/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120514.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 Monday, May 14, 2012, Vol. 13, No. 095 Headlines A R G E N T I N A BALVIAL SA: Creditors' Proofs of Debt Due June 7 BANCO CETELEM: Moody's Issues Summary Credit Opinion FIDEICOMISO FINANCIERO: Moody's Rates ARS1.9-Mil. Certs. 'C.ar' GRAUDI SA: Creditors' Proofs of Debt Due June 4 HSBC BANK: Moody's Issues Summary Credit Opinion RINCON DEL ABASTO: Creditors' Proofs of Debt Due June 6 B R A Z I L BANCO FIBRA: Moody's Issues Summary Credit Opinion GRUPO SUPERVIELLE: Moody's Gives 'B1' Local Currency Debt Rating ROTA DAS BANDEIRAS: Moody's Affirms 'Ba1' Issuer Ratings USINAS SIDERURGICAS: Moody's Downgrades Global Rating to 'Ba2' C A Y M A N I S L A N D S MAN LEADING: Creditors' Proofs of Debt Due May 28 MEZZ FUND II: Creditors' Proofs of Debt Due June 15 MEZZ FUND II EQUITY: Creditors' Proofs of Debt Due June 15 MEZZ FUND II HOLDINGS: Creditors' Proofs of Debt Due June 15 MEZZ FUND II INVESTMENTS: Creditors' Proofs of Debt Due June 15 MEZZ FUND II LIMITED: Creditors' Proofs of Debt Due June 15 NYDS HOLDING: Creditors' Proofs of Debt Due June 14 PR FINANCE: Creditors' Proofs of Debt Due June 14 SUMITOMO LIFE: Creditors' Proofs of Debt Due June 7 TESORO HOLDINGS: Creditors' Proofs of Debt Due June 14 J A M A I C A AIR JAMAICA: Records US$38 Million Loss in 2011 OLINT CORP: No word on Payout to Investors * JAMAICA: Unemployment Rate Increases M E X I C O ING BANK: S&P Lowers Global Issuer Credit Rating to 'BB-/B' MEXICANA AIRLINES: Med Atlantica Buys Holding Company P U E R T O R I C O HEALTH DISTILLERS: Case Summary & 4 Largest Unsecured Creditors T R I N I D A D & T O B A G O CARIBBEAN AIR: To Unveil Tough Measures to Stop Financial Loss X X X X X X X X * BOND PRICING: For the Week May 7 to May 11, 2012 - - - - - ================= A R G E N T I N A ================= BALVIAL SA: Creditors' Proofs of Debt Due June 7 ------------------------------------------------ Jorge Eduardo Roberts, the court-appointed trustee for Balvial SA's reorganization proceedings, will be verifying creditors' proofs of claim until June 7, 2012. Mr. Roberts will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 25, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on March 22, 2013. The Trustee can be reached at: Jorge Eduardo Roberts Hernandarias 953 Argentina BANCO CETELEM: Moody's Issues Summary Credit Opinion ---------------------------------------------------- Moody's Investors Service issued a summary credit opinion on Banco Cetelem Argentina S.A. and includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Banco Cetelem Argentina S.A. Moody's current ratings on Banco Cetelem Argentina S.A. are: Long Term Bank Deposits (domestic currency) ratings of Ba1 Long Term Bank Deposits (foreign currency) ratings of Caa1 Bank Financial Strength ratings of E+ Short Term Bank Deposits (domestic and foreign currency) ratings of NP BACKED Senior Unsecured (domestic currency) ratings of Ba1 BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)Ba1 BACKED Senior Unsecured MTN Program (foreign currency) ratings of (P)B2 NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar NSR BACKED Senior Unsecured (domestic currency) ratings of Aaa.ar NSR BACKED Senior Unsecured MTN Program (domestic currency) ratings of Aaa.ar NSR BACKED Senior Unsecured MTN Program (foreign currency) ratings of Aa3.ar Rating Rationale Moody's assigns a bank financial strength rating (BFSR) of E+ (E plus) to Banco Cetelem Argentina S.A. (Cetelem). This rating incorporates the bank's niche market focus for consumer lending and the prospects for growth in this segment. However, the BFSR also captures inherent volatilities in Cetelem's financial fundamentals, given its exposure to lower income customer segments. The bank's baseline credit assessment (BCA) is b1 and maps directly from the E+ BFSR. Moody's assumes full support from Cetelem's ultimate parent, BNP Paribas, France (rated Aa3 under review for downgrade, by Moody's), given its explicit guarantee of the entity's obligations, which lifts the bank's long-term global local-currency (GLC) deposit rating by 3 notches to Ba1. Cetelem's foreign currency deposit rating of Caa1 is constrained by the Argentine country ceiling for deposits. Rating Outlook All the ratings have stable outlook. What Could Change the Rating - Up Any upward pressure on Cetelem's BFSR is currently unlikely given the existing reassessment of the BCA. The local and foreign currency deposit and senior unsecured debt ratings are currently constrained by the country ceilings of the respective instruments and have a stable outlook aligned to the outlook of the ceilings. These ratings could be upgraded following an upgrade of the ceilings given the much higher rating of the parent. What Could Change the Rating - Down Deterioration in the bank's fundamentals, especially asset quality, which would require greater provisioning, thus affecting profitability. Elimination of the parent's guarantee would also put downward pressure on the ratings. FIDEICOMISO FINANCIERO: Moody's Rates ARS1.9-Mil. Certs. 'C.ar' --------------------------------------------------------------- Moody's Latin America has rated the debt securities and certificates of Fideicomiso Financiero Colservice Serie I, to be issued by Equity Trust Company (Argentina) S.A. - acting solely in its capacity as Issuer and Trustee. - ARS24.648.741 in Class A Floating Rate Debt Securities of "Fideicomiso Financiero Colservice Serie I", rated Aa2.ar (sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local Currency) - ARS296.973 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Colservice Serie I", rated Baa2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local Currency) - ARS2.821.242 in Class C Fixed Rate Debt Securities of "Fideicomiso Financiero Colservice Serie I", rated Ca.ar (sf) (Argentine National Scale) and Ca (sf) (Global Scale, Local Currency) - ARS1.930.323 in Certificates of "Fideicomiso Financiero Colservice Serie I", rated C.ar (sf) (Argentine National Scale) and C (sf) (Global Scale, Local Currency) This is the first transaction rated by Moody's backed by receivables originated by Colservice. Ratings Rationale The ratings are based mainly on the following factors: The available credit enhancement in the transaction, as an initial subordination of 17% for the Class A and 16% for the Class B (calculated over the cashflow discounted at a 26% annual rate). The value of the collateral, represented by receivables related to 202 closed-end savings plans (granted with exogenous funds) with a current weighted average LTV of approximately 68.54% The ability of Equity Trust Company (Argentina) S.A. to act as trustee The established payment mechanism for borrowers to pay directly into the trust account The first-priority security interest on the Mercedes-Benz buses. The ability of Colservice to act as primary servicer in the transaction The availability of several reserve funds. Colservice S.A. de Ahorro para Fines Determinados, acting as seller, will assign to Fideicomiso Financiero Colservice I fixed installments related to 202 closed-end saving plans (granted with exogenous funds) (planes de ahorro cerrados) ("the receivables") to finance the purchase of new or used Mercedes Benz buses. The receivables are denominated in Argentine pesos, and will be purchased by the trust at a discount rate of 26%, for the amount of ARS29.697.279. The closed-end saving plans -granted with exogenous funds- were extended by Colservice to small and medium sized companies, large companies and self-employed individuals in the transportation and tourism industries. The receivables are backed by a first- priority security interest on the vehicles. Overall credit enhancement is comprised of subordination: 17% for the Class A, 16% for the Class B, and 6.5% for Class C. In addition, the transaction benefits from various reserve funds and excess spread. Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of similar portfolios. In addition, Moody's considered factors common to vehicle loan securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determine the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a lognormal distribution for defaults on the pool with a 12% mean and a 70% coefficient of variation. Also, Moody's assumed a lognormal distribution for prepayments with a 5% mean and a 70% coefficient of variation. These assumptions are derived from the historical performance to similar portfolios originated by Colservice. The model results showed 1.91% expected loss for Class A, 11.23% expected loss for Class B, 46.91% for Class C, and 89.03% for the Certificates. Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 6% from the base case scenario (that is, if Moody's assumes a mean default rate of 18%), the ratings of the Class A would be downgraded to B2(sf). The ratings for Class B would be downgraded to Caa2 (sf). Moody's notes that the pool is highly concentrated in the transportation and tourism industry in Argentina. A negative economic environment affecting these sectors may impact a large number of securitized receivables. The pool has also a high concentration by borrower, as the 202 receivables included in the transaction correspond to 61 borrowers. The top 10 borrowers represent 36.94% of the original pool balance. This is mitigated by: i) the fact that the vehicles backing the securitized receivables are, in general, a key component of the borrower's working capital, which is expected to have a lower probability of the default in comparison with other company obligations, ii) the relatively low average loan CLTV of 68.54%, iii) the historical performance of similar pools and the initial subordination which will increase over time due to a turbo-sequential payment structure. Moody's has also stressed significantly the pool's default rate above the historical observed default rates of similar portfolios. These concentrations result in potential increased volatility for the ratings. Colservice is a company of the Colcar Group and was constituted in 2006 to originate closed-end saving plans for the purchase of Mercedes-Benz buses. Colcar Merbus S.A. ("Colcar") is the largest Mercedes-Benz dealer in Argentina. Colcar is also the largest seller of chassis of buses used for public transportation in Argentina. The company is divided in six business lines: buses, commercial vehicles, cars, equipment, services and spare parts. Moody's believes that Colservice's origination and servicing practices are adequate. Colservice is regulated by the Inspecci¢n General de Justicia in Argentina and received periodic audits of procedures from Mercedes-Benz. Finally, Moody's also evaluated the servicing arrangements in the transaction. Borrowers will be instructed to make payments directly into the trust account at Banco Galicia, as a result mitigating commingling risk. Also, the designed backup servicer at closing is Multiconex S.A., a late payment collection company that provides service to several banks and consumer finance companies in the Argentine market. Multiconex will perform some servicing functions for this transaction: it will contact borrowers on a monthly basis to inform the amounts due and the payment dates. It will also instruct borrowers to make payments directly into the trust account. GRAUDI SA: Creditors' Proofs of Debt Due June 4 ----------------------------------------------- Marcelo Carlos Rodriguez, the court-appointed trustee for Graudi SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 4, 2012. Mr. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marcelo Carlos Rodriguez Cerrito 146 Argentina HSBC BANK: Moody's Issues Summary Credit Opinion ------------------------------------------------ Moody's Investors Service issued a summary credit opinion on HSBC Bank Argentina S.A. and includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for HSBC Bank Argentina S.A. Moody's current ratings on HSBC Bank Argentina S.A. are: Senior Unsecured (domestic currency) ratings of Ba1 Senior Unsecured MTN Program (domestic currency) ratings of (P)Ba1 Senior Unsecured MTN Program (foreign currency) ratings of (P)B2 Long Term Bank Deposits (domestic currency) ratings of Ba1 Long Term Bank Deposits (foreign currency) ratings of Caa1 Bank Financial Strength ratings of D+, on review for downgrade Short Term Bank Deposits (domestic and foreign currency) ratings of NP NSR Senior Unsecured (domestic currency) ratings of Aaa.ar NSR Senior Unsecured MTN Program (domestic currency) ratings of Aaa.ar NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar NSR Senior Unsecured MTN Program (foreign currency) ratings of Aa3.ar NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar Rating Rationale Moody's has assigned a bank financial strength rating (BFSR) of D+ to HSBC Bank Argentina S.A. (HSBC Argentina). This translates into a baseline credit assessment of ba1. The rating reflects the strength of its franchise as the fifth largest private bank in the system terms of deposits and its well-defined footprint in the retail, commercial and corporate business lending segments. The rating is also benefited by its ultimate parent HSBC plc influence and management support, particularly with regard to its robust risk and liquidity management policies and also its brand and product strengths. Moody's Ba1 global local-currency deposit rating incorporates HSBC Argentina's baseline credit assessment of ba1, as well as the very high likelihood of support from ultimate parent HSBC Holdings plc to its Argentinean subsidiary. Because the rating is at par with the local-currency ceiling, however, this assumption of support does not result in any rating uplift. Likewise, the high likelihood that the bank would receive government support in the event of stress, due to its large market share of deposits, does not lift its rating currently, though it may do so following Moody's rating review. The bank's foreign-currency deposit rating of Caa1 is constrained by Argentina's foreign-currency deposit ceiling. Rating Outlook HSBC's BFSR rating was placed on review. The outlook on the LC and FC ratings is stable. What Could Change the Rating - Up Any upward pressure on HSBC Argentina's BFSR is currently unlikely given the existing review for downgrade. The foreign and local currency deposit and senior unsecured debt ratings are currently constrained by the country ceilings of the respective instruments and have a stable outlook aligned to the outlook of the ceilings. These ratings could be upgraded following an upgrade of the ceilings. What Could Change the Rating - Down The BFSR could come under downward rating pressure if asset quality or profitability were to erode. The rating could also come under pressure if the bank does not improve its financial ratios or if its operating environment deteriorates. RINCON DEL ABASTO: Creditors' Proofs of Debt Due June 6 ------------------------------------------------------- Hector Carlos Fridman, the court-appointed trustee for Rincon del Abasto SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 6, 2012. Mr. Fridman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 5, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Hector Carlos Fridman Av. Gaona 1925 Argentina =========== B R A Z I L =========== BANCO FIBRA: Moody's Issues Summary Credit Opinion -------------------------------------------------- Moody's Investors Service issued a summary credit opinion on Banco Fibra S.A. and includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Banco Fibra S.A. Moody's current ratings on Banco Fibra S.A. are: Senior Unsecured (foreign currency) ratings of Ba2 Senior Unsecured MTN Program (foreign currency) ratings of (P)Ba2 Long Term Bank Deposits (domestic and foreign currency) ratings of Ba2 Bank Financial Strength ratings of D Subordinate (foreign currency) ratings of Ba3 Short Term Bank Deposits (domestic and foreign currency) ratings of NP Other Short Term (foreign currency) ratings of (P)NP NSR Long Term Bank Deposits (domestic currency) ratings of Aa3.br NSR Short Term Bank Deposits (domestic currency) ratings of BR-1 Ratings Rationale Moody's assigns Banco Fibra S.A. (Fibra) a bank financial strength rating (BFSR) of D, which maps to a Baseline Credit Assessment (BCA) of ba2. Fibra's traditional midsize franchise, which is based on a mature middle-market lending operation and its consumer finance platform, supports the rating. Inroads into consumer financing deliver a more diversified revenue stream; nevertheless, earnings sustainability is key as Fibra faces a domestic market that is increasingly competitive, particularly in its retail finance and vehicle finance segments. This competitiveness pressure funding conditions and business generation. As the bank strategically repositioned itself since 2007, it gradually replaced its previously volatile earnings stream with earnings from the high-yielding consumer finance business; at the same time management has been prioritizing scale and margins. Moody's continues to monitor management's ability to face these challenges as it executes its plans for growth while it looks to sustain a disciplined approach to risk origination and to improve profitability metrics to recurrent levels. Management's goal of expanding the bank's lending portfolio will likely extend the duration of its loan book, while increasing leverage. Frequent capital injection received from controlling and minority shareholders (IFC Group) has been supporting ambitious growth plans of its lending segment. Moody's does not believe systemic support would be extended to Banco Fibra because of the bank's small participation in the retail deposits market. Hence, Moody's assigns Banco Fibra a global local currency (GLC) deposit rating of Ba2: no upward notch adjustment derives from the bank's BCA. Rating Outlook On April 29, 2011, Moody's changed the outlook on Banco Fibra S.A. (Fibra)'s ratings to stable from positive, but the Not Prime short-term local- and foreign-currency deposit ratings and BR-1 short-term national scale rating remained unchanged, and Moody's affirmed all Fibra's ratings. In changing the outlook, Moody's noted that the bank's ongoing expansion into consumer lending will likely be challenged by less favorable market conditions and by restrictive regulations, including higher capital requirement for longer dated consumer loans. Fibra, therefore, may experience a delay in the execution of its diversification strategy to the extent that additional capital may be required for the loan book, as well as in response to additional investments needed to consolidate this line of business. What Could Change the Rating - Up Fibra's primary challenges are (a) the consolidation of its consumer business platform and (b) achieving further improvements in financial fundamentals to levels comparable with those of D+ regional bank peers. Positive rating consequences could materialize if the trend of improving recurring earnings power continues and if Fibra is able to keep up the diversification of its funding sources to support credit activities expansion. The consolidation of its consumer banking platform in times of harsh competition should manage the expected squeeze in margins. Having sustainable healthy credit quality and low concentration risk, relative to peers, could result in a possible ratings upgrade. What Could Change the Rating - Down Should Banco Fibra be unable to maintain its position in the middle-market lending segment and not consolidate itself as a consumer lender, there could be a downgrade if this were to translate into increased credit costs and lower profitability. Management is challenged to manage potential pressures in asset quality levels stemming from the emerging vehicle financing portfolio. Deterioration of liquidity metrics or a fast consumption of the bank's capital base could depress its ratings. The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. GRUPO SUPERVIELLE: Moody's Gives 'B1' Local Currency Debt Rating ---------------------------------------------------------------- Moody's Investors Service assigned a B1 global local currency senior debt rating to Grupo Supervielle S.A.'s (GS) fifth expected issuance for an amount up to AR$ 90 million, which will be due in 18 months. At the same time, on the National Scale, Moody's assigned Aa3.ar local currency debt rating to the issuance. The outlook of the debt ratings is under review for possible downgrade, as a result of the action taken on several Argentinean banks last March 16, 2012. The following ratings were assigned to Grupo Supervielle S.A.: Fifth issuance up to AR$ 90 million: B1 Global Local Currency Senior Debt Rating Aa3.ar Argentina National Scale Local Currency Senior Debt Rating Ratings Rationale Grupo Supervielle S.A. is headquartered in Buenos Aires, Argentina, and reported consolidated assets of AR$ 865 million and consolidated equity of AR$ 677 million, as of December 2011. ROTA DAS BANDEIRAS: Moody's Affirms 'Ba1' Issuer Ratings -------------------------------------------------------- Moody's America Latina affirmed Rota das Bandeiras' issuer ratings of Ba1 on the global scale and Aa2.br on the Brazilian national scale, and the Ba1 and Aa2.br ratings assigned to its BRL1.1 billion senior secured long-term debentures due in 2022. The outlook for those ratings remains stable. Ratings Rationale The ratings reflect the essential role that the Rota das Bandeiras' road complex fills in one of the most densely populated and economically critical regions of the country. The ratings also reflect the relatively stable regulatory environment for toll roads operating in the State of Sao Paulo and the manageable level of construction risk. In addition, the financing and legal structures provide the debenture holder baseline protections which include a 1.2x minimum debt service coverage ratio, restrictions on dividend distribution and leverage increases, as well as reserve fund requirements. The inherently start-up nature of this recently awarded concession constrains the rating as evidence of actual operating performance is limited. Albeit lower than initially forecast, the credit metrics remain strong for the Ba1 rating category. Moody's revised projections indicate cash interest coverage in the 1.7x-2.2x range over the next 12-18 months, while funds from operations (FFO) will be around 9% total debt. The credit metrics in 2012 will be somewhat lower than in 2011 as a result of higher cash needs related to the scheduled debt amortization. On the other hand, RCF/Capex is expected above 1.0x as a result of the delays incurred in the execution of the original investment plan. The stable outlook reflects continued strong financial support of Rota das Bandeiras' shareholders and the stable regulatory framework in the state of Sao Paulo. The rating or the outlook could be upgraded should operating performance improve significantly and credit metrics are in line or above projections so that the FFO to debt ratio remains above 15% and cash interest coverage stays above 3.0x on a sustainable basis. The rating or the outlook could be downgraded if the company fails to comply with the financial covenants including the renewal of the bank letter of credit covering the debt service and operational requirements of its debt agreements or operational performance falls below expectations generating weaker credit metrics such that the FFO to debt ratio falls below 10%, and the cash interest coverage ratio remains below 2.0x for an extended period. Anticipation of dividend payments or capital expenditures that generate a Retained Cash Flow to Capex below 1.0x would also produce negative rating pressure. Concessionaria Rota das Bandeiras S.A. holds a 30-year concession to operate the toll road services of the Dom Pedro I corridor, a 298-kilometer road in the state of Sao Paulo that the Agˆncia Reguladora de Servi‡os Publicos Delegados de Transporte do Estado de Sao Paulo (ARTESP), granted the concession in April 2009. Rota das Bandeiras reported net revenues of BRL384 million (US$230 million) excluding non-cash construction revenues and EBITDA of BRL258 million (US$155 million) in 2011. USINAS SIDERURGICAS: Moody's Downgrades Global Rating to 'Ba2' -------------------------------------------------------------- Moody's Investors Service downgraded Usinas Siderurgicas de Minas Gerais S.A., (Usiminas), lowering the global rating to Ba2 from Baa3 and the Brazilian national scale rating to Aa3.br from Aa1.br. At the same time, Moody's assigned Ba2/Aa3.br corporate family ratings and withdrew the Baa3 issuer rating for Usiminas. The rating outlook is stable. This concludes the rating review which began on March 9, 2012. The ratings affected by this action are as follows: Issuer: Usinas Siderurgicas de Minas Gerais S.A. - USD500 million Senior Unsecured Global MTN Program: to (P) Ba2 from (P) Baa3 Foreign Currency Rating - BRL500 million local currency subordinated unsecured debentures due 2013: to Ba3 / A1.br from Ba1/Aa2.br - Assigned Ba2/Aa3.br corporate family ratings. - The Baa3 issuer rating has been withdrawn Issuer: Cosipa Commercial Ltd. - USD200 million senior unsecured notes due 2016, guaranteed by Usiminas: to Ba2 from Baa3 - USD500 million Global MTN Program: to (P) Ba2 from (P) Baa3 Issuer: Usiminas Commercial Ltd. - USD400 million senior unsecured notes due 2018, guaranteed by Usiminas: to Ba2 from Baa3 - USD500 million Global MTN Program: to (P) Ba2 from (P) Baa3 Ratings Rationale The downgrade reflects the continued deterioration in the company's operating results during 1Q12, a trend evidenced since 2009 due to weakening fundamentals of the Brazilian and global steel markets, increased input costs and fierce competition from imports due to a stronger Real amid excess global steel capacity, resulting in credit metrics no longer commensurate with an investment grade profile. Usiminas' credit profile has worsened considerably, culminating in weaker cash flow generation, a low interest coverage ratio (1.2x in the LTM ended March 31, 2012) and higher leverage stemming mostly from a weaker earnings base (adjusted gross leverage of 7.4x in the LTM ended March 2012). As a result, the company's ability to meet covenant levels under its financing facilities has diminished, despite its comfortable liquidity position (BRL4.8 billion cash balance as of March 31, 2012). Although Usiminas' investments in the steel segment will be concluded in 1H2012, partially alleviating capex pressure and improving product competitiveness, current domestic and international markets are not expected to recover substantially in the medium term. The domestic market will likely continue to be impacted by imports of steel and steel products as it will take time to realize benefits from the recently announced government measures that target local content incentives for the automotive industry and the tax regime changes designed to foster greater competition in the industrial sector. Usiminas has undertaken its own initiatives to regain its competitiveness and has concentrated its investments in iron ore expansion and energy self-sufficiency; however, the company's ongoing investments will only start to be beneficial in 2013-2014 timeframe, as the company is committed to deliver all projects on schedule. Consequently, vulnerability to volatility in key input costs will remain over the short to medium term, preventing meaningful free cash flow improvement. The stable outlook reflects Moody's expectations that market conditions for steel producers in Brazil will gradually improve, that imports will not increase further and that Usiminas will prudently manage capital expenditures and dividend distributions in order to maintain strong liquidity. Moody's stable outlook also takes into consideration the fact that Usiminas will focus on improving its operating margin and deleveraging its balance sheet. Although not likely in the near to mid-term, an upgrade in ratings or outlook could occur if operating results improve faster than expected, supported by solid demand recovery in the domestic market and higher price premiums to international prices, as well as a sustained recovery in margins and in cash flow from operations. Longer term, an upgrade would require that adjusted net debt (net of cash exceeding BRL1.3 billion) to EBITDA remain below 3x on a sustainable basis (4.8x as of the LTM ended March 31, 2012). The ratings or outlook could suffer additional negative pressure should adjusted EBIT margin stay consistently below 5% (4.5% as of the LTM ended March 31, 2012), and cash flow from operations less dividends to net adjusted debt (net of cash exceeding BRL1.3 billion) remain below 15% (21% as of twelve months ended March 31, 2012) without prospects for near-term improvements. A downgrade could also be triggered if adjusted net debt to EBITDA (net of cash exceeding BRL 1.3 billion) remain persistently above 4x. A marked deterioration in the company's liquidity could also precipitate a downgrade. Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) is the largest integrated flat-steel manufacturer in Latin America, with production of 6.6 million tons of crude steel and consolidated net revenues of BRL11.7 billion (approximately USD 6.9 billion converted by the average exchange rate) in the twelve months ended March 31, 2012. Usiminas also owns iron ore mining activities, steel distribution and capital goods subsidiaries and operates downstream facilities in Brazil. =========================== C A Y M A N I S L A N D S =========================== MAN LEADING: Creditors' Proofs of Debt Due May 28 ------------------------------------------------- The creditors of Man Leading Edge CHF (Feeder) Ltd are required to file their proofs of debt by May 28, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MEZZ FUND II: Creditors' Proofs of Debt Due June 15 --------------------------------------------------- The creditors of Mezz Fund II Equity Limited are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MEZZ FUND II EQUITY: Creditors' Proofs of Debt Due June 15 ---------------------------------------------------------- The creditors of Mezz Fund II Equity Investments Limited are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MEZZ FUND II HOLDINGS: Creditors' Proofs of Debt Due June 15 ------------------------------------------------------------ The creditors of Mezz Fund II Holdings Limited are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MEZZ FUND II INVESTMENTS: Creditors' Proofs of Debt Due June 15 --------------------------------------------------------------- The creditors of Mezz Fund II Investments Limited are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MEZZ FUND II LIMITED: Creditors' Proofs of Debt Due June 15 ----------------------------------------------------------- The creditors of Mezz Fund II Limited are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands NYDS HOLDING: Creditors' Proofs of Debt Due June 14 --------------------------------------------------- The creditors of NYDS Holding Limited are required to file their proofs of debt by June 14, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands PR FINANCE: Creditors' Proofs of Debt Due June 14 ------------------------------------------------- The creditors of PR Finance Limited are required to file their proofs of debt by June 14, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands SUMITOMO LIFE: Creditors' Proofs of Debt Due June 7 --------------------------------------------------- The creditors of Sumitomo Life Fundings Cayman Limited II are required to file their proofs of debt by June 7, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 18, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TESORO HOLDINGS: Creditors' Proofs of Debt Due June 14 ------------------------------------------------------ The creditors of Tesoro Holdings Limited are required to file their proofs of debt by June 14, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2012. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Records US$38 Million Loss in 2011 ----------------------------------------------- Steven Jackson at The Gleaner reports that Air Jamaica Limited continues to incur losses under its new owner, Caribbean Airlines Limited. Still, Air Jamaica's US$38 million loss was a 75% improvement over the previous year when the airline lost some US$150 million, according to the project manager on the divestment committee and a union expert, according to Air Jamaica Limited. The report notes that Jamaica continues to own a piece of Air Jamaica by way of its 16% stake in Caribbean Airlines -- a connection that Bustamante Industrial Trade Union representative Kavan Gayle said will require the Jamaican Government to address the airline's loss to protect jobs and passengers. The Gleaner, citing Trinidad Express, notes that Trinidad's transport minister disclosed in parliament that Caribbean Airlines made a US$58 million loss and that Air Jamaica lost US$38 million. The report relays that fuel costs and administrative expenses were factored into the loss. The Gleaner discloses that Mr. Gayle met with management last month but was not briefed on the financial performance or prospects for gliding the airline into profitability. The airline, however, has conducted a series of job cuts over the year in an effort to consolidate its operations with its Trinidad parent, the report notes. The Gleaner relays that Mr. Gayle questioned the reason for the continued losses, saying there ought to be a strategic plan to change its trajectory. 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. OLINT CORP: No word on Payout to Investors ------------------------------------------ RJR News reports that nearly four years after the collapse of Olint Corporation Limited, Jamaican investors in the David Smith- led scheme are worried that they are yet to hear when they'll receive a payout. The Association of Concerned Olint Members, ACOM, said its members are not happy with the silence on whether progress is being made in organizing a payment scheme, according to RJR News. The report notes that spokesman for the group, Dr. Godfrey McCallister, said the members have resigned themselves to the fact that they will recover only a fraction of their investments. At the same time, Mr. McCallister said while the wait continues, many Olint investors are struggling to make ends meet, the report notes. As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2011, Caribbean360.com said that Mr. Smith was sentenced to 30 years in a U.S. federal jail for defrauding thousands of investors through a Ponzi scheme. Before serving the sentence Mr. Smith will be returned to the Turks and Caicos Islands to serve a six-and-a-half-year sentence that was imposed in September 2010 after he pleaded guilty to fraud and conspiracy charges, stemming from the same Olint scheme, according to Caribbean360.com. The report related that American authorities will seek his extradition after he completes the jail time in the Caribbean island. Caribbean360.com noted that U.S. District Judge Mary Scriven has ordered that Mr. Smith's federal sentence run concurrently with his sentence in the TCI, which means he will spend just under 24 years in U.S. jail. Olint Corporation Limited was an investment club owned by David Smith. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2010, RadioJamaica said United States authorities sought to extradite Mr. Smith from Turks and Caicos Islands for his involvement in financial fraud cases. The Jamaica Gleaner said that Mr. Smith was indicted on 23 charges in the United States. The report related that the indictment handed down in the U.S. District Court for the Middle District of Florida, Orlando Division, charged Mr. Smith with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity. Caribbean News Now related that Mr. Smith defrauded more than US$200 million from thousands of investors in Jamaica, the Turks and Caicos Islands and Florida. * JAMAICA: Unemployment Rate Increases -------------------------------------- RJR News reports that the Statistical Institute of Jamaica, STATIN, says the unemployment rate for January was 14.1%. The number of unemployed people increased by 13,700 between January last year and this year moving from 163,500 to 177,200, according to RJR News. There were 1,083,400 people employed in January this year which was a 0.7% decline from the corresponding period last year, RJR News says. =========== M E X I C O =========== ING BANK: S&P Lowers Global Issuer Credit Rating to 'BB-/B' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale issuer credit rating (ICR) to 'BB-/B' from 'BBB-/A-3' and Mexican national-scale rating to 'mxA-/mxA-2' from 'mxAA/mxA-1+' on ING Bank Mexico S.A. "In addition, we have lowered our rating on the bank's UDIS125.2 million (MXN400 million) nonpreferred, noncumulative, subordinated nonstop-up notes to 'mxBBB' from 'mxAA-'," S&P said. "The downgrade follows our revision of the bank's group status to a nonstrategic subsidiary status from strategic. We believe that the business operation in Mexico is no longer aligned with the long-term strategy of the parent bank ING Bank N.V. As such, the ICR rating on ING Bank Mexico will receive no parent support for its stand-alone credit profile," S&P said. MEXICANA AIRLINES: Med Atlantica Buys Holding Company ----------------------------------------------------- Carlos Manuel Rodriguez at Bloomberg News, citing an e-mailed, reports that Compania Mexicana de Aviacion or Mexicana Airlines said Med Atlantica is the new owner of its holding company's shares. Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on Aug. 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. ===================== P U E R T O R I C O ===================== HEALTH DISTILLERS: Case Summary & 4 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Health Distillers International, Inc. Bda. Buena Vista 167 Quisqueya Hato Rey, PR 00917 Bankruptcy Case No.: 12-03574 Chapter 11 Petition Date: May 7, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: notices@condelaw.com Scheduled Assets: US$4,520,825 Scheduled Liabilities: US$3,024,332 A copy of the Company's list of its four largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/nysb12-36165.pdf The petition was signed by Andrew Bert Foti, president. Affiliate that filed separate Chapter 11 petition: Entity Case No. Petition Date ------ -------- ------------- International Home Products, Inc. 12-02997 04/19/12 =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: To Unveil Tough Measures to Stop Financial Loss -------------------------------------------------------------- RJR News reports that Caribbean Airlines Limited Chairman Rabindra Moonan said that strong action will be taken in two weeks to halt the entity's financial losses. It includes cutting unprofitable Caribbean Airlines and Air Jamaica Limited routes, according to RJR News. Trinidad's Transport Minister Devant Maharaj officially introduced Mr. Moonan to the other members of the CAL board and mandated them to start cutting costs as quickly as possible RJR News notes. The report relates that Mr. Maharaj says focus will be on areas where there may be bloated expenditure. Air Jamaica's Director, Dennis Lalor has been asked to look at ways to reduce expenditure with respect to operational costs RJR News discloses. The report relates that Mr. Maharaj will reportedly visit Jamaica to meet with Transport Minister Dr. Omar Davies to discuss synergies that need to be addressed. RJR News notes that Mr. Maharaj also requested a detailed break down of the airlines' debts that was presented by Finance Minister Winston Dookeran in Parliament. Short-term action plans will be taken to reduce overheads -- such as reducing the operational costs in Jamaica by revisiting hangar and office spaces, RJR News says. Caribbean Airlines recorded an unaudited loss of US$52.8 million in 2011 while Air Jamaica racked up a loss of US$38 million, RJR News adds. About Caribbean Airlines Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 7 to May 11, 2012 -------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 68.3 ARGENT- PAR 1.18 12/31/2038 ARS 39.5 ARGENT- DIS 7.82 12/31/2033 EUR 57.9 ARGENT- DIS 7.82 12/31/2033 EUR 57.3 ARGENT- DIS 7.82 12/31/2033 EUR 59.5 ARGENT- DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT BOGAR 2 2/4/2018 ARS 145 ARGNT-BOCON PRE9 2 3/15/2014 ARS 71.9 BANCO MACRO SA 9.75 12/18/2036 USD 72 BANCO MACRO SA 9.75 12/18/2036 USD 70.4 BANCO MACRO SA 9.75 12/18/2036 USD 70.4 CAPEX SA 10 3/10/2018 USD 71 CAPEX SA 10 3/10/2018 USD 71.9 EMP DISTRIB NORT 9.75 10/25/2022 USD 56.5 EMP DISTRIB NORT 9.75 10/25/2022 USD 57 EMP DISTRIB NORT 10.5 10/9/2017 USD 65.1 PROV BUENOS AIRE 9.625 4/18/2028 USD 63.8 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.1 PROV BUENOS AIRE 10.875 1/26/2021 USD 69.1 PROV BUENOS AIRE 9.375 9/14/2018 USD 68 PROV BUENOS AIRE 10.875 1/26/2021 USD 69.8 TRANSENER 9.75 8/15/2021 USD 59.5 TRANSENER 9.75 8/15/2021 USD 70.4 BRAZIL ------ ANCO BONSUCESSO 9.25 11/3/2020 USD 74.4 BANCO BONSUCESSO 9.25 11/3/2020 USD 70.9 BANCO CRUZEIRO 8.875 9/22/2020 USD 68.9 BANCO CRUZEIRO 8.875 9/22/2020 USD 68.4 BANCO CRUZEIRO 8.25 1/20/2016 USD 75 REDE EMPRESAS 11.125 USD 40 REDE EMPRESAS 11.125 USD 38 REDE EMPRESAS 11.125 USD 47.8 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 59.1 BCP FINANCE BANK 5.01 3/31/2024 EUR 50 BCP FINANCE BANK 5.31 12/10/2023 EUR 52.5 BCP FINANCE CO 5.543 EUR 32.7 BCP FINANCE CO 4.239 EUR 33.2 BES FINANCE LTD 5.58 EUR 43.2 BES FINANCE LTD 4.5 EUR 51.2 CAM GLOBAL FIN 6.08 12/22/2030 EUR 66.9 CHINA AUTOMATION 7.75 4/20/2016 USD 75.3 CHINA FORESTRY 10.25 11/17/2015 USD 50 CHINA FORESTRY 10.25 11/17/2015 USD 48.1 CHINA SUNERGY 4.75 6/15/2013 USD 52 EFG ORA FUNDING 1.7 10/29/2014 EUR 53.5 ESFG INTERNATION 5.753 EUR 34.9 GOL FINANCE 8.75 USD 77.8 GOL FINANCE 8.75 USD 75 HOME INNS 2 12/15/2015 USD 74.5 HOME INNS 2 12/15/2015 USD 73.2 JINKOSOLAR HOLD 4 5/15/2016 USD 51.8 LDK SOLAR CO LTD 10 2/28/2014 CNY 45.7 LDK SOLAR CO LTD 4.75 4/15/2013 USD 61 LDK SOLAR CO LTD 4.75 4/15/2013 USD 61.6 LDK SOLAR CO LTD 4.75 4/15/2013 USD 61 LUPATECH FINANCE 9.875 USD 74 LUPATECH FINANCE 9.875 USD 71.1 PUBMASTER FIN 6.962 6/30/2028 GBP PUBMASTER FIN 8.44 6/30/2025 GBP PUBMASTER FIN 5.943 12/30/2024 GBP 73 PUNCH TAVERNS 4.767 6/30/2033 GBP 72.4 RENHE COMMERCIAL 11.75 5/18/2015 USD 58.6 RENHE COMMERCIAL 13 3/10/2016 USD 60 RENHE COMMERCIAL 13 3/10/2016 USD 58.8 RENHE COMMERCIAL 11.75 5/18/2015 USD 58.9 SOLARFUN POWER H 3.5 1/15/2018 USD 67.3 SOLARFUN POWER H 3.5 1/15/2018 USD 66.8 SUNTECH POWER 3 3/15/2013 USD 68.8 SUNTECH POWER 3 3/15/2013 USD 69.4 CHILE ----- CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.2 COLBUN SA 3.2 5/1/2013 CLP 49.4 ESVAL S.A. 3.8 7/15/2012 CLP 12.6 MASISA 4.25 10/15/2012 CLP 10 QUINENCO SA 3.5 7/21/2013 CLP 25.6 PROV BUENOS AIRE BANCO SANTANDER 6.1 6/1/2032 USD 62.8 BANCO SANTANDER 6.3 6/1/2032 USD 67.8 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 56.6 PUERTO RICO CONS 6.5 4/1/2016 USD 69.5 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 73.8 PETROLEOS DE VEN 5.5 4/12/2037 USD 57.5 PETROLEOS DE VEN 5.375 4/12/2027 USD 57 PETROLEOS DE VEN 5.25 4/12/2017 USD 73 VENEZUELA 7 3/31/2038 USD 68 VENEZUELA 7 3/31/2038 USD 69 VENEZUELA 6 12/9/2020 USD 72 VENEZUELA 7.65 4/21/2025 USD 74 *********** 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 * * *