/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120910.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, September 10, 2012, Vol. 13, No. 180 Headlines A R G E N T I N A CALL CENTER: Files for Bankruptcy CENTRAL DE GRANOS: Creditors' Proofs of Debt Due Sept. 25 OFSICE SA: Files for Bankruptcy SINTESIS QUIMICA: Creditors' Proofs of Debt Due Nov. 20 WIRELESSCOM SA: Creditors' Proofs of Debt Due Sept. 28 B R A Z I L BR PROPERTIES: Moody's Affirms 'Ba2' Corp. Family Rating C A Y M A N I S L A N D S BONOHURST GP: Creditors' Proofs of Debt Due Sept. 27 CSERE AVIO NO.1: Creditors' Proofs of Debt Due Sept. 27 CSERE COVENTRY: Creditors' Proofs of Debt Due Sept. 27 INTERGEN TURKEY HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 INTERGEN TURKEY PROJECTS: Creditors' Proofs of Debt Due Sept. 17 JUNIOR ENERGY: Creditors' Proofs of Debt Due Nov. 30 POWER DEVELOPMENT: Creditors' Proofs of Debt Due Sept. 17 SAM II GENERATING: Creditors' Proofs of Debt Due Sept. 17 SAMALAYUCA CONSTRUCTION: Creditors' Proofs of Debt Due Sept. 17 TEF HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 J A M A I C A DIGICEL GROUP: Offers Another US$700 Million Debt Issue G U A T E M A L A * GUATEMALA: S&P Affirms 'BB+' Sovereign Credit Rating M E X I C O * GUADALAJARA: Moody's Revises 'Ba1' Rating Outlook to Negative * MEXICO: Moody's Says Water Cos. Face Significant Challenges T R I N I D A D & T O B A G O PETROTRIN: Operations is Back to Normal After 3-Days Strike X X X X X X X X * BOND PRICING: For the Week Sept. 3 to Sept. 7, 2012 - - - - - ================= A R G E N T I N A ================= CALL CENTER: Files for Bankruptcy --------------------------------- Call Center Buenos Aires SA filed for its own bankruptcy. The company defaulted its payments last January. CENTRAL DE GRANOS: Creditors' Proofs of Debt Due Sept. 25 --------------------------------------------------------- Miguel Angel Marchesi, the court-appointed trustee for Central de Granos SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Sept. 25, 2012. Mr. Marchesi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on July 11, 2013. The Trustee can be reached at: Miguel Angel Marchesi Avellaneda 1135 Argentina OFSICE SA: Files for Bankruptcy ------------------------------- Ofsice SA filed for its own bankruptcy. The company defaulted its payments last November. SINTESIS QUIMICA: Creditors' Proofs of Debt Due Nov. 20 ------------------------------------------------------- Estudio Fizzani y Asociados, the court-appointed trustee for Sintesis Quimica SAIC's reorganization proceedings, will be verifying creditors' proofs of claim until Nov. 20, 2012. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Aug. 7, 2013. The Trustee can be reached at: Estudio Fizzani y Asociados Plaza 2176 Argentina WIRELESSCOM SA: Creditors' Proofs of Debt Due Sept. 28 ------------------------------------------------------ Omar Urrutia, the court-appointed trustee for Wirelesscom SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 28, 2012. Mr. Urrutia will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Omar Urrutia Av. Cordoba 1351 Argentina =========== B R A Z I L =========== BR PROPERTIES: Moody's Affirms 'Ba2' Corp. Family Rating -------------------------------------------------------- Moody's affirmed BR Properties S.A.'s senior unsecured rating at Ba3 and corporate family rating at Ba2 (global local currency). Concurrently, Moody's raised BR Properties' corporate family national scale rating from A1.br to Aa2.br. The rating outlook is stable. The rating action reflects the company's exceptional portfolio growth, improved market positioning as a result of its merger with One Properties, and a more diversified tenant base. The stable outlook reflects Moody's expectation that BR Properties will continue its position as a leading company of high-quality office and industrial assets in Brazil while improving its credit metrics and maintaining adequate liquidity. Moody's notes that BR Properties has grown to almost three times its size through acquisitions and development since its IPO in March of 2010, from R$5.3 billion in total assets at 1Q10 to R$ 14.7 billion at 2Q12. The company's portfolio is concentrated in the best economic regions of the country, with Sao Paulo comprising 76% of total revenue. While geographic concentration is a key credit concern, this is mitigated by Sao Paulo's burgeoning office and industrial sectors and ample evidence of a "flight to quality" for Class A properties. Vacancy rates have been consistently low across the portfolio and as of the end of the second quarter, the portfolio was 98% occupied. The company's key credit challenges remain its reliance on secured debt financing, geographic concentration in Sao Paulo and Rio de Janiero, and the risks associated with an aggressive growth strategy. BR Properties' liquidity position is moderate and considers the substantial debt assumed from the company's recent merger with One Properties. Still, even with the merger, the company's effective leverage remains modest at 35% of gross assets. The company's remaining debt obligations for 2012 are manageable after the repayment of R$400 million commercial paper and R$132 million of short term debt in July. Debt maturities for 2013 and 2014 are rather lumpy with R$559 million and R$ 421 million coming due, respectively, but Moody's expects BR Properties to refinance this debt well in advance of its maturity date. Moody's also expects net debt to EBITDA and fixed charge coverage ratios to improve materially in coming quarters as EBITDA is only receiving partial benefit from recent acquisitions currently. In addition, several properties in the development pipeline are going to be delivered later this year which will generate significant income for the company. According to Moody's, an upgrade would be predicated upon BR Properties maintaining its sizeable portfolio with a demonstrated capacity to grow, fixed charge consistently above 2.3x, effective leverage less than 40% on a consistent basis, and strong execution in the unsecured debt and public equity markets. A downgrade would likely result from a decline in fixed charge coverage at or below 1.9x on a consistent basis, effective leverage greater than 60%, a deterioration in operating metrics as measured by same store NOI (negative growth for more than two quarters), increase in stabilized physical vacancy of more than 6% for more than two quarters, and any missteps in restructuring and or refinancing its debt. Moody's last rating action with respect to BR Properties S.A. was on September 27, 2010 when Moody's assigned first-time ratings of Ba3 to the US$285 million senior unsecured notes of BR Properties S.A. ("BR Properties") and a Ba2 global local currency corporate family rating (A1.br national scale). BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo, Brazil, is an owner, manager, and developer of office, warehouse and retail properties in the main economic regions of Brazil. As of June 30, 2012, the company had 122 properties totaling 2,182 thousand sqm of GLA, of which 16 are development projects. =========================== C A Y M A N I S L A N D S =========================== BONOHURST GP: Creditors' Proofs of Debt Due Sept. 27 ---------------------------------------------------- The creditors of Bonohurst GP Limited are required to file their proofs of debt by Sept. 27, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 10, 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 CSERE AVIO NO.1: Creditors' Proofs of Debt Due Sept. 27 ------------------------------------------------------- The creditors of CSERE Avio No. 1 Limited are required to file their proofs of debt by Sept. 27, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 9, 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 CSERE COVENTRY: Creditors' Proofs of Debt Due Sept. 27 ------------------------------------------------------ The creditors of CSERE Coventry (Freehold) Limited are required to file their proofs of debt by Sept. 27, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 9, 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 INTERGEN TURKEY HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 ---------------------------------------------------------------- The creditors of Intergen Turkey Holdings Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 INTERGEN TURKEY PROJECTS: Creditors' Proofs of Debt Due Sept. 17 ---------------------------------------------------------------- The creditors of Intergen Turkey Projects Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 JUNIOR ENERGY: Creditors' Proofs of Debt Due Nov. 30 ---------------------------------------------------- The creditors of Junior Energy Fund are required to file their proofs of debt by Nov. 30, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 10, 2012. The company's liquidator is: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close, Seven Mile Beach PO Box 2745, Grand Cayman KY1-1111 Cayman Islands Telephone: 1 345 749 8181 POWER DEVELOPMENT: Creditors' Proofs of Debt Due Sept. 17 --------------------------------------------------------- The creditors of Power Development Company Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 SAM II GENERATING: Creditors' Proofs of Debt Due Sept. 17 --------------------------------------------------------- The creditors of Sam II Generating Company (Cayman) Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 SAMALAYUCA CONSTRUCTION: Creditors' Proofs of Debt Due Sept. 17 --------------------------------------------------------------- The creditors of Samalayuca Construction Management Company Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 TEF HOLDINGS: Creditors' Proofs of Debt Due Sept. 17 ---------------------------------------------------- The creditors of TEF Holdings Limited are required to file their proofs of debt by Sept. 17, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 31, 2012. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street #765 Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: (345) 769 7206 Main Telephone: (345) 949 7100 Facsimile: (345) 949 7120 ============= J A M A I C A ============= DIGICEL GROUP: Offers Another US$700 Million Debt Issue ------------------------------------------------------- Caribbean360.com reports that Digicel Group Limited has set a goal of raising another US$700 million of debt financing through a private bond placement that becomes due in 2020. The company owned by Irish billionaire Denis O'Brien said the proceeds will finance the repurchase or early redemption of all the 9.125% and 9.875% toggle notes due to mature in 2015; and up to US$245 million of an 8.875% bond also due in 2015, according to Caribbean360.com. Caribbean360.com notes that Citigroup Global Markets Inc will serve as the dealer manager for the tender offer. Digicel posted annual earnings of over US$1 billion for the year ending March 31, 2012, the first time it surpassed the billion dollar mark since it launched in the year 2000, Caribbean360.com notes. The report relates that Revenue was up 14 percent last year and customer numbers hit 12.8 million by the end of March. Incorporated in Hamilton, Bermuda, with headquarters in Kingston, Jamaica, W.I., Digicel is the largest provider of wireless telecommunication services in the Caribbean. Revenue for the twelve months ended June 30, 2012 was US$2.5 billion. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2012, Moody's Investors Service has assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. In addition, Moody's affirmed Digicel's Corporate Family Rating (CFR) and Probability of Default Rating (PDR), both at B2, and maintained the stable rating outlook. ================= G U A T E M A L A ================= * GUATEMALA: S&P Affirms 'BB+' Sovereign Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services is revising its outlook on the Republic of Guatemala to stable from negative. "At the same time, we affirmed our 'BB+/B' local currency and 'BB/B' foreign currency sovereign credit ratings on Guatemala. The transfer and convertibility assessment and the recovery rating are unchanged at 'BBB-' and '3'," S&P said. "The revision in the outlook to stable (after it had been revised to negative in August 2011) is based on the gradually improving prospects for GDP growth and tax revenue in Guatemala and the implications these factors could have on Guatemala's fiscal prospects over the next few years. We expect real GDP-per-capita growth to improve to 1.3% in 2013 and 2014 despite the uncertainty in the world economy. Together, with an expected gradual increase in Guatemala's tax burden of about 1% of GDP between 2012 and 2014, these developments could stabilize Guatemala's increasing net general government debt burden at 20% of GDP in 2014," S&P said. "The expected improvement in economic growth and fiscal revenues should diminish the downside risks for Guatemala at the current rating level," said Standard & Poor's credit analyst Sebastian Briozzo. "However, the country is unlikely to generate sufficient resources to make rapid progress in economic and social development or public security." "The stable outlook balances Guatemala's improving growth prospects and fiscal and inflation performance against its limited fiscal flexibility stemming from low revenues and high infrastructure, social, and security needs. Additional progress on a reform agenda that improves Guatemala's business climate and growth momentum and, at the same time, generates more fiscal resources to finance a more-comprehensive social and security policy could lead to an upgrade. On the contrary, signs of greater political polarization, deterioration in public security, higher inflation, or wider external or fiscal deficits could lead to a downgrade of the sovereign," S&P said. =========== M E X I C O =========== * GUADALAJARA: Moody's Revises 'Ba1' Rating Outlook to Negative --------------------------------------------------------------- Moody's de Mexico revised the outlook on the Municipality of Guadalajara's A1.mx (Mexican National Scale) and Ba1 (Global Scale, local currency) issuer ratings to negative from stable. Issuer ratings of the municipality remain as Ba1/A1.mx. Ratings Rationale According to Moody's analyst Roxana Munoz, "the outlook change reflects Moody's view that there is a significant risk that the recent deterioration of key credit factors could continue in 2012 and reach levels that are no longer consistent with Guadalajara's current Ba1/A1.mx ratings." Despite that the municipality registered still positive gross operating margins, consolidated financial results and debt metrics deteriorated during 2011. In 2011, the municipality's gross operating balance was equivalent to 7.9% of operating revenues, compared to 12.5% registered in 2010. The drop in this indicator was mainly because of an increase in operating expenditures, driven by salaries and general services reflecting principally both, expenditures related to the Pan- American Games and in public security. Moody's considers that returning to the gross operating surpluses of previous years will represent a challenge for the municipality in 2012 and forward. As a result of the weakening operating performance coupled with high capital expenditure levels, Guadalajara registered a cash financing deficit in 2011 equivalent to -10.2% of its consolidated revenues, a high level compared to Ba1 rated peers. The increase of 359% in capital expenditures in 2011 from the previous year reflects the change of road surface in the main streets of the city. The cash financing deficit in 2011 has driven Guadalajara's net direct and indirect debt to 52.6% of operating revenues, up from 34.9% in 2010, one of the highest levels compared to municipalities rated by Moody's. Debt service costs are estimated to reach 3.5% of total revenues in 2012 reflecting compared to 2.7% in 2011. What Could Move The Ratings Up/Down Although Moody's does not expect upward pressure in the medium term, the recording of strong gross operating balances and balanced cash financing results, leading to: a) a progressive reduction in net direct and indirect debt metrics and; b) positive liquidity position, could stabilize the outlook of the issuer ratings. Given the current high debt levels, failure to cut operating expenditures and increase tax/revenue collection, along with the generation of additional cash financing requirements could exert downward pressure on the ratings. Further deterioration of the municipality's liquidity position, could also affect the ratings. The methodologies used in this rating were "Regional and Local Governments Outside the US," published in May 2008, "The Application of Joint Default Analysis to Regional and Local Governments," published in December 2008, and "Mapping Moody's National Scale Ratings to Global Scale Ratings" published in March 2011. The date of the last Credit Rating Action was 16 April 2008. * MEXICO: Moody's Says Water Cos. Face Significant Challenges ------------------------------------------------------------- Thin operating margins, numerous inefficiencies and limited infrastructure investment continue to restrict the performance of water companies in Mexico, says Moody's Investors Service in the report "Mexico's Water Companies: Ongoing Challenges." "Water companies exhibit a structural dependence on transfers from higher levels of government to cover their operating expenditures and capital investment needs," says Roxana Munoz, a Moody's Analyst and author of the report. "Such dependence puts a growing strain on all layers of government to ensure the continuous operation of the companies. These characteristics are not supportive of higher ratings than those of their respective governments." The water companies show weak financial performance because water prices in Mexico, which often must be approved by local councils or state governments, are low by international standards and revenues rarely cover operating costs. Among the water companies rated by Moody's, operating margins averaged 3.5% in 2011. "The lack of appropriate and consistent price increases is a credit negative for the sector," added Ms. Munoz. These problems will limit the appeal the water companies have for lenders. In most cases, state and local governments will remain the chief source of funding for the water companies over the medium term, says Moody's. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Operations is Back to Normal After 3-Days Strike ----------------------------------------------------------- Sasha Harrinanan at Trinidad & Tobago Newsday reports that after three days of an unofficial strike action by Petroleum Company of Trinidad and Tobago (Petrotrin) workers, Company President Khalid Hassanali said that operations at the State-owned energy company were back to normal and at no time was there a fuel shortage. The strike action took place at the company's Marine division and the filling bond at its Pointe-a-Pierre head office, according to Trinidad & Tobago Newsday. The report relates that while there was no gas shortage, panic buying especially in South Trinidad led to several gas stations running out of supplies. The report notes that the workers, represented by the Oilfields Workers' Trade Union (OWTU), downed tools to highlight their frustration over three issues -- the lack of variable pay for 2009/2010, 500 unfilled vacancies and government's recent announcement that it intended to award a bunkering contract to the new entity, Bunkers Oil Trinidad and Tobago; a subsidiary of Bunkers' Oil International Corporation. Asked if Petrotrin had made any sort of overture to the workers or the OWTU, Mr. Hassanali said nothing of the sort had taken place and credited the employees' resumption of work to on-going dialogue between the company and the union, the report relates. Regarding the 2009/2010 variable pay matter, Mr. Hassanali reiterated the union's expectation of a payout was a misunderstanding because Petrotrin had to use its profits to partially write-off a failed investment in the World GTL (gas to liquid) Limited plant in Pointe-a-Pierre, the report notes. The report discloses that in terms of the union's objection to a private contract for bunkering services, the Mr. Hassanali said one strategy would be to have a "good balance between how many bunkering barges we have and how many that others have...There is enough room in the market, especially if we expand the market and Trinidad and Tobago becomes some kind of a bunkering capital as well." Energy Minister Kevin Ramnarine said he had been informed yesterday afternoon that an all-staff bulletin has gone out at Petrotrin, indicating workers had begun to return to work and expressed his joy at this news. "I'm happy to hear that the workers have returned to work," the report adds. Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad-Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * BOND PRICING: For the Week Sept. 3 to Sept. 7, 2012 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 61.313 ARGENT-$DIS 8.28 12/31/2033 USD 65.5 ARGENT-$DIS 8.28 12/31/2033 USD 63.75 ARGENT-$DIS 8.28 12/31/2033 USD 64.25 ARGENT-$DIS 8.28 12/31/2033 USD 68.25 ARGENT-PAR 1.18 12/31/2038 ARS 39.127 ARGENT- DIS 7.82 12/31/2033 EUR 57.375 ARGENT- DIS 7.82 12/31/2033 EUR 57.5 ARGENT- DIS 7.82 12/31/2033 EUR 57.5 ARGENT- DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 61 BANCO MACRO SA 9.75 12/18/2036 USD 71 BANCO MACRO SA 9.75 12/18/2036 USD 70.5 BANCO MACRO SA 9.75 12/18/2036 USD 71.03 CAPEX SA 10 3/10/2018 USD 65 CAPEX SA 10 3/10/2018 USD 66.375 CIA LATINO AMER 9.5 12/15/2016 USD 73 EMP DISTRIB NORT 9.75 10/25/2022 USD 48 EMP DISTRIB NORT 9.75 10/25/2022 USD 43.625 EMP DISTRIB NORT 10.5 10/9/2017 USD 39.83 PROV BUENOS AIRE 9.625 4/18/2028 USD 56.125 PROV BUENOS AIRE 9.625 4/18/2028 USD 55.868 PROV BUENOS AIRE 9.375 9/14/2018 USD 64.125 PROV BUENOS AIRE 9.375 9/14/2018 USD 64.049 PROV BUENOS AIRE 10.875 1/26/2021 USD 64.328 PROV BUENOS AIRE 10.875 1/26/2021 USD 64.377 PROV DE CORDOBA 12.375 8/17/2017 USD 72.487 PROV DE CORDOBA 12.375 8/17/2017 USD 72.5 PROV DE FORMOSA 5 2/27/2022 USD 58.875 PROV DE MENDOZA 5.5 9/4/2018 USD 71.25 PROV DE MENDOZA 5.5 9/4/2018 USD 70.926 PROV DEL CHACO 4 12/4/2026 USD 25.75 PROV DEL CHACO 4 11/4/2023 USD 52.375 RAGHSA CONSTRUCC 8.5 2/16/2017 USD 94 TRANSENER 9.75 8/15/2021 USD 44.5 TRANSENER 9.75 8/15/2021 USD 39.625 BRAZIL ------ BANCO BONSUCESSO 9.25 11/3/2020 USD 72.25 BANCO BONSUCESSO 9.25 11/3/2020 USD 71.875 BANCO CRUZEIRO 8.875 9/22/2020 USD 18.625 BANCO CRUZEIRO 8.875 9/22/2020 USD 20.5 BANCO CRUZEIRO 7 7/8/2013 USD 40.625 BANCO CRUZEIRO 8.25 1/20/2016 USD 43 BANCO CRUZEIRO 7.625 4/21/2014 USD 43.5 BANCO CRUZEIRO 8.25 1/20/2016 USD 41.375 BANCO CRUZEIRO 8.5 2/20/2015 USD 42.25 BANCO CRUZEIRO 8 9/17/2012 USD 40 BANCO CRUZEIRO 8.5 2/20/2015 USD 43 CESP 9.75 1/15/2015 BRL 72.64 REDE EMPRESAS 11.125 USD 36.125 REDE EMPRESAS 11.125 USD 36.125 REDE EMPRESAS 11.125 USD 43 CAYMAN ISLAND ------------- BCP FINANCE BANK 5.01 3/31/2024 EUR 61 BCP FINANCE BANK 5.31 12/10/2023 EUR 63.625 BCP FINANCE CO 5.543 EUR 27.25 BCP FINANCE CO 4.239 EUR 25.017 BES FINANCE LTD 5.58 EUR 39.167 BES FINANCE LTD 4.5 EUR 51.125 CAM GLOBAL FIN 6.08 12/22/2030 EUR 42 CHINA FORESTRY 10.25 11/17/2015 USD 58.2 CHINA FORESTRY 10.25 11/17/2015 USD 60.875 CHINA SUNERGY 4.75 6/15/2013 USD 74 EFG HELLAS CAYMA 9 6/8/2019 EUR 52.375 EFG ORA FUNDING 1.7 10/29/2014 EUR 49.802 ESFG INTERNATION 5.753 EUR 33.875 GOL FINANCE 8.75 USD 72 GOL FINANCE 8.75 USD 72.25 JINKOSOLAR HOLD 4 5/15/2016 USD 43.425 LDK SOLAR CO LTD 4.75 4/15/2013 USD 65.1 LUPATECH FINANCE 9.875 USD 59.5 LUPATECH FINANCE 9.875 USD 56.625 RENHE COMMERCIAL 13 3/10/2016 USD 47 RENHE COMMERCIAL 13 3/10/2016 USD 48.375 RENHE COMMERCIAL 11.75 5/18/2015 USD 51.5 RENHE COMMERCIAL 11.75 5/18/2015 USD 52.268 SHINSEI FIN CAYM 6.418 USD 70.25 SHINSEI FIN CAYM 6.418 USD 70.25 SHINSEI FINANCE 7.16 USD 70.875 SHINSEI FINANCE 7.16 USD 70.875 SOLARFUN POWER H 3.5 1/15/2018 USD 72.25 SOLARFUN POWER H 3.5 1/15/2018 USD 72.569 SUNTECH POWER 3 3/15/2013 USD 41.751 SUNTECH POWER 3 3/15/2013 USD 41.313 CHILE ----- CGE DISTRIBUCION 3.25 12/1/2012 CLP 10.083 COLBUN SA 3.2 5/1/2013 CLP 50.313 QUINENCO SA 3.5 7/21/2013 CLP 12.546 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 60.143 BANCO SANTANDER 6.3 6/1/2032 USD 61.833 PUERTO RICO CONS 6.5 4/1/2016 USD 63.875 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 73.75 PETROLEOS DE VEN 5.5 4/12/2037 USD 60.125 PETROLEOS DE VEN 5.375 4/12/2027 USD 61.94 VENEZUELA 7 3/31/2038 USD 69.027 VENEZUELA 7 3/31/2038 USD 69.75 VENEZUELA 6 12/9/2020 USD 73.75 *********** 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 * * *