/raid1/www/Hosts/bankrupt/TCRLA_Public/110920.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, September 20, 2011, Vol. 12, No. 186
Headlines
A R G E N T I N A
TELEFONICA DE ARGENTINA: Fitch Withdraws 'BB-' Local Currency IDR
C A Y M A N I S L A N D S
ALPHASELECT GC: Commences Liquidation Proceedings
BAM TOTAL: Commences Liquidation Proceedings
BASIS PAC-RIM: Commences Liquidation Proceedings
BASIS YIELD: Commences Liquidation Proceedings
CREDIT LINKED: Commences Liquidation Proceedings
FUND ACCESS: Commences Liquidation Proceedings
I2PF: Court Enters Wind-Up Proceedings
LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
MA APHELION: Commences Liquidation Proceedings
MA GARTMORE: Commences Liquidation Proceedings
MA GLS 193: Commences Liquidation Proceedings
OZINGO CORPORATION: Placed Under Voluntary Wind-Up
PARIDON ASIA: Commences Liquidation Proceedings
PARIDON ASIA, MASTER: Commences Liquidation Proceedings
PRS GLOBAL: Creditors' Proofs of Debt Due Sept. 26
PRS INVESTMENT: Creditors' Proofs of Debt Due Sept. 26
SHEERWATER LTD: Commences Liquidation Proceedings
TRADEWORX ULTRA: Creditors' Proofs of Debt Due Sept. 29
TRADEWORX ULTRA, MASTER: Creditors' Proofs of Debt Due Sept. 29
J A M A I C A
AIR JAMAICA: Resumes Flights From Kingston to Orlando
ALPART: Norsk Hydro Sells 3.5% Stake in Firm for US$46 Million
M E X I C O
* DURANGO MUNICIPALITY: Moody's Cuts Issuer Ratings to 'Ba3'
P U E R T O R I C O
PONCE DE LEON: Case Summary & 15 Largest Unsecured Creditors
T R I N I D A D & T O B A G O
CL FINANCIAL: Government Passes CLICO Bill
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
TELEFONICA DE ARGENTINA: Fitch Withdraws 'BB-' Local Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
following ratings for Telefonica de Argentina S.A. (TASA): local
currency Issuer Default Rating (IDR) at 'BB-' and foreign
currency IDR at 'B+'. In addition, Fitch has also withdrawn
TASA's national scale rating at 'AA+(arg)'.
The rating actions follow TASA's debt payment of ARS495 million
during the last month and the expectation that the company will
not raise debt in the medium term. Fitch will no longer provide
analytical coverage of TASA. Considering indebtedness reported
as of June 30, 2011 and the debt payment, TASA has a pro forma
total debt of ARS106 million versus latest 12-month EBITDA of
ARS1,946 million.
TASA's ratings are supported by its solid business position,
strong cash flow generation, and sound financial profile. The
ratings are tempered by regulatory risk and mobile substitution.
The foreign currency IDR, rated one notch higher than Argentina's
country ceiling, incorporated a level of implicit support from
its controlling shareholder, Telefonica S.A. (TEF) of Spain.
===========================
C A Y M A N I S L A N D S
===========================
ALPHASELECT GC: Commences Liquidation Proceedings
-------------------------------------------------
On August 18, 2011, the members of Alphaselect GC Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
BAM TOTAL: Commences Liquidation Proceedings
--------------------------------------------
On August 16, 2011, the sole shareholder of Bam Total Return
Master Fund, Ltd. resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
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
BASIS PAC-RIM: Commences Liquidation Proceedings
------------------------------------------------
On August 5, 2011, the sole shareholder of Basis Pac-Rim
Opportunity Fund resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Sept. 7, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Peter Dobson
P.O. Box N115 Grosvenor Place
Sydney NSW 1220
Australia
e-mail: pdobson@basiscap.com.au
c/o Fiona MacAdam
Walkers, Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9001
Cayman Islands
BASIS YIELD: Commences Liquidation Proceedings
----------------------------------------------
On August 5, 2011, the sole shareholder of Basis Yield Aplha Fund
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 7, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Peter Dobson
P.O. Box N115 Grosvenor Place
Sydney NSW 1220
Australia
e-mail: pdobson@basiscap.com.au
c/o Fiona MacAdam
Walkers, Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9001
Cayman Islands
CREDIT LINKED: Commences Liquidation Proceedings
------------------------------------------------
On August 18, 2011, the members of Credit Linked Notes Ltd. 2005-
1 resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
FUND ACCESS: Commences Liquidation Proceedings
----------------------------------------------
On August 18, 2011, the members of Fund Access ARB Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
I2PF: Court Enters Wind-Up Proceedings
--------------------------------------
On August 16, 2011, the Grand Court of Cayman Islands entered an
order to wind up the operations of I2PF.
The company's liquidator is:
Peter Anderson
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897 Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
LEHMAN BROTHERS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On August 16, 2011, the sole member of Lehman Brothers Global
Diversity Fund, Ltd. resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Sept. 19, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
MA APHELION: Commences Liquidation Proceedings
----------------------------------------------
On August 18, 2011, the members of MA Aphelion Limited resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA GARTMORE: Commences Liquidation Proceedings
----------------------------------------------
On August 18, 2011, the members of MA Gartmore Latin America L/S
Fund resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA GLS 193: Commences Liquidation Proceedings
---------------------------------------------
On August 18, 2011, the members of MA GLS 193 resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
OZINGO CORPORATION: Placed Under Voluntary Wind-Up
--------------------------------------------------
On August 16, 2011, the sole shareholder of Ozingo Corporation
resolved to voluntarily wind up the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
PARIDON ASIA: Commences Liquidation Proceedings
-----------------------------------------------
On August 16, 2011, the sole shareholder of Paridon Asia Macro
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
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
PARIDON ASIA, MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On August 16, 2011, the sole shareholder of Paridon Asia Macro
Master Fund Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
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
PRS GLOBAL: Creditors' Proofs of Debt Due Sept. 26
--------------------------------------------------
The creditors of The PRS Global Portfolio Fund are required to
file their proofs of debt by Sept. 26, 2011, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 13, 2011.
The company's liquidator is:
Ogier
Michael Lubin
Telephone: +1 (345) 815-1793
Facsimile: +1 (345) 949-9877
c/o Ogier
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PRS INVESTMENT: Creditors' Proofs of Debt Due Sept. 26
------------------------------------------------------
The creditors of PRS Investment Partners (Cayman) Ltd. are
required to file their proofs of debt by Sept. 26, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 14, 2011.
The company's liquidator is:
Ogier
Michael Lubin
Telephone: +1 (345) 815-1793
Facsimile: +1 (345) 949-9877
c/o Ogier
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SHEERWATER LTD: Commences Liquidation Proceedings
-------------------------------------------------
On August 10, 2011, the sole shareholder of Sheerwater Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Sept. 18, 2011, will be included in the company's dividend
distribution.
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
TRADEWORX ULTRA: Creditors' Proofs of Debt Due Sept. 29
-------------------------------------------------------
The creditors of Tradeworx Ultra Offshore, Ltd. are required to
file their proofs of debt by Sept. 29, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 17, 2011.
The company's liquidator is:
DMS Corporate Services Ltd.
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
TRADEWORX ULTRA, MASTER: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------------------
The creditors of Tradeworx Ultra Master, Ltd. are required to
file their proofs of debt by Sept. 29, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 16, 2011.
The company's liquidator is:
DMS Corporate Services Ltd.
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
=============
J A M A I C A
=============
AIR JAMAICA: Resumes Flights From Kingston to Orlando
-----------------------------------------------------
RJR News reports that Air Jamaica Limited has resumed its flights
from Kingston to Orlando starting September 15 as part of an
expansion plans under the guidance of the Trinidad and Tobago-
based Caribbean Airlines Limited.
Air Jamaica dropped the Orlando route last year March, as part of
rationalization ahead of divesting profitable routes to Caribbean
Airlines, according to RJR News. The airline discontinued trips
to Orlando saying the route was unsustainable with the volume of
losses that were being realized.
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.
ALPART: Norsk Hydro Sells 3.5% Stake in Firm for US$46 Million
--------------------------------------------------------------
RJR News reports that Jamaica Energy and Mining Minister Clive
Mullings said Norwegian company Norsk Hydro, one of the minority
share holders in Alumina Partners of Jamaica (ALPART), has sold
its 35% stake in the company for US$46 million to Russian
company, U.C. Rusal.
Mr. Mullings said Norsk Hydro sold its shares in ALPART due to it
plans to reposition itself in Brazil, according to RJR News.
RJR News notes that UC Rusal will now own all the shares in
Alpart when the transaction is completed in October.
Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15. The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008. Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.
Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added. Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.
===========
M E X I C O
===========
* DURANGO MUNICIPALITY: Moody's Cuts Issuer Ratings to 'Ba3'
------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Durango's issuer
ratings to Ba3 (Global Scale, local currency) and A3.mx (Mexico
National Scale) from Ba2 and A2.mx, respectively. At the same
time, Moody's revised the outlook to negative from stable.
Ratings Rationale
"The downgrade of the Municipality of Durango's issuer rating
reflects the continuous deterioration of gross operating balances
and the recording of cash financing requirements", according to
Moody's analyst Maria de Carmen Martinez Richa. It also reflects
the municipality borrowing plans that will drive debt to
operating revenues to levels above the median of Ba rated Mexican
Municipalities.
Durango's gross operating balances dropped to -7.0% of operating
revenues in 2010 from a high 14.7% in 2006. This performance
reflects a sustained increase in operating expenditures (CAGR of
16.5% between 2006 and 2010). This outpaced the positive revenue
trend (CAGR of 10.1%) that was primarily driven by strong own-
source revenue growth (CAGR 14.6%). Durango has faced operating
expenditure pressures as a result of the hiring of policemen and
higher expenditures linked to the recent change in municipal
administration.
The deterioration of gross operating balances in conjunction with
higher capital expenditures led to the recording of cash
financing requirements in each of the last four years. Between
2007 and 2010, the cash financing deficits averaged -6.2% of
total revenues, after having generated a cash financing surplus
of 5% of total revenues in 2006. As a result of the financial
deterioration, net direct and indirect debt increased to 34.9% of
operating revenues in 2010 from 16.9% in 2006. Based on
Durango's planned borrowing, Moody's expects this ratio to
increase further to around 40% in 2011.
The revision of the ratings outlook to negative acknowledges the
challenges to redress financial performance and to limit debt
levels. Given the negative outlook, a rating upgrade is unlikely
over the medium-term. However, the outlook could be stabilized
if gross operating margins strengthen, cash financing
requirements remain moderate and annual borrowing needs are
limited. On the contrary, if gross operating margins, as well as
cash financing deficits keep widening, and in turn lead to higher
debt levels, Durango's ratings will suffer from downward
pressure.
=====================
P U E R T O R I C O
=====================
PONCE DE LEON: Case Summary & 15 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ponce De Leon 1403, Inc.
1550 Ave. Ponce De Leon
San Juan, PR 00909
Bankruptcy Case No.: 11-07920
Chapter 11 Petition Date: September 19, 2011
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Carmen D. Conde Torres, Esq.
C. CONDE & ASSOCIATES
254 San Jose Street, 5th Floor
SAN JUAN, PR 00901-1523
Tel: (787) 729-2900
Fax: (787) 729-2203
E-mail: notices@condelaw.com
Estimated Assets: US$10,000,001 to US$50,000,000
Estimated Debts: US$10,000,001 to US$50,000,000
The petition was signed by Ruben A. Jordan, president.
Debtor's List of 15 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amt.
------ --------------- ------------
QB Construction Inc. -- US$3,270,383
P.O. Box 3620066
San Juan, PR 00936-2066
Municipality of San Juan -- $44,355
Deprtamento de Finanzas
P.O. Box 70179
San Juan, PR 00936-8179
AAA -- $10,524
P.O. Box 70101
San Juan, PR 00936-8101
Carlos Garcia Rullan, Esq. -- $10,000
Paradigm Associates -- $6,939
Beauchamp Property Management -- $3,560
Deya Elevators Services -- $2,990
RSM ROC & Company -- $2,700
Universal Equipment Sales & Service -- $867
Ramon Rodriguez Quinonez -- $859
MAC Mechanical -- $692
Luis Maymi (Aquazul) -- $630
Con Waste -- $519
Odalys De Los Santos -- $400
Fernando L. Diaz -- $200
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Government Passes CLICO Bill
------------------------------------------
Trinidad Express reports that the Trinidad and Tobago government
has passed the Purchase of Certain Rights and Validation Bill
2011, which relates to the government's final actions with
respect to Colonial Life Insurance Company (Trinidad) Limited
(CLICO). CLICO is a subsidiary of CL Financial Limited.
Both bills, according to the report, were passed with 29 votes
from government and nine votes against from the Opposition.
The Opposition insisted that the Central Bank (Amendment) Act
that also relates to CLICO was to be debated separately, Trinidad
Express relates.
Trinidad Express discloses that opposition MP Colm Imbert who
contributed to both debates warned government that lawsuits will
be coming its way.
As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2011, Guardian Media related that Trinidad and Tobago
Finance Minister Winston Dookeran said the government was seeking
to put back certain legal provisions to ensure CLICO could be
restructured without the threat of legal challenges. Minister
Dookeran, Guardian Media related, said the plan provided for the
issuance of bonds to be used to retire the remaining indebtedness
of policyholders. The report relayed that Minister Dookeran said
the bonds to be issued possess several features to facilitate
their easy administration and minimize the hardships already
experienced by investors. Guardian Media disclosed that the bill
provides for the minister to make payment in any form, provides
for the bonds to bear the same issue date, despite the date of
acceptance by holders, and mutual fund investors.
The plan also provides for:
* The bonds to issued in denominations of TT$1,000 to
facilitate the eventual trading of the bonds on the
secondary market;
* Bonds shall not be listed on the stock exchange for a period
of six months from the date of issue in an effort to make
them more attractive for the holders and mutual funds
investors to sell their bonds over the counter thereby
maximizing their potential recovery; and
* The bonds shall be deemed securities in respect of which
registration with the Securities and Exchange Commission is
not required so as to circumvent any administrative delays
associated with having the bonds registered at securities.
The bill will ease the hardships faced by approximately 16,000
persons who hold deposits and mutual funds with Clico and British
American (Trinidad) Insurance Company to the value of more than
TT$75,000, Guardian Media said. Minister Dookeran said the bill
provided for government to buy the relevant rights, by making
payments in any form, including through the issue of bonds, on
assumption that 100% of the investors would offer the
Government's offer of payments, Guardian Media noted.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPSAT FIBER-USD IMPTD AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
SOC COMERCIAL PL CADN SW 177502185 -343324573
SOC COMERCIAL PL CAD IX 177502185 -343324573
SOC COMERCIAL PL CADN EU 177502185 -343324573
SOC COMERCIAL PL SCDPF US 177502185 -343324573
SOC COMERCIAL PL CVVIF US 177502185 -343324573
SOC COMERCIAL PL CADN EO 177502185 -343324573
SOC COMERCIAL PL COME AR 177502185 -343324573
COMERCIAL PL-ADR SCPDS LI 177502185 -343324573
SOC COMERCIAL PL COMEC AR 177502185 -343324573
COMERCIAL PLA-BL COMEB AR 177502185 -343324573
SOC COMERCIAL PL COMED AR 177502185 -343324573
SOCOTHERM-SP ADR SOCOY US 101075648 -3157975
SOCOTHERM SA-B STHE AR 101075648 -3157975
SOCOTHERM-5 VT-A STHE5 AR 101075648 -3157975
SNIAFA SA-B SNIA5 AR 11229696 -2670544
SNIAFA SA SNIA AR 11229696 -2670544
SNIAFA SA-B SDAGF US 11229696 -2670544
BELIZE
VARIG SA-PREF VARGPN BZ 966298025 -4695211316
VARIG SA VARGON BZ 966298025 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025 -4695211316
VARIG SA VAGV3 BZ 966298025 -4695211316
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291
BATTISTELLA-RI P BTTL2 BZ 355816098 -2564562
BATTISTELLA-RIGH BTTL1 BZ 355816098 -2564562
BATTISTELLA-RECE BTTL9 BZ 355816098 -2564562
BATTISTELLA-RECP BTTL10 BZ 355816098 -2564562
BATTISTELLA BTTL3 BZ 355816098 -2564562
BATTISTELLA-PREF BTTL4 BZ 355816098 -2564562
DOCAS SA DOCAON BZ 354715604 -119368960
DOCA INVESTI-PFD DOCA4 BZ 354715604 -119368960
DOCAS SA-PREF DOCAPN BZ 354715604 -119368960
DOCA INVESTIMENT DOCA3 BZ 354715604 -119368960
DOCAS SA-RTS PRF DOCA2 BZ 354715604 -119368960
TELEBRAS-PF BLCK TELB40 BZ 280204646 -21109882
TELEBRAS-RTS PRF RCTB2 BZ 280204646 -21109882
TELEBRAS-COM RT TELB1 BZ 280204646 -21109882
TELEBRAS-CED C/E TEL4C AR 280204646 -21109882
TELEBRAS-ADR TBASY US 280204646 -21109882
TELEBRAS-CM RCPT TBRTF US 280204646 -21109882
TELEBRAS-CEDE PF RCT4D AR 280204646 -21109882
TELEBRAS-CEDE PF RCTB4 AR 280204646 -21109882
TELEBRAS-PF RCPT RCTB41 BZ 280204646 -21109882
TELEBRAS-RTS CMN RCTB1 BZ 280204646 -21109882
TELEBRAS-RECEIPT TLBRUO BZ 280204646 -21109882
TELEBRAS-CM RCPT TELE31 BZ 280204646 -21109882
TELEBRAS SA-PREF TLBRPN BZ 280204646 -21109882
TELEBRAS SA TBASF US 280204646 -21109882
TELEBRAS-PF RCPT RCTB40 BZ 280204646 -21109882
TELEBRAS-CM RCPT RCTB31 BZ 280204646 -21109882
TELEBRAS-RCT RCTB33 BZ 280204646 -21109882
TELEBRAS-RCT PRF TELB10 BZ 280204646 -21109882
TELEBRAS-RTS PRF TLCP2 BZ 280204646 -21109882
TELEBRAS-BLOCK TELB30 BZ 280204646 -21109882
TELEBRAS-ADR TBRAY GR 280204646 -21109882
TELEBRAS-PF RCPT CBRZF US 280204646 -21109882
TELEBRAS-RTS CMN TCLP1 BZ 280204646 -21109882
TELECOMUNICA-ADR 81370Z BZ 280204646 -21109882
TELEBRAS-ADR TBH US 280204646 -21109882
TELEBRAS-CEDEA $ TEL4D AR 280204646 -21109882
TELEBRAS-CEDE PF RCT4C AR 280204646 -21109882
TELEBRAS-PF RCPT TBAPF US 280204646 -21109882
TELEBRAS-ADR TBAPY US 280204646 -21109882
TELEBRAS SA-RT TELB9 BZ 280204646 -21109882
TELEBRAS SA-PREF TELB4 BZ 280204646 -21109882
TELEBRAS/W-I-ADR TBH-W US 280204646 -21109882
TELEBRAS-PF RCPT TELE41 BZ 280204646 -21109882
TELEBRAS-CEDE PF TELB4 AR 280204646 -21109882
TELEBRAS SA TELB3 BZ 280204646 -21109882
TELEBRAS-PF RCPT RCTB42 BZ 280204646 -21109882
TELEBRAS-ADR RTB US 280204646 -21109882
TELEBRAS-CM RCPT RCTB32 BZ 280204646 -21109882
TELEBRAS-ADR TBX GR 280204646 -21109882
TELEBRAS SA TLBRON BZ 280204646 -21109882
TELEBRAS-CM RCPT RCTB30 BZ 280204646 -21109882
TELEBRAS-CEDE BL RCT4B AR 280204646 -21109882
TELEBRAS-PF RCPT TLBRUP BZ 280204646 -21109882
HOTEIS OTHON SA HOOT3 BZ 255036149 -426067695
HOTEIS OTHON-PRF HOOT4 BZ 255036149 -426067695
HOTEIS OTHON-PRF HOTHPN BZ 255036149 -426067695
HOTEIS OTHON SA HOTHON BZ 255036149 -426067695
TEKA TKTQF US 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA-ADR TKTQY US 246866965 392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
SANSUY SNSY3 BZ 200809364 -115213256
SANSUY-PREF A SNSY5 BZ 200809364 -115213256
SANSUY SA-PREF B SNSYBN BZ 200809364 -115213256
SANSUY SA-PREF A SNSYAN BZ 200809364 -115213256
SANSUY-PREF B SNSY6 BZ 200809364 -115213256
SANSUY SA SNSYON BZ 200809364 -115213256
D H B-PREF DHBI4 BZ 185992309 -151323933
D H B DHBI3 BZ 185992309 -151323933
DHB IND E COM-PR DHBPN BZ 185992309 -151323933
DHB IND E COM DHBON BZ 185992309 -151323933
BALADARE BLDR3 BZ 159454015 -529922121
FABRICA RENAUX-P FRNXPN BZ 109683743 -488361468
FABRICA TECID-RT FTRX1 BZ 109683743 -488361468
FABRICA RENAUX-P FTRX4 BZ 109683743 -488361468
FABRICA RENAUX FTRX3 BZ 109683743 -488361468
FABRICA RENAUX FRNXON BZ 109683743 -488361468
WETZEL SA MWET3 BZ 100017711 -535934519
WETZEL SA MWELON BZ 100017711 -535934519
WETZEL SA-PREF MWELPN BZ 100017711 -535934519
WETZEL SA-PREF MWET4 BZ 100017711 -535934519
DOC IMBITUBA-RT IMBI1 BZ 96977064 -425926022
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -425926022
DOC IMBITUBA IMBI3 BZ 96977064 -425926022
DOC IMBITUBA-RT 8218594Q BZ 96977064 -425926022
DOC IMBITUB-PREF IMBI4 BZ 96977064 -425926022
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -425926022
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -425926022
DOCAS IMBITUBA IMBION BZ 96977064 -425926022
DOC IMBITUBA-RT 9866923Q BZ 96977064 -425926022
ESTRELA SA-PREF ESTRPN BZ 89585906 -807614863
ESTRELA SA-PREF ESTR4 BZ 89585906 -807614863
ESTRELA SA ESTRON BZ 89585906 -807614863
ESTRELA SA ESTR3 BZ 89585906 -807614863
ACO ALTONA-PREF EALT4 BZ 89152030 -984858771
ACO ALTONA EALT3 BZ 89152030 -984858771
ACO ALTONA SA EAAON BZ 89152030 -984858771
ACO ALTONA-PREF EAAPN BZ 89152030 -984858771
VARIG PART EM SE VPSC3 BZ 830178286 -495721699
VARIG PART EM-PR VPSC4 BZ 830178286 -495721699
TEXTEIS RENA-RCT TXRX9 BZ 730958339 -103943205
TEXTEIS RENAU-RT TXRX2 BZ 730958339 -103943205
TEXTEIS RENAUX RENXON BZ 730958339 -103943205
TEXTEIS RENA-RCT TXRX10 BZ 730958339 -103943205
RENAUXVIEW SA-PF TXRX4 BZ 730958339 -103943205
TEXTEIS RENAU-RT TXRX1 BZ 730958339 -103943205
RENAUXVIEW SA TXRX3 BZ 730958339 -103943205
TEXTEIS RENAUX RENXPN BZ 730958339 -103943205
SCHLOSSER SA-PRF SCHPN BZ 730367499 -343578329
SCHLOSSER SCLO3 BZ 730367499 -343578329
SCHLOSSER-PREF SCLO4 BZ 730367499 -343578329
SCHLOSSER SA SCHON BZ 730367499 -343578329
MINUPAR-RCT 9314634Q BZ 631445339 -606558236
MINUPAR SA MNPRON BZ 631445339 -606558236
MINUPAR-RT MNPR1 BZ 631445339 -606558236
MINUPAR-RCT MNPR9 BZ 631445339 -606558236
MINUPAR MNPR3 BZ 631445339 -606558236
MINUPAR-PREF MNPR4 BZ 631445339 -606558236
MINUPAR-RT 9314542Q BZ 631445339 -606558236
MINUPAR SA-PREF MNPRPN BZ 631445339 -606558236
GRADIENTE EL-PRC IGBCN BZ 610889775 -282692297
GRADIENTE ELETR IGBON BZ 610889775 -282692297
GRADIENTE EL-PRB IGBBN BZ 610889775 -282692297
GRADIENTE-PREF C IGBR7 BZ 610889775 -282692297
GRADIENTE-PREF A IGBR5 BZ 610889775 -282692297
GRADIENTE-PREF B IGBR6 BZ 610889775 -282692297
IGB ELETRONICA IGBR3 BZ 610889775 -282692297
GRADIENTE EL-PRA IGBAN BZ 610889775 -282692297
VARIG PART EM-PR VPTA4 BZ 494321248 -399290396
VARIG PART EM TR VPTA3 BZ 494321248 -399290396
CIMOB PART-PREF GAFP4 BZ 44047411 -456699639
CIMOB PART-PREF GAFPN BZ 44047411 -456699639
CIMOB PARTIC SA GAFP3 BZ 44047411 -456699639
CIMOB PARTIC SA GAFON BZ 44047411 -456699639
WIEST WISA3 BZ 341082013 -126997429
WIEST SA-PREF WISAPN BZ 341082013 -126997429
WIEST SA WISAON BZ 341082013 -126997429
WIEST-PREF WISA4 BZ 341082013 -126997429
RECRUSUL - RCT RCSL10 BZ 31427766 -303076056
RECRUSUL - RCT RCSL9 BZ 31427766 -303076056
RECRUSUL RCSL3 BZ 31427766 -303076056
RECRUSUL SA RESLON BZ 31427766 -303076056
RECRUSUL - RT RCSL2 BZ 31427766 -303076056
RECRUSUL SA-PREF RESLPN BZ 31427766 -303076056
RECRUSUL-PREF RCSL4 BZ 31427766 -303076056
RECRUSUL - RCT 4529793Q BZ 31427766 -303076056
RECRUSUL-BON RT RCSL12 BZ 31427766 -303076056
RECRUSUL-BON RT RCSL11 BZ 31427766 -303076056
RECRUSUL - RT 4529785Q BZ 31427766 -303076056
RECRUSUL - RT 4529781Q BZ 31427766 -303076056
RECRUSUL - RCT 4529789Q BZ 31427766 -303076056
RECRUSUL - RT RCSL1 BZ 31427766 -303076056
SANESALTO SNST3 BZ 310440535 -184329732
STAROUP SA-PREF STARPN BZ 276636045 -7174512
STAROUP SA STARON BZ 276636045 -7174512
BOTUCATU TEXTIL STRP3 BZ 276636045 -7174512
BOTUCATU-PREF STRP4 BZ 276636045 -7174512
CONST BETER SA COBE3 BZ 254694742 -491865999
CONST BETER SA COBEON BZ 254694742 -491865999
CONST BETER-PF B 1COBBN BZ 254694742 -491865999
CONST BETER-PR B COBEBN BZ 254694742 -491865999
CONST BETER-PF B COBE6 BZ 254694742 -491865999
CONST BETER-PF A 1COBAN BZ 254694742 -491865999
CONST BETER-PR A COBEAN BZ 254694742 -491865999
CONST BETER SA 1COBON BZ 254694742 -491865999
CONST BETER SA COBE3B BZ 254694742 -491865999
CONST BETER-PR B 1009Q BZ 254694742 -491865999
CONST BETER-PR A 1008Q BZ 254694742 -491865999
CONST BETER-PF A COBE5 BZ 254694742 -491865999
CONST BETER SA 1007Q BZ 254694742 -491865999
FERRAGENS HAGA-P HAGAPN BZ 237328278 -658835559
FER HAGA-PREF HAGA4 BZ 237328278 -658835559
HAGA HAGA3 BZ 237328278 -658835559
FERRAGENS HAGA HAGAON BZ 237328278 -658835559
ALL ORE MINERACA STLB3 BZ 23040051 -8699861
ALL ORE MINERACA AORE3 BZ 23040051 -8699861
STEEL - RCT ORD STLB9 BZ 23040051 -8699861
STEEL - RT STLB1 BZ 23040051 -8699861
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
CAFE BRASILIA SA CSBRON BZ 210973691 -903951460
CAF BRASILIA CAFE3 BZ 210973691 -903951460
CAF BRASILIA-PRF CAFE4 BZ 210973691 -903951460
CAFE BRASILIA-PR CSBRPN BZ 210973691 -903951460
TECEL S JOSE SJOS3 BZ 190673232 -52580501
TECEL S JOSE-PRF SJOS4 BZ 190673232 -52580501
TECEL S JOSE FTSJON BZ 190673232 -52580501
TECEL S JOSE-PRF FTSJPN BZ 190673232 -52580501
NORDON METAL NORDON BZ 153545974 -268596368
NORDON MET NORD3 BZ 153545974 -268596368
NORDON MET-RTS NORD1 BZ 153545974 -268596368
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
REII INC REIC US 14423532 -3506007
CHIARELLI SA CCHI3 BZ 14300741 -467294324
CHIARELLI SA-PRF CCHI4 BZ 14300741 -467294324
CHIARELLI SA CCHON BZ 14300741 -467294324
CHIARELLI SA-PRF CCHPN BZ 14300741 -467294324
HERCULES SA HERTON BZ 126891179 -170680899
HERCULES HETA3 BZ 126891179 -170680899
HERCULES-PREF HETA4 BZ 126891179 -170680899
HERCULES SA-PREF HERTPN BZ 126891179 -170680899
GAZOLA GAZO3 BZ 124521441 -40298531
GAZOLA SA-DVD PF GAZO12 BZ 124521441 -40298531
GAZOLA-RCPT PREF GAZO10 BZ 124521441 -40298531
GAZOLA SA-DVD CM GAZO11 BZ 124521441 -40298531
GAZOLA-PREF GAZO4 BZ 124521441 -40298531
GAZOLA SA GAZON BZ 124521441 -40298531
GAZOLA-RCPTS CMN GAZO9 BZ 124521441 -40298531
GAZOLA SA-PREF GAZPN BZ 124521441 -40298531
ARTHUR LANG-RC C ARLA9 BZ 116422552 -171544616
ARTHUR LAN-DVD P ARLA12 BZ 116422552 -171544616
ARTHUR LANG-RC P ARLA10 BZ 116422552 -171544616
ARTHUR LANGE ARLA3 BZ 116422552 -171544616
ARTHUR LANGE SA ALICON BZ 116422552 -171544616
ARTHUR LANGE-PRF ALICPN BZ 116422552 -171544616
ARTHUR LANG-RT C ARLA1 BZ 116422552 -171544616
ARTHUR LANG-RT P ARLA2 BZ 116422552 -171544616
ARTHUR LANGE-PRF ARLA4 BZ 116422552 -171544616
ARTHUR LAN-DVD C ARLA11 BZ 116422552 -171544616
F GUIMARAES-PREF FGUI4 BZ 110165424 -151840377
F GUIMARAES FGUI3 BZ 110165424 -151840377
FERREIRA GUIMARA FGUION BZ 110165424 -151840377
FERREIRA GUIM-PR FGUIPN BZ 110165424 -151840377
CHILE
EMPRESA DE LOS F 2940894Z CI 1933599104 -50416404
CHILESAT CORP SA TELEX CI 1156945109 -122555289
TELEX-A TELEXA CI 1156945109 -122555289
TELMEX CORP-ADR CSAOY US 1156945109 -122555289
TELEX-RTS TELEXO CI 1156945109 -122555289
CHILESAT CO-ADR TL US 1156945109 -122555289
CLARO COM SA CHILESAT CI 1156945109 -122555289
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555289
PUERTO RICO
TEXTIL SAN CRI-C SNCRISC1 PE 59428057 -8824587
TEXTIL SAN CRI-C SNCR/C PE 59428057 -8824587
***********
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 * * *