in San Juan, Puerto Rico, serve as
counsel to the Debtor. Luis R. Carrasquillo Ruiz, CPA, is the
Debtor's accountant.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
SOC COMERCIAL PL COMED AR 175824387.4 -338338057
SOC COMERCIAL PL CAD IX 175824387.4 -338338057
SOC COMERCIAL PL COMEC AR 175824387.4 -338338057
SOC COMERCIAL PL CADN SW 175824387.4 -338338057
COMERCIAL PLA-BL COMEB AR 175824387.4 -338338057
SOC COMERCIAL PL CADN EO 175824387.4 -338338057
SOC COMERCIAL PL CADN EU 175824387.4 -338338057
COMERCIAL PL-ADR SCPDS LI 175824387.4 -338338057
SOC COMERCIAL PL COME AR 175824387.4 -338338057
SOC COMERCIAL PL CVVIF US 175824387.4 -338338057
SOC COMERCIAL PL SCDPF US 175824387.4 -338338057
SOCOTHERM-SP ADR SOCOY US 101075648.4 -3157975.35
SOCOTHERM-5 VT-A STHE5 AR 101075648.4 -3157975.35
SOCOTHERM SA-B STHE AR 101075648.4 -3157975.35
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
SNIAFA SA SNIA AR 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
BELIZE
VARIG SA VARGON BZ 966298025.5 -4695211316
VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316
VARIG SA VAGV3 BZ 966298025.5 -4695211316
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
LAEP INVESTMENTS LEAP LX 439175081.9 -60172005
LAEP-BDR MILK11 BZ 439175081.9 -60172005
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
DOCA INVESTIMENT DOCA3 BZ 354715604.5 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604.5 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604.5 -119368960
DOCAS SA DOCAON BZ 354715604.5 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604.5 -119368960
BATTISTELLA BTTL3 BZ 349898178.9 -3135090.39
BATTISTELLA-RECP BTTL10 BZ 349898178.9 -3135090.39
BATTISTELLA-RI P BTTL2 BZ 349898178.9 -3135090.39
BATTISTELLA-PREF BTTL4 BZ 349898178.9 -3135090.39
BATTISTELLA-RIGH BTTL1 BZ 349898178.9 -3135090.39
BATTISTELLA-RECE BTTL9 BZ 349898178.9 -3135090.39
BOMBRIL-RIGHTS BOBR1 BZ 316331264.9 -123554206
BOMBRIL BMBBF US 316331264.9 -123554206
BOMBRIL SA-ADR BMBBY US 316331264.9 -123554206
BOMBRIL-PREF BOBR4 BZ 316331264.9 -123554206
BOMBRIL BOBR3 BZ 316331264.9 -123554206
BOMBRIL SA-ADR BMBPY US 316331264.9 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331264.9 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331264.9 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331264.9 -123554206
TELEBRAS-CED C/E TEL4C AR 280204646.3 -21109882.4
TELEBRAS-ADR TBH US 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCTB4 AR 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCT4D AR 280204646.3 -21109882.4
TELEBRAS-CEDEA $ TEL4D AR 280204646.3 -21109882.4
TELEBRAS-ADR TBAPY US 280204646.3 -21109882.4
TELEBRAS-ADR TBASY US 280204646.3 -21109882.4
TELEBRAS-CM RCPT TBRTF US 280204646.3 -21109882.4
TELEBRAS SA TELB3 BZ 280204646.3 -21109882.4
TELEBRAS SA-PREF TELB4 BZ 280204646.3 -21109882.4
TELEBRAS-COM RT TELB1 BZ 280204646.3 -21109882.4
TELEBRAS-PF BLCK TELB40 BZ 280204646.3 -21109882.4
TELEBRAS-RTS PRF RCTB2 BZ 280204646.3 -21109882.4
TELEBRAS-RTS PRF TLCP2 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB42 BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB32 BZ 280204646.3 -21109882.4
TELEBRAS-ADR TBX GR 280204646.3 -21109882.4
TELEBRAS SA TLBRON BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB30 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TLBRUP BZ 280204646.3 -21109882.4
TELEBRAS-CEDE BL RCT4B AR 280204646.3 -21109882.4
TELEBRAS-CEDE PF TELB4 AR 280204646.3 -21109882.4
TELEBRAS-CM RCPT RCTB31 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT CBRZF US 280204646.3 -21109882.4
TELEBRAS SA-PREF TLBRPN BZ 280204646.3 -21109882.4
TELEBRAS-RECEIPT TLBRUO BZ 280204646.3 -21109882.4
TELEBRAS-CM RCPT TELE31 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB40 BZ 280204646.3 -21109882.4
TELEBRAS-RCT PRF TELB10 BZ 280204646.3 -21109882.4
TELEBRAS/W-I-ADR TBH-W US 280204646.3 -21109882.4
TELEBRAS-RTS CMN TCLP1 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TBAPF US 280204646.3 -21109882.4
TELEBRAS SA-RT TELB9 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT RCTB41 BZ 280204646.3 -21109882.4
TELEBRAS-PF RCPT TELE41 BZ 280204646.3 -21109882.4
TELEBRAS-CEDE PF RCT4C AR 280204646.3 -21109882.4
TELECOMUNICA-ADR 81370Z BZ 280204646.3 -21109882.4
TELEBRAS-BLOCK TELB30 BZ 280204646.3 -21109882.4
TELEBRAS-RCT RCTB33 BZ 280204646.3 -21109882.4
TELEBRAS-ADR TBRAY GR 280204646.3 -21109882.4
TELEBRAS SA TBASF US 280204646.3 -21109882.4
TELEBRAS-ADR RTB US 280204646.3 -21109882.4
TELEBRAS-RTS CMN RCTB1 BZ 280204646.3 -21109882.4
HOTEIS OTHON SA HOTHON BZ 255036149.9 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036149.9 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036149.9 -42606769.7
HOTEIS OTHON SA HOOT3 BZ 255036149.9 -42606769.7
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PET MANG-RIGHTS 3678569Q BZ 231024467.2 -184606117
PET MANG-RT RPMG2 BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467.2 -184606117
PET MANG-RT 4115360Q BZ 231024467.2 -184606117
PETRO MANGUINHOS MANGON BZ 231024467.2 -184606117
PET MANG-RT RPMG1 BZ 231024467.2 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467.2 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467.2 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467.2 -184606117
PET MANG-RT 4115364Q BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467.2 -184606117
SANSUY-PREF B SNSY6 BZ 200809364.6 -115213257
SANSUY SNSY3 BZ 200809364.6 -115213257
SANSUY SA-PREF A SNSYAN BZ 200809364.6 -115213257
SANSUY SA SNSYON BZ 200809364.6 -115213257
SANSUY-PREF A SNSY5 BZ 200809364.6 -115213257
SANSUY SA-PREF B SNSYBN BZ 200809364.6 -115213257
BALADARE BLDR3 BZ 159454015.9 -52992212.8
DHB IND E COM-PR DHBPN BZ 151796583.3 -160270949
D H B-PREF DHBI4 BZ 151796583.3 -160270949
DHB IND E COM DHBON BZ 151796583.3 -160270949
D H B DHBI3 BZ 151796583.3 -160270949
FABRICA TECID-RT FTRX1 BZ 109683743.8 -48836146.4
FABRICA RENAUX FTRX3 BZ 109683743.8 -48836146.4
FABRICA RENAUX-P FTRX4 BZ 109683743.8 -48836146.4
FABRICA RENAUX FRNXON BZ 109683743.8 -48836146.4
FABRICA RENAUX-P FRNXPN BZ 109683743.8 -48836146.4
WETZEL SA-PREF MWELPN BZ 100017711.4 -5359345.82
WETZEL SA MWET3 BZ 100017711.4 -5359345.82
WETZEL SA MWELON BZ 100017711.4 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711.4 -5359345.82
DOCAS IMBITUBA IMBION BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064.5 -42592602.5
DOC IMBITUBA-RTC 8174503Q BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064.5 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064.5 -42592602.5
DOC IMBITUBA IMBI3 BZ 96977064.5 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064.5 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064.5 -42592602.5
DOC IMBITUBA-RT 9866923Q BZ 96977064.5 -42592602.5
ESTRELA SA-PREF ESTR4 BZ 89585906.2 -80761486.8
ESTRELA SA ESTR3 BZ 89585906.2 -80761486.8
ESTRELA SA-PREF ESTRPN BZ 89585906.2 -80761486.8
ESTRELA SA ESTRON BZ 89585906.2 -80761486.8
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
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721700
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721700
RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXPN BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXON BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -103943206
RENAUXVIEW SA TXRX3 BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -103943206
SCHLOSSER SA-PRF SCHPN BZ 73036749.69 -34357832.6
SCHLOSSER SCLO3 BZ 73036749.69 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036749.69 -34357832.6
SCHLOSSER SA SCHON BZ 73036749.69 -34357832.6
MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823.4
MINUPAR MNPR3 BZ 63144533.79 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144533.79 -60655823.4
MINUPAR SA MNPRON BZ 63144533.79 -60655823.4
MINUPAR-RT MNPR1 BZ 63144533.79 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823.4
MINUPAR-RT 9314542Q BZ 63144533.79 -60655823.4
IGB ELETRONICA IGBR3 BZ 61088977.95 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088977.95 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088977.95 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088977.95 -282692297
GRADIENTE ELETR IGBON BZ 61088977.95 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088977.95 -282692297
GRADIENTE-PREF A IGBR5 BZ 61088977.95 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088977.95 -282692297
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
WIEST WISA3 BZ 34108201.43 -126997429
WIEST-PREF WISA4 BZ 34108201.43 -126997429
WIEST SA-PREF WISAPN BZ 34108201.43 -126997429
WIEST SA WISAON BZ 34108201.43 -126997429
RECRUSUL - RT RCSL2 BZ 31427766.04 -30307605.7
RECRUSUL RCSL3 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766.04 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766.04 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766.04 -30307605.7
RECRUSUL SA RESLON BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766.04 -30307605.7
SANESALTO SNST3 BZ 31044053.25 -1843297.83
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
STAROUP SA STARON BZ 27663604.95 -7174512.03
CONST BETER-PR A COBEAN BZ 25469474.32 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474.32 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474.32 -4918659.9
CONST BETER SA COBE3 BZ 25469474.32 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474.32 -4918659.9
CONST BETER SA COBEON BZ 25469474.32 -4918659.9
CONST BETER SA 1COBON BZ 25469474.32 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474.32 -4918659.9
CONST BETER SA 1007Q BZ 25469474.32 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474.32 -4918659.9
CONST BETER SA COBE3B BZ 25469474.32 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474.32 -4918659.9
FER HAGA-PREF HAGA4 BZ 23732827.38 -65883555.8
FERRAGENS HAGA HAGAON BZ 23732827.38 -65883555.8
FERRAGENS HAGA-P HAGAPN BZ 23732827.38 -65883555.8
HAGA HAGA3 BZ 23732827.38 -65883555.8
ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051.4 -8699861.07
STEEL - RT STLB1 BZ 23040051.4 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
CAF BRASILIA-PRF CAFE4 BZ 21097369.71 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097369.71 -903951461
CAFE BRASILIA SA CSBRON BZ 21097369.71 -903951461
CAF BRASILIA CAFE3 BZ 21097369.71 -903951461
TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1
TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1
NORDON METAL NORDON BZ 15354597.14 -26859636.7
NORDON MET NORD3 BZ 15354597.14 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597.14 -26859636.7
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
CHIARELLI SA CCHON BZ 14300741.22 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741.22 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741.22 -46729432.5
CHIARELLI SA-PRF CCHI4 BZ 14300741.22 -46729432.5
HERCULES HETA3 BZ 12689117.49 -170680899
HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899
HERCULES-PREF HETA4 BZ 12689117.49 -170680899
HERCULES SA HERTON BZ 12689117.49 -170680899
GAZOLA GAZO3 BZ 12452144.11 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144.11 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144.11 -40298531.2
GAZOLA SA GAZON BZ 12452144.11 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144.11 -40298531.2
GAZOLA-RCPT PREF GAZO10 BZ 12452144.11 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144.11 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144.11 -40298531.2
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599104 -50416404
TELMEX CORP-ADR CSAOY US 1156945109 -122555290
CHILESAT CORP SA TELEX CI 1156945109 -122555290
CLARO COM SA CHILESAT CI 1156945109 -122555290
TELEX-A TELEXA CI 1156945109 -122555290
CHILESAT CO-ADR TL US 1156945109 -122555290
TELEX-RTS TELEXO CI 1156945109 -122555290
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290
PUERTO RICO
TEXTIL SAN CRI-C SNCRISC1 PE 59428057.88 -8824587.31
TEXTIL SAN CRI-C SNCR/C PE 59428057.88 -8824587.31
***********
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 * * *