/raid1/www/Hosts/bankrupt/TCRLA_Public/120529.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 29, 2012, Vol. 13, No. 106
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates ARS55MM Securities 'B3'
B E R M U D A
CAM BASTION: Creditors' Proofs of Debt Due June 8
CAM BASTION: Members' Final Meeting Set for June 22
CAM PINNACLE: Creditors' Proofs of Debt Due June 8
CAM PINNACLE: Members' Final Meeting Set for June 22
LEHMAN RE: Supreme Court Enters Wind-Up Order
PURENERGY: Ascendant Group Reassess Firm's Future Amid Losses
TOPAZ LEASING: Creditors' Proofs of Debt Due June 6
TOPAZ LEASING: Members' Final Meeting Set for June 25
B A R B A D O S
LIAT: Aviation Consultant says Proposals Being Ignored
* BARBADOS: IDB OKs US$55 Million Loan for Tourism Industry
B R A Z I L
BANCO PINE: Fitch to Rate Upcoming CHF Sr. Unsec. Notes at 'BB'
BANCO PSA: Moody's Assigns 'Ba1' Rating to R$200MM Debt Issuance
COMPANHIA DE SANEAMENTO: Fitch Lifts Issuer Default Rating to BB+
USINAS SIDERUURGICAS: Fitch Cuts Issuer Default Ratings to 'BB+'
C A Y M A N I S L A N D S
BLACKHAWK FINANCE: Creditors' Proofs of Debt Due July 24
BRAVIA INTERNATIONAL: Creditors' Proofs of Debt Due June 13
CENTRAVEST SPC: Creditors' Proofs of Debt Due June 23
FRAMLINGTON ABSOLUTE: Creditors' Proofs of Debt Due June 22
HAMPTON GLOBAL: Creditors' Proofs of Debt Due June 12
KLEROS PREFERRED: Creditors' Proofs of Debt Due June 7
KS FUND: Creditors' Proofs of Debt Due June 21
MONKTON INSURANCE: Placed Under Voluntary Wind-Up
PENGANA CAPITAL: Creditors' Proofs of Debt Due June 21
PLEXUS FUND: Creditors' Proofs of Debt Due June 12
RA LTD: Creditors' Proofs of Debt Due June 15
RASMALA ISLAMIC: Creditors' Proofs of Debt Due June 12
RASMALA ISLAMIC FUND: Creditors' Proofs of Debt Due June 12
WEXFORD SPECIAL: Creditors' Proofs of Debt Due June 21
WOLLEMI CREDIT: Creditors' Proofs of Debt Due June 23
J A M A I C A
DIGICEL GROUP: Fitch Affirms 'B' Long-term Issuer Default Rating
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
FIDEICOMISO FINANCIERO: Moody's Rates ARS55MM Securities 'B3'
-------------------------------------------------------------
Moody's Latin America has assigned a rating of A3.ar (sf)
(national scale rating) and B3 (sf) (global scale, local
currency) to the Debt Securities Serie II of Fideicomiso
Financiero de Infraestructura Electrica, a financial trust
established in Argentina. The debt securities will be issued by
Fiduciaria del Norte S.A. (Argentina) (TQ3.ar), acting solely as
issuer and trustee.
Ratings Rationale
The debt securities will bear an floating interest rate of Badlar
plus 400 basis points with a minimum of 16% and a maximum of 26%.
The debt securities will mature on July 15, 2015.
The main underlying asset of the trust is a specific tariff paid
by most users of the electric service in the Province of Chaco in
Argentina. Electric service is provided by the Provincial
company Secheep (Servicios Energeticos del Chaco Empresa del
Estado Provincial), which assigned the specific tariff to the
issuing trust. The specific tariff has been created by a
Provincial Decree and, currently, it is equivalent to a fixed
amount of ARS8 plus ARS 0.04 (plus VAT) per each kilowatt of
energy consumed. The specific tariff is billed together with
Secheep's general electricity invoice.
Moody's used as a proxy to determine the future cashflows,
Secheep's historical collections related to general electricity
bills. Historical collections showed a solid performance for
individuals (homes and companies), which represent a significant
portion of Secheep's total billing. The delivery of electricity
can be suspended if any bill is unpaid.
The transaction has a high granularity at the payor level, those
obliged to make payments under the specific tariff and the
electricity bills. Unlike other transactions backed by special
tariffs in Argentina where payors are concentrated in a few
industrial companies, in this transaction the payor base is
diversified in more than 250,000 clients.
Secheep's clients will make payments under the special tariff
directly at the designated collection agent, which is Nuevo Banco
del Chaco.
Moody's evaluated the likelihood of the Province of Chaco or
Secheep interfering with the assignment of the special tariff to
the trust, or modifying or eliminating the specific tariff, which
may affect the cash flow available to repay the rated securities.
The trust agreement bans the Province from reducing the specific
tariff in terms of nominal amount or duration. If the Province
interferes with the specific tariff, investors will have a legal
claim against the Province. Moody's believes that this risk is
consistent with the issuer rating of the Province of Chaco, which
currently is B3 (global scale, local currency) and A3.ar
(national scale).
A slowdown in the economic activity in the Province of Chaco may
cause a reduction of electricity consumption and, therefore, in
the cash flows available to repay the debt securities. Moody's
considered this risk to be in part mitigated by the coverage
levels available in the transaction.
According to Moody's, the overcollateralization available in the
transaction is consistent with the assigned B3 (sf) rating level.
Moody's used a cash flow model which assumed an annual initial
consumption of 1,328 million Kilowatts and triangular
distributions for: i) consumption annual growth rates (with a
minimum of -1%, most likely of 5% and maximum of 10%); ii) payor
defaults (with a minimum of 8%, most likely of 13% and maximum of
18%); and, iii) increases of the tariff payment exemption rates
(with a minimum of 10%, most likely of 15% and maximum of 25%).
Moody's also incorporated in the model certain cash flow
seasonality and trust expenses assumptions. Moody's notes that if
the cash flows decline by 64% from 2011 consumption levels, the
global scale rating would decline to Caa1 (sf) from B3 (sf).
Moody's highlights that the seller (Secheep), the collection
agent (Nuevo Banco del Chaco) and the trustee (Fiduciaria del
Norte), are all entities that have the Government of the Province
of Chaco as the main shareholder. Therefore, Moody's believes
that under a stress scenario, there is a risk that incentives of
certain transaction participants may not be aligned with
investors' interests. This risk is partially mitigated by the
fact the Securitization Law in Argentina (Law 24,441) requires
that the trustee should act as a "good business man". As a
result, the trustee is legally obliged to protect investors'
interests. Also, the reserve accounts will be established in an
institution different from the collection agent.
=============
B E R M U D A
=============
CAM BASTION: Creditors' Proofs of Debt Due June 8
-------------------------------------------------
The creditors of Cam Bastion Sterling Fund Ltd. are required to
file their proofs of debt by June 8, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 8, 2012.
The company's liquidator is:
Christopher C. Morris
Century House
16 Par-la-Ville Road
Hamilton
Bermuda
CAM BASTION: Members' Final Meeting Set for June 22
---------------------------------------------------
The members of Cam Bastion Sterling Fund Ltd. will hold their
final general meeting on June 22, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Christopher C. Morris
Century House, 16 Par-la-Ville Road
Hamilton
Bermuda
CAM PINNACLE: Creditors' Proofs of Debt Due June 8
--------------------------------------------------
The creditors of Cam Pinnacle Sterling Fund Ltd. are required to
file their proofs of debt by June 8, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 8, 2012.
The company's liquidator is:
Christopher C. Morris
Century House, 16 Par-la-Ville Road
Hamilton
Bermuda
CAM PINNACLE: Members' Final Meeting Set for June 22
----------------------------------------------------
The members of CAM Pinnacle Sterling Fund Ltd. will hold their
final general meeting on June 22, 2012, at 10:40 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Christopher C. Morris
Century House, 16 Par-la-Ville Road
Hamilton
Bermuda
LEHMAN RE: Supreme Court Enters Wind-Up Order
---------------------------------------------
On May 18, 2012, the Supreme Court of Bermuda entered an order
that winds up the operations of Lehman Re Ltd.
The company's liquidators are:
Dan Yoram Schwarzmann
PricewaterhouseCoopers LLP
E-mail: daniel.schwarzmann@uk.pwc.com
-- and --
Garth Andrew Calow
PricewaterhouseCoopers Bermuda
E-mail: garth.calow@bm.pwc.com
PURENERGY: Ascendant Group Reassess Firm's Future Amid Losses
-------------------------------------------------------------
The Royal Gazette reports that Ascendant Group may have to
reassess the future of its loss-making renewable energy company,
PureNERGY, which finished last year nearly BM$1.4 million in the
red.
On top of the 2011 loss, PureNERGY, a sister company of Belco,
made a loss of BM$405,276 in 2010 and a loss of BM$239,535 in
2009, according to The Royal Gazette. The report relates that
PureNERGY's sales last year totaled BM$106,000 compared to
BM$515,250 in 2010.
"Although recent announcements regarding financing, tax relief
and other incentives for small-scale renewable energy systems are
encouraging for PureNergy, management will reassess the operation
of this company during 2012, if these do not result in
opportunities," Ascendant said in its 2011 earnings report
obtained by the news agency.
An Ascendant spokeswoman told The Royal Gazette that PureNERGY
had been affected by the economic downturn. The report notes
that in 2011 she said Ascendant recognised that the market was
soft and in response downsized to trim costs and re-evaluate the
market and PureNergy's role in it.
"As we have a new president and CEO of Ascendant arriving,
determination of next steps will obviously involve and be
influenced by his views. . . . The challenges are definitely the
economy, soft market and still-high cost with long returns-on-
investment as it relates to renewable energy installations," the
report quoted said Linda Smith, senior vice-president, corporate
relations, as saying.
PureNERGY is a Certified Solar Photovoltaic System Installer and
Certified Solar Water Heater Installer, approved to participate
in the Government's rebate Initiative - worth up to $5,000.
TOPAZ LEASING: Creditors' Proofs of Debt Due June 6
---------------------------------------------------
The creditors of Topaz Leasing Limited are required to file their
proofs of debt by June 6, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 21, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
TOPAZ LEASING: Members' Final Meeting Set for June 25
-----------------------------------------------------
The members of Topaz Leasing Limited will hold their final
general meeting on June 25, 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, Church Street
Hamilton
Bermuda
===============
B A R B A D O S
===============
LIAT: Aviation Consultant says Proposals Being Ignored
------------------------------------------------------
Shelton Daniel at Antigua Observer reports that when Aviation
Consultant Alex Sanhi is disappointed that his job proposal for
former Leeward Islands Air Transport aka LIAT pilots has been
ignored.
Aviation Workforce Agency had heard that LIAT was planning to
trim the number of pilots on its payroll as part of proposed
restructuring, and the Far East interests were hoping to
capitalize on the surplus of available aviators, according to
Antigua Observer.
The report notes that AVA's interest turned to an ostensible
desire to help LIAT out of its financial and myriad other
challenges, thus was born the package of proposals that Mr. Sahni
said he presented to LIAT's shareholders and directors.
Antigua Observer notes that Mr. Sanhi is expressing
disappointment that more than three months have passed and he's
heard nothing from Antigua & Barbuda's Prime Minister Baldwin
Spencer -- who heads one of LIAT's three shareholder governments
and the state where the airline has its headquarters -- or from
the chairman of the board of directors, Dr Jean Holder of
Barbados.
The report relays that AVA's proposals include:
-- lowering operational costs within six months without
cutting either wages or jobs;
-- achieving 49% privatization and erasing the airline's
indebtedness within 14 months; introducing performance-
based evaluation;
-- code share flights and strategic alliances within 6 months;
-- expansion of the LIAT cargo service within six months;
-- create ancillary revenue that would result in lower air
fares within 6 months; and
-- increase yield within six months and a secondary
"transformation plan" to boost cash flow.
Mr. Sanhi, the report relays, believes there may be important
people associated with LIAT who feel threatened by AVA's interest
because of the mistaken belief that an effort is being made to
buy-out or takeover the airline.
Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean. The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.
As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive. Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.
* BARBADOS: IDB OKs US$55 Million Loan for Tourism Industry
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$55 million
loan to finance the construction of an environmentally friendly
hotel that will be operated by Four Seasons at Clearwater Bay in
Barbados.
The project is expected to create as many as 725 direct jobs
during construction and operation and engage a significant number
of small and medium-sized predominantly local firms as suppliers.
Local small and medium-sized furniture manufacturers and art and
craft vendors will have an opportunity to provide furniture and
art and craft items to the hotel, and also to sell their products
at the hotel's gift shop.
The hotel will also work with local farmers to create a reliable
supply of high-quality produce for its guests. In addition, the
hotel will utilize harvested treated rainwater, as well as hotel
grey water for irrigation and in the fire suppression system.
Such water conservation efforts are expected to significantly
reduce the hotel's water demand from the national water system.
The IDB loan will provide long term financing for the project and
will pave the way for the completion of the construction of the
hotel as part of the overall resort development. The IDB
financing is expected to be complemented by commercial lenders
through B loans and contributions from other private investors.
===========
B R A Z I L
===========
BANCO PINE: Fitch to Rate Upcoming CHF Sr. Unsec. Notes at 'BB'
---------------------------------------------------------------
Fitch Ratings expects to assign a 'BB(exp)' rating to Banco Pine
S.A.'s (Pine) upcoming issue of Swiss franc denominated (CHF)
senior unsecured notes with a maturity of two and a half years
(30 months).
The notes will be issued through Pine's Grand Cayman Branch; the
amount of the notes will be for approximately CHF 100,000,000,
and the interest rate will be set at the time of the issuance.
Principal will mature in December 2014, and interest payments
will be made in December 2012 and annually commencing in June
2013. The net proceeds will be used by Pine for to support its
lending activity. The final rating is contingent upon the
receipt of final documents conforming to information already
received.
The expected rating assigned to Banco Pine's new issuance
corresponds to the Fitch's Issuer Default Ratings (IDRs) for the
bank and ranks equal with other senior unsecured debt.
Pine's long-term local currency IDR of 'BB' with a Stable Rating
Outlook,and its long-term foreign currency IDR of 'BB' are driven
by the bank's strengths. These include Pine's continued
diversification of its funding profile, its good asset and
liability management allied with a good liquidity position which
supports a consistent profitability, good asset quality and
strong capitalization ratios
Founded in 1997, Banco Pine is a midsized bank which focuses on
the upper-middle and lower corporate segments. The bank is
controlled by Noberto Pinheiro and has been listed on the Sao
Paulo Stock Exchange since 2007.
BANCO PSA: Moody's Assigns 'Ba1' Rating to R$200MM Debt Issuance
----------------------------------------------------------------
Moody's America Latina Ltda assigned a National Scale debt rating
of Aa2.br to Banco PSA Finance Brasil S.A. proposed first senior
unsecured debt issuance of "Letras Financeiras" in the amount of
R$200,000,000.
On the global scale, Moody's Investors Service assigned a global
local currency debt rating of Ba1 to Banco PSA's first proposed
issuance of "Letras Financeiras".
The outlook on all the ratings is stable.
The following ratings were assigned to Banco PSA Finance Brasil
S.A.'s R$200.0 million debt issuance:
- Long-term Global Local Currency Senior Debt Rating: Ba1, with
stable outlook
- Long-term Brazilian National Scale Senior Debt Rating: Aa2.br,
with stable outlook
Ratings Rationale
The rating agency explained that the Ba1 global local currency
senior debt rating derives from Banco PSA's Ba1 global local
currency deposit rating.
The last rating action on Banco PSA Finance Brasil S.A. was on
December 5, 2011, when Moody's assigned a first time bank
financial strength rating (BFSR) of D- to the bank. On the same
date, Moody's also assigned to Banco PSA global local-currency
and foreign currency deposit ratings of Ba1/-,NP and Brazilian
national scale deposit ratings of Aa2.br.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.
The principal 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: A Refined Methodology published in March
2012.
Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil and had total consolidated assets of BRL1,90 billion
(approximately US$1,02 billion) and equity of BRL309 million
(US$166 million) as of December 31, 2011.
COMPANHIA DE SANEAMENTO: Fitch Lifts Issuer Default Rating to BB+
-----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Companhia de Saneamento
Basico do Estado de Sao Paulo (Sabesp) as follows:
-- Local Currency long-term Issuer Default Rating (IDR) to
'BB+' from 'BB';
-- Foreign Currency long-term IDR to 'BB+' from 'BB';
-- USD140 million notes to 'BB+' from 'BB';
-- USD350 million notes to 'BB+' from 'BB';
-- National long-term rating to 'AA-(bra)' from 'A+(bra)'.
The Rating Outlook is Stable.
The rating actions reflect improvement in Sabesp's financial
profile due to implementation of a more conservative financial
strategy, supported by improvements on its coverage measures of
short and medium-term debt. The rating action is also supported
by Sabesp's ability to preserve strong operational cash
generation and a high EBITDA margin, even in an environment of
greater cost pressure.
Fitch's ratings on Sabesp also incorporate that the company's
tariff revision process, to be concluded in November 2012, should
not substantially alter its operational cash generation capacity.
Changes in this assumption could lead to a reassessment.
The ratings reflect Sabesp's satisfactory financial profile with
adequate margins, manageable leveraging and robust cash flow from
operations (CFFO). The ratings also are supported by the
company's near monopolistic position in its business area, as
well as the economies of scale as the largest basic sanitation
company in the Americas by number of customers.
Sabep's ratings are limited by its aggressive capex going
forward, with long-term returns, a recurring need to debt
rollover, despite important progress having been made, and the
growing foreign exchange exposure of its indebtedness. Sabesp's
businesses are also subject to hydrological conditions and the
political risk inherent to its state control. Sabesp is also
exposed to Brazil's basic sanitation regulatory model, which is
recent and has yet to be tested.
Solid Operational Cash Generation; Investments Pressure Free Cash
Flow
Fitch considers that Sabesp's operational cash generation will
remain robust after implementation of the tariff revision. In
recent years, net revenue has been growing and the company has
been efficient in maintaining its EBITDA margin at high levels.
Excluding construction revenue, the net revenue of BRL7.9 billion
LTM ended 1Q'12 rose 11% compared with FYE10, benefited by tariff
adjustments of 6.83% in September 2011 and 4.04% in September
2010, as well as a 3.1% increase in the volume of water and
sewage billed.
Sabesp reported an EBITDA of BRL3.4 billion, LTM ended 1Q'12,
with a margin of 43% (excluding construction revenue), which
remains strong for the industry, despite being pressured by
additional recurring expenses of around BRL320 million relative
to the contract signed in June 2010 with the municipality of Sao
Paulo. Under this agreement, Sabesp must transfer to a municipal
fund 7.5% of the gross revenue generated in the city, excluding
construction revenue, net of taxes (PIS and Cofins) and the
municipality's delinquency. The Municipality of Sao Paulo
represents around 55% of the company's total revenue.
During the LTM ended 1Q'12, Sabesp also registered a consistent
CFFO of BRL2.6 billion, compared with BRL2.1 billion in 2010.
Free cash flow (FCF) was a negative BRL67 million, pressured by
the company's ambitious investments of BRL2.3 billion and
dividend distributions of BRL423 million. Fitch believes that
Sabesp will continue to report negative FCFs in the next few
years, due to its high annual capex of around BRL2 billion.
Historically, these have not contributed significantly to the
growth of Sabesp's CFFO, since the company does not pass on to
its tariff the investments in expanding its sewage treatment
capacity.
Maintenance of Adequate Credit Measures
Sabesp has been efficient in sustaining moderate leveraging
through the most diverse economic scenarios. By the end of March
31, 2012 the company's total adjusted debt/EBITDA ratio was 3.1x
and the net adjusted debt/EBITDA ratio, 2.5x, compared with 3.2x
and 2.5x, respectively, at FYE10.
Fitch's expectations are that the company will manage its net
leveraging under 3.0x going forward, despite continued strong
investments. This is important for maintaining its ratings. As
of March 31, 2012, Sabesp's total adjusted debt was BRL10.4
billion, with a significant portion (BRL2.9 billion) exposed to
exchange rate fluctuations and unhedged, which could generate
negative pressures in the event of a significant devaluation of
the Real.
Greater Liquidity Reduces Debt Refinancing Risk
The maintenance of substantially more robust liquidity positions
reduces Sabesp's debt refinancing risk. The large volume of
financial obligations maturing in the coming years, combined with
expectations for negative free cash flows, indicates the need to
continually rollover payment of a relevant portion of its debt.
Nevertheless, the company's strategy to issue its funding needs
in advance has been positive, reducing the company's exposure to
tighter short-term liquidity scenarios. Sabesp's satisfactory
track record in accessing the debt market, due to the strength of
its business, also mitigates partially this risk.
As of March 31, 2012, Sabesp's cash and marketable securities
position was BRL2.0 billion, equivalent to a short-term debt
covered of 1.9x (1.1x including total payments maturing until
2013). Sabesp may access the debt market in the coming quarters
to for new issuances to complement its refinancing needs for
financial obligations maturing in 2013. The amortization
schedule for the company's debt is manageable and without large
concentrations of payments in the next five years.
Low Business Risk
Sabesp's low business risk is based on its almost monopolistic
position as the provider of water and sewage services and was
confirmed by its resilient performance during the global economic
crisis. Competition is limited in its business and the company
benefits from the large gains of scale compared with other
companies in the sector.
Sabesp has been efficient in reducing losses and has made
progress in signing concession contracts with the municipalities
it serves. As to the political risk, Fitch has not noted any
relevant change in company's risk after the change of government
in the state of Sao Paulo, in early 2011.
Key Rating Drivers:
The ratings could be upgraded as a result of lower commitment of
operational cash generation to investments, cash generation
growth above Fitch's expectations, or longer debt maturity
profile to reduce its dependence on frequent refinancing needs.
Pressure on the ratings could occur in the event of frustrations
and greater volatility of cash generation due to the new tariff
model, larger than expected investments and a weakening of the
current liquidity policy.
USINAS SIDERUURGICAS: Fitch Cuts Issuer Default Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Usinas Sideruurgicas de
Minas Gerais S.A. (Usiminas) to 'BB+' from 'BBB-' and national
scale rating to 'AA(bra)' from 'AA+(bra)'. The Rating Outlook is
Stable.
Fundamentals & Metrics no Longer Commensurate with Investment
Grade:
Usiminas' credit fundamentals began to weaken in 2008 as a result
of increasing input costs, pricing pressure and a heavy
investment cycle. These factors have resulted in a structural
shift in the company's credit profile away from strong historical
levels. While the company has embarked on cost efficiency
measures and structural reorganization, Fitch does not envisage a
return to the company's historical credit profile in the near to
medium term.
The financial impact has led to a sustained deterioration in
Usiminas' five-year rolling average credit ratios. The company's
five-year rolling average total adjusted debt to EBITDA and net
adjusted debt to EBITDA ratios increased to 3.3x and 1.4x in 2011
from 1.9x and 0.7 in 2010, respectively. Coverage ratios have
also weakened, as demonstrated by the company's five-year rolling
average FFO Fixed Charge Coverage ratio decreasing to 6.9x in
2011 from 9.5x in 2010.
Rating Stability Dependent on Success of Cost Efficiency
Measures:
The Stable Outlook reflects an expected turnaround in the
company's profitability and credit metrics in the next 12 to 18
months. Usiminas' cost structure has deteriorated considerably
due to the price increase limits imposed by a very competitive
flat steel market in Brazil and even more competitive export
market, while faced with high energy, raw material and labor
costs. This situation has proven to be prolonged and entrenched.
The company has embarked on a cost reduction program and
organizational restructuring. These measures are in addition to
the improved profitability expected at the consolidated level
from the increase in iron ore production at Mineracao Usiminas,
the mining subsidiary. The Ternium Group, the second largest
shareholder after Nippon Group (29.45%) acquired 27.66% of the
company's voting capital in January 2012, and shortly after a new
CEO was appointed tasked with improving profitability and
concentrating on customer relationships.
Profitability is expected to recover through a mix of higher
prices, better product mix with the completion of the new hot-dip
galvanized steel line at Unigal, lower raw material costs,
increased steel and iron ore volumes and a more favorable
exchange rate.
Usiminas' consolidated profitability should also benefit from its
increasing iron ore output from mining subsidiary, Mineracao
Usiminas. The company originally planned to reach an installed
annual production capacity of 8 mtpy by end of 2011, but actual
sales volumes fell short of expectations and reached just over
5.5 mtpy.
Usiminas is now targeting an installed production capacity of 12
mtpy by year-end 2012. In 2011, mining represented just 8% of
consolidated revenues but 48% of consolidated EBITDA. This is
because the company enjoyed iron ore EBITDA margins of 62% in
2011 with iron ore prices around USD170-USD185 per metric ton.
In 1Q'12, the mining division's EBITDA margin decreased to 46.3%
as iron ore prices abated to around USD145 per metric ton.
Usiminas is currently 50% self-sufficient in iron ore, with plans
to become 100% self-sufficient by 2015. In addition, the company
is currently 20% self-sufficient in energy and is targeting 100%
energy self-sufficiency, also by 2015.
Slow Climb Back to Historical Long-Term Credit Profile:
Usiminas reported poor financial results for 2011. Credit metrics
are not expected to recover significantly during 1H'12, as the
effect of recent cost efficiencies, a depreciating currency, and
better product mix will take time to filter through. The company
ended 2011 with total adjusted debt to EBITDA and net adjusted
debt to EBITDA ratios of 7.5x and 3.4x, respectively. These
ratios slightly abated in 1Q'12 on a LTM basis to 7.0x and 3.3x,
respectively.
The combination of higher operating costs, flat volumes, and weak
prices resulted in a negative impact on Usiminas' profitability.
Year-end 2011 revenues were BRL11.9 billion compared to 2010
revenues of BRL12.9 billion. While revenues were BRL1 billion
lower in 2011, EBITDA margins decreased by almost half to 11% in
2011 from 20% in 2010.
Usiminas has had a challenging start to 2012. On a quarter by
quarter comparison basis, 1Q'12 revenues of BRL2.9 billion were
6% lower than 1Q'11 revenues of BRL3.1 billion, while 1Q'12
EBITDA of BRL190 million was 44% lower that 1Q'11 EBITDA of
BRL337 million. Revenues for the LTM to March 31, 2012 were
BRL11.7 billion and EBITDA was BRL1.3 billion.
Negative Cash Flows Resulting from Low Profitability & High
Capex:
The ratings downgrade also follows a marked deterioration in the
company's cash flow generation. Usiminas exhibited negative FFO
of BRL1.1 billion in 2011 mainly as a result of a reduced net
income of BRL404 million compared to BRL1.6 billion in 2010.
CFFO in 2011 benefited from a working capital inflow of BRL604
million but remained negative at BRL471 million.
As a result, Usiminas' FCF was negative BRL3.5 billion for the
year, significantly below Fitch's Downside Case expectations in
2011 for FCF of negative BRL2.8 billion that already envisaged a
low net income and significant capex. Additionally, FCF was
impacted by capital expenditures of BRL2.7 billion and dividends
of BRL372 million in 2011. The company also exhibited negative
FCF of BRL2.5 billion in 2010 as a result of the ongoing
investment period.
Fitch expects to see improvement in Usiminas' FFO from negative
2011 levels to around BRL1.2 billion in 2012 and around BRL1.6
billion by 2013 as investments begin to contribute to financial
performance. CFFO is also expected to recover to levels around
BRL1.3 billion in 2012 and BRL1 billion in 2013.
Higher Levels of Steel Imports into Brazil:
Steel import volumes in Brazil were more 'normalized' during 2011
at 2.8 million metric tons per year (mtpy) according to ISSB but
still higher than historical levels. This was mainly as a result
of the Real's depreciation against the USD, cost reductions
imposed by domestic steel companies, and anti-dumping measures
taken by the Brazilian government. Prior to 2010, Brazil steel
import volumes were historically below 2.5 mtpy. In 2010, steel
import volumes increased to 5.6 mtpy, a 158% increase on 2009
volumes of 2.2 mtpy due to the strong Brazilian Real and robust
domestic demand.
While Usiminas decreased prices for its steel to be more
competitive with the cheaper steel imports, its cost structure
increased significantly, squeezing profitability to its lowest
ever levels. Usiminas has faced greater difficulties than
competitors to adjust its cost structure accordingly, mainly as a
result of its size and lower degree of integration in raw
materials, namely iron ore. Strategic decisions are expected to
be more forthcoming since entry of the new shareholder, Ternium
Group in early 2012.
Liquidity is Comfortable for the Rating Category:
Usiminas has no liquidity issues and benefits from a comfortable
debt amortization profile as of March 31, 2012. Usiminas had a
cash to short term debt ratio of 2.4x with cash and marketable
securities of BRL4.8 billion and short-term debt of almost BRL2
billion. Debt repayments due during the remainder of 2012 are
BRL676 million. Cash on balance sheet is enough to cover debt
repayments due until 2014.
The company also has access to two RCFs, one for USD750 million
with five different banks available for up to five years, and
another for BRL2 billion with BNDES available for use in capex
projects. Usiminas also has a USD120 million credit facility
available with JBIC.
The most restrictive covenant for Usiminas is its total debt-to-
EBITDA ratio of 3.5x. Usiminas received a waiver for the
expected breach of this covenant in December 2011. Fitch's 2012
Base Case scenario indicates the company's net-debt to EBITDA
ratio will not fall below 3.5x until 2014. Based on these
conservative projections, the company is expected to continue
requesting covenant waivers as needed through the intensive
investment cycle for iron ore.
Recovery in Capacity Utilization Level:
Usiminas has an annual crude steel production capacity of
approximately 9.5 million metric tons and its capacity
utilization levels fell from close to 90% in 3Q'08 to the low of
around 40% during 2Q'09. Crude steel capacity utilization for
Usiminas recovered to around 75% for 2011.
The increase in capacity utilization was due to robust domestic
demand for steel, while prices remained constrained due to import
pressures. Usiminas sold 1.7 million metric tons of steel during
the first quarter of 2012. This compares to sales volumes
achieved in the first quarter of 2011 of 1.2 million metric tons,
indicating a recovery in Usiminas' market share following the
implementation of significantly lower price premiums for its
products to compete with the cheaper steel imports.
Factors leading to consideration of a Positive Outlook or a
ratings upgrade include significant improvement in profitability
and return of credit metrics to historical levels on a sustained
basis. This can be achieved by the continued integration of the
mining, energy and logistics businesses into Usiminas providing
better levels of self-sufficiency and higher profit margin
generation.
A Negative Outlook or downgrade could occur if the company's
credit metrics and cash flow generation remain stagnant at
current levels alongside an erosion of liquidity. The ratings
could also be downgraded if the expected improvements from cost
efficiency measures and recent projects fail to materialize as
planned . A downgrade could also follow further credit profile
deterioration in the medium term as a result of market conditions
and a weakening of the company's capital structure.
Fitch has downgraded the credit ratings of Usiminas as follows:
-- Foreign currency IDR to 'BB+' from 'BBB-';
-- Local currency IDR to 'BB+' from 'BBB-';
-- National scale rating to 'AA(bra)' from 'AA+(bra)';
-- US$500 million Global Medium-Term Note Program to 'BB+' from
'BBB-';
-- US$400 million notes due 2018 to 'BB+' from 'BBB-';
-- BRL500 million 4th debenture issuance due 2013 to 'AA-(bra)'
from 'AA(bra)'.
The Outlook is Stable.
===========================
C A Y M A N I S L A N D S
===========================
BLACKHAWK FINANCE: Creditors' Proofs of Debt Due July 24
--------------------------------------------------------
The creditors of Blackhawk Finance Limited are required to file
their proofs of debt by July 24, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 4, 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
BRAVIA INTERNATIONAL: Creditors' Proofs of Debt Due June 13
-----------------------------------------------------------
The creditors of Bravia International are required to file their
proofs of debt by June 13, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 7, 2012.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: (345) 815-1790
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
CENTRAVEST SPC: Creditors' Proofs of Debt Due June 23
-----------------------------------------------------
The creditors of Centravest SPC are required to file their proofs
of debt by June 23, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 1, 2012.
The company's liquidator is:
K.D. Blake
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Eleanore Laureles
Telephone: +1 345-914-4466/ +1 345-949-4800
Facsimile: +1 345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
FRAMLINGTON ABSOLUTE: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------------
The creditors of Framlington Absolute Return UK Master Ltd are
required to file their proofs of debt by June 22, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 27, 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
HAMPTON GLOBAL: Creditors' Proofs of Debt Due June 12
-----------------------------------------------------
The creditors of Hampton Global Emerging Markets Master Fund
Limited are required to file their proofs of debt by June 12,
2012, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 3, 2012.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
KLEROS PREFERRED: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
The creditors of Kleros Preferred Funding IX, Ltd. 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 25, 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
KS FUND: Creditors' Proofs of Debt Due June 21
----------------------------------------------
The creditors of KS Fund are required to file their proofs of
debt by June 21, 2012, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on April 30, 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
MONKTON INSURANCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 26, 2012, the Grand Court of Cayman Islands entered an
order to wind up the operations of Monkton Insurance Services
Ltd.
The company's liquidators are:
Gordon MacRae
Gwynn Hopkins
Zolfo Cooper (Cayman) Limited
Cayman Financial Centre, Building 3
George Town, Grand Cayman KY1-1102
Cayman Islands
PENGANA CAPITAL: Creditors' Proofs of Debt Due June 21
------------------------------------------------------
The creditors of Pengana Capital Global Volatility Limited are
required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 27, 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
PLEXUS FUND: Creditors' Proofs of Debt Due June 12
--------------------------------------------------
The creditors of Plexus Fund Limited are required to file their
proofs of debt by June 12, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 1, 2012.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close
West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
RA LTD: Creditors' Proofs of Debt Due June 15
---------------------------------------------
The creditors of RA Ltd SPC are required to file their proofs of
debt by June 15, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 24, 2012.
The company's liquidator is:
Richard Finlay
c/o Gene DaCosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
RASMALA ISLAMIC: Creditors' Proofs of Debt Due June 12
------------------------------------------------------
The creditors of Rasmala Islamic Mena Equity Opportunity Ltd are
required to file their proofs of debt by June 12, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 17, 2012.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
RASMALA ISLAMIC FUND: Creditors' Proofs of Debt Due June 12
-----------------------------------------------------------
The creditors of Rasmala Islamic Mena Equity Opportunity Fund are
required to file their proofs of debt by June 12, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 17, 2012.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
WEXFORD SPECIAL: Creditors' Proofs of Debt Due June 21
------------------------------------------------------
The creditors of Wexford Special Situations 1996 Limited are
required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 30, 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
WOLLEMI CREDIT: Creditors' Proofs of Debt Due June 23
-----------------------------------------------------
The creditors of Wollemi Credit Opportunities Fund LLC are
required to file their proofs of debt by June 23, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on May 2, 2012.
The company's liquidator is:
K.D. Blake
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Eleanore Laureles
Telephone: +1 345-914-4466/ +1 345-949-4800
Facsimile: +1 345-949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
=============
J A M A I C A
=============
DIGICEL GROUP: Fitch Affirms 'B' Long-term Issuer Default Rating
----------------------------------------------------------------
Fitch has affirmed the ratings of Digicel Group Limited (DGL) and
its subsidiaries Digicel Limited (DL) and Digicel International
Finance Limited (DIFL), collectively referred to as 'Digicel' as
follows:
DGL
-- Long-term Issuer Default Rating (IDR) at 'B'
-- US$1 billion 8.875% senior subordinated notes due 2015 at
'B-/RR5';
-- US$415 million 9.125/9.875% senior subordinated toggle notes
due 2015 at 'B-/RR5';
-- US$775 million 10.5% senior subordinated notes due 2018 at
'B-/RR5'.
DL
-- Long-term IDR at 'B';
-- US$800 million 8.25% senior notes due 2017 at 'B/RR4';
-- US$510 million 12% senior notes due 2014 at 'B/RR4';
-- US$250 million 7% senior notes due 2020 at 'B/RR4'.
DIFL
-- Long-term IDR at 'B'
-- Senior secured credit facility at 'B+/RR3'.
The Rating Outlook is Stable.
The rating actions incorporate Digicel's strong operating
performance, diversified revenue and cash flow generation, free
cash flow (FCF) generation and expectation for stable credit
metrics. In addition, the ratings are supported by its position
as the leading provider of wireless services in most of its
markets and strong brand recognition. Digicel's credit quality
is tempered by continued high leverage, medium-term refinancing
risk and exposure of operations to low rated countries.
Under Fitch's approach to rating entities within a corporate
group structure, the IDRs of DGL, DL and DIFL are the same and
viewed on a consolidated basis, as they have a weaker parent and
the degree of linkage between parent and subsidiaries is
considered strong. For issue ratings, Fitch rates debt at DIFL
one notch higher than its parent DL, reflecting its above average
recovery prospects. DL's ratings reflect the increased burden
the DGL subordinated notes place on the operating assets and the
loss of financial flexibility. The ratings of DGL incorporate
their subordination to debt at DIFL and DL, as well as the
subordinated notes' below-average recovery prospects in the event
of default.
Acquisitions Improving Competitive Position:
Fitch view the recent acquisitions of Voila in Haiti and the
transaction with America Movil, where the El Salvador leg is
pending on regulatory approval, to strengthen the company's
competitive position in its top markets, Jamaica and Haiti. In
Fitch's opinion the transaction with America Movil, will
strengthen Digicel competitive position in Jamaica which is the
most important country in terms of EBITDA generation of the
company, despite losing some cash flow diversification from El
Salvador and Honduras. In addition the company is focusing in
diversifying its revenues by targeting information and
communications technology and telecommunications (ICT) services
for corporate post-paid customers. For this reason Digicel
acquired a 51% ownership in Nextar based in Puerto Rico on
February of 2011, and on October of 2010 acquired a 100%
ownership in Data Nets based in PNG.
Over the past several years, DGL has diversified its cash flow
generation and asset base, leading to lower business risk.
Additionally, growth in EBITDA from Papua New Guinea (PNG) should
further diversify cash flow generation from Jamaica and Haiti in
the coming years as cash flow coming from these two countries
remains material at an estimated 40%. Positively, Digicel
Pacific Limited (DPL), a subsidiary of DGL, has continued growing
and is now generating positive free cash flow, underpinned by
PNG. For the 12 months ended Dec. 31, 2011 DPL contributed
approximately 18.5% of DGL's EBITDA. The most important
contributors to DGL's EBITDA are Jamaica, Haiti, Trinidad &
Tobago, Eastern Caribbean operations and PNG.
Lower capital expenditures (capex) should have a positive effect
on free cash flow (FCF) amid a stable dividend policy of US$40
million per year. Fitch expects positive FCF in the coming years
as funds from operations (FFO) modestly grows and capex peaks in
FY2012 as the company does more of its 4G(HSPA+) rollouts. Capex
to revenue ratio should approach 17.5% by FY2012 and then trend
towards 10% in the next few years. Fitch notes that capex may
increase from the previous estimates if the company elects to do
4G LTE rollouts in the coming years. Digicel expects that for
the near future the company will not raise its 42.52% (44.97%
including warrants) stake in Digicel Holdings Central America
Limited (DHCAL), which now only remains with the operation in
Panama after the deal with America Movil.
Leverage at DGL remains high but expected to gradually decline in
the medium term, as EBITDA grows and indebtedness remains
relatively stable. As of Dec. 31, 2011 and last twelve months
EBITDA, total debt to EBITDA was 4.5 times (x) and net debt to
last twelve months EBITDA was 4.1x. Total debt of Dec. 31, 2011
was approximately US$4.5 billion but should approximate to US$5.0
billion considering the extension and amendment of the DIFL
facility in January of 2012 and the placement of a bond in
February of 2012. Proforma cash balances as of Dec. 31, 2011
were US$796 million. Proforma debt is allocated as follows:
US$2,190 million at DGL, US$1,560 million at DL, US$988 million
at DIFL and US$238 million at DPL.
Short-term liquidity is manageable. Proforma the extension of
DIFL facility, DGL faces US$188 million up to the end of FY2013,
with cash balances of US$521 million as of Dec. 31, 2011. Digicel
has refinancing needs in calendar year 2014 and 2015. The company
faces bullet maturities at DL of US$510 million in April 2014 and
at DGL of US$1.4 billion in notes maturing January 2015.
Inability to refinance in advance these maturities will pressure
liquidity and the ratings.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
IMPTD AR IMPSAT FIBER-$US 535007008 -17164978
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COME AR SOC COMERCIAL PL 196722660 -320946053
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BRAZIL
GPAR3 BZ CELGPAR 3588586696 -552807022
VAGV3 BZ VARIG SA 966298026 -4695211316
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PXTPY US PORTX OPERA-GDR 823193337 -19565275
LUPA9 BZ LUPATECH SA -RCT 806772516 -23471889.7
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AGEN11 BZ AGRENCO LTD-BDR 637647275 -312199404
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MRLM3 BZ CIA PETROLIFERA 377602195 -3014291.72
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BOBR4 BZ BOMBRIL-PREF 367760079 -20156714.7
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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
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3678565Q BZ PET MANG-RIGHTS 323293708 -112268877
0229268Q BZ PET MANG-RT 323293708 -112268877
0229249Q BZ PET MANG-RT 323293708 -112268877
BTTL3 BZ BATTISTELLA 303229842 -16386957.7
BTTL4 BZ BATTISTELLA-PREF 303229842 -16386957.7
BTTL10 BZ BATTISTELLA-RECP 303229842 -16386957.7
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HOTHPN BZ HOTEIS OTHON-PRF 279263634 -71631286.8
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BLDR3 BZ BALADARE 159454016 -52992212.8
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TXRX3 BZ RENAUXVIEW SA 135518574 -64690189.5
BUETON BZ BUETTNER SA 97195113.5 -13140028.8
BUET1 BZ BUETTNER SA-RTS 97195113.5 -13140028.8
BUET2 BZ BUETTNER SA-RT P 97195113.5 -13140028.8
BUETPN BZ BUETTNER SA-PRF 97195113.5 -13140028.8
BUET3 BZ BUETTNER 97195113.5 -13140028.8
BUET4 BZ BUETTNER-PREF 97195113.5 -13140028.8
COBRON BZ COBRASMA SA 92452431.9 -2129344378
CBMA4 BZ COBRASMA-PREF 92452431.9 -2129344378
CBMA3 BZ COBRASMA 92452431.9 -2129344378
COBRPN BZ COBRASMA SA-PREF 92452431.9 -2129344378
VPSC4 BZ VARIG PART EM-PR 83017828.6 -495721700
VPSC3 BZ VARIG PART EM SE 83017828.6 -495721700
ESTRPN BZ ESTRELA SA-PREF 80632225.7 -102894942
ESTRON BZ ESTRELA SA 80632225.7 -102894942
ESTR3 BZ ESTRELA SA 80632225.7 -102894942
ESTR4 BZ ESTRELA SA-PREF 80632225.7 -102894942
FTRX4 BZ FABRICA RENAUX-P 78479539.9 -67506773.4
FRNXON BZ FABRICA RENAUX 78479539.9 -67506773.4
FRNXPN BZ FABRICA RENAUX-P 78479539.9 -67506773.4
FTRX1 BZ FABRICA TECID-RT 78479539.9 -67506773.4
FTRX3 BZ FABRICA RENAUX 78479539.9 -67506773.4
IGBAN BZ GRADIENTE EL-PRA 69132281.2 -253174445
IGBR5 BZ GRADIENTE-PREF A 69132281.2 -253174445
IGBCN BZ GRADIENTE EL-PRC 69132281.2 -253174445
IGBR6 BZ GRADIENTE-PREF B 69132281.2 -253174445
IGBR3 BZ IGB ELETRONICA 69132281.2 -253174445
IGBR7 BZ GRADIENTE-PREF C 69132281.2 -253174445
IGBBN BZ GRADIENTE EL-PRB 69132281.2 -253174445
IGBON BZ GRADIENTE ELETR 69132281.2 -253174445
SCLO4 BZ SCHLOSSER-PREF 61624578.5 -45628872.6
SCLO3 BZ SCHLOSSER 61624578.5 -45628872.6
SCHON BZ SCHLOSSER SA 61624578.5 -45628872.6
SCHPN BZ SCHLOSSER SA-PRF 61624578.5 -45628872.6
CSBRPN BZ CAFE BRASILIA-PR 49512076.1 -999279159
CAFE4 BZ CAF BRASILIA-PRF 49512076.1 -999279159
CAFE3 BZ CAF BRASILIA 49512076.1 -999279159
CSBRON BZ CAFE BRASILIA SA 49512076.1 -999279159
VPTA3 BZ VARIG PART EM TR 49432124.2 -399290396
VPTA4 BZ VARIG PART EM-PR 49432124.2 -399290396
GAFPN BZ CIMOB PART-PREF 44047411.7 -45669963.6
GAFP3 BZ CIMOB PARTIC SA 44047411.7 -45669963.6
GAFON BZ CIMOB PARTIC SA 44047411.7 -45669963.6
GAFP4 BZ CIMOB PART-PREF 44047411.7 -45669963.6
RCSL11 BZ RECRUSUL-BON RT 41441029 -25619212.8
0163583D BZ RECRUSUL - RCT 41441029 -25619212.8
4529789Q BZ RECRUSUL - RCT 41441029 -25619212.8
4529793Q BZ RECRUSUL - RCT 41441029 -25619212.8
RESLPN BZ RECRUSUL SA-PREF 41441029 -25619212.8
RCSL2 BZ RECRUSUL - RT 41441029 -25619212.8
4529785Q BZ RECRUSUL - RT 41441029 -25619212.8
RCSL12 BZ RECRUSUL-BON RT 41441029 -25619212.8
RCSL3 BZ RECRUSUL 41441029 -25619212.8
RCSL1 BZ RECRUSUL - RT 41441029 -25619212.8
RCSL4 BZ RECRUSUL-PREF 41441029 -25619212.8
4529781Q BZ RECRUSUL - RT 41441029 -25619212.8
0163579D BZ RECRUSUL - RT 41441029 -25619212.8
RCSL9 BZ RECRUSUL - RCT 41441029 -25619212.8
RESLON BZ RECRUSUL SA 41441029 -25619212.8
0163582D BZ RECRUSUL - RCT 41441029 -25619212.8
0163580D BZ RECRUSUL - RT 41441029 -25619212.8
RCSL10 BZ RECRUSUL - RCT 41441029 -25619212.8
WISAON BZ WIEST SA 34108201.4 -126997429
WISA4 BZ WIEST-PREF 34108201.4 -126997429
WISAPN BZ WIEST SA-PREF 34108201.4 -126997429
WISA3 BZ WIEST 34108201.4 -126997429
SNST3 BZ SANESALTO 31802628.1 -2924062.87
1COBAN BZ CONST BETER-PF A 31374373.7 -1555470.16
COBE3 BZ CONST BETER SA 31374373.7 -1555470.16
COBEAN BZ CONST BETER-PR A 31374373.7 -1555470.16
1COBBN BZ CONST BETER-PF B 31374373.7 -1555470.16
COBE5 BZ CONST BETER-PF A 31374373.7 -1555470.16
COBE3B BZ CONST BETER SA 31374373.7 -1555470.16
COBEON BZ CONST BETER SA 31374373.7 -1555470.16
1COBON BZ CONST BETER SA 31374373.7 -1555470.16
1008Q BZ CONST BETER-PR A 31374373.7 -1555470.16
COBE6B BZ CONST BETER-PF B 31374373.7 -1555470.16
1007Q BZ CONST BETER SA 31374373.7 -1555470.16
COBE6 BZ CONST BETER-PF B 31374373.7 -1555470.16
COBEBN BZ CONST BETER-PR B 31374373.7 -1555470.16
COBE5B BZ CONST BETER-PFA 31374373.7 -1555470.16
1009Q BZ CONST BETER-PR B 31374373.7 -1555470.16
AORE3 BZ ALL ORE MINERACA 27939352.3 -769622.943
STLB9 BZ STEEL - RCT ORD 27939352.3 -769622.943
STLB1 BZ STEEL - RT 27939352.3 -769622.943
STLB3 BZ ALL ORE MINERACA 27939352.3 -769622.943
STRP3 BZ BOTUCATU TEXTIL 27663604.9 -7174512.03
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
1NOVON BZ NOVA AMERICA SA 21287489 -183535527
1NOVPN BZ NOVA AMERICA-PRF 21287489 -183535527
NOVA3B BZ NOVA AMERICA SA 21287489 -183535527
NOVAON BZ NOVA AMERICA SA 21287489 -183535527
NOVA4 BZ NOVA AMERICA-PRF 21287489 -183535527
NOVA3 BZ NOVA AMERICA SA 21287489 -183535527
NOVAPN BZ NOVA AMERICA-PRF 21287489 -183535527
FPXE4 BZ BOMBRIL 19416015.8 -489914902
FPXE3 BZ BOMBRIL HOLDING 19416015.8 -489914902
HAGA3 BZ HAGA 19097885.3 -54511171.5
HAGAON BZ FERRAGENS HAGA 19097885.3 -54511171.5
HAGAPN BZ FERRAGENS HAGA-P 19097885.3 -54511171.5
HAGA4 BZ FER HAGA-PREF 19097885.3 -54511171.5
PSEGON BZ SAUIPE SA 15857774.8 -4187306.97
PSEGPN BZ SAUIPE SA-PREF 15857774.8 -4187306.97
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
NORD3 BZ NORDON MET 13825854.1 -32802043.2
NORDON BZ NORDON METAL 13825854.1 -32802043.2
NORD1 BZ NORDON MET-RTS 13825854.1 -32802043.2
CALI4 BZ CONST A LIND-PRF 13136723 -3979605.38
LINDON BZ CONST A LINDEN 13136723 -3979605.38
LINDPN BZ CONST A LIND-PRF 13136723 -3979605.38
CALI2 BZ CONST LINDEN RT 13136723 -3979605.38
CALI10 BZ CONST LINDEN RCT 13136723 -3979605.38
CALI3 BZ CONST A LINDEN 13136723 -3979605.38
CALI1 BZ CONST LINDEN RT 13136723 -3979605.38
CALI9 BZ CONST LINDEN RCT 13136723 -3979605.38
LARK4 BZ LARK MAQS-PREF 12676774 -6293304.48
LARK2 BZ LARK SA MAQU-RTS 12676774 -6293304.48
LARK3 BZ LARK MAQS 12676774 -6293304.48
LARK1 BZ LARK SA MAQU-RTS 12676774 -6293304.48
LARPN BZ LARK MAQUINAS-PR 12676774 -6293304.48
LARON BZ LARK MAQUINAS 12676774 -6293304.48
ARLA11 BZ ARTHUR LAN-DVD C 11642255.9 -17154461.9
ARLA9 BZ ARTHUR LANG-RC C 11642255.9 -17154461.9
ARLA4 BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9
ARLA3 BZ ARTHUR LANGE 11642255.9 -17154461.9
ALICON BZ ARTHUR LANGE SA 11642255.9 -17154461.9
ARLA1 BZ ARTHUR LANG-RT C 11642255.9 -17154461.9
ARLA2 BZ ARTHUR LANG-RT P 11642255.9 -17154461.9
ALICPN BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9
ARLA10 BZ ARTHUR LANG-RC P 11642255.9 -17154461.9
ARLA12 BZ ARTHUR LAN-DVD P 11642255.9 -17154461.9
CCHI3 BZ CHIARELLI SA 11281940.7 -81454622.1
CCHON BZ CHIARELLI SA 11281940.7 -81454622.1
CCHPN BZ CHIARELLI SA-PRF 11281940.7 -81454622.1
CCHI4 BZ CHIARELLI SA-PRF 11281940.7 -81454622.1
SJOS4 BZ TECEL S JOSE-PRF 11174696.2 -61473722.8
SJOS3 BZ TECEL S JOSE 11174696.2 -61473722.8
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
TELEX CI CHILESAT CORP SA 1156945109 -122555290
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 * * *