/raid1/www/Hosts/bankrupt/TCRLA_Public/120904.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, September 4, 2012, Vol. 13, No. 176
Headlines
A N T I G U A & B A R B U D A
* ANTIGUA & BARBUDA: MF Concludes Seventh SBA Review Mission
A R G E N T I N A
* ARGENTINA: IDB OKs $60MM Loan for SMB Enterprises in San Juan
B E R M U D A
GEROVA HOLDINGS: Court to Hear Wind-Up Petition on Sept. 7
PETROPLUS FINANCE: Court Enters Wind-Up Order
PETROPLUS FINANCE 2: Court Enters Wind-Up Order
SAAD INVESTMENTS: Supreme Court Appoints Provisional Liquidators
VALIDUS HOLDINGS: Moody's Affirms '(P)Ba1' Pref. Stock Rating
B R A Z I L
REDE ENERGIA: Moody's Lowers Rating on Perpetual Bonds to 'Ca'
CEAGRO AGRICOLA: Fitch Affirms 'B' Rating on $100-Mil. Notes
DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Issuer Credit Ratings
GOL LINHAS: Debt Spurs Airline Asset Sale Talk
C A Y M A N I S L A N D S
ARGO CAPITAL: Shareholders' Final Meeting Set for Sept. 14
CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
ISM HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
MAN ENVIRONMENTAL: Members' Final Meeting Set for Sept. 10
MERRICKS CAPITAL: Shareholders' Final Meeting Set for Sept. 14
MERRICKS CAPITAL FEEDER: Shareholders' Meeting Set for Sept. 14
NORTH WALL: Shareholders' Final Meeting Set for Sept. 14
S.A.C. MULTI-STRATEGY: Shareholders Receive Wind-Up Report
SW CAYMAN: Shareholders' Final Meeting Set for Sept. 14
XANTHUS ASSET: Shareholders' Final Meeting Set for Sept. 14
M E X I C O
BANCO INTERACCIONES: Moody's Assigns 'B1' Sub. Debt Rating
CONTEC HOLDINGS: Files for Bankruptcy in the U.S.
CONTEC HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
IXE BANCO: S&P Retains 'bb+' Stand-alone Credit Profile
SAGICOR FINANCE: S&P Affirms 'BB+' Rating on Sr. Obligations
X X X X X X X X
Large Companies With Insolvent Balance Sheets
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A N T I G U A & B A R B U D A
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* ANTIGUA & BARBUDA: MF Concludes Seventh SBA Review Mission
-----------------------------------------------------------
An International Monetary Fund (IMF) mission led by Geoffrey
Bannister visited Antigua and Barbuda during August 14 - 24, to
undertake the combined seventh review of the program under the
Stand-By Arrangement (SBA) approved by the Fund's Executive Board
on June 7, 2010 and the Article IV consultation. The mission held
meetings with Prime Minister Baldwin Spencer, Minister of Finance
Hon. Harold Lovell, Minister of Tourism Hon. John Maginley, senior
officials of the Ministry of Finance, Ministry of National
Security and Labor, and the ECCB, members of Parliament, and
representatives from labor unions and from the local business
community. The mission would like to thank the authorities and
technical staff for their excellent cooperation.
At the conclusion of the mission, Mr. Bannister issued the
following statement in St. Johns:
"The focus of the mission was to assess the quantitative
performance at end-June 2012 under the SBA; review the ongoing
macroeconomic, financial and structural policies; and conduct the
Article IV consultations. The mission is reviewing information to
determine the compliance with performance criteria on the overall
fiscal balance. The continuous performance criterion on external
arrears, was breached by a very small amount due to a delay in
loan payments of less than a month. All other performance
criteria on domestic and external debt and arrears were met.
"Revenue performance in the first half of 2012 has been as
envisaged under the program. Current expenditure was higher than
envisaged, but capital expenditure was restrained to meet the
program target.
"Progress has been made on the financial and structural reform
agenda, although there have been some delays. Several benchmarks
have been achieved, including: (i) the on-site full scope
examinations of indigenous banks by the ECCB and, (ii) the
drafting of revised public service legislation. Although there
have been some delays, the authorities are pressing ahead with
other financial and structural reforms to conclude the resolution
of ABI Bank. A few important structural benchmarks are expected
to be completed in September, including: (i) enacting the new Tax
Administration Procedures Act; (ii) reaching the target of 40
percent in tax compliance by professionals and 15 out of 23
statutory bodies; (iii) the presentation and passage of a New
Customs Act; (iv) the implementation of the Harmonized System 2007
customs code; and (v) the presentation of a strategic plan for the
new bank.
"The mission and the authorities are discussing a draft memorandum
of economic and financial policies that maintains the fiscal
targets, financial and structural benchmarks for 2012 and 2013.
The mission also discussed macroeconomic policies that would
generate sustainable medium-term growth, mitigate risks to fiscal
consolidation and debt sustainability, and strengthen the
financial sector. The mission and the authorities agreed to
continue discussion on the statistical issues related to the
fiscal targets under the program before a definitive evaluation
can be made.
"The authorities have reiterated their strong commitment to the
policies and objectives of their Fiscal Consolidation Program, and
recognize the importance of strong macroeconomic, financial and
structural policies in achieving the goals of their National
Economic and Social Transformation plan. Continued strong
implementation of the program will lay the foundation for fiscal
sustainability and financial stability, which are key to achieving
long-term economic growth."
=================
A R G E N T I N A
=================
* ARGENTINA: IDB OKs $60MM Loan for SMB Enterprises in San Juan
---------------------------------------------------------------
More than 800 micro, small, and medium-size enterprises in
Argentina's San Juan province will benefit directly and increase
their productivity with the help of a program supported by the
Inter-American Development Bank (IDB).
The project will expand the businesses' access to long- and
medium-term credit, improve their management, as well as provide
them with linkages for developing and carrying out joint
investment plans.
The IDB is providing a $60 million loan for the Credit Program for
the Development of Production in San Juan, which will support
local economic and social development in the western province.
"The IDB/San Juan line of credit is agile, transparent and
predictable, thanks to the teamwork among technical specialists
from the IDB, the province, the Central Bank, the cabinet chief of
staff, and the Ministry of Economy," said Ra£l Novoa, IDB project
team leader.
The program has two components: financial and non-financial
support for raising productivity in San Juan's private sector.
The first component aims to mitigate structural constraints that
limit access to medium-and long-term credit to San Juan's
enterprises through expansion of a fund established by the
provincial government. Financial instruments and services will be
designed to strengthen links between the financial sector and
small businesses with the greatest difficulty in obtaining credit,
which will improve the financial profile of enterprises
participating in the program.
The non-financial support will improve the sector's productivity
by strengthening management capacity and links in production
chains.
The IDB loan has a 25-year term, a 5-1/2 year grace period, and a
variable interest rate. Local counterpart financing totals $20
million.
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B E R M U D A
=============
GEROVA HOLDINGS: Court to Hear Wind-Up Petition on Sept. 7
----------------------------------------------------------
A petition to wind up the operations of Gerova Holdings Limited
will be heard before the Supreme Court of Bermuda on Sept. 7,
2012, at 9:30 a.m.
Gerova Financial Group Ltd filed the petition on Aug. 20, 2012.
PETROPLUS FINANCE: Court Enters Wind-Up Order
---------------------------------------------
On Aug. 24, 2012, Supreme Court of Bermuda entered an order to
wind up the operations of Petroplus Finance Limited.
PETROPLUS FINANCE 2: Court Enters Wind-Up Order
-----------------------------------------------
On Aug. 24, 2012, Supreme Court of Bermuda entered an order to
wind up the operations of Petroplus Finance 2 Limited.
SAAD INVESTMENTS: Supreme Court Appoints Provisional Liquidators
----------------------------------------------------------------
On Aug. 20, 2012, the Supreme Court of Bermuda entered an order to
appoint Stephen Akers, Mark Byers, and Hugh Dickson, all directors
of Grant Thornton Specialist Services (Cayman) Ltd, and John
Christopher McKenna of Finance & Risk Services Ltd as joint
provisional liquidators of Saad Investments Company Limited.
The Liquidators can be reached at:
Stephen Akers
Mark Byers
Hugh Dickson
Grant Thornton Specialist Services (Cayman) Ltd.
48 Market Street, Canella Court
Suite 4290, 2nd Floor
Camana Bay, Grand Cayman
Cayman Islands; and
John Christopher McKenna
Finance & Risk Services Ltd
26 Bermudiana Road, Suite 502
Hamilton HM 11
Bermuda
VALIDUS HOLDINGS: Moody's Affirms '(P)Ba1' Pref. Stock Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Validus
Holdings Ltd. (Baa2 senior unsecured), Validus Reinsurance Ltd.
(A3 insurance financial strength), Flagstone Reinsurance Holdings,
S.A. (Baa3 long-term issuer rating) and Flagstone Reassurance
Suisse, S.A. (A3 insurance financial strength rating) following an
announcement that Validus has agreed to acquire Flagstone with a
combination of cash and stock. The outlook for Validus' ratings
remains stable. The outlook for Flagstone Reinsurance Suisse, S.A.
has been changed to stable from negative. The outlook for
Flagstone Reinsurance Holdings, S.A. has been changed to
developing from negative.
Ratings Rationale
Moody's rating actions assume a successful closing of the
transaction, which is subject to approval of regulators and
Flagstone's shareholders. Certain Flagstone shareholders, who
collectively own approximately 22.5% of the outstanding shares,
have already agreed to vote in favor of the transaction. In the
event the transaction does not close, the outlook for Flagstone
may revert back to negative.
Under the terms of the agreement, Flagstone shareholders will
receive 0.1935 Validus voting common shares and $2.00 in cash for
each Flagstone share, for a total aggregate equity value of $623.2
million. The purchase price is a 19.4% premium to Flagstone's
August 29, 2012 share price of $7.06 and 73.2% of Flagstone's June
30, 2012 diluted book value per share of $11.52.
From the Validus perspective, Moody's believes the transaction is
credit neutral to Validus' ratings as the size of Flagstone ($0.8
billion shareholders' equity at June 30, 2012) is relatively
modest compared to the size of Validus ($3.5 billion shareholders'
equity at June 30, 2012).
Assuming catastrophes do not erode Flagstone's book value between
now and closing, Validus will receive some financial and strategic
benefit, albeit small. Financially, Validus expects to record a
small bargain purchase gain of $58.2 million at closing.
Strategically, Validus will become the largest Bermuda writer of
property catastrophe reinsurance premiums. Validus' financial
leverage will rise moderately because of the cash outlay
associated with the purchase and assumption of $250 million of
Flagstone junior subordinated debentures. Net catastrophe leverage
could rise, depending on how much of Flagstone's business is non-
renewed and how much of Flagstone's extensive retrocession
protection is non-renewed.
From the Flagstone perspective, Moody's believes the transaction
is positive for Flagstone policyholders. The company had a
significant setback in 2011 as worldwide catastrophe losses eroded
capital and it had to rely extensively on retrocession protection
to protect capital. Following the acquisition, Moody's anticipates
that Validus will seek to renew Flagstone's business on the
balance sheet of Validus Reinsurance Ltd, leading to diminishing
risk and capital at Flagstone Reassurance Suisse, S.A. over time.
The developing outlook on Flagstone Reinsurance Holdings, S.A.
reflects the uncertainty regarding the post-merger organization
structure. There is currently $250 million of debt (unrated) at
this holding company, which is supported by dividends from the
Flagstone operating company. Post-merger, it is unclear whether
the Flagstone holding company will still benefit from this direct
credit support, given the uncertainty about the group's final
organizational structure and plan for the Flagstone operating
company.
The following ratings have been affirmed with a stable outlook:
Validus Reinsurance, Ltd. -- insurance financial strength at A3;
Validus Holdings, Ltd. -- senior unsecured debt at Baa2, long-
term issuer rating at Baa2, provisional senior unsecured debt at
(P)Baa2, provisional subordinated debt at (P)Baa3, provisional
preferred stock at (P)Ba1.
The following rating has been affirmed with a stable outlook:
Flagstone Reassurance Suisse SA -- insurance financial strength
at A3.
The following rating has been affirmed with a developing outlook:
Flagstone Reinsurance Holdings, S.A. -- long term issuer rating
at Baa3.
Validus Holdings, Ltd. is a provider of reinsurance and insurance,
conducting its operations worldwide through two wholly-owned
subsidiaries, Validus Reinsurance, Ltd. ("Validus Re") and Talbot
Holdings Ltd. ("Talbot"). Validus Re is a Bermuda based reinsurer
focused on short-tail lines of reinsurance. Talbot is the Bermuda
parent of the specialty insurance group primarily operating within
the Lloyd's insurance market through Syndicate 1183. For the first
six months of 2012, the company reported gross premiums written of
$1,464 million, net income available to Validus of $$292 million
and total shareholders' equity available to Validus of $3,478
million.
Flagstone Reinsurance Holdings, S.A. is a Luxembourg holding
company whose subsidiaries write property, property catastrophe,
and specialty reinsurance worldwide. For the first six months of
2012, the company reported gross premiums written of $341 million,
net income attributable to Flagstone of $53 million and total
shareholders' equity available to Flagstone of $837 million.
The principal methodology used in rating Flagstone was the Moody's
Global Rating Methodology for Reinsurers published in December
2011.
===========
B R A Z I L
===========
REDE ENERGIA: Moody's Lowers Rating on Perpetual Bonds to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa3 the
senior unsecured rating on the US$497 million perpetual bonds
issued by Rede Energia S.A. Moody's also downgraded Rede's local
currency corporate family rating to Ca/Ca.br from Caa3/Caa3.br. In
addition, Moody's downgraded the issuer ratings of Centrais
Eletricas Matogrossenses (CEMAT) to Ca/Ca.br from Caa1/Caa1.br and
Centrais El‚tricas do Estado de Tocantins S.A. (CELTINS) to
Caa3/Caa3.br from Caa1/Caa1.br. The outlooks remain negative for
all ratings.
Ratings Rationale
The downgrade to the rating on Rede's perpetual bonds was prompted
by the conclusion of the tender offer for the company's existing
BRL395 million senior unsecured debentures (not rated), which
Moody's deems a distressed exchange and thus has classified as a
default.
Moody's considers the tender offer a distressed exchange because
of the resulting economic loss to the debenture holders. Rede
changed the terms and conditions of the debentures by
restructuring their amortization schedule and including a
contractual clause by which it can pay down the debentures with
equity shares of some of its distribution subsidiaries, at its
discretion.
Additional debt restructuring will be necessary if Rede is to
attain a more manageable level of debt, by divesting some of the
assets or potential upstream dividends from its subsidiaries.
CEMAT has also concluded a distressed exchange by changing the
terms and conditions of around BRL352 million debentures, which
basically consisted in extending their amortization profile. As a
result, Moody's downgraded CEMAT's issuer rating to the Ca default
category.
The negative outlooks reflect uncertainty about the Rede family of
companies' ability to achieve levels of debt compatible with their
cash generation ability in conjunction with obtaining an
appropriate lengthening of their respective debt profiles. While
the impact of the recent tender offer on the overall level of
indebtedness is very limited, the extension of debt maturities may
relieve liquidity pressures temporarily but it does not address
the holding company's current unsustainable level of debt.
The downgrade to the issuer ratings of CELTINS and CEMAT also
reflects the deterioration of their liquidity, which has suffered
because of the poor financial condition of the holding company
Rede and the filing for bankruptcy protection of their affiliate
CELPA (Ca; negative). In Moody's opinion, CELTINS and CEMAT will
face growing liquidity pressure with limited access to funding,
which will eventually result in further deterioration to their
capital structure and/or distressed exchanges with some of their
debt obligations.
The last rating action on Rede was on February 29, 2012, when
Moody's downgraded the corporate family rating to Caa3 /Caa3.br
from Caa1/Caa1.br. At that time, Moody's also affirmed the Caa3
rating on the senior unsecured USD497 million perpetual bonds,
with a negative outlook. In addition, Moody's downgraded the
issuer ratings on both Centrais El‚tricas Matogrossenses S.A. and
Centrais El‚tricas do Estado de Tocantins S.A. to Caa1/Caa1.br
from B3/B1.br, with a negative outlook.
Rede, headquartered in Sao Paulo, Brazil, is a holding company
with interests mostly in electricity distribution. Through
majority-owned subsidiaries Companhia de Energia Eletrica do
Estado do Tocantins - Celtins, Centrais Eletricas Matogrossenses
S.A. - Cemat, Centrais Eletricas do Para S.A. - Celpa, and Empresa
Energ. do Mato Grosso Sul -- Enersul, the group operates
concessions to distribute electricity in the states of Tocantins,
Mato Grosso, Para and Mato Grosso do Sul, respectively. In the
last twelve months ended June 30, 2012, Rede reported consolidated
net revenues of BRL6.5 billion (US$3.6 billion) and distributed
21.4 TWh of electricity, which is equivalent to approximately 4.5%
of the electricity consumed in the country's national integrated
system during this period.
CEAGRO AGRICOLA: Fitch Affirms 'B' Rating on $100-Mil. Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ceagro Agricola Ltda as
follows:
-- Foreign and local currency Issuer Default Ratings (IDRs) at
'B';
-- National scale rating at 'BBB(bra)';
-- USD100 million senior secured notes due 2016 at 'B/RR4'.
The Rating Outlook is Stable.
The ratings affirmations reflect Ceagro's established position in
the highly competitive Brazilian agricultural services sector, its
strong operating margins in the high single digits, and adequate
liquidity. Ceagro's net leverage of 2.3x as of March 31, 2012 is
well below that of most companies rated in the 'B' rating
category. This ratio partially reflects a favorable commodity
environment during the past year that has led to strong demand and
high prices for grain. The 'B' ratings of Ceagro despite leverage
lower than most of its peers in the rating category continue to
reflect the high volatility of the agriculture industry. The
company's small size compared to its large and established
competitors also limits the rating.
Ceagro's revenues increased by 18% in 2011 and by 9.3% in the
first quarter of 2012. In spite of these increases, EBITDA
declined by 4.6% during 2011 to BRL93.8 million from BRL98.3
million during 2010. In the first quarter of 2012, EBITDA decline
by 7.5% to BRL31.8 million from BRL34.4 million in the same
quarter last year. Higher administrative and freight costs were
driving factors behind the fall in EBITDA. Ceagro's increased
freight costs were not only a result of higher transportation
costs in Brazil, but also reflected an increase in the volumes of
transported fertilizers related to the company's bartered grain
originations. Freight costs represent about 90% of Ceagro's sales
expenses.
Although EBITDA levels have fallen, margins remain higher than
historical levels of 3% to 5%. During 2011, the company's EBITDA
margin was 9.7% and during the first quarter of 2012 it was 10.1%.
The improvement of margins in the past two years is partially due
to the USD100 million note issued by Ceagro in October 2010 that
has boosted its working capital and improved the company's ability
to source grains and negotiate prices with suppliers of
transportation and fertilizers.
As of March 31, 2012, Ceagro had BRL294.7 million of total debt
and BRL81.3 million of cash and marketable securities. This has
resulted in an adjusted debt-to-EBITDAR ratio for the latest 12
months (LTM) ending March 31, 2012, of 3.2x and a net adjusted
debt-to-EBITDAR ratio of 2.3x. These leverage levels are slightly
above Fitch's expectations. The increase in leverage is partially
a result of a weaker Brazilian real versus the U.S. dollar (85% of
debt is U.S. dollar denominated) and increasing short-term debt
through the use of ACC export related financing. Ceagro has
BRL73.5 million of debt maturing during the next 12 months. Of
this short-term debt, BRL60.1 million is related to ACC financing,
which is self-liquidating trough export proceeds.
Ceagro's business primarily relates to the trading,
transportation, and storage of grains. Physical trading volumes
are facilitated by the company providing farmers with their main
inputs, fertilizers, and chemicals, at planting. In return for
the indirect financing of these key inputs, the farmer agrees to
deliver a fixed volume of its harvest to Ceagro at predetermined
prices. This business model has resulted in strong growth in
trading volumes and other related services.
Trades originated through Caegro's barter system grew to 46% of
revenue during 2011 from 40% in 2010, as a result of fully
deploying the proceeds from the notes issued in October 2010. The
amount of spot trades the company was able to originate within the
limits of its working capital was not sufficient to maintain the
same growth pace. Unlike trades through the barter system, spot
market trades require working capital for shorter periods of time
and have lower profit margins.
Fitch positively factored in Ceagro's ratings its favorable
arrangement with its major storage capacity provider, Bunge, which
is also its largest soy offtaker, accounting for about 36% of soy
revenue in 2011. According to its contract, Ceagro has access to
500,000 tons of Bunge's storage capacity but only has to pay Bunge
if it uses this space. This capacity represents about one-third of
Ceagro's total storage capacity. The 'rent' is paid in part by
barter with some of the soy that Ceagro stores with and later
sells to Bunge. If Ceagro was to lose Bunge as a client or
supplier, the impact on sale volumes and margins would be
significant. This contract expires in 2013 and its extension is
crucial to maintaining the rating.
In general, Ceagro has been able to maintain growth without
significant investments in infrastructure, which may not be
possible in the future. Of all of the storage capacity that
Ceagro is currently using, only 20% is proprietary. Fitch
believes that in order to maintain its recent growth pace, the
company would either have to give up some of it margin gains or
invest in building infrastructure, which in turn might increase
the need for external financing. In the short- to medium-term,
however, the company is expected to maintain growth in the high
single digits and an adjusted debt-to-EBITDAR ratio at or below
3.0x.
Rating Triggers:
A deterioration in Ceagro's liquidity, or an increase in the
company's leverage range of 3.0x to 5.0x during the cycle could
lead to a negative rating action. Leverage could increase either
by weakening profitability, the launch of a large debt-financed
investment program or sudden drop in trading volumes. A failure
to renew the contract with Bunge could also lead to negative
rating actions. Changes in its risk management, resulting in a
higher exposure to commodity prices and exchange rates volatility,
would also be viewed negatively. Conversely, a demonstrated
ability to maintain margins in the 8%-10% level and an increase in
trading volumes without disproportionately increasing leverage
could result in a positive rating action.
DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' Issuer Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Diagnosticos da America S.A. (DASA). The outlook remains stable.
"DASA has been focusing on integrating its recent acquisitions and
improving service quality by updating equipments and training its
staff. However, as a result, its cash flow generation and
operating margins weakened in the past few quarters. Still, we
believe DASA will soon benefit from these investments through
higher operating efficiency and cash flow generation," S&P said.
GOL LINHAS: Debt Spurs Airline Asset Sale Talk
----------------------------------------------
Ney Hayashi and Lucia Kassai at Bloomberg News report that
Gol Linhas Aereas Inteligentes SA's $1.6 billion debt load, the
most of any major airline worldwide relative to profit, is fueling
speculation it will sell assets to raise cash or merge with
another carrier.
Net debt equaled 25 times Gol's earnings before interest, taxes,
depreciation and amortization, or Ebitda, in the 12 months ended
June 30, the highest ratio among 31 carriers with a market value
above $1 billion, data compiled by Bloomberg show. That compares
with a ratio of 3.4 for Santiago-based Latam Airlines Group SA
(LAN), 1.3 for United Continental Holdings Inc. and 0.2 for
European discount carrier Ryanair Holdings Plc (RYA), the world's
least indebted airline, according to Bloomberg News.
The report notes that Gol Linhas has named a new chief executive
officer, cut jobs and eliminated flights this year after posting
losses in four of the past five quarters and surrendering market
share to Latam Airlines' Tam SA. Bloomberg News says that Gol
Linhas plans to take its Smiles mileage-program unit public in the
second half of 2013, a person familiar with the transaction told
Bloomberg News on Aug. 15.
A decision on a Smiles IPO will be made by the end of the year,
Gol Chief Financial Officer Edmar Prado Lopes Neto told Bloomberg
in a telephone interview on Aug. 28.
The Sao Paulo-based company is seeking to turn Smiles into a
separate business unit by the end of this year before starting the
IPO process, said an unnamed source, Bloomberg News says.
Bloomberg News discloses that the airline reported a loss of
BRL715 million (US$352 million) in the second quarter. Gol posted
an Ebitda loss of BRL222.6 million, more than twice the median
forecast for a loss of 82 million from five analysts in a
Bloomberg survey.
"Gol has reported some pretty weak earnings in the past quarters,
with a weaker currency pushing the company's debt higher and
higher . . . . They need to make some big move to turn things
around. Selling the Smiles unit would be a positive step," Fausto
Gouveia, who helps manage 380 million reais at Legan Administracao
de Recursos, told the news agency in a phone interview from Sao
Paulo.
The airline's net debt reached BRL3.27 billion in June, of which
70 percent is linked to the U.S. dollar. The real has dropped
8.1% this year, the worst performing currency among 25 emerging
markets tracked by Bloomberg.
"The bulk of our debt is due in four years from now," the report
quoted Gol Chief Financial Officer Lopes Neto as saying. "By
then, margins will have recovered," he added.
Recent cost-cutting measures may be enough to ease pressure to
sell assets or merge, said Henrique Florentino, an analyst at UM
Investimentos, Bloomberg News discloses.
About Gol Linhas
Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.
* * *
As reported in the Troubled Company Reporter - Latin America on
April 9, 2012, Standard & Poor's Ratings Services lowered its
'BB-' global-scale corporate credit rating on Sao Paulo-based Gol
Linhas Aereas Inteligentes S.A. (Gol) to 'B+'. S&P also lowered
the 'brA' Brazil national scale rating to 'brBBB'. The outlook
is negative.
===========================
C A Y M A N I S L A N D S
===========================
ARGO CAPITAL: Shareholders' Final Meeting Set for Sept. 14
----------------------------------------------------------
The shareholders of Argo Capital Investors Fund SPC will hold
their final meeting on Sept. 14, 2012, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
CHINA MEDICAL: Seeks U.S. Recognition of Cayman Proceeding
----------------------------------------------------------
China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate money
fraudulently transferred by its principals.
The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands. Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding"
CMED's sole asset is its ownership of 100% of the shares of CMED
Technologies Ltd., a British Virgin Islands corporation. CMED
Technologies is itself is a holding company for a group of BVI and
Hong Kong subsidiaries that, prior to February 2012, had 100%
ownership of three operating companies in the PRC that developed,
manufactured and marketed advanced medical technology.
Following entry of the winding up order, CMED has engaged in the
business of collecting its assets and preparing for an orderly
liquidation under the direction of the liquidators. The Debtor is
estimated to have $100 million to $500 million in liabilities,
according to the Chapter 15 petition filed Aug. 31.
The liquidator claim that in the latter part of 2011, CMED's
former Chairman and Chief Executive Officer, Wu Xiaodong,
implemented a plan to divert value from CMED and its creditors by
causing CMED to default on notes in the aggregate principal amount
of $426 million and stripping CMED of its assets through
undisclosed, unauthorized and fraudulent transfers to his
associates and family members.
In February 2012, without any notice to shareholders or creditors,
Mr. Wu caused the transfer of 60% of the equity ownership of the
CMED Operating Companies to two PRC companies. The consideration
purportedly received by CMED appears to be "grossly inadequate and
far below the actual value of the ownership interests," the
liquidators claimed.
"Despite extensive searches by the Liquidators in the PRC, the
Liquidators have been unable to locate any of the funds
purportedly paid by the Transferee Companies or even to establish
that any of those funds ever reached CMED," the liquidators
admitted in court filings.
"To date, the Liquidators have been unable to locate any other
CMED assets anywhere in the world outside the Cayman Islands," the
liquidators added.
Chapter 15 helps shield a foreign company from U.S. lawsuits and
creditor claims while the company continues the reorganization
process abroad.
CMED is subject to several lawsuits filed in the United States
District Court for the Southern District of New York, in which the
plaintiffs allege violations of the Securities Exchange Act of
1934. On April 2, 2012, the lawsuits were consolidated into an
action entitled In re CMED Securities Liquidation, 11 Civ. 9297
(KBF). On June 1, 2012, CMED filed a motion to dismiss the
Securities Class Action. Briefing on the motion to dismiss the
Securities Class Action is to be completed on August 31, and the
court has scheduled a status conference in the action for
September 14.
CMED's unsecured debt includes $276 million in 4% senior
convertible notes due in 2013; and $150 million in 6.25%
convertible senior notes due in 2016; both governed by Cayman law
and mostly held by Americans.
The winding-up proceedings in the Cayman Islands were commenced
after the indenture trustee for the notes, at the direction of
holders of over 50% of the principal amount of the notes, filed
the winding-up petition June 15, 2012. Mr. Krys and Cosimo
Borrelli were named liquidators.
Bloomberg News reports that the company's American depositary
receipts fell 68% to $3.50 in August following a two-week
suspension by the U.S. Securities and Exchange Commission, which
questioned information accuracy. The shares fell 15% in over-the-
counter trading to $2.90 in New York Aug. 31.
COLUMBIA RESEARCH: Shareholders' Final Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Columbia Research Market Neutral (Master),
Ltd. will hold their final meeting on Sept. 14, 2012, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ISM HOLDINGS: Shareholders' Final Meeting Set for Sept. 14
----------------------------------------------------------
The shareholders of ISM Holdings Limited will hold their final
meeting on Sept. 14, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MAN ENVIRONMENTAL: Members' Final Meeting Set for Sept. 10
----------------------------------------------------------
The members of Man Environmental Opportunities (Master) Ltd. will
hold their final meeting on Sept. 10, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MERRICKS CAPITAL: Shareholders' Final Meeting Set for Sept. 14
--------------------------------------------------------------
The shareholders of Merricks Capital Long/Short Equity Master Fund
will hold their final meeting on Sept. 14, 2012, at 11:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MERRICKS CAPITAL FEEDER: Shareholders' Meeting Set for Sept. 14
---------------------------------------------------------------
The shareholders of Merricks Capital Long/Short Equity Feeder Fund
will hold their final meeting on Sept. 14, 2012, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
NORTH WALL: Shareholders' Final Meeting Set for Sept. 14
--------------------------------------------------------
The shareholders of North Wall Entertainment Holdings Limited will
hold their final meeting on Sept. 14, 2012, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
S.A.C. MULTI-STRATEGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of S.A.C. Multi-Strategy Fund, Ltd. received on
Sept. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
S.A.C. Capital Advisors, L.P.
c/o Logan Snow
72 Cummings Point Road
Stamford, CT 06902
U.S.A.
Telephone: (203) 890-2838
SW CAYMAN: Shareholders' Final Meeting Set for Sept. 14
-------------------------------------------------------
The shareholders of SW Cayman Corp. will hold their final meeting
on Sept. 14, 2012, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ayham Gharaibeh
c/o Avril G. Brophy
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
XANTHUS ASSET: Shareholders' Final Meeting Set for Sept. 14
-----------------------------------------------------------
The shareholders of Xanthus Asset Management Limited will hold
their final meeting on Sept. 14, 2012, at 8:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Julian Lloyd Vine
Lainston International Management (Cayman), Ltd.
Telephone: (345) 943 2106
===========
M E X I C O
===========
BANCO INTERACCIONES: Moody's Assigns 'B1' Sub. Debt Rating
----------------------------------------------------------
Moody's Investors Service assigned a B1 long term global local
currency subordinated debt rating to Banco Interacciones, S.A.
(Banco Interacciones)'s proposed issuance of preferred and non-
convertible subordinated notes. On its Mexican National Scale,
Moody's de Mexico assigned a long term subordinated debt rating of
Baa1.mx to these notes.
These notes will be for an amount up to Mx$700 million. This will
be the third issuance under Banco Interacciones's program of non-
convertible subordinated notes eligible for Tier 2 capital
treatment established for up to Mx$2 billion. The program was
originally rated by Moody's on 20 December 2010.
Banco Interacciones is rated A3.mx on Moody's Mexican national
scale.
The following ratings were assigned to Banco Interacciones's
proposed third issuance of preferred and non convertible
subordinated notes of up to Mx$700 million:
Long term global local currency subordinated debt rating of B1
Long term Mexican National Scale subordinated debt rating of
Baa1.mx
The outlook is stable
Ratings Rationale
The long term global local currency and Mexican National Scale
subordinated debt ratings are based on the bank's deposit ratings.
The notes to be issued under Banco Interacciones's Subordinated
Debt Program rank pari passu with other subordinated obligations
of the bank.
The date of the Last Credit Rating Action on Interacciones was on
March 30, 2012, when Moody's downgraded the bank's financial
strength, deposit and debt ratings.
Interacciones is headquartered in Mexico City, Mexico. As of 30
June 2012, the bank reported Mx$ 96.7 billion in total assets.
CONTEC HOLDINGS: Files for Bankruptcy in the U.S.
-------------------------------------------------
Contec Holdings, Ltd., and its affiliates on Aug. 29, 2012 sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12437) with
a plan of reorganization that has the support of senior lenders
and noteholders.
"This reorganization process will allow Contec to invest in and
enhance our capabilities to serve our cable industry customers.
We fully expect to build out additional repair and supply chain
services to meet current customer demand and to pursue new
business opportunities beyond the cable market," said Wes Hoffman,
Chief Operating Officer of Contec. "No jobs are expected to be
impacted by this reorganization process, and we believe Contec
will emerge from this process in an even stronger position to grow
our business."
During the reorganization, the Company will continue to operate in
the normal course of business, without interruption.
A hearing on the first day motions is scheduled for Aug. 31, 2012,
at 1:00 p.m. First day pleading include request to pay
prepetition claims of employees, general unsecured claimants,
shippers, and customers.
The Debtors are seeking a combined hearing on the Plan and
Disclosure Statement. Contec anticipates completing the Chapter
11 process within the next 60 days.
The Debtors' prepetition long-term debt obligations total
$360 million. About $201 million of that amount represents senior
secured obligations to lenders led by Barclays Bank PLC, as
administrative agent, collateral agent, issuing lender and swing
line lender. There is also $159 million owed on account of
unsecured subordinated notes under a note purchase agreement with
American Capital Financial Services, Inc. as administrative agent,
and American Capital and certain of its affiliates ("ACAS"), as
note purchasers.
Confirmation Hearing End of September
The Debtors commenced solicitation of votes last week. Over one
half of the prepetition secured lenders collectively holding at
least two-thirds in amount of outstanding obligations under their
senior credit agreement have voted to accept the Plan. In
addition, all holders of Subordinated Notes claims have voted to
accept the Prepackaged Plan. Parties still have until Sept. 24,
2012, at 1:00 p.m. to submit their ballots.
The Debtors expect to complete the bankruptcy proceedings
according to this timetable:
Event Date
----- ----
Voting Record Date Aug. 23, 2012
Commencement of Solicitation Aug. 23, 2012
Petition Date Aug. 29, 2012
Voting Deadline Sep. 24, 2012
Mailing of Combined Hearing Notice Aug. 31, 2012
Filing of Plan Supplement Sep. 18, 2012
Objection Deadline Sep. 21, 2012
Reply Date (if any) Sep. 25, 2012
Combined Hearing Sep. 28, 2012
The Debtors are parties to a Plan Support Agreement with a group
of their prepetition secured lenders representing approximately
60% in amounts outstanding under the Senior Credit Agreement,
ACAS, and the Debtors' largest prepetition equity holder.
100% Recovery for Unsecureds
Under Plan, senior lenders owed $201 million will recover 14.7% to
24.6%. They will receive on the effective date $27.5 million in
new second lien notes and 80% of reorganized Contec Holdings.
Holders of general unsecured claims estimated to total $10 million
to $11 million are unimpaired and will recover 100%. The claims
will be reinstated or paid in full in cash. The senior lenders
have agreed to carve out a portion of their collateral to ensure
the payment of general unsecured trade claims.
Holders of subordinated note claims totaling $159 will receive on
the effective date a pro-rata share of warrants and $25,000.
Holders of existing equity interests in CHL LTD, the parent, won't
receive anything.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/Contec_Prepack_Plan_Outline.pdf
DIP Financing
Certain senior lenders will provide a $35 million DIP credit
facility to give the Company sufficient working capital to
continue meeting its ongoing obligations, including payments to
employees and suppliers throughout the reorganization process.
The DIP financing consists of a a superpriority priming revolving
loan facility, including a $7,500,000 letter of credit
subfacility, in an aggregate principal amount of up to
$35,000,000. THE DIP facility will mature on the earlier of
Nov. 30, 2012, and the effective date of the Plan.
The Debtors are required under the DIP facility to obtain
confirmation of the Plan by Oct. 2, 2012, and consummate the Plan
by Nov. 30, 2012.
About Contec
Contec -- http://www.gocontec.com/Home.aspx/-- is the market
leader in the repair and refurbishment of customer premise
equipment for the cable industry. The Company repairs more than
2 million cable set top boxes annually, while also providing
logistical support services for over 12 million units of cable
equipment annually. Contec is headquartered in Schenectady, NY.
With substantial operations in the United States and Mexico, the
Debtors earned revenues of approximately $153.6 million in 2011,
and as of July 28, 2012, the Debtors directly employed over 2,300
people in North America, 72% of which are unionized.
The Debtors' prepetition long-term debt obligations total
approximately $360 million.
CONTEC HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: CHL, Ltd
1023 State Street
Schenectady, NY 12307
Bankruptcy Case No.: 12-12437
Debtor-affiliates that filed separate Chapter 11 petitions:
Debtor Case No.
------ --------
Contec, LLC 12-12440
Contec Licenses, LLC 12-12441
WorldWide Digital Company, LLC 12-12442
Contec de Mexico, S. de R.L. de C.V. 12-12443
Ensambladora de Matamoros, S. de R.L. de C.V. 12-12444
Contec Holdings, Ltd. 12-12445
Contec Acquisition Corp. 12-12446
Type of Business: Contec repairs millions of digital-cable
set-top boxes, various modems and satellite
receivers each year for manufacturers.
Chapter 11 Petition Date: August 29, 2012
Court: U.S. Bankruptcy Court
District of Delaware
Judge: Hon. Kevin J. Carey
Debtors'
Legal
Counsel: D. Ross Martin, Esq.
ross.martin@ropesgray.com
James A. Wright III, Esq.
james.wright@ropesgray.com
ROPES & GRAY LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600
Tel: (617) 951-7000
Fax: (617) 951-7050
- and -
Adam J. Goldstein, Esq.
adam.goldstein@ropesgray.com
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, NY 10036-8704
Tel: (212) 596-9000
Fax: (212) 596-9090
Debtors'
Local
Counsel: David B. Stratton, Esq.
strattond@pepperlaw.com
Evelyn J. Meltzer, Esq.
meltzere@pepperlaw.com
John H. Schanne II, Esq.
schannej@pepperlaw.com
PEPPER HAMILTON LLP
Hercules Plaza, Suite 5100
1313 Market Street
P.O. Box 1709
Wilmington, DE 19899-1709
Tel: (302) 777-6500
Fax: (302) 421-8390
Debtors'
Restructuring
Advisors: AP SERVICES LLC
Debtors'
Financial
Advisor and
Investment
Banker: MOELIS & COMPANY
Debtors'
Claims and
Noticing
Agent: GARDEN CITY GROUP
PO Box 9862
Dublin, Oh 43017
Total Assets: $494.6 million as of March 31, 2012
Total Liabilities: $372.6 million as of March 31, 2012
The petitions were signed by Lawrence Young, Chief Executive
Officer.
CHL, Ltd.'s List of Its 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Barclays Bank PLC, as $185 million undetermined
Collateral agent senior secured
200 Park Avenue credit facility,
New York, NY 10166 Tranche B Term
Loan commitments
and $20 million
senior secured
credit facility,
revolving
commitments
American Capital, Ltd, $135 million $160,387,500
as agent note purchase
2 Bethesda Metro Center agreement,
14th Floor subordinate
Bethesda, MD 20814 debt
Pace Micro Tech, PLC Trade $268,034
Victoria Road
UK BD183LF
UK Saltaire Shipley
Yorkshire
Motorola Mobility, LLC Trade $292,957
600 North U.S.
Highway 45
Libertyville, IL 60048
Stephen Gould Corporation Trade $171,950
Landstar Ranger Inc Trade $170,316
STS Manufacturing Co. Trade $169,680
Con-way Freight Inc. Trade $159,610
Averitt Express Inc. Trade $139,976
Cheng Fwa/Taiwan Trade $129,128
ABF Freight System Inc. Trade $128,712
Broadcom Corporation Trade $126,805
Empaques Rio Grande Trade $110,412
KSC Freight Inc. Trade $83,948
CH Robinson Company Trade $83,710
Select Staff Trade $72,545
Grand Si Ho Industrial Co. Trade $71,122
Pace Americas Trade $69,825
Carlsen Resources Inc. Trade $64,800
Transgroup Trade $63,432
Liteon Trading USA, Inc. Trade $62,150
Fedex Freight East Trade $59,353
Future Electronics Corp. Trade $54,419
Singatron Enterprise Co Lt Trade $52,720
Expeditors Intl/Mfe Trade $51,505
Codysur Trucks Inc Trade $50,876
Scientific Atlanta Trade $50,291
HMC Electronics Trade $46,742
MJ Celco, Inc. Trade $46,617
Royal Freight, LP Trade $45,790
IXE BANCO: S&P Retains 'bb+' Stand-alone Credit Profile
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on IXE
Banco S.A. Institucion de Banca M£ltiple, Grupo Financiero Banorte
(IXE Banco) to positive from stable. "At the same time, we
affirmed our 'BBB-/A-3' global scale issuer credit ratings (ICRs)
and 'mxAA+/mxA-1+' Mexican national scale ratings on IXE Banco. We
also affirmed our ratings on IXE Banco's certificates of deposit
(CDs) at 'BBB-/A-3'. The stand-alone credit profile (SACP) is
'bb+'," S&P said.
"We also affirmed the 'BB' rating on IXE Banco's $120 million
perpetual, noncumulative, nonpreferred, subordinated, non-step-up
notes; and on the $120 million nonpreferred, noncumulative,
subordinated notes. These ratings incorporate the minimum downward
notching from the ICR, which is in turn notched down because of
the risk of partial or untimely payment, and notched down an
additional one notch because of subordination for entities with an
ICR of 'BBB-' or higher. We notch our ratings on IXE Banco's
hybrid instruments downward from the ICR on the bank, and not from
the SACP, because we believe that, in a time of distress, such
instruments would receive support from the group," S&P said.
"The rating action on IXE Banco follows our outlook revision on
Banco Mercantil del Norte S.A. (Banorte). All things being equal,
if we raise the issuer credit ratings on Banorte, we would raise
the ratings on IXE Banco, because we consider this company as a
core subsidiary for its group," S&P said.
"The ratings on IXE Banco reflect our view of its 'moderate' (as
our criteria define the term) business position, 'moderate'
capital and earnings, an 'adequate' risk position, and its
'average' funding and 'adequate' liquidity," S&P said.
"We would likely raise the ratings on IXE Banco if we upgraded
Banorte, because we continue to view IXE Banco as a core
subsidiary for the group," said Standard & Poor's credit analyst
Alfredo Calvo. "We expect IXE Banco's capitalization to remain
moderate during the next two years."
A negative rating action on Banco IXE could result if this entity
losses its status of core subsidiary of the group.
SAGICOR FINANCE: S&P Affirms 'BB+' Rating on Sr. Obligations
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' financial
strength and counterparty credit ratings on Sagicor Life Inc. "At
the same time, we affirmed our 'BB+' rating on Sagicor Finance
Ltd.'s $150 million, 10-year senior unsecured obligations. The
outlook on all ratings remains negative," S&P said.
"The ratings on Sagicor Group reflect its good competitive
position in the Caribbean life insurance market, its diversified
business portfolio by product and geography, and its good
capitalization levels. The negative factors are the group's high
business concentration in countries with speculative-grade
sovereign ratings, and high earnings volatility due to property
catastrophe losses," S&P said.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
ALL ORE MINERACA STLB3 BZ 27168332.7 -942060.853
ALL ORE MINERACA AORE3 BZ 27168332.7 -942060.853
ARTHUR LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.9 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.9 -17154461.9
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159454016 -52992212.8
BATTISTELLA BTTL3 BZ 291826535 -29594537.2
BATTISTELLA-PREF BTTL4 BZ 291826535 -29594537.2
BATTISTELLA-RECE BTTL9 BZ 291826535 -29594537.2
BATTISTELLA-RECP BTTL10 BZ 291826535 -29594537.2
BATTISTELLA-RI P BTTL2 BZ 291826535 -29594537.2
BATTISTELLA-RIGH BTTL1 BZ 291826535 -29594537.2
BOMBRIL BMBBF US 381113283 -25127292.3
BOMBRIL BOBR3 BZ 381113283 -25127292.3
BOMBRIL FPXE4 BZ 19416015.8 -489914902
BOMBRIL CIRIO SA BOBRON BZ 381113283 -25127292.3
BOMBRIL CIRIO-PF BOBRPN BZ 381113283 -25127292.3
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL SA-ADR BMBPY US 381113283 -25127292.3
BOMBRIL SA-ADR BMBBY US 381113283 -25127292.3
BOMBRIL-PREF BOBR4 BZ 381113283 -25127292.3
BOMBRIL-RGTS PRE BOBR2 BZ 381113283 -25127292.3
BOMBRIL-RIGHTS BOBR1 BZ 381113283 -25127292.3
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
BUETTNER BUET3 BZ 114336116 -25308352.3
BUETTNER SA BUETON BZ 114336116 -25308352.3
BUETTNER SA-PRF BUETPN BZ 114336116 -25308352.3
BUETTNER SA-RT P BUET2 BZ 114336116 -25308352.3
BUETTNER SA-RTS BUET1 BZ 114336116 -25308352.3
BUETTNER-PREF BUET4 BZ 114336116 -25308352.3
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
CELGPAR GPAR3 BZ 2639764737 -675967203
CHIARELLI SA CCHON BZ 11281940.7 -81454622.1
CHIARELLI SA CCHI3 BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHPN BZ 11281940.7 -81454622.1
CHIARELLI SA-PRF CCHI4 BZ 11281940.7 -81454622.1
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
COBRASMA CBMA3 BZ 94105674.9 -2240770420
COBRASMA SA COBRON BZ 94105674.9 -2240770420
COBRASMA SA-PREF COBRPN BZ 94105674.9 -2240770420
COBRASMA-PREF CBMA4 BZ 94105674.9 -2240770420
COMERCIAL PLA-BL COMEB AR 231024530 -308335991
COMERCIAL PL-ADR SCPDS LI 231024530 -308335991
CONST A LINDEN CALI3 BZ 13567432 -4206628.17
CONST A LINDEN LINDON BZ 13567432 -4206628.17
CONST A LIND-PRF LINDPN BZ 13567432 -4206628.17
CONST A LIND-PRF CALI4 BZ 13567432 -4206628.17
CONST BETER SA COBE3B BZ 31374373.7 -1555470.16
CONST BETER SA COBEON BZ 31374373.7 -1555470.16
CONST BETER SA 1007Q BZ 31374373.7 -1555470.16
CONST BETER SA 1COBON BZ 31374373.7 -1555470.16
CONST BETER SA COBE3 BZ 31374373.7 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.7 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374373.7 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6 BZ 31374373.7 -1555470.16
CONST BETER-PFA COBE5B BZ 31374373.7 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.7 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.7 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.7 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.7 -1555470.16
CONST LINDEN RCT CALI10 BZ 13567432 -4206628.17
CONST LINDEN RCT CALI9 BZ 13567432 -4206628.17
CONST LINDEN RT CALI2 BZ 13567432 -4206628.17
CONST LINDEN RT CALI1 BZ 13567432 -4206628.17
D H B DHBI3 BZ 151002419 -118054988
D H B-PREF DHBI4 BZ 151002419 -118054988
DHB IND E COM DHBON BZ 151002419 -118054988
DHB IND E COM-PR DHBPN BZ 151002419 -118054988
DOCA INVESTIMENT DOCA3 BZ 272567787 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567787 -202595760
DOCAS SA DOCAON BZ 272567787 -202595760
DOCAS SA-PREF DOCAPN BZ 272567787 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567787 -202595760
EMPRESA DE LOS F 2940894Z CI 1933599186 -50416405.6
ESTRELA SA ESTRON BZ 77832771.4 -110076267
ESTRELA SA ESTR3 BZ 77832771.4 -110076267
ESTRELA SA-PREF ESTR4 BZ 77832771.4 -110076267
ESTRELA SA-PREF ESTRPN BZ 77832771.4 -110076267
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FABRICA RENAUX FRNXON BZ 78479539.9 -67506773.4
FABRICA RENAUX FTRX3 BZ 78479539.9 -67506773.4
FABRICA RENAUX-P FTRX4 BZ 78479539.9 -67506773.4
FABRICA RENAUX-P FRNXPN BZ 78479539.9 -67506773.4
FABRICA TECID-RT FTRX1 BZ 78479539.9 -67506773.4
FER HAGA-PREF HAGA4 BZ 19331081.5 -49945686
FERRAGENS HAGA HAGAON BZ 19331081.5 -49945686
FERRAGENS HAGA-P HAGAPN BZ 19331081.5 -49945686
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
GRADIENTE ELETR IGBON BZ 69132281.2 -253174445
GRADIENTE EL-PRA IGBAN BZ 69132281.2 -253174445
GRADIENTE EL-PRB IGBBN BZ 69132281.2 -253174445
GRADIENTE EL-PRC IGBCN BZ 69132281.2 -253174445
GRADIENTE-PREF A IGBR5 BZ 69132281.2 -253174445
GRADIENTE-PREF B IGBR6 BZ 69132281.2 -253174445
GRADIENTE-PREF C IGBR7 BZ 69132281.2 -253174445
HAGA HAGA3 BZ 19331081.5 -49945686
HOTEIS OTHON SA HOTHON BZ 288171870 -77685728.7
HOTEIS OTHON SA HOOT3 BZ 288171870 -77685728.7
HOTEIS OTHON-PRF HOTHPN BZ 288171870 -77685728.7
HOTEIS OTHON-PRF HOOT4 BZ 288171870 -77685728.7
IGB ELETRONICA IGBR3 BZ 69132281.2 -253174445
IGUACU CAFE IGUCF US 321112173 -51863824.3
IGUACU CAFE IGCSON BZ 321112173 -51863824.3
IGUACU CAFE IGUA3 BZ 321112173 -51863824.3
IGUACU CAFE-PR A IGUAF US 321112173 -51863824.3
IGUACU CAFE-PR A IGCSAN BZ 321112173 -51863824.3
IGUACU CAFE-PR A IGUA5 BZ 321112173 -51863824.3
IGUACU CAFE-PR B IGUA6 BZ 321112173 -51863824.3
IGUACU CAFE-PR B IGCSBN BZ 321112173 -51863824.3
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
LA POLAR SA LAPOLAR CI 626658112 -537455813
LA POLAR-RT LAPOLARO CI 626658112 -537455813
LARK MAQS LARK3 BZ 6280039.91 -13860968.7
LARK MAQS-PREF LARK4 BZ 6280039.91 -13860968.7
LARK MAQUINAS LARON BZ 6280039.91 -13860968.7
LARK MAQUINAS-PR LARPN BZ 6280039.91 -13860968.7
LARK SA MAQU-RTS LARK2 BZ 6280039.91 -13860968.7
LARK SA MAQU-RTS LARK1 BZ 6280039.91 -13860968.7
LATTENO FOOD COR LATF US 14423532 -3506007
LUPATECH SA LUPA3 BZ 815799478 -65082852.9
LUPATECH SA LUPAF US 815799478 -65082852.9
LUPATECH SA -RCT LUPA9 BZ 815799478 -65082852.9
LUPATECH SA-ADR LUPAY US 815799478 -65082852.9
LUPATECH SA-RT LUPA11 BZ 815799478 -65082852.9
LUPATECH SA-RTS LUPA1 BZ 815799478 -65082852.9
NORDON MET NORD3 BZ 12401871.5 -30368143.1
NORDON METAL NORDON BZ 12401871.5 -30368143.1
NORDON MET-RTS NORD1 BZ 12401871.5 -30368143.1
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PET MANG-RECEIPT RPMG9 BZ 323293708 -112268877
PET MANG-RECEIPT 0229292Q BZ 323293708 -112268877
PET MANG-RECEIPT RPMG10 BZ 323293708 -112268877
PET MANG-RECEIPT 0229296Q BZ 323293708 -112268877
PET MANG-RIGHTS 3678569Q BZ 323293708 -112268877
PET MANG-RIGHTS 3678565Q BZ 323293708 -112268877
PET MANG-RT 4115360Q BZ 323293708 -112268877
PET MANG-RT 0229268Q BZ 323293708 -112268877
PET MANG-RT 4115364Q BZ 323293708 -112268877
PET MANG-RT RPMG2 BZ 323293708 -112268877
PET MANG-RT RPMG1 BZ 323293708 -112268877
PET MANG-RT 0229249Q BZ 323293708 -112268877
PET MANGUINH-PRF RPMG4 BZ 323293708 -112268877
PETRO MANGUINHOS RPMG3 BZ 323293708 -112268877
PETRO MANGUINHOS MANGON BZ 323293708 -112268877
PETRO MANGUIN-PF MANGPN BZ 323293708 -112268877
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PUYEHUE PUYEH CI 25568725.6 -2547071.2
PUYEHUE RIGHT PUYEHUOS CI 25568725.6 -2547071.2
RECRUSUL RCSL3 BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL10 BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529793Q BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163583D BZ 43284321.9 -27789423.5
RECRUSUL - RCT RCSL9 BZ 43284321.9 -27789423.5
RECRUSUL - RCT 4529789Q BZ 43284321.9 -27789423.5
RECRUSUL - RCT 0163582D BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL1 BZ 43284321.9 -27789423.5
RECRUSUL - RT RCSL2 BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529785Q BZ 43284321.9 -27789423.5
RECRUSUL - RT 0163580D BZ 43284321.9 -27789423.5
RECRUSUL - RT 0163579D BZ 43284321.9 -27789423.5
RECRUSUL - RT 4529781Q BZ 43284321.9 -27789423.5
RECRUSUL SA RESLON BZ 43284321.9 -27789423.5
RECRUSUL SA-PREF RESLPN BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL12 BZ 43284321.9 -27789423.5
RECRUSUL-BON RT RCSL11 BZ 43284321.9 -27789423.5
RECRUSUL-PREF RCSL4 BZ 43284321.9 -27789423.5
REII INC REIC US 14423532 -3506007
REL_INDEX EQY_FUND_CRNCY
RENAUXVIEW SA TXRX3 BZ 136405144 -72823992.4
RENAUXVIEW SA-PF TXRX4 BZ 136405144 -72823992.4
RIMET REEMON BZ 112551852 -196235615
RIMET REEM3 BZ 112551852 -196235615
RIMET-PREF REEMPN BZ 112551852 -196235615
RIMET-PREF REEM4 BZ 112551852 -196235615
SANESALTO SNST3 BZ 31802628.1 -2924062.87
SANSUY SNSY3 BZ 190512467 -137678051
SANSUY SA SNSYON BZ 190512467 -137678051
SANSUY SA-PREF A SNSYAN BZ 190512467 -137678051
SANSUY SA-PREF B SNSYBN BZ 190512467 -137678051
SANSUY-PREF A SNSY5 BZ 190512467 -137678051
SANSUY-PREF B SNSY6 BZ 190512467 -137678051
SAUIPE PSEG3 BZ 15164420.8 -2756081.99
SAUIPE SA PSEGON BZ 15164420.8 -2756081.99
SAUIPE SA-PREF PSEGPN BZ 15164420.8 -2756081.99
SAUIPE-PREF PSEG4 BZ 15164420.8 -2756081.99
SCHLOSSER SCLO3 BZ 63039069.1 -50573360
SCHLOSSER SA SCHON BZ 63039069.1 -50573360
SCHLOSSER SA-PRF SCHPN BZ 63039069.1 -50573360
SCHLOSSER-PREF SCLO4 BZ 63039069.1 -50573360
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
SOC COMERCIAL PL CADN EO 231024530 -308335991
SOC COMERCIAL PL COMED AR 231024530 -308335991
SOC COMERCIAL PL CAD IX 231024530 -308335991
SOC COMERCIAL PL COME AR 231024530 -308335991
SOC COMERCIAL PL CVVIF US 231024530 -308335991
SOC COMERCIAL PL CADN SW 231024530 -308335991
SOC COMERCIAL PL COMEC AR 231024530 -308335991
SOC COMERCIAL PL SCDPF US 231024530 -308335991
SOC COMERCIAL PL CADN EU 231024530 -308335991
STAROUP SA STARON BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
STEEL - RCT ORD STLB9 BZ 27168332.7 -942060.853
STEEL - RT STLB1 BZ 27168332.7 -942060.853
TEKA TKTQF US 341291511 -388484677
TEKA TEKAON BZ 341291511 -388484677
TEKA TEKA3 BZ 341291511 -388484677
TEKA-ADR TKTPY US 341291511 -388484677
TEKA-ADR TEKAY US 341291511 -388484677
TEKA-ADR TKTQY US 341291511 -388484677
TEKA-PREF TEKAPN BZ 341291511 -388484677
TEKA-PREF TKTPF US 341291511 -388484677
TEKA-PREF TEKA4 BZ 341291511 -388484677
TEKA-RCT TEKA9 BZ 341291511 -388484677
TEKA-RCT TEKA10 BZ 341291511 -388484677
TEKA-RTS TEKA2 BZ 341291511 -388484677
TEKA-RTS TEKA1 BZ 341291511 -388484677
TEXTEIS RENA-RCT TXRX9 BZ 136405144 -72823992.4
TEXTEIS RENA-RCT TXRX10 BZ 136405144 -72823992.4
TEXTEIS RENAU-RT TXRX1 BZ 136405144 -72823992.4
TEXTEIS RENAU-RT TXRX2 BZ 136405144 -72823992.4
TEXTEIS RENAUX RENXPN BZ 136405144 -72823992.4
TEXTEIS RENAUX RENXON BZ 136405144 -72823992.4
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
WETZEL SA MWELON BZ 105473506 -3423680.68
WETZEL SA MWET3 BZ 105473506 -3423680.68
WETZEL SA-PREF MWELPN BZ 105473506 -3423680.68
WETZEL SA-PREF MWET4 BZ 105473506 -3423680.68
***********
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 * * *