/raid1/www/Hosts/bankrupt/TCRLA_Public/120515.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, May 15, 2012, Vol. 13, No. 096
Headlines
A N T I G U A
INTERACCIONES BANKING: Chapter 15 Case Summary
B E R M U D A
INTERCITY TIRE: Members' Final Meeting Set for June 11
B A H A M A S
* BAHAMAS: Accountants Say Country is Underperforming
B R A Z I L
BANCO PANAMERICANO: 1Q Net Profit Falls 96% to BRL2.9 Million
C A Y M A N I S L A N D S
ATLANTIC BA: Commences Liquidation Proceedings
BLACKROCK ELITE I: Creditors' Proofs of Debt Due June 7
BLACKROCK ELITE II: Creditors' Proofs of Debt Due June 7
BLACKROCK ELITE III: Creditors' Proofs of Debt Due June 7
CHATHAM LIGHT: Creditors' Proofs of Debt Due June 7
CHESHIRE INVESTMENTS: Creditors' Proofs of Debt Due May 31
ISM EMERGING: Creditors' Proofs of Debt Due June 7
JAZEERA LEASING 2: Creditors' Proofs of Debt Due June 7
JAZEERA LEASING 3: Creditors' Proofs of Debt Due June 7
YAESU-SCF HOLDING: Creditors' Proofs of Debt Due June 7
G U Y A N A
GUYSUCO: Rain Cause Firm to Fall Short of Production Target
M E X I C O
CORPOVAEL SA: Moody's Affirms 'Ba3' Global Scale Currency Rating
T R I N I D A D & T O B A G O
PETROTRIN: Government to Renew Trinmar License
V I R G I N I S L A N D S
FAIRFIELD SENTRY: Liquidator Seeks US$7MM in 3 New Clawback Suits
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=============
A N T I G U A
=============
INTERACCIONES BANKING: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Petitioner: Charles Walwyn and Robert Wilkinson
PricewaterhouseCoopers in Antigua,
as Joint Liquidators
Chapter 15 Debtor: Interacciones Banking Corporation, Ltd.
Jasmine Court, Suite 19
Friars Hill Road
St. John's
Antigua
Chapter 15 Case No.: 12-33561
Chapter 15 Petition Date: May 9, 2012
Court: U.S. Bankruptcy Court
Southern District of Texas (Houston)
Judge: Karen K. Brown
About the Debtor: The Antiguan liquidators filed the Chapter 15
petition to stop a U.S. lawsuit involving
assets of the winding up company. The
liquidators filed a petition to wind up IBC in
October 2011. They concluded in June 2011 that
IBC was insolvent and unable to pay creditors,
with a deficit of US$18.8 million as of June
30, 2011.
Petitioners'
Counsel: Alison Leigh Smith, Esq.
MCDERMOTT WILL & EMERY, LLP
1000 Louisiana Street, 39th Floor
Houston, TX 77002
Tel: (713) 653-1753
E-mail: alsmith@mwe.com
Estimated Assets: US$1,000,001 to US$10,000,000
Estimated Debts: US$10,000,001 to US$50,000,000
=============
B E R M U D A
=============
INTERCITY TIRE: Members' Final Meeting Set for June 11
------------------------------------------------------
The members of Intercity Tire (Bermuda) Limited will hold their
final meeting on June 11, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Ernest A. Morrison is the company's liquidator.
=============
B A H A M A S
=============
* BAHAMAS: Accountants Say Country is Underperforming
-----------------------------------------------------
Caribbean360.com reports that a sobering report has revealed low
levels of professional confidence in The Bahamas, a stark
contrast to the worldwide view.
The comprehensive survey involving thousands of accountants from
around the world notes that business confidence in The Bahamas is
the lowest in the Caribbean, according to Caribbean360.com. The
report relates that the Global Economic Conditions Survey,
conducted by the Association of Chartered Certified Accountants
(ACCA) and the Institute of Management Accountants (IMA), gauges
the economic climate through the lens of more than 2,200 finance
professionals worldwide.
While Jamaica has seen an improvement in business confidence, the
region at large is underperforming compared the rest of the
Americas, Caribbean360.com notes.
Meanwhile, the report says that the survey places The Bahamas at
the bottom of the list.
"The Bahamas has underperformed compared to the rest of the
region amidst pre-election uncertainty, ending 2011 with lower
confidence levels and additionally gaining less confidence than
other Caribbean countries in the first months of 2012. . . .
Although the employment outlook and general business conditions
across the region appear to have improved, businesses are still
under a lot of pressure and respondents have cited fewer new
value-added business opportunities," the report quoted Brenda
Lee-Tang, the head of ACCA Caribbean, as saying.
Caribbean360.com notes that in contrast, total respondents around
the world felt more confident, increasing from 16% in 2011 to 29%
early this year. The report says that while 54% believed the
global economy was still deteriorating or stagnating, that figure
is down from 73% in the previous year.
At least one school of opinion has linked the poor results for
The Bahamas to the ongoing election, uncertainty of the country's
economic future and the resulting lack of consumer and investor
confidence, Caribbean360.com discloses.
The Bahamas felt the full weight of the crisis in 2011, suffering
two major downgrades, the report adds.
===========
B R A Z I L
===========
BANCO PANAMERICANO: 1Q Net Profit Falls 96% to BRL2.9 Million
-------------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswires reports that Banco
Panamericano SA's first quarter net profit drop 96% to BRL2.9
million due to a decline in its credit portfolio and higher
provisions.
Banco Panamericano ended the first quarter with a total credit
portfolio of BRL10.18 billion, down from BRL10.21 billion in the
year-ago period, according to Dow Jones Newswires. The report
notes that the larger part of the bank's credit portfolio is
composed of auto vehicles financing.
Dow Jones' Newswires says that with non-performing loans
increasing in this area, the bank, along with its local peers,
reduced credit for vehicle purchase in the period. The report
relays that provisions increased 25% in the first quarter to
BRL341 million.
Dow Jones' Newswires notes that total assets were worth BRL14.81
billion at the end of the first quarter, up from BRL13.4 billion
in the year-ago period.
In January 2011, the report recalls that local investment bank
BTG Pactual SA bought a 51% stake from Panamericano's previous
owner, entertainment mogul Silvio Santos, for BRL450 million.
Brazilian government-run mortgage bank Caixa Economica Federal
holds the remaining 49% stake in Panamericano, the report says.
About Banco Panamericano
Banco Panamericano SA offers loans, personal credit, investments,
credit cards, and lease financing. Banco Panamericano operates
throughout Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank. According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.
As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency
subordinated debt rating.
===========================
C A Y M A N I S L A N D S
===========================
ATLANTIC BA: Commences Liquidation Proceedings
----------------------------------------------
On April 11, 2012, the sole shareholder of Atlantic BA Holdings
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.
The company's liquidator is:
William D. Hawkins III
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
BLACKROCK ELITE I: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Blackrock Elite Portfolio I (U.S. Dollars)
Limited 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 17, 2012.
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
BLACKROCK ELITE II: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------
The creditors of Blackrock Elite Portfolio II (U.S. Dollars)
Limited 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 17, 2012.
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
BLACKROCK ELITE III: Creditors' Proofs of Debt Due June 7
---------------------------------------------------------
The creditors of Blackrock Elite Portfolio III (U.S. Dollars)
Limited 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 17, 2012.
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
CHATHAM LIGHT: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Chatham Light CLO, Limited 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 16, 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
CHESHIRE INVESTMENTS: Creditors' Proofs of Debt Due May 31
----------------------------------------------------------
The creditors of Cheshire Investments Limited are required to
file their proofs of debt by May 31, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 23, 2012.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170 George Town
Grand Cayman KY1-1102
Cayman Islands
ISM EMERGING: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of ISM Emerging Markets Structured Equity Fund
Limited 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 Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
JAZEERA LEASING 2: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Jazeera Leasing Company 2 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 19, 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
JAZEERA LEASING 3: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Jazeera Leasing Company 3 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 19, 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
YAESU-SCF HOLDING: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Yaesu-SCF Holding Limited 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 17, 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
===========
G U Y A N A
===========
GUYSUCO: Rain Cause Firm to Fall Short of Production Target
-----------------------------------------------------------
RJR News reports that heavy rainfall in Guyana over the last few
months has caused Guyana Sugar Corporation to fall 30,000 tones
behind its 101,000-tonne production target for the first crop.
GuySuCo's Chief Executive Officer Paul Bhim said the rainy
weather coupled with management issues and poor turnout by
harvesters, has led the sugar corporation to the stage it is
presently in, according to RJR News. The report relates that
GuySuCo presently employs 18,000 people throughout its
operations.
The industry indirectly provides employment for approximately
135,000 people, the report notes.
The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a
Guyanese sugar company owned by the government. It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production. They are also
notable of Demerara Sugar, and also honey and sweeteners.
* * *
As reported in the Troubled Company Reporter-Latin America on
December 18, 2009, Caribbean Net News said sugar workers at all
sugar estates across Guyana went on strike in protest of a 3% pay
increase they are set to receive from the Guyana Sugar
Corporation for 2009, which will be paid in 2010. According to
the report, an arbitration panel ruled that the workers should
receive the 3% increase that they are demanding. However, the
report related, the corporation said it cannot make the payments.
===========
M E X I C O
===========
CORPOVAEL SA: Moody's Affirms 'Ba3' Global Scale Currency Rating
----------------------------------------------------------------
Moody's de Mexico upgraded the issuer rating of Corpovael, S.A.
de C.V. to Baa2.mx on the national scale (B1 on the global scale)
and changed the outlook to stable. This concludes the review
begun on March 26. The upgrade reflects the company's successful
placement of the previously announced US$300 million peso bond
with a partial credit guarantee from Nacional Financiera (Nafin,
unrated by Moody's). Concurrently, Moody's affirms Corpovael's
bond with a partial credit guarantee from Nafin at A3.mx on the
national scale and Ba3 on the global scale, local currency. The
rating outlook is stable.
Ratings Rationale
The issuer rating continues to reflect Corpovael's solid earnings
growth and modest leverage ratio, coupled with efficient
operating processes and cost controls. These positive factors are
offset by the substantial geographic concentration in the State
of Quintana Roo, whose economy is largely reliant on the tourism
sector. Mortgages used as take-out financing on the majority of
Corpovael's construction loans are allocated almost exclusively
by Mexican Workers' Housing Fund (INFONAVIT). Other challenges
include the business's reliance on the Mexican government's
support of housing as well as Mexico's economic and political
environment.
The stable outlook takes into consideration continued growth in
this sector while at least maintaining fixed charge coverage,
leverage (as measured by Debt/LTM EBITDA) and EBITDA margin
ratios at current levels. The stable outlook also reflects
Moody's expectation that Corpovael will gradually reduce its
exposure to Quintana Roo through expansion in the southeast
region of the country while continuing to improve efficiencies in
land development.
Further rating improvements will be difficult in the medium-term,
however would be predicated upon broader access to the capital
markets and terming out its short-term construction financing
while moving towards a more unsecured debt capital structure.
Upward movement in the rating would also require maintenance of
its current credit metrics and operating margins with a decrease
in geographic concentration in the State of Quintana Roo closer
to 30% (based on participation in the market). Conversely,
downward rating pressure would result from substantial missteps
in its growth and geographic diversification strategy as
evidenced by consistent negative free cash flow generation. In
addition, downward rating movements would occur should total debt
to total assets levels rise closer to 35%, with EBITDA margins
sustained below the mid-20% range and fixed charge coverage
falling consistently below 3.0x.
The following rating was upgraded with a stable
outlook:Corpovael, S.A. de C.V. - Issuer rating to B1/Baa2.mx
The following rating was affirmed with a stable outlook:
Corpovael, S.A. de C.V. - bond with a partial credit guarantee
from Nafin at Ba3/A3.mx
Moody's last rating action with respect to CADU took place on
March 26, 2012 when Moody's de Mexico assigned a provisional
A3.mx national scale rating to the proposed bond issuance of
Corpovael, S.A. de C.V. ("CADU") ((P)Ba3 global scale, local
currency). Concurrently, the company's B2/Baa3.mx issuer rating
was placed on review up. Moody's withdrew the Baa3.mx national
scale rating previously assigned to the company's proposed MTN
program.
Corpovael, S.A. de C.V., based in Cancun, Mexico, is a private,
fully integrated homebuilder engaged in the design, development,
construction, marketing, commercialization and delivery of
affordable-level housing communities. As of March 31, 2012, CADU
had approximately US$2.1 billion Mexican pesos in assets and
US$930 million Mexican pesos in shareholders' equity.
===============================
T R I N I D A D & T O B A G O
===============================
PETROTRIN: Government to Renew Trinmar License
----------------------------------------------
Carla Bridglal at Trinidad Express reports that Trinidad and
Tobago Ministry of Energy Kevin Ramnarine will be renewing
Petroleum Company of Trinidad and Tobago's license for Trinmar.
"It is our view that Petrotrin has demonstrated it has a well
thought out strategy to increase production in Trinmar from where
it is, from 21,000 barrels per day (bpd) to 35,000 bpd. There is
even potential for further upside to this number. . . . The
company has demonstrated a plan and that is what we wanted to
see; the ministry could not have been expected to just renew the
license. The last time the license had been renewed was 1982
(every 30 years). We had to see if the company could execute a
plan to meet our mandate (of increasing oil production). We feel
comfortable that it can do that," Trinidad Express quoted Mr.
Ramnarine as saying.
Mr. Ramnarine said that he hoped the Oilfields Workers' Trade
Union, which had voiced concern over what it described as the
potential privatization of the Trinmar asserted by the
government, will be satisfied with that response, according to
Trinidad Express.
Trinidad Express notes that Mr. Ramnarine said the ministry had
met with the union, and the meeting was "very productive", with
the OWTU bringing "several very good recommendations about how we
could make Trinmar and Petrotrin more effective".
In March, the report recalls that Petrotrin announced a "jubilee"
oil discovery in Trinmar's Soldado field off the southwest coast,
potentially worth 48 million barrels. Trinidad Express relays
that Mr. Ramnarine elaborated on the operations of Trinmar over
the last seven years, describing the 2005-2010 period of the
company's operations as "particularly frightening".
In these years, the report notes Mr. Ramnarine said that
production from Trinmar collapsed by almost 35%, during a time
when oil prices were at their highest. In 2009 and 2010, there
was no drilling-and hence minimal investment-in Trinmar, the
report adds.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters. According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards. The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned. Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT. The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade. The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.
===========================
V I R G I N I S L A N D S
===========================
FAIRFIELD SENTRY: Liquidator Seeks US$7MM in 3 New Clawback Suits
-----------------------------------------------------------------
Brian Mahoney at Bankruptcy Law360 reports that the foreign
representative tasked with liquidating Bernard L. Madoff feeder
fund Fairfield Sentry Ltd. launched three more clawback suits in
New York bankruptcy court Wednesday, seeking to recover some
US$7 million from financial institutions like Barclays Private
Bank and Trust Ltd.
According to Law360, Kenneth Krys, who is in charge of winding
down Fairfield Sentry, Fairfield Sigma Ltd. and Fairfield Lambda
Ltd. in a British Virgin Islands proceeding, filed the complaints
in New York against Barclays, Luxembourg-based Select Absolute
Strategies SICAV and Hyposwiss Private Bank Geneve SA.
About Fairfield Sentry
Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands. It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City. Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.
Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.
Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.
On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008. Since 1995, the Fairfield funds
invested about US$4.5 billion with BLMIS.
Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPTD AR IMPSAT FIBER-$US 535007008 -17164978
IMPT AR IMPSAT FIBER-CED 535007008 -17164978
330902Q GR IMPSAT FIBER NET 535007008 -17164978
XIMPT SM IMPSAT FIBER NET 535007008 -17164978
IMPTQ US IMPSAT FIBER NET 535007008 -17164978
IMPTB AR IMPSAT FIBER-BLK 535007008 -17164978
IMPTC AR IMPSAT FIBER-C/E 535007008 -17164978
COME AR SOC COMERCIAL PL 196722660 -320946053
CVVIF US SOC COMERCIAL PL 196722660 -320946053
COMED AR SOC COMERCIAL PL 196722660 -320946053
SCPDS LI COMERCIAL PL-ADR 196722660 -320946053
CADN EO SOC COMERCIAL PL 196722660 -320946053
CADN SW SOC COMERCIAL PL 196722660 -320946053
CADN EU SOC COMERCIAL PL 196722660 -320946053
COMEB AR COMERCIAL PLA-BL 196722660 -320946053
CAD IX SOC COMERCIAL PL 196722660 -320946053
SCDPF US SOC COMERCIAL PL 196722660 -320946053
COMEC AR SOC COMERCIAL PL 196722660 -320946053
SDAGF US SNIAFA SA-B 11229696.2 -2670544.88
SNIA5 AR SNIAFA SA-B 11229696.2 -2670544.88
SNIA AR SNIAFA SA 11229696.2 -2670544.88
BRAZIL
GPAR3 BZ CELGPAR 3588586696 -552807022
VAGV3 BZ VARIG SA 966298026 -4695211316
VARGPN BZ VARIG SA-PREF 966298026 -4695211316
VARGON BZ VARIG SA 966298026 -4695211316
VAGV4 BZ VARIG SA-PREF 966298026 -4695211316
PRTX3 BZ PORTX OPERACOES 823193337 -19565275
PXTPY US PORTX OPERA-GDR 823193337 -19565275
LUPA9 BZ LUPATECH SA -RCT 806772516 -23471889.7
LUPAY US LUPATECH SA-ADR 806772516 -23471889.7
LUPA3 BZ LUPATECH SA 806772516 -23471889.7
LUPA11 BZ LUPATECH SA-RT 806772516 -23471889.7
LUPAF US LUPATECH SA 806772516 -23471889.7
LUPA1 BZ LUPATECH SA-RTS 806772516 -23471889.7
AGEN11 BZ AGRENCO LTD-BDR 637647275 -312199404
AGRE LX AGRENCO LTD 637647275 -312199404
MRLM3 BZ CIA PETROLIFERA 377602195 -3014291.72
MRLM4B BZ CIA PETROLIF-PRF 377602195 -3014291.72
1CPMON BZ CIA PETROLIFERA 377602195 -3014291.72
MRLM4 BZ CIA PETROLIF-PRF 377602195 -3014291.72
MRLM3B BZ CIA PETROLIFERA 377602195 -3014291.72
1CPMPN BZ CIA PETROLIF-PRF 377602195 -3014291.72
BOBR4 BZ BOMBRIL-PREF 367760079 -20156714.7
BOBR1 BZ BOMBRIL-RIGHTS 367760079 -20156714.7
BMBBY US BOMBRIL SA-ADR 367760079 -20156714.7
BOBRPN BZ BOMBRIL CIRIO-PF 367760079 -20156714.7
BMBBF US BOMBRIL 367760079 -20156714.7
BOBR2 BZ BOMBRIL-RGTS PRE 367760079 -20156714.7
BOBR3 BZ BOMBRIL 367760079 -20156714.7
BOBRON BZ BOMBRIL CIRIO SA 367760079 -20156714.7
BMBPY US BOMBRIL SA-ADR 367760079 -20156714.7
TEKA9 BZ TEKA-RCT 332104716 -455378043
TEKA1 BZ TEKA-RTS 332104716 -455378043
TEKAON BZ TEKA 332104716 -455378043
TKTQY US TEKA-ADR 332104716 -455378043
TEKAPN BZ TEKA-PREF 332104716 -455378043
TEKAY US TEKA-ADR 332104716 -455378043
TKTPF US TEKA-PREF 332104716 -455378043
TEKA4 BZ TEKA-PREF 332104716 -455378043
TEKA2 BZ TEKA-RTS 332104716 -455378043
TEKA3 BZ TEKA 332104716 -455378043
TEKA10 BZ TEKA-RCT 332104716 -455378043
TKTPY US TEKA-ADR 332104716 -455378043
TKTQF US TEKA 332104716 -455378043
0229296Q BZ PET MANG-RECEIPT 323293708 -112268877
RPMG3 BZ PETRO MANGUINHOS 323293708 -112268877
3678569Q BZ PET MANG-RIGHTS 323293708 -112268877
MANGON BZ PETRO MANGUINHOS 323293708 -112268877
RPMG1 BZ PET MANG-RT 323293708 -112268877
RPMG10 BZ PET MANG-RECEIPT 323293708 -112268877
RPMG2 BZ PET MANG-RT 323293708 -112268877
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STARPN BZ STAROUP SA-PREF 27663604.9 -7174512.03
STARON BZ STAROUP SA 27663604.9 -7174512.03
STRP4 BZ BOTUCATU-PREF 27663604.9 -7174512.03
NUTR3M BZ NUTRIPLANT 24748712.2 -500384.099
NOVA4B BZ NOVA AMERICA-PRF 21287489 -183535527
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FPXE4 BZ BOMBRIL 19416015.8 -489914902
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HAGA3 BZ HAGA 19097885.3 -54511171.5
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PSEG3 BZ SAUIPE 15857774.8 -4187306.97
PSEG4 BZ SAUIPE-PREF 15857774.8 -4187306.97
BDFCE US B&D FOOD CORP 14423532 -3506007
LATF US LATTENO FOOD COR 14423532 -3506007
REIC US REII INC 14423532 -3506007
BDFC US B&D FOOD CORP 14423532 -3506007
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ALICON BZ ARTHUR LANGE SA 11642255.9 -17154461.9
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ALICPN BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9
ARLA10 BZ ARTHUR LANG-RC P 11642255.9 -17154461.9
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CCHI3 BZ CHIARELLI SA 11281940.7 -81454622.1
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SJOS4 BZ TECEL S JOSE-PRF 11174696.2 -61473722.8
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FTSJPN BZ TECEL S JOSE-PRF 11174696.2 -61473722.8
FTSJON BZ TECEL S JOSE 11174696.2 -61473722.8
FGUION BZ FERREIRA GUIMARA 11016542.1 -151840377
FGUIPN BZ FERREIRA GUIM-PR 11016542.1 -151840377
FGUI3 BZ F GUIMARAES 11016542.1 -151840377
FGUI4 BZ F GUIMARAES-PREF 11016542.1 -151840377
CHILE
2940894Z CI EMPRESA DE LOS F 1933599104 -50416404
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TL US CHILESAT CO-ADR 1156945109 -122555290
TELEXO CI TELEX-RTS 1156945109 -122555290
CHILESAT CI CLARO COM SA 1156945109 -122555290
CSAOY US TELMEX CORP-ADR 1156945109 -122555290
CHISATOS CI CHILESAT CO-RTS 1156945109 -122555290
TELEXA CI TELEX-A 1156945109 -122555290
PUYEHUOS CI PUYEHUE RIGHT 24447502.1 -1250905.47
PUYEH CI PUYEHUE 24447502.1 -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 * * *