/raid1/www/Hosts/bankrupt/TCRLA_Public/120214.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, February 14, 2012, Vol. 13, No. 032
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Supervisor Testifies on Forged Documents
B E R M U D A
FERTIMPORT INTERNATIONAL: Placed Under Voluntary Wind-Up
FERTIMPORT INTERNATIONAL: Members' Final Meeting Set for March 2
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
GOD'S COUNTRY: Members' Final Meeting Set for March 1
HOFGARTEN LTD: Placed Under Voluntary Wind-Up
HOFGARTEN LTD: Members' Final Meeting Set for March 5
ING INVESTMENT: Placed Under Voluntary Wind-Up
ING INVESTMENT: Members' Final Meeting Set for Feb. 29
LEGACY HOLDINGS: Placed Under Voluntary Wind-Up
LEGACY HOLDINGS: Members' Final Meeting Set for March 1
MERCK SHARP: Placed Under Voluntary Wind-Up
MERCK SHARP: Members' Final Meeting Set for March 6
NEWLANDS CAPITAL: Placed Under Voluntary Wind-Up
NEWLANDS CAPITAL: Members' Final Meeting Set for Feb. 29
SANCERRE HOLDINGS: Placed Under Voluntary Wind-Up
SANCERRE HOLDINGS: Members' Final Meeting Set for March 6
SCHERING BERMUDA: Placed Under Voluntary Wind-Up
SCHERING BERMUDA: Members' Final Meeting Set for March 6
TRANS OCEAN: Placed Under Voluntary Wind-Up
TRANS OCEAN: Members' Final Meeting Set for Feb. 29
B R A Z I L
BV FINANCIERA II: Moody's Assigns 'Caa1' Rating to Class B Shares
BV FINANCIERA IV: Moody's Assigns 'Ba1' Rating to Senior Shares
BV FINANCIERA VI: Moody's Assigns 'Ba3' Rating to Senior Shares
C A Y M A N I S L A N D S
AC99C LIMITED: Placed Under Voluntary Wind-Up
ALPSTAR EQUITY: Commences Liquidation Proceedings
ARCOT INTERNATIONAL: Commences Liquidation Proceedings
CHANCERY INTERNATIONAL: Commences Liquidation Proceedings
CROFTER INVESTMENTS: Placed Under Voluntary Wind-Up
DGC 2000: Placed Under Voluntary Wind-Up
DGC LONG/SHORT: Placed Under Voluntary Wind-Up
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
INVESTMENT OPPORTUNITIES I: Placed Under Voluntary Wind-Up
INVESTMENT OPPORTUNITIES II: Placed Under Voluntary Wind-Up
LDB FUNDS: Commences Liquidation Proceedings
M/Y GTG III: Placed Under Voluntary Wind-Up
NAPLES REAL: Placed Under Voluntary Wind-Up
NORTH EUROPEAN: Placed Under Voluntary Wind-Up
SHALOM EQUITY: Commences Liquidation Proceedings
SHENG-BDO: Commences Liquidation Proceedings
SYMPHONY CAPITAL: Placed Under Voluntary Wind-Up
SYMPHONY REAL: Placed Under Voluntary Wind-Up
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Supervisor Testifies on Forged Documents
--------------------------------------------------------
Caribarena News reports that Paul Ashe, Antiguan supervisor of
international banks, testified about forged documents that
inflated records of amounts in Stanford International Bank Ltd's
(SIBL) Swiss investment accounts.
Mr. Ashe said the Financial Services Regulatory Commission had
already launched an examination of SIBL because of suspicious
records, when Robert Allen Stanford's empire was seized by U.S.
officials in February 2009, according to Caribarena News. Mr.
Ashe said, the report cites, the FSRC investigation discovered
there was US$1 billion missing from the Swiss accounts.
Meanwhile, the report relates, a U.S. senator plans to file
legislation that would permit investors to opt out of a federal
lawsuit against the Securities Investment Protection Corp (SIPC).
Caribarena News discloses that the SEC has been trying force SIPC
to pay one-time buyouts of up to US$500,000 per investor. The
SIPC had offered up to US$250,000, the report notes.
Caribarena News says that republican senator Bill Cassidy's bill
would give investors the choice between accepting the SIPC's
offer, or remaining in the lawsuit.
The report adds that those who lost smaller amounts will be
eligible for reimbursement from SIPC, while those who decide to
continue their court battle will be able to do so.
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 United States 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 Feb. 16 order, as amended on 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, 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 an US$8 billion
Certificate of Deposit program.
A criminal case was pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).
=============
B E R M U D A
=============
FERTIMPORT INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Jan. 25, 2012, the members of Fertimport International Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
FERTIMPORT INTERNATIONAL: Members' Final Meeting Set for March 2
----------------------------------------------------------------
The members of Fertimport International Ltd. will hold their
final meeting on March 2, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 27, 2012, the members of God's Country Ranch Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
GOD'S COUNTRY: Members' Final Meeting Set for March 1
-----------------------------------------------------
The members of God's Country Ranch Ltd. will hold their final
meeting on March 1, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
HOFGARTEN LTD: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 26, 2012, the members of Hofgarten Ltd. resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
HOFGARTEN LTD: Members' Final Meeting Set for March 5
-----------------------------------------------------
The members of Hofgarten Ltd. will hold their final meeting on
March 5, 2012, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
ING INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 23, 2012, the members of ING Investment Management Global
Yield Maximiser Fund Limited resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
ING INVESTMENT: Members' Final Meeting Set for Feb. 29
------------------------------------------------------
The members of ING Investment Management Global Yield Maximiser
Fund Limited will hold their final meeting on Feb. 29, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
LEGACY HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 27, 2012, the members of Legacy Holdings Ltd. resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
LEGACY HOLDINGS: Members' Final Meeting Set for March 1
-------------------------------------------------------
The members of Legacy Holdings Ltd. will hold their final meeting
on March 1, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
MERCK SHARP: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 25, 2012, the members of Merck Sharp & Dohme
Pharmaceuticals resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
MERCK SHARP: Members' Final Meeting Set for March 6
---------------------------------------------------
The members of Merck Sharp & Dohme Pharmaceuticals will hold
their final meeting on March 6, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
NEWLANDS CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 23, 2012, the members of NewLands Capital Corp Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
NEWLANDS CAPITAL: Members' Final Meeting Set for Feb. 29
--------------------------------------------------------
The members of NewLands Capital Corp Limited will hold their
final meeting on Feb. 29, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
SANCERRE HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 26, 2012, the members of Sancerre Holdings Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
SANCERRE HOLDINGS: Members' Final Meeting Set for March 6
---------------------------------------------------------
The members of Sancerre Holdings Limited will hold their final
meeting on March 6, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
SCHERING BERMUDA: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 25, 2012, the members of Schering Bermuda Ltd. resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
SCHERING BERMUDA: Members' Final Meeting Set for March 6
--------------------------------------------------------
The members of Schering Bermuda Ltd. will hold their final
meeting on March 6, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
TRANS OCEAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 23, 2012, the members of Trans Ocean Distribution Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 13, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
TRANS OCEAN: Members' Final Meeting Set for Feb. 29
---------------------------------------------------
The members of Trans Ocean Distribution Limited will hold their
final meeting on Feb. 29, 2012, 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:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
===========
B R A Z I L
===========
BV FINANCIERA II: Moody's Assigns 'Caa1' Rating to Class B Shares
-----------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aaa.br
(sf) (Brazilian National Scale) and of Baa3 (sf) (Global Scale,
Local Currency) to the second series of Senior Shares and B3.br
(sf) (Brazilian National Scale) and of Caa1 (sf) (Global Scale,
Local Currency) to the second series of Class B Subordinated
Shares issued by BV Financeira -- FIDC II (FIDC BV II or the
Issuer), a securitization backed by a pool of vehicle loans
originated by BV Financeira S.A. -- CrEdito, Financiamento e
Investimento (BV Financeira or the Seller). FIDC BV II (Second
Series) is the sixth securitization of vehicle loans sponsored by
BV Financeira and rated by Moody's.
Issuer: FIDC BV II
Senior Shares - Aaa.br (sf) (National Scale) & Baa3 (sf) (Global
Scale, Local Currency)
Class B Subordinated Shares - B3.br (sf) (National Scale) & Caa1
(sf) (Global Scale, Local Currency)
Ratings Rationale
The ratings are based on the following factors, among others:
- The substantial subordination provided to the Senior Shares;
- The role of BV Financeira as Originator, Seller and Primary
Servicer of the transaction;
- The stable performance of the outstanding vehicle
securitization transactions sponsored by BV Financeira and
rated by Moody's;
- The quality of collateral benefitting from BV Financeira's
established underwriting standards, geographical pool
diversification and pool granularity;
- The transaction structure and its legal framework, including
the bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations for the securitization of
vehicle loans; and
- No credit enhancement in the form of subordination for the
Class B Shares: the Class B Shares are subordinated to Class A
Shares for the purposes of redemption. Also, no credit
enhancement in the form of net excess spread for the Class B
Shares given the tight 145% of DI discount rate and
considering base case credit losses of 5.7% per annum. The
resulting lack of credit enhancement for the Class B Shares is
reflected in the highly speculative rating assigned to the
Class B shares.
FIDC BV II is a closed-ended multi-series FIDC with legal final
maturity 600 months. The definitive ratings are assigned to the
second series of Senior Shares and the second series of Class B
Subordinated Shares distributed to qualified investors. The
Class A Subordinated Shares were entirely retained by the Seller.
The Senior Shares and the Class B Subordinated Shares accrue, on
a daily basis, a floating-rate interest equivalent to 110% and
115% of DI Rate (Brazilian Interbank Rate) per annum,
respectively. The accrual of interest of the Class B
Subordinated Share is subject to the value of the Class A
Subordinated Shares not falling below original principal amount.
The final maturity of the Senior Shares and Class B Shares will
take place 36 months after the first issuance of the second
series of Senior Shares; principal and interest will be paid in a
single bullet payment. No payments are allowed to the Class A and
Class B Subordinated Shares as long as there are Senior Shares
outstanding.
As of Dec. 31, 2011, the capital structure of the Fund's
liabilities is as follows: BRL 70.4 million of Senior Shares or
7.6% of Fund Net Assets (NAV), BRL 629.9 million of Class B
Shares or 67.9% of Fund Net Assets (NAV), BRL 227.3 million of
Class A Shares or 24.5% of Fund Net Assets (NAV). Consequently
subordination for Senior Shares amounted to 92.4% and for Class B
Shares 24.5%.
The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting will be
called; shareholders may decide to place the fund into early
liquidation.
Key revision event triggers include:
- Breach of Minimum Excess Spread (1%) for 2 consecutive
verification dates (monthly) or 3 verification dates occurring
within a 180 day period;
- Intervention, liquidation or administration of BV Financeira
or formal request for bankruptcy proceedings;
- Total Fund expenses exceeding 1% of Fund's Net Assets,
verified monthly;
- Non-compliance by BV Financeira of any of its obligations
under the Sale Agreement;
- Termination of Custody Agreement without a replacement;
- Termination of Collection Agent Agreement between the Master
Servicer, BV Financeira and the Collection Agent without a
replacement; and
- BV Financeira default to third parties in excess of BRL10
million.
The assets backing FIDC BV II are vehicle loans originated by BV
Financeira. The financed vehicle must have been pledged as
collateral to the loan contract by means of alienacao fiduciaria.
Key eligibility criteria include:
- Loans are in respect of obligors that are current in respect
to the Fund
- Maximum concentration per type of vehicle as following:
motorcycle (10%), vans and heavy vehicles (20%) and sedans
(100%)
- A nominal sum of installments of no more than BRL200,000 per
obligor (companies or individuals). Banco Bradesco S.A. acts
as Master Servicer (Custodiante) of the transaction as well as
Payment Bank. Its responsibilities include, among other
duties, verifying that all receivables purchased by the fund
meet the eligibility criteria, monitoring the early
amortization triggers, in addition to managing all of the
issuer's daily financial and operating activities.
Votorantim Asset Management DTVM S.A. is the Trustee.
BV Financeira, the originator of the securitized loans, is fully
controlled by Banco Votorantim S.A. (which Moody's rates A3 Long-
Term Bank Deposits in the Global Scale, Local Currency and Aaa.br
rating in the Brazilian National Scale).
In assigning the ratings to this transaction, Moody's evaluated
the Seller's receivables' portfolio for 36 month period starting
Feb. 1, 2007 and ending Jan. 31, 2010. During this period, BV
Financeira originated vehicle loans financing for an amount of
BRL33 billion (corresponding to BRL 54.5 billion nominal
installments). The average ticket size of the contracts was BRL
12.9 thousand (corresponding to BRL21.2 thousand nominal
installments) and the average effective interest rate was
approximately 30% per annum. Additionally, Moody's received
information from the issuer for data up to March 2011.
Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 5.7% per annum
and a standard deviation of 1.7% per annum. Other model input
assumptions include an annual prepayment rate of 15% per annum
and a discount rate of 145% of the DI Rate used for the purchase
of the assets by the FIDC. The DI Rate was stressed from 12.5%
per annum at closing of transaction to 21.0% and 18.0%,
respectively, for the Senior Shares and Class B Shares, at month
36 after closing.
These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Baa3 (sf)/ Aaa.br
(sf) rating level for Senior Shares and B3.br (sf)/ Caa1 (sf) for
the Class B Shares. The resulting cash flows available to the
Senior Share holders for each scenario was then discounted using
the promised 110% of DI Rate to determine if, and the amount of,
loss to the Senior Shares. Similarly, the resulting cash flows
to the Class B Shareholders for each scenario were discounted at
the promised 115% DI Rate to determine loss. Expected loss and
probability of default on the Senior Shares and Class B Shares
were then computed across all scenarios. These statistics were
finally translated into Moody's global scale rating using Moody's
idealized loss tables. The global scale rating was then mapped
to a national scale rating using Moody's published national scale
mappings.
Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.
Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal. For example, by increasing the mean
loss rate from 5.7% to 11.7% per annum and increasing the
standard deviation from 30% to 60% of mean, (i) the model implied
rating on the Senior Shares would remain constant at Baa3 (sf)
(global scale) and (ii) the model implied rating on the Class B
Shares would be at the Ca (sf) (global scale) level, a three
notch difference to assigned ratings of Caa1 (sf).
BV FINANCIERA IV: Moody's Assigns 'Ba1' Rating to Senior Shares
---------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aa1.br
(sf) (Brazilian national scale) and of Ba1 (sf) (Global Scale,
Local Currency) to the senior shares issued by BV Financeira -
Fundo de Investimento em Direitos Creditorios IV (BV FIDC IV or
the issuer), a securitization backed by a pool of vehicle loans
originated by BV Financeira S.A. - CrEdito, Financiamento e
Investimento (BV Financeira).
ISSUER: FIDC BV Financeira -- Fundo de Investimento em Direitos
Creditorios IV
Senior Shares - Aa1.br (sf) (National Scale) & Ba1 (sf) (Global
Scale, Local Currency)
Ratings Rationale
The ratings are based on the following principal factors:
- The 20% minimum credit enhancement in form of subordination
supporting the senior shares;
- The 4.5% minimum excess spread;
- Retention of excess spread within the structure while senior
shares remain outstanding, which increases available credit
enhancement throughout the life of the transaction;
- The overall credit characteristics of the securitized pool of
vehicle loans which benefits from BV Financeira's established
underwriting policy, fund eligibility criteria and
concentration limits;
- The transaction structure and its legal framework, including
the bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations; and
- The financial strength, operational quality and ability of BV
Financeira, the originator and primary servicer, to service
the underlying assets.
BV FIDC IV is a closed-ended FIDC and issued senior and
subordinated shares. The final maturity of the senior shares is
36 months after issuance. The senior shares accrue a floating-
rate interest of CDI (Brazilian Interbank Rate) times an annual
spread of 110%. The senior shares pay 6 monthly principal and
interest amortization payments starting on month 31 and ending on
month 36 of the transaction. No interest or principal payments
will be made to the subordinated shares as long as there are
senior shares outstanding.
In order to insure timely repayment of principal and interest
payments on the senior shares, the trustee will reinvest cash
flows arising from the vehicle loan portfolio into eligible
liquid assets as the transaction approaches the scheduled
amortization dates.
The transaction structure includes triggers leading to revision
events. Should a revision event occur, revolving purchases of
new vehicle loans are immediately stopped and a shareholders
meeting is called at which point the shareholders may decide to
place the fund into early liquidation. Key revision event
triggers include:
- Breach of the minimum subordination level (20%);
- Breach of minimum excess spread (4.5%);
- Downgrade of the senior shares rated by Moody's below the
initial Aa1.br (sf) /Ba1 (sf) rating level;
The collateral backing the senior shares consists of a pool of
vehicle loans that meet the fund's eligibility criteria
including:
i. final maturity of vehicle loans must be before final
maturity date of the senior shares;
ii. maximum pool concentration per type of vehicle: motorcycle
up to 10%, heavy vehicles up to 20% and sedans up to 100%;
iii. sum of installments should not be more than BRL50,000 per
obligor (companies or individuals).
Banco Bradesco S.A. (Bradesco, which Moody's rates A1 for global
local currency deposits and Aaa.br on Brazilian national scale)
acts as master servicer (custodiante) of the transaction as well
as Payment Bank. Its responsibilities include, among other
duties, verifying that all receivables purchased by the fund meet
the eligibility criteria, monitoring the early amortization
triggers, in addition to managing all of the issuer's daily
financial and operating activities.
Votorantim Asset Management DTVM Ltda is the trustee.
BV Financeira (NR) is fully controlled by Banco Votorantim S.A.,
which Moody's rates A3 (Global Scale, Local Currency), negative
outlook, and Aaa.br (Brazilian National Scale), stable outlook.
Headquartered in Sao Paulo, Banco Votorantim S.A. is one of the
largest banks of the Brazilian banking system and is involved in
multiple lines of business such as consumer finance (mostly
vehicles financing), corporate banking, capital markets,
brokerage, treasury, international business and asset management.
In 2009, it settled a strategic partnership with Banco do Brasil
S.A.
BV FINANCIERA VI: Moody's Assigns 'Ba3' Rating to Senior Shares
---------------------------------------------------------------
Moody's AmErica Latina has assigned definitive ratings of A2.br
(sf) (Brazilian National Scale) and of Ba3 (sf) (Global Scale,
Local Currency) to the Senior Shares and B1.br (sf) (Brazilian
National Scale) and of Caa1 (sf) (Global Scale, Local Currency)
to the Mezzanine Subordinated Shares issued by BV Financeira --
FIDC VI (FIDC BV VI or the Issuer), a securitization backed by a
pool of vehicle loans originated by BV Financeira S.A. --
CrEdito, Financiamento e Investimento (BV Financeira or the
Seller). FIDC BV VI is the seventh securitization of vehicle
loans sponsored by BV Financeira and rated by Moody's.
Issuer: FIDC BV VI
Senior Shares - A2.br (sf) (National Scale) & Ba3 (sf) (Global
Scale, Local Currency)
Mezzanine Subordinated Shares - B1.br (sf) (National Scale) &
Caa1 (sf) (Global Scale, Local Currency)
Ratings Rationale
The ratings are based on the following factors, among other
things:
- The initial subordination of 25% provided to the senior shares
and which need to be maintained during the first 12 months of
the transaction;
- The role of BV Financeira as originator, seller and primary
servicer of the transaction;
- The stable performance of the outstanding vehicle
securitization transactions sponsored by BV Financeira and
rated by Moody's;
- The quality of collateral benefitting from BV Financeira's
established underwriting standards, geographical pool
diversification and pool granularity;
- The transaction structure and its legal framework, including
the bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations for the securitization of
vehicle loans; and
- Low credit enhancement in the form of subordination for the
mezzanine shares: the subordination for the mezzanine shares,
in the form of junior shares, will represent only 5% of fund's
net assets.
The minimum subordination level of 5% is only required during the
first 12 months after closing. Also, low credit enhancement in
the form of net excess spread for the mezzanine shares given the
tight 145% of DI discount rate and considering assumed base case
credit losses of 5.7% per annum and a prepayment rate of 15.0%
per annum. The resulting low credit enhancement for the
mezzanine shares is reflected in the highly speculative rating
assigned to this class of shares.
FIDC BV VI is a closed-ended FIDC with legal final maturity 60
months. The definitive ratings are assigned to the senior shares
and the mezzanine subordinated shares distributed to qualified
investors by means of a public placement with restricted efforts
(CVM Instruction 476). The junior subordinated shares were
entirely retained by the seller. The senior shares and the
mezzanine subordinated shares accrue, on a daily basis, a
floating-rate interest equivalent to 114% and 130% of DI Rate
(Brazilian Interbank Rate) per annum, respectively.
The final maturity of the senior shares and mezzanine shares will
take place 60 months after closing. Senior shares will make
monthly interest and principal payments starting the 13th month
of closing. Mezzanine shares will make semi-annual interest and
principal payments starting the 18th month of closing, subject to
the minimum subordination level to the senior shares being met.
Any final redemption of mezzanine and junior shares may only
occur after full redemption of senior shares.
The trustee calculates and monitors the following subordination
levels on a daily basis: minimum ratio of junior shares of 5%,
and minimum ratio of mezzanine and junior subordinated shares of
25%. These minimum ratios must be respected in order to subscribe
shares during the placement period, and amortize junior and
mezzanine subordinated shares. Throughout the initial 12 months
from closing, if the minimum ratio of junior shares is below the
minimum 5% level for more than 5 consecutive business days, a
revision event is triggered, at which point the trustee will call
a shareholder meeting. Shareholders may then vote for the early
liquidation of the fund (early liquidation event). After the
first 12 months from closing, the seller will not be required to
subscribe new junior shares to maintain the 5% minimum ratio of
junior shares. However, a breach of subordination levels of the
senior below 25% and halts payments of principal and interest to
the mezzanine and junior shareholders.
The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting will be
called; shareholders may decide to place the fund into early
liquidation. Key revision event triggers include:
- Breach of minimum subordination for the mezzanine shares
(minimum ratio of junior shares) during the period of 12
months from closing;
- Breach of minimum excess spread for 2 consecutive verification
dates (monthly) or 3 verification dates occurring within a
180-day period;
- Total fund expenses exceeding 1% of fund's net assets,
verified monthly;
- Failure to establish the payment reserve account for 2 payment
reserve verification dates;
- Failure to establish the liquidity reserve for 30 consecutive
days;
- Breach of certain delinquency triggers;
- Intervention, liquidation or administration of BV Financeira
or formal request for bankruptcy proceedings;
- Non-compliance by BV Financeira of any of its obligations
under the sale agreement;
- Termination of custody agreement without a replacement;
- Termination of collection agent agreement between the master
servicer, BV Financeira and the collection agent without a
replacement; and
- Claims of defaults by BV Financeira to third parties above
BRL10 million.
The assets backing FIDC BV VI are vehicle loans originated by BV
Financeira. The financed vehicle must have been pledged as
collateral to the loan contract by means of alienacao fiduciaria.
Key eligibility criteria include the following:
- Loans are in respect of obligors that are current in respect
to the fund;
- Maximum concentration per type of vehicle as: motorcycle
(10%), vans and trucks (20%) and sedans (100%), whereby the
sum of motorcycles, vans and trucks loans can represent up to
20%;
- A nominal sum of installments of no more than BRL100,000 per
obligor (companies or individuals); and
- Contracts must have a final maturity date before the legal
final maturity of the fund.
Furthermore, fund documents define qualifying vehicle loans as
being vehicle loans that:
- Are related to vehicles whose manufacturing year is maximum 10
years from the year in which loan purchase occurs, for sedans
and trucks. For motorcycles, the manufacturing year must be
the same year the loan purchase occurs;
- The maximum LTV (loan to value) is 80%; and
- All installments to be paid related to a single contract must
be sold to the fund.
Banco Bradesco S.A. acts as master servicer (custodiante) of the
transaction as well as payment bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the issuer's daily financial and operating activities.
Votorantim Asset Management DTVM S.A. is the trustee.
BV Financeira, the originator of the securitized loans, is fully
controlled by Banco Votorantim S.A. (which Moody's rates A3 Long-
Term Bank Deposits in the Global Scale, Local Currency and Aaa.br
rating in the Brazilian National Scale).
In assigning the ratings to this transaction, Moody's evaluated
the seller's receivables' portfolio for 48 month period starting
April 1, 2007 and ending March 31, 2011. During this period, BV
Financeira originated vehicle loans financing for an amount of
BRL 59.5 billion (corresponding to BRL 99.1 billion nominal
installments). The average ticket size of the contracts was BRL
14.3 thousand and the average effective interest rate was
approximately 34% per annum.
Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 5.7% per annum
and a standard deviation of 1.7% per annum. Other model input
assumptions include an annual prepayment rate of 15% per annum
and a discount rate of 145% of the DI Rate used for the purchase
of the assets by the FIDC. The DI Rate was stressed from 12.0%
per annum at closing of transaction to 21.0% and 18.0%,
respectively, for the senior and mezzanine shares, at month 60
after closing.
These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Ba3 (sf)/ A2.br
(sf) rating level for senior shares and B1.br (sf)/ Caa1 (sf) for
the mezzanine shares. The resulting cash flows available to the
senior shareholders for each scenario was then discounted using
the promised 114% of DI Rate to determine if, and the amount of,
loss to the senior shares. Similarly, the resulting cash flows
to the mezzanine shareholders for each scenario were discounted
at the promised 130% DI Rate to determine loss. Expected loss
and probability of default on the senior and mezzanine shares
were then computed across all scenarios. These statistics were
finally translated into Moody's global scale rating using Moody's
idealized loss tables. The global scale rating was then mapped
to a national scale rating using Moody's published national scale
mappings.
Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.
Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal. For example, by increasing the
standard deviation from 30% of mean loss rate to 60% of mean loss
rate (i) the model implied rating on the senior shares would fall
in two notches from Ba3 (sf) (global scale) to B2 (sf) (global
scale) and (ii) the model implied rating on the mezzanine shares
would remain stable at Caa1 (sf) (global scale).
===========================
C A Y M A N I S L A N D S
===========================
AC99C LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the shareholders of AC99C Limited resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, One Capital Place
Shedden Road, George Town
Grand Cayman KY1-1103
Cayman Islands
ALPSTAR EQUITY: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 16, 2011, the sole shareholder of Alpstar Equity
Quantitative Strategies Master Fund, Ltd. resolved to voluntarily
liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ARCOT INTERNATIONAL: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 12, 2011, the sole shareholder of Arcot International
Development (Cayman) Ltd. resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Linburgh Martin
c/o Neil Gray
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034 Grand Cayman KY1-1102
Cayman Islands
CHANCERY INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 21, 2009, the sole shareholder of Chancery International
(Cayman) Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Russell Smith
Telephone: (345) 769-8820
e-mail: rsmith@bdo.ky
BDO CRI (Cayman) Ltd.
Floor 2-Building 3
Governors Square 23 Lime Tree Bay Ave
PO Box 31229 Grand Cayman KY1-1205
Cayman Islands
CROFTER INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 8, 2011, the shareholders of Crofter Investments Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Baraterre Limited
Bahamas Financial Centre, 2nd Floor
Shirley & Charlotte Streets
P.O. Box N-4899 Nassau
Bahamas
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, One Capital Place
Shedden Road, George Town
Grand Cayman KY1-1103
Cayman Islands
DGC 2000: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 10, 2011, the sole member of DGC 2000 Ltd. resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Richard Finlay
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
DGC LONG/SHORT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 10, 2011, the sole member of DGC Long/Short Euro Holdings
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
c/o Richard Finlay
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
GOD'S COUNTRY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the sole member of God's Country Ltd. resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
INVESTMENT OPPORTUNITIES I: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On Dec. 23, 2011, the sole shareholder of Investment
Opportunities Fund I, Ltd resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Lisa Clarke
c/o Lisa Clarke or Jane Fleming
Telephone: (345) 945-2187/ (345) 945-2197
PO Box 30464 Grand Cayman KY1-1202
Cayman Islands
INVESTMENT OPPORTUNITIES II: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Dec. 23, 2011, the sole shareholder of Investment
Opportunities Fund II, Ltd resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Lisa Clarke
c/o Lisa Clarke or Jane Fleming
Telephone: (345) 945-2187/ (345) 945-2197
PO Box 30464 Grand Cayman KY1-1202
Cayman Islands
LDB FUNDS: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 15, 2011, the sole shareholder of LDB Funds Ltd. resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 3, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Reference: ASRB
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Reference: Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre 42 North Church Street
P.O. Box 1348 George Town
Grand Cayman KY1-1108
Cayman Islands
M/Y GTG III: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 23, 2011, the sole member of M/Y GTG III Inc. resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
NAPLES REAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 23, 2011, the sole member of Naples Real Estate Holdings
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
NORTH EUROPEAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 29, 2011, the shareholders of North European Capital
Markets Services resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Dec. 31, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Baraterre Limited
Bahamas Financial Centre, 2nd Floor
Shirley & Charlotte Streets
P.O. Box N-4899 Nassau
Bahamas
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, One Capital Place
Shedden Road, George Town
Grand Cayman KY1-1103
Cayman Islands
SHALOM EQUITY: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 22, 2009, the shareholders of Shalom Equity Fund, Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Russell Smith
Telephone: (345) 769-8820
e-mail: rsmith@bdo.ky
BDO CRI (Cayman) Ltd.
Floor 2-Building 3
Governors Square 23 Lime Tree Bay Ave
PO Box 31229 Grand Cayman KY1-1205
Cayman Islands
SHENG-BDO: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 20, 2011, the sole shareholder of Sheng-BDO ZIV Haft
China Hospitality Fund Associates, Ltd. resolved to voluntarily
liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 2, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
SYMPHONY CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 23, 2011, the sole member of Symphony Capital Partners
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SYMPHONY REAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2011, the sole member of Symphony Real Estate Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
===============
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 NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
SOC COMERCIAL PL COMEC AR 167911092 -342440147
SOC COMERCIAL PL CADN EU 167911092 -342440147
SOC COMERCIAL PL COME AR 167911092 -342440147
SOC COMERCIAL PL SCDPF US 167911092 -342440147
SOC COMERCIAL PL CADN EO 167911092 -342440147
SOC COMERCIAL PL CADN SW 167911092 -342440147
SOC COMERCIAL PL CVVIF US 167911092 -342440147
SOC COMERCIAL PL CAD IX 167911092 -342440147
SOC COMERCIAL PL COMED AR 167911092 -342440147
COMERCIAL PL-ADR SCPDS LI 167911092 -342440147
COMERCIAL PLA-BL COMEB AR 167911092 -342440147
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
SNIAFA SA SNIA AR 11229696 -2670544.88
BELIZE
------
CELGPAR GPAR3 BZ 3.959E+09 -418654757
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
PORTX OPERA-GDR PXTPY US 734596799 -5675399.32
PORTX OPERACOES PRTX3 BZ 734596799 -5675399.32
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
AGRENCO LTD AGRE LX 637647275 -312199404
BOMBRIL-PREF BOBR4 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBBY US 451055441 -71738547
BOMBRIL BMBBF US 451055441 -71738547
BOMBRIL BOBR3 BZ 451055441 -71738547
BOMBRIL SA-ADR BMBPY US 451055441 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441 -71738547
PETRO MANGUINHOS RPMG3 BZ 418867615 -98663724
PET MANG-RT RPMG1 BZ 418867615 -98663724
PETRO MANGUINHOS MANGON BZ 418867615 -98663724
PET MANG-RECEIPT RPMG10 BZ 418867615 -98663724
PET MANG-RT 0229249Q BZ 418867615 -98663724
PET MANG-RECEIPT 0229292Q BZ 418867615 -98663724
PET MANGUINH-PRF RPMG4 BZ 418867615 -98663724
PET MANG-RT RPMG2 BZ 418867615 -98663724
PET MANG-RECEIPT 0229296Q BZ 418867615 -98663724
PET MANG-RIGHTS 3678565Q BZ 418867615 -98663724
PET MANG-RECEIPT RPMG9 BZ 418867615 -98663724
PET MANG-RIGHTS 3678569Q BZ 418867615 -98663724
PETRO MANGUIN-PF MANGPN BZ 418867615 -98663724
PET MANG-RT 0229268Q BZ 418867615 -98663724
PET MANG-RT 4115364Q BZ 418867615 -98663724
PET MANG-RT 4115360Q BZ 418867615 -98663724
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
BATTISTELLA BTTL3 BZ 313830220 -5623755.88
BATTISTELLA-RECP BTTL10 BZ 313830220 -5623755.88
BATTISTELLA-RECE BTTL9 BZ 313830220 -5623755.88
BATTISTELLA-RIGH BTTL1 BZ 313830220 -5623755.88
BATTISTELLA-PREF BTTL4 BZ 313830220 -5623755.88
BATTISTELLA-RI P BTTL2 BZ 313830220 -5623755.88
HOTEIS OTHON-PRF HOTHPN BZ 309799346 -23928667
HOTEIS OTHON SA HOTHON BZ 309799346 -23928667
HOTEIS OTHON SA HOOT3 BZ 309799346 -23928667
HOTEIS OTHON-PRF HOOT4 BZ 309799346 -23928667
TEKA TEKAON BZ 278124701 -447124084
TEKA-ADR TKTPY US 278124701 -447124084
TEKA-ADR TKTQY US 278124701 -447124084
TEKA TKTQF US 278124701 -447124084
TEKA TEKA3 BZ 278124701 -447124084
TEKA-PREF TEKA4 BZ 278124701 -447124084
TEKA-PREF TKTPF US 278124701 -447124084
TEKA-PREF TEKAPN BZ 278124701 -447124084
TEKA-ADR TEKAY US 278124701 -447124084
DOCAS SA DOCAON BZ 265185849 -158092426
DOCA INVESTI-PFD DOCA4 BZ 265185849 -158092426
DOCAS SA-RTS PRF DOCA2 BZ 265185849 -158092426
DOCA INVESTIMENT DOCA3 BZ 265185849 -158092426
DOCAS SA-PREF DOCAPN BZ 265185849 -158092426
SANSUY SA SNSYON BZ 180443812 -114112111
SANSUY SA-PREF B SNSYBN BZ 180443812 -114112111
SANSUY SA-PREF A SNSYAN BZ 180443812 -114112111
SANSUY-PREF B SNSY6 BZ 180443812 -114112111
SANSUY SNSY3 BZ 180443812 -114112111
SANSUY-PREF A SNSY5 BZ 180443812 -114112111
DHB IND E COM DHBON BZ 155020175 -122349774
D H B-PREF DHBI4 BZ 155020175 -122349774
D H B DHBI3 BZ 155020175 -122349774
DHB IND E COM-PR DHBPN BZ 155020175 -122349774
TEXTEIS RENA-RCT TXRX10 BZ 133619338 -68177415.4
RENAUXVIEW SA TXRX3 BZ 133619338 -68177415.4
RENAUXVIEW SA-PF TXRX4 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX1 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXPN BZ 133619338 -68177415.4
TEXTEIS RENA-RCT TXRX9 BZ 133619338 -68177415.4
TEXTEIS RENAU-RT TXRX2 BZ 133619338 -68177415.4
TEXTEIS RENAUX RENXON BZ 133619338 -68177415.4
MINUPAR MNPR3 BZ 130265489 -6044124.99
MINUPAR-RCT 9314634Q BZ 130265489 -6044124.99
MINUPAR SA-PREF MNPRPN BZ 130265489 -6044124.99
MINUPAR-PREF MNPR4 BZ 130265489 -6044124.99
MINUPAR-RT 9314542Q BZ 130265489 -6044124.99
MINUPAR-RCT MNPR9 BZ 130265489 -6044124.99
MINUPAR-RT MNPR1 BZ 130265489 -6044124.99
MINUPAR SA MNPRON BZ 130265489 -6044124.99
BUETTNER SA-PRF BUETPN BZ 97195114 -13140028.8
BUETTNER BUET3 BZ 97195114 -13140028.8
BUETTNER SA-RT P BUET2 BZ 97195114 -13140028.8
BUETTNER SA-RTS BUET1 BZ 97195114 -13140028.8
BUETTNER SA BUETON BZ 97195114 -13140028.8
BUETTNER-PREF BUET4 BZ 97195114 -13140028.8
FABRICA RENAUX-P FRNXPN BZ 95282688 -59034912
FABRICA RENAUX FTRX3 BZ 95282688 -59034912
FABRICA TECID-RT FTRX1 BZ 95282688 -59034912
FABRICA RENAUX-P FTRX4 BZ 95282688 -59034912
FABRICA RENAUX FRNXON BZ 95282688 -59034912
COBRASMA SA COBRON BZ 93053413 -2050908520
COBRASMA-PREF CBMA4 BZ 93053413 -2050908520
COBRASMA CBMA3 BZ 93053413 -2050908520
COBRASMA SA-PREF COBRPN BZ 93053413 -2050908520
ESTRELA SA-PREF ESTR4 BZ 92218510 -92769915.9
ESTRELA SA ESTRON BZ 92218510 -92769915.9
ESTRELA SA ESTR3 BZ 92218510 -92769915.9
ESTRELA SA-PREF ESTRPN BZ 92218510 -92769915.9
GRADIENTE-PREF A IGBR5 BZ 69132281 -253174445
IGB ELETRONICA IGBR3 BZ 69132281 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281 -253174445
GRADIENTE ELETR IGBON BZ 69132281 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281 -253174445
SCHLOSSER-PREF SCLO4 BZ 61819354 -42308353.6
SCHLOSSER SCLO3 BZ 61819354 -42308353.6
SCHLOSSER SA-PRF SCHPN BZ 61819354 -42308353.6
SCHLOSSER SA SCHON BZ 61819354 -42308353.6
CAF BRASILIA-PRF CAFE4 BZ 49512076 -999279159
CAF BRASILIA CAFE3 BZ 49512076 -999279159
CAFE BRASILIA-PR CSBRPN BZ 49512076 -999279159
CAFE BRASILIA SA CSBRON BZ 49512076 -999279159
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
RECRUSUL - RT RCSL1 BZ 42802194 -19134971.9
RECRUSUL SA-PREF RESLPN BZ 42802194 -19134971.9
RECRUSUL - RCT 4529793Q BZ 42802194 -19134971.9
RECRUSUL - RT 4529781Q BZ 42802194 -19134971.9
RECRUSUL SA RESLON BZ 42802194 -19134971.9
RECRUSUL - RCT 0163583D BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL12 BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL10 BZ 42802194 -19134971.9
RECRUSUL - RCT 4529789Q BZ 42802194 -19134971.9
RECRUSUL-BON RT RCSL11 BZ 42802194 -19134971.9
RECRUSUL - RT 0163580D BZ 42802194 -19134971.9
RECRUSUL - RT RCSL2 BZ 42802194 -19134971.9
RECRUSUL - RT 0163579D BZ 42802194 -19134971.9
RECRUSUL-PREF RCSL4 BZ 42802194 -19134971.9
RECRUSUL RCSL3 BZ 42802194 -19134971.9
RECRUSUL - RCT 0163582D BZ 42802194 -19134971.9
RECRUSUL - RCT RCSL9 BZ 42802194 -19134971.9
RECRUSUL - RT 4529785Q BZ 42802194 -19134971.9
WIEST-PREF WISA4 BZ 34108201 -126997429
WIEST SA-PREF WISAPN BZ 34108201 -126997429
WIEST WISA3 BZ 34108201 -126997429
WIEST SA WISAON BZ 34108201 -126997429
SANESALTO SNST3 BZ 31802628 -2924062.87
CONST BETER SA 1007Q BZ 31374374 -1555470.16
CONST BETER-PFA COBE5B BZ 31374374 -1555470.16
CONST BETER-PR B COBEBN BZ 31374374 -1555470.16
CONST BETER SA COBEON BZ 31374374 -1555470.16
CONST BETER-PF A COBE5 BZ 31374374 -1555470.16
CONST BETER-PF B COBE6 BZ 31374374 -1555470.16
CONST BETER SA COBE3B BZ 31374374 -1555470.16
CONST BETER-PR B 1009Q BZ 31374374 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374374 -1555470.16
CONST BETER-PR A COBEAN BZ 31374374 -1555470.16
CONST BETER SA COBE3 BZ 31374374 -1555470.16
CONST BETER SA 1COBON BZ 31374374 -1555470.16
CONST BETER-PR A 1008Q BZ 31374374 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374374 -1555470.16
CONST BETER-PF B COBE6B BZ 31374374 -1555470.16
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
FERRAGENS HAGA-P HAGAPN BZ 21992326 -56631998.5
FER HAGA-PREF HAGA4 BZ 21992326 -56631998.5
HAGA HAGA3 BZ 21992326 -56631998.5
FERRAGENS HAGA HAGAON BZ 21992326 -56631998.5
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
TECEL S JOSE SJOS3 BZ 18420379 -64108300.1
TECEL S JOSE-PRF FTSJPN BZ 18420379 -64108300.1
TECEL S JOSE FTSJON BZ 18420379 -64108300.1
TECEL S JOSE-PRF SJOS4 BZ 18420379 -64108300.1
NORDON MET NORD3 BZ 15971163 -28156360.8
NORDON MET-RTS NORD1 BZ 15971163 -28156360.8
NORDON METAL NORDON BZ 15971163 -28156360.8
LARK MAQS-PREF LARK4 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK1 BZ 15298294 -2072193.19
LARK MAQUINAS-PR LARPN BZ 15298294 -2072193.19
LARK MAQUINAS LARON BZ 15298294 -2072193.19
LARK MAQS LARK3 BZ 15298294 -2072193.19
LARK SA MAQU-RTS LARK2 BZ 15298294 -2072193.19
CHIARELLI SA CCHON BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHPN BZ 14960467 -43105640.5
CHIARELLI SA CCHI3 BZ 14960467 -43105640.5
CHIARELLI SA-PRF CCHI4 BZ 14960467 -43105640.5
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
CONST A LINDEN LINDON BZ 14398838 -3020065.57
CONST A LIND-PRF CALI4 BZ 14398838 -3020065.57
CONST A LIND-PRF LINDPN BZ 14398838 -3020065.57
CONST LINDEN RCT CALI9 BZ 14398838 -3020065.57
CONST LINDEN RCT CALI10 BZ 14398838 -3020065.57
CONST LINDEN RT CALI2 BZ 14398838 -3020065.57
CONST A LINDEN CALI3 BZ 14398838 -3020065.57
CONST LINDEN RT CALI1 BZ 14398838 -3020065.57
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
-----
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502 -1250905.47
PUYEHUE PUYEH CI 24447502 -1250905.47
***********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *